We just put in an offer to purchase a 34 Hunter. It is listed through a brokerage but it is a non-brokerage boat, so we have to represent ourselves. What is the normal time frame for a response when making an offer. The seller has known for over a week what our offer would be and have now had over 48 hours to respond and we haven't heard back. What is the norm? Should it take this long to sign back the agreement? Or, are they buying time and hoping for more offers? The broker took over 5 days to draft up the offer.
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Emotional thing for some of us!
Seller remorse? When we sold, my response was Thanks, we will take your offer..but only if I can get another boat that I want in lieu of our old one. The buyers response was Good, but find your other boat because we really want your boat-NOW, and here's the check so get looking for your next boat. As it turned out, we took his money and gave up our "baby" before being completely DONE on the other end, but all worked out and we both were happy. So...this has been a long way of telling you the seller may be having second thoughts, sellers' remorse, or perhaps the baby he had is eye on is no longer available! Be kind but tell him your limits.
Seller remorse? When we sold, my response was Thanks, we will take your offer..but only if I can get another boat that I want in lieu of our old one. The buyers response was Good, but find your other boat because we really want your boat-NOW, and here's the check so get looking for your next boat. As it turned out, we took his money and gave up our "baby" before being completely DONE on the other end, but all worked out and we both were happy. So...this has been a long way of telling you the seller may be having second thoughts, sellers' remorse, or perhaps the baby he had is eye on is no longer available! Be kind but tell him your limits.
No time limit on agreement
As we are new to all this, we allowed the seller's broker to draw up the Purchase Agreement and there is not time limit on the document. We would like to get a move on as the boat is hours away from our home and a survey would have to be done prior to launch, which is coming up in a few weeks. We recently sold our sailboat privately and signed the agreement as quick as we could.
As we are new to all this, we allowed the seller's broker to draw up the Purchase Agreement and there is not time limit on the document. We would like to get a move on as the boat is hours away from our home and a survey would have to be done prior to launch, which is coming up in a few weeks. We recently sold our sailboat privately and signed the agreement as quick as we could.
We put a...
2 week limit on our offer when we bought our 35.5 about 4 years ago. The boat had been on the market, and over-priced, for over a year. Seller got back with a counter offer through our broker within a week or so and we met in the middle. Price was on the nose of surveyor's estimate.
2 week limit on our offer when we bought our 35.5 about 4 years ago. The boat had been on the market, and over-priced, for over a year. Seller got back with a counter offer through our broker within a week or so and we met in the middle. Price was on the nose of surveyor's estimate.
Sadly, no news usually means bad news...
You should have written a time limit of response on your offer. The owner may be waiting for a better offer to come along before he responds to your offer. Tell the broker you are giving it 24 hours and you are going to withdraw the offer...this may get the gears moving. Being in Limbo is Hell because it's passion that drives us. Hope you don't have to but, you may have to render a bid on another vessel. Good Luck.
You should have written a time limit of response on your offer. The owner may be waiting for a better offer to come along before he responds to your offer. Tell the broker you are giving it 24 hours and you are going to withdraw the offer...this may get the gears moving. Being in Limbo is Hell because it's passion that drives us. Hope you don't have to but, you may have to render a bid on another vessel. Good Luck.
How Much $$$ did u put down?
If you didnt put much earnest money down with the offer, or if the offer is way way below the market value, no one may be taking you serious. I'm surprised that the broker didnt put a time limit on your offer, because there is also normally a time limit from the 'accepted' offer to the closing. If they didnt consider it a serious offer, they may never respond. Also, they may have had a previous offer that hasnt played through yet and that is what they are waiting for. Best thing to do is to withdraw your ofer in writing and hand carry it to the broker and get your deposit back. As long as your offer hasnt been accepted yet, you are not bound by it. IMHO Tony B
If you didnt put much earnest money down with the offer, or if the offer is way way below the market value, no one may be taking you serious. I'm surprised that the broker didnt put a time limit on your offer, because there is also normally a time limit from the 'accepted' offer to the closing. If they didnt consider it a serious offer, they may never respond. Also, they may have had a previous offer that hasnt played through yet and that is what they are waiting for. Best thing to do is to withdraw your ofer in writing and hand carry it to the broker and get your deposit back. As long as your offer hasnt been accepted yet, you are not bound by it. IMHO Tony B
sounds like they are thinking it over or the broker is having a hard time getting in tough with the owner. Do you call the broker? This is the WORST time to buy a boat. The season is just starting. The best time is at the end of the season during the boat shows.
Shame on the broker ! !
Five days to draft a offer ! ! Tell the broker he has twenty four hours to get you an answer or withdraw your offer in writing (provided there is no language in the offer that specifies time) Five days to draft an offer is unprofessional and the broker should hang his head in shame ! Something does not sound right with this deal specially the part about you have to represent yourself. The broker has a obligation to both parties to be fair and professional. At the very least the broker should have keep you updated if there was a problem (i.e. owner on vacation or out of country) Get an answer or get another broker !
Five days to draft a offer ! ! Tell the broker he has twenty four hours to get you an answer or withdraw your offer in writing (provided there is no language in the offer that specifies time) Five days to draft an offer is unprofessional and the broker should hang his head in shame ! Something does not sound right with this deal specially the part about you have to represent yourself. The broker has a obligation to both parties to be fair and professional. At the very least the broker should have keep you updated if there was a problem (i.e. owner on vacation or out of country) Get an answer or get another broker !
Good advise
We did put a decent offer in. We offered 95% of the asking price and have spoken to the broker over the phone more than once. But we're frustrated as we seem to be chasing him for everthing. We did not send a check with the offer as the broker felt that he should present the offer first and then we will courier the check rather then him having to return it. The seller has had more than a week to think it through so we've been more than patient. We will contact the borker tomorrow and give him 24 hours to get back to us or we will revoke our offer.
We did put a decent offer in. We offered 95% of the asking price and have spoken to the broker over the phone more than once. But we're frustrated as we seem to be chasing him for everthing. We did not send a check with the offer as the broker felt that he should present the offer first and then we will courier the check rather then him having to return it. The seller has had more than a week to think it through so we've been more than patient. We will contact the borker tomorrow and give him 24 hours to get back to us or we will revoke our offer.
Pete and Landsend gave you
good advice. Unless there's an explanation - like "the owners on safari and I can't get hold of him", they may be 'shopping' your offer. Tell the broker it's withdrawn if no respnse in 24 hrs.
good advice. Unless there's an explanation - like "the owners on safari and I can't get hold of him", they may be 'shopping' your offer. Tell the broker it's withdrawn if no respnse in 24 hrs.
Amend your offer
When you are ready to bring it to a head, re-submit it with a stated deadline and that if not accepted by that date, it is rescinded. That consitutes a new offer and auto rescinds the prior one. State in your offer or cover letter that it amends and replaces your prior offer. Of course, the seller knows you want the boat and will probably leave the offer open under either circumstances. I would not keep "Begging" the broker to do his job. You are playing into his hands. I did something like that in the past and later found out that I was effectively bidding AGAINST the broker who wanted to to buy it at an even lower price. They were holding my offer. I got around to the owners and raised holy ##$$. Got the boat at a good price. These things usually end well, just don't let your frustration get you.
When you are ready to bring it to a head, re-submit it with a stated deadline and that if not accepted by that date, it is rescinded. That consitutes a new offer and auto rescinds the prior one. State in your offer or cover letter that it amends and replaces your prior offer. Of course, the seller knows you want the boat and will probably leave the offer open under either circumstances. I would not keep "Begging" the broker to do his job. You are playing into his hands. I did something like that in the past and later found out that I was effectively bidding AGAINST the broker who wanted to to buy it at an even lower price. They were holding my offer. I got around to the owners and raised holy ##$$. Got the boat at a good price. These things usually end well, just don't let your frustration get you.
24 hours is a good idea Billy
The broker has his head up where the sun don't shine. Every offer written by a qualified professional has a time limit. Boats, real estate, offers to give you a mortgage all have time limits. A real broker has offer forms ready to fill out, with blanks for names, dates, subjects (subject to survey, subject to sea trial etc.) price, taxes etc. It's probably not a preblem. The owner wants to sell and you've offered close to asking price. The salesman may be lazy about contacting the owner, just like he was lazy about your offer. It is not unusual to give an owner two weeks to respond to an offer.
The broker has his head up where the sun don't shine. Every offer written by a qualified professional has a time limit. Boats, real estate, offers to give you a mortgage all have time limits. A real broker has offer forms ready to fill out, with blanks for names, dates, subjects (subject to survey, subject to sea trial etc.) price, taxes etc. It's probably not a preblem. The owner wants to sell and you've offered close to asking price. The salesman may be lazy about contacting the owner, just like he was lazy about your offer. It is not unusual to give an owner two weeks to respond to an offer.
Ross- broker obligation?
Ross, Respectfully I disagree with you that the broker has a responsibility to who ever is paying his commission. Brokers have a obligation to owners to sell the boat for as munch money as possible and as quickly as possible also have a obligation to present offers to the owner. An offer on 95% (as in Billy's case) is a valid offer and should have be presented within 24 hours, that obligation extends to the party making the offer also that in good faith it is being offered timely. Ask an broker who has been selling boats for along time how this works after all who is really paying his commission without a buyer there is no commission as there is none without a seller. However if every broker had just the best interest of the seller why would not every buyer get a buyers broker ? to "represent" them. Maybe this is what Billy needs is a buyers broker. Above all a broker has a responsibility to be honest and professional. It won't take long for a bad brokers reputation to get around. I'm sure there are some brokers in your area that have better reputations then others. In Bill's case I would take the position that Billy has the right to go "around" the broker directly to the seller and make a deal. ($10 at motor vehicles department will tell you who own the boat based on state registration numbers or a little detective work you can find out the owner) As an owner I would take the position that the broker failed in his obligation to present an offer on a timely bases and caused the buyer to withdraw the offer. As for co-brokering a boat most broker do not want this,as it cuts the commission considerably. So who wins here ? Most broker are honest and professional but it sound like Billy has meet up with a less then reputable one........... BILLY, the fact that this broker did not ask for a check is sending a message that he is not quite above board on this deal. My advise is still 24 hour or with draw in writing. Also get another broker even if it is for the same boat, get a broker to make this deal happen for you. There is no good reason to have to deal with this broker who is clearly unprofessional and unmoral in his brokers responsibilities. Just my thoughts !
Ross, Respectfully I disagree with you that the broker has a responsibility to who ever is paying his commission. Brokers have a obligation to owners to sell the boat for as munch money as possible and as quickly as possible also have a obligation to present offers to the owner. An offer on 95% (as in Billy's case) is a valid offer and should have be presented within 24 hours, that obligation extends to the party making the offer also that in good faith it is being offered timely. Ask an broker who has been selling boats for along time how this works after all who is really paying his commission without a buyer there is no commission as there is none without a seller. However if every broker had just the best interest of the seller why would not every buyer get a buyers broker ? to "represent" them. Maybe this is what Billy needs is a buyers broker. Above all a broker has a responsibility to be honest and professional. It won't take long for a bad brokers reputation to get around. I'm sure there are some brokers in your area that have better reputations then others. In Bill's case I would take the position that Billy has the right to go "around" the broker directly to the seller and make a deal. ($10 at motor vehicles department will tell you who own the boat based on state registration numbers or a little detective work you can find out the owner) As an owner I would take the position that the broker failed in his obligation to present an offer on a timely bases and caused the buyer to withdraw the offer. As for co-brokering a boat most broker do not want this,as it cuts the commission considerably. So who wins here ? Most broker are honest and professional but it sound like Billy has meet up with a less then reputable one........... BILLY, the fact that this broker did not ask for a check is sending a message that he is not quite above board on this deal. My advise is still 24 hour or with draw in writing. Also get another broker even if it is for the same boat, get a broker to make this deal happen for you. There is no good reason to have to deal with this broker who is clearly unprofessional and unmoral in his brokers responsibilities. Just my thoughts !
We should receive a response today.
The 24 hour notice worked and we will be receiving a response today. The broker's response was that, we had not stipulated a time limit on the offer. Well of course not, he typed up the offer and we did not realize they were going to take there time in responding. It turns out that the seller is the brokers neighbour, so how long does it take to present an offer. All he has to do is go next door.....
The 24 hour notice worked and we will be receiving a response today. The broker's response was that, we had not stipulated a time limit on the offer. Well of course not, he typed up the offer and we did not realize they were going to take there time in responding. It turns out that the seller is the brokers neighbour, so how long does it take to present an offer. All he has to do is go next door.....
Pete, I should have said that the sellers
broker has no legal obligation to aid the buyer. He does have a legal obligation to present any and all offers to the seller and he has also an obligation to give all potential buyers the sellers response in a timely manner. He has legal and ethical standards that he must abide with but he must not disclose confidencial information about the seller to the buyer. However a buyers broker could learn information about the seller and tell his client in order to put the buyer in a better position for negotiating the sale.
broker has no legal obligation to aid the buyer. He does have a legal obligation to present any and all offers to the seller and he has also an obligation to give all potential buyers the sellers response in a timely manner. He has legal and ethical standards that he must abide with but he must not disclose confidencial information about the seller to the buyer. However a buyers broker could learn information about the seller and tell his client in order to put the buyer in a better position for negotiating the sale.
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