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Deposit or not?

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Old 10-19-2010, 07:41 PM
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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
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Old 10-19-2010, 07:44 PM
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Quote:
Originally Posted by mastercraft240 View Post
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
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Old 10-19-2010, 07:54 PM
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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.
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Old 10-19-2010, 07:54 PM
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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.
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Old 10-19-2010, 07:56 PM
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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.
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Old 10-19-2010, 07:56 PM
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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.
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Old 10-19-2010, 07:58 PM
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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.
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Old 10-19-2010, 08:00 PM
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Quote:
Originally Posted by capt2130 View Post
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.
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
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Old 10-19-2010, 08:00 PM
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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 !
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Old 10-19-2010, 08:01 PM
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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.
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