Just made offer on new boat

Did you happen to see his picture on the Post Office wall?

Hope I'm wrong; but it would seem you gave someone $100,000 and a three day head start.

We were considering a purchase up on the Great Lakes in early winter. We offered a 10% deposit and to put the balance in escrow pursuant to acceptable survey and sea-trial in the spring, but the broker insisted we close the deal now and promised the survey and sea-trial would work out fine in the Spring. We killed that deal faster than a NYC roach.
Would you consider a 50% deposit on a real estate deal (which is far more regulated in most states)? When I bought my house I put down a $500 deposit, then 10% at contract. I'd certainly do no more on a boat. Stop payment on that check pronto. Tell the broker you'll cover his stop payment fee when he returns your check, and then do your deal like a smart buyer. Offer, acceptance, binder, deposit/contract, survey, purchase.

I don't like the way this smells.

10 percent is the usual deposit.

but, The deposit is usually based on a Contract.

It is common to give a small binder pending the contract, then a deposit at contract, then the remainder at closing.

50% deposit before or after a contract is way too much.


The fact that you posted this means that you are suspicious.

I would strongly consider stopping the check.

What are the laws in your State regarding monies paid into Trust Accounts?
Check ASAP because this may offer you some protection/or not.

Was the price on the boat exceptionally low in comparison to the current market?
Is that why you placed such a large deposit?
Do you have proof that the funds were actually paid into the Company Trust Account?

Speak with the other brokers in the business and make certain he actually owns the boat.
Does not sound good. Wish you the best of luck!

Cannot help but wonder which boat from their listing.

Admin Edit: Link Removed Pending Resolution

To sbrett509,

The proper name and employer of the broker you are accusing has been removed. It is VERY inappropriate to post information that could be personally damaging. If you attempt to use YachtForums to defame an individual again, you will be banned. Hire an attorney or call the police.

You haven't yet done anything that would get you in legal hot water for defamation (assuming that he did indeed insist on the deposit and that he has not followed through), but you want to hold those cards against your chest until after the issue is resolved. His identity is a bargaining chip that you have to ensure that the issue is resolved more cleanly and easily, don't waste that.

Also, how terrible would you feel if you ruined his career and then it turned out that it was some error that wasn't his fault, like your check failing to clear due to an error at the bank or something like that?

So. What ever happened??

Yeah we want the end of the story!

I'm wondering if this guy had a hidden agenda? Say some bad things about a broker & the vanish?

I don't want to be a skeptic but -- +1.

Bizzare.
So it seems that a real customer, shopping for a real boat, with a real broker was not given professional guidance as to the usual and customary method of a brokerage deal. Nothing looks dishonest, but why do some boat sales professionals push the envelope just because they hold all the cards in a given deal? Why is it so hard to follow the Golden Rule and promote life long real relationships. I guess that is why we say there is a sucker born every minute and nice guys finish last?

The OP seems to have everything to their satisfaction and all's well that ends well right?

Sorry, I just like to say it out loud, why not be above board and educate the buyer if you are a professional yacht broker that represents a large part of the boating industry, for the love of the lifestyle at least.

Having said this, I do get the fact that all buyers are not professional and well-intentioned either. But just because a buyer seems to be less than well versed on the boat buying and selling process does not seem to be a good reason to make a lot of hackles go up.

Good Day!