Let's say you sold your boat to one of your good friends.............
- Thread starter kito
- Start date
as for the OP i sold a pickup truck a while back for a too low price to a young fellow about 30 ......before he made it home the battery crapped out in the kroger parking lot ....so i went with tools in hand ....removed the battery and went to the auto parts store and bought a new one to put back in .......man i hated buying a new battery that i would never see again ......i didn't know the old one was even going bad ...but what else could i do ......i went back and installed the battery and said sorry about that i had no idea the thing was on its last leg.......
But I have been basically called a fool for caring about friends and familyKito, that's BAD Karma.
. This deal is very ironic. About 4 years ago I was looking to buy a car and he had a mint 1991 Mustang HO Fastback that was his pride and joy since he bought it out of college. He offered it to me at least half the going rate......under the condition that if I wanted to sell it to let him know first (same as me....see my second post) He knew I would take care of it and not trash it. Anyway, Mustangs of that era are not designed for someone 6'5" and passed on the deal. Just wondering what he would have thought if I bought it and a year later sold it for a nice $4000 profit.....disregarding his wishes of giving him first shot. Kind of wondering how that would have sat with him. Moral of the story, you shouldn't be afraid to give a good friend or family member a great deal but don't use their generosity to line your own pockets. Maybe after a few years....but I am talking one year!
You need to know your motivation. I sold my first boat, a Catalina 22, to a friend for a very good price. Couple of years later he sold it and I just inquired what he got for it. He looked a little concerned until he told me he got $1000 more than I sold it to him for and I told him I was thrilled for him. My big concern was he would have to sell it for a lot less than he paid (which we all do usually) and the friendship was more important. To be fair he did do some fix up work on it, but it was good he made a little bit.
If someone said they were going to ask you a "purely hypothetical question", and it turned out not to be hypothetical, what would you do?
Totally assume it was a purely real life inquiry! Kito's got some great human attributes dealing with this. I'd still go and pee in his friends hot tub.
You know, if he was really your friend, he would have paid you more than the boat is worth... Why is the seller always the one to make the sacrifice? If I buy something from a friend, I expect to pay a fair price, because I treat my friends fairly.
IF you could have sold it for a certain amount on the open market, and you sold it for less to your friend, you effectively gave him money.
Not just you. I agree and I would do / would have done the same thing. I also agree that over time it would seem to matter less since you've been paying a lot into ownership (slip or storage costs plus maintenance and improvements), and thus it becomes "more yours" over time.
That is a classy, stand-up move. Required, perhaps, but stand-up nonetheless. I'm sure a lot of people wouldn't do such a thing.
Under the law, for a gift to be binding all one needs is donative intent by the donor and acceptance by the donee . A gift does not involve a payment by a buyer. Once a gift is completed, donor does not get to ask for the object to be returned at some future date. (unless, in some states, it was an engagement ring in contemplation of a marriage which never took place.) Here, the nice guy wasn't making a gift. he was entering a contract where by buyer and seller agreed upon a price below market. the boat sold, ownership transferred, and new buyer is free to sell the boat for any amount he can get. seller could have protected himself with a written sales contact which had the clause '...seller retains right of first refusal should buyer decide in the future to offer this boat for sale. seller shall exercise his right of first refusal by notifying buyer and tendering $____ as the repurchase price..' .
i learned this lesson the hard way at age 18 when i lent a banjo to my uncle. when i asked for it back, his wife told me he had sold it.
i learned this lesson the hard way at age 18 when i lent a banjo to my uncle. when i asked for it back, his wife told me he had sold it.
Kito
First was this a trailerable boat or one that would sit in the water? I know that lake all too well. If one in the marina, it may have taken longer to sell it as that part of the lake for a sailboat does not offer much to sail in due to the low bridge. Obviously you considered many things. So often we say we have friends but often they are acquaintences. A friend in my book would be one who is there for you no matter what when good, bad or indifferent. If this is a true friend as it appears, then move on as true friendship is rare. Look at this way, earlier he offered to sell his mustang at a lower price to you and it sounds with no strings attached. The fact that you are moving on and retaining his friendship speaks highly of you. Folks like you are a rarity these days and it is great we all can share here in this forum.
First was this a trailerable boat or one that would sit in the water? I know that lake all too well. If one in the marina, it may have taken longer to sell it as that part of the lake for a sailboat does not offer much to sail in due to the low bridge. Obviously you considered many things. So often we say we have friends but often they are acquaintences. A friend in my book would be one who is there for you no matter what when good, bad or indifferent. If this is a true friend as it appears, then move on as true friendship is rare. Look at this way, earlier he offered to sell his mustang at a lower price to you and it sounds with no strings attached. The fact that you are moving on and retaining his friendship speaks highly of you. Folks like you are a rarity these days and it is great we all can share here in this forum.
I don't see it that way... we should always care about friends and family and try to give them a break....I have been basically called a fool for caring about friends and family
the only thing foolish may have been the fact that you expected the man to keep the boat forever so you could use it anytime you wanted, or until the boat got so run down it wasn't worth anything when he wanted to sell it.... and it may not be so foolish as it was a mis-judgment
My best friend sorta done me this way over a couple of cars. It kind of ruffled my feathers a little, and I never said a thing to him about it. He's dead now. I sure do miss that ol boy. Couldn't care less about the cars..
Gotta agree with that sentiment. If we lost a friend for every perceived infraction, we wouldn't have many friends.
Friends make the worst customers, the worst borrowers and the worst "I freely give this to you" people in the world.
What ever issues come up, it's your fault, and you knew about it...
You will never see your loaned money again...
They always want what was given to you back again at some point in time... especially AFTER you have sold it.
Hypothetically, avoid selling to friends at all cost... chances are, they already know someone else who is looking for that thing you are selling... and willing to pay more than what you want, just maybe at a later date.
And why give them a "deal"? Other than putting up with you (that's funny and you know it) what have they done to deserve a deal?
I don't use "friend" nearly as much as I use co-worker (you are sadly mistaken if you think co-workers are your friends), relatives or an acquaintance.
An example... a friend of 20+ years "borrowed" $700 from me... that was over a year ago now... He now has a new car, a nice apartment and oh yeah, a new phone - the latest Nexus who gives a crap phone.
Am I mad - nope... 100% expected getting screwed over when I "loaned" him the money. The WORST part is $20 a week and it would have been paid back months ago...
Good luck with your hypothetical... if it's already happened let it go and keep your "friend" at arms length from now on...
What ever issues come up, it's your fault, and you knew about it...
You will never see your loaned money again...
They always want what was given to you back again at some point in time... especially AFTER you have sold it.
Hypothetically, avoid selling to friends at all cost... chances are, they already know someone else who is looking for that thing you are selling... and willing to pay more than what you want, just maybe at a later date.
And why give them a "deal"? Other than putting up with you (that's funny and you know it) what have they done to deserve a deal?
I don't use "friend" nearly as much as I use co-worker (you are sadly mistaken if you think co-workers are your friends), relatives or an acquaintance.
An example... a friend of 20+ years "borrowed" $700 from me... that was over a year ago now... He now has a new car, a nice apartment and oh yeah, a new phone - the latest Nexus who gives a crap phone.
Am I mad - nope... 100% expected getting screwed over when I "loaned" him the money. The WORST part is $20 a week and it would have been paid back months ago...
Good luck with your hypothetical... if it's already happened let it go and keep your "friend" at arms length from now on...