Deposit or not?
 

Just curious. I'm selling a boat, had/have a few perspective buyers. Curious on the facets, do's and don'ts of selling. My belief, whether right or wrong, was 1.) Agree on a price 2.) Put down a deposit 3.) Go for water test 4.) Pay up if survey is passed. Is this correct? Had a gentleman tell me "asking for a deposit for a ride is something you do when you buy a new sea ray! And sounds very weird/not right for a purchase of this nature." That comment sounded sounded wrong to me, but honestly, the gentleman could be right. Or not. Let me know guys. I just told the gentleman to put in an offer, ill think it over and if we can agree on a price put a deposit down and we'll go for a ride.

Thanks guys,
Jay

thats how i always bought and or sold my boats

I don't think there are any "rules". Myself if I had someone serious I would offer to take them for a ride. making an disagreement out of a deposit for a ride sounds like more of a "control" issue.

When I bought my current boat. I actually did a water test before we even negotiated a price. I also never put down anything money. I left that day after the water test telling the owner I would get back to him after the survey was done. I think its kind of hard to give a # when you havent taken it out or had a survey done on it first. After I got all the information and I looked at it a few more times. I made him a offer. Then I wrote the check. Not sure if this is common. But thats how it went for me.

What is the boat worth? If it's $50k take them for a free ride. A $50k boat is like a Hyundai.

If it is $500k you are in a different league. Then qualify them first.

That's how a lot of people on here seem to do it but I would never put down a deposit before doing a sea trial. What if the boat runs like crap, now I'm stuck trying to get the seller to refund my money.

You can structure the deal any way you want, but there are ways to protect yourself. I like the idea of a deposit because it helps separate a bonafide purchaser from the tire kicker/prospects. You can have the deposit refundable or nonrefundable, it is up to the seller and buyer to have a meeting of the minds (agreement). I prefer signed documents, agreements, but I am a lawyer that explains my take on this matter.

see id give the deposit and make the seller right up something saying that i had first right or refusal. because what happens if you pay to get the survey done today, and tomorrow someone comes and buys the boat ? you just pissed away the $350-$700 depending on what kind of survey you had done. I've always gotten close to a bottomline line figure prior to even looking at a boat unless it was very close, if that price is reasonable then i will go look at it, then will leave a deposit "subject to sea trial and satisfactory survey". If i like how it rides, and it passes the survey its a done deal ...just my $.02

I sold a Donzi,told them the price , then took him and his girlfriend for a ride with no deposit. The ride was what sealed the deal. They were ecstatic. Came back an hour later with a check for exactly my asking price,no bartering !

All valid points. I didn't think of that jmeng-- a very good point as well. It is a $50k purchase-- but no hyundai. The engine is brand new by a very well known builder and not even installed in the boat yet, so that wasn't necessarily the issue. It wasn't a control thing.