I am in the process of buying a used O'Day and put a deposit on one in upstate NY. I planned to pick it up this weekend, but then saw another O'Day for sale closer to home. I liked it very much and put another deposit down. When I called the first seller to tell him I had decided on another boat, he said he would not return my deposit. The boat was off the market for five days. Is this right?
- Status
Non-Refundable Deposit
The seller should not have to return the deposit. What do you think the deposit was for? So the seller would take his boat off the market until you found another boat you liked better or decided you really did want to buy it?
The seller should not have to return the deposit. What do you think the deposit was for? So the seller would take his boat off the market until you found another boat you liked better or decided you really did want to buy it?
Did you have
a contract? If yes, check to see if there is a "non-refundable deposit" clause. All contracts in NJ are subject to a three business day withdrawl period. Since you are dealing with someone out of state, the laws may be different. Depending on the amount of the deposit, it may be worth contacting your lawyer. Good luck.
a contract? If yes, check to see if there is a "non-refundable deposit" clause. All contracts in NJ are subject to a three business day withdrawl period. Since you are dealing with someone out of state, the laws may be different. Depending on the amount of the deposit, it may be worth contacting your lawyer. Good luck.
No Contract
No I did not have a contract, just verbal agreement. I put a $500 deposit on a $3000 boat. I could understand keeping the full deposit if the seller had kept the boat off the market for a long time and missed sales, but five days does not seem like a long time. I am sure he will be able to sell his boat and all I can do is hope he will find it in his heart to return at least some of my money. Next time I will make sure everything is in writing and understood. $500 is a lot to lose.
No I did not have a contract, just verbal agreement. I put a $500 deposit on a $3000 boat. I could understand keeping the full deposit if the seller had kept the boat off the market for a long time and missed sales, but five days does not seem like a long time. I am sure he will be able to sell his boat and all I can do is hope he will find it in his heart to return at least some of my money. Next time I will make sure everything is in writing and understood. $500 is a lot to lose.
your the wrong here
can't tell you how many time i've been selling something and people would say " it's what i've been looking for I'll be over tomorrow" and never show. Same thing happened to an item i was selling, the guy left a small deposit, was coming back the next weekend, never showed up. I could have sold it to another guy with the money in hand. but didn't because of the deposit thing. finally called and said he didn't want it now,I kept the deposit. so i got the deposit but I'm still stuck with the item.
can't tell you how many time i've been selling something and people would say " it's what i've been looking for I'll be over tomorrow" and never show. Same thing happened to an item i was selling, the guy left a small deposit, was coming back the next weekend, never showed up. I could have sold it to another guy with the money in hand. but didn't because of the deposit thing. finally called and said he didn't want it now,I kept the deposit. so i got the deposit but I'm still stuck with the item.
Look at it this way
You found a better boat, closer to home, and it only cost $500 more. The important thing is that you're getting a sailboat. By next month, you'll forget all about the hassle.
You found a better boat, closer to home, and it only cost $500 more. The important thing is that you're getting a sailboat. By next month, you'll forget all about the hassle.
Put yourself in the sellers shoes...
How do you know that in the five days he did not miss a sale? How do you know that he won't be stuck with the boat all season? You erred in continuing to look for a boat after commiting a deposit on this one.
How do you know that in the five days he did not miss a sale? How do you know that he won't be stuck with the boat all season? You erred in continuing to look for a boat after commiting a deposit on this one.
Contract or not, you lose.
Who would sign a contract as a seller that says the buyer agrees to posting a deposit to remove the item from the market so that the buyer can keep looking for something better and then get his money back if he finds it? You put up a deposit to insure no one else buys the boat. You asked the seller to take it off the market. If for any reason you fail to complete the purchase, you lose. Let me say it again, you lose. It doesn't make you or the seller a bad guy. It's called business. You lose.
Who would sign a contract as a seller that says the buyer agrees to posting a deposit to remove the item from the market so that the buyer can keep looking for something better and then get his money back if he finds it? You put up a deposit to insure no one else buys the boat. You asked the seller to take it off the market. If for any reason you fail to complete the purchase, you lose. Let me say it again, you lose. It doesn't make you or the seller a bad guy. It's called business. You lose.
perhaps there was more
Perhaps there was more to your story ,but, if not, you have to understand the sellers point, your excuse was honest but lame. After three months of ads, telephone calls at all hours, broken appointments and free sailing trips for people who had no intention of purchaseing a boat,I just sold my beautiful O'day 25 and can tell you what a hassel it was, by the time my boat sold my patience for the public was at wits end as I suspect is the case with the fellow who is keeping your deposit. You might apolize for a poor choice and offer to pay for a months ad on this web site and if he still doesn't come around let it go and consider it a lesson learned. If he is a true sailor I bet he comes around. Keep us posted, good luck, Jack
Perhaps there was more to your story ,but, if not, you have to understand the sellers point, your excuse was honest but lame. After three months of ads, telephone calls at all hours, broken appointments and free sailing trips for people who had no intention of purchaseing a boat,I just sold my beautiful O'day 25 and can tell you what a hassel it was, by the time my boat sold my patience for the public was at wits end as I suspect is the case with the fellow who is keeping your deposit. You might apolize for a poor choice and offer to pay for a months ad on this web site and if he still doesn't come around let it go and consider it a lesson learned. If he is a true sailor I bet he comes around. Keep us posted, good luck, Jack
Let the whipping begin
You are getting bashed a bit in this forum for what appears to be a naive mistake. I take it from the size and price of boat that this is all new to you. I would try to get my deposit back on one of them if you can and if not, just swallow hard and move forward. The joys of being on the water with the sails full, heeling over, and with the rudder in your hand far out weigh the bad start you got off to in this adventure. Bill is right, you got a good boat for only $500 more so go enjoy yourself.
You are getting bashed a bit in this forum for what appears to be a naive mistake. I take it from the size and price of boat that this is all new to you. I would try to get my deposit back on one of them if you can and if not, just swallow hard and move forward. The joys of being on the water with the sails full, heeling over, and with the rudder in your hand far out weigh the bad start you got off to in this adventure. Bill is right, you got a good boat for only $500 more so go enjoy yourself.
Lesson Learned
Well it seems that as a first-time sailboat buyer I made some mistakes. The Upstate NY seller (that I FedExed $500 to) had his boat for sale roadside and it was locked up-I figured the deal would be done when I got a full inspection. I never met the seller nor saw the inside of the boat, so I assumed my deposit was refundable...BUT since he may have lost a sale and it may be awhile before he sells it (he didn't seem in a rush) I guess the $500 goes towards his "trouble". Looking at the calendar, he had my deposit for 3 days. Perhaps a partial deposit return would be warranted if he sold the boat quickly. I would have liked to offer him help with selling the boat if he hadn't hung up the phone on me. When I talked to the people at the marina where I am docking the boat they said that he should return the deposit. They sell many boats and often return deposits. They also have a written contract.
Well it seems that as a first-time sailboat buyer I made some mistakes. The Upstate NY seller (that I FedExed $500 to) had his boat for sale roadside and it was locked up-I figured the deal would be done when I got a full inspection. I never met the seller nor saw the inside of the boat, so I assumed my deposit was refundable...BUT since he may have lost a sale and it may be awhile before he sells it (he didn't seem in a rush) I guess the $500 goes towards his "trouble". Looking at the calendar, he had my deposit for 3 days. Perhaps a partial deposit return would be warranted if he sold the boat quickly. I would have liked to offer him help with selling the boat if he hadn't hung up the phone on me. When I talked to the people at the marina where I am docking the boat they said that he should return the deposit. They sell many boats and often return deposits. They also have a written contract.
Happy Ending
Well I just got a call from the seller and someone else is buying his boat and he is returning my deposit. Looks like this deal worked out for everybody and now I can focus on getting myself out on the waters on the NJ shore. Lesson learned-get everything in writing!!
Well I just got a call from the seller and someone else is buying his boat and he is returning my deposit. Looks like this deal worked out for everybody and now I can focus on getting myself out on the waters on the NJ shore. Lesson learned-get everything in writing!!
New Yorkers get such a bad rap at times!
Why is that? The seller must be a "true sailer". You lucked out! It must be a good omen ...
Why is that? The seller must be a "true sailer". You lucked out! It must be a good omen ...
from my perspective
the only way you should have got your deposit back is if the seller reneged on his end if you had not come through before an agreed amount of time, and he had sold it in that time. He would have broken the agreement and should then have to repay you for the intention of the deposit, which was to hold the boat for you for a cerain length of time.
the only way you should have got your deposit back is if the seller reneged on his end if you had not come through before an agreed amount of time, and he had sold it in that time. He would have broken the agreement and should then have to repay you for the intention of the deposit, which was to hold the boat for you for a cerain length of time.
He's a nice guy
You got lucky, you dealt with an extremely nice guy. Let's look at a slightly different scenario... You agreed to buy the boat, and he agreed to hold it for $500. You sent the money, got all excited about your new boat, read up on it for 5 days, planned a naming party, invited half your relatives to a series of mini-cruises.... Then, you get a phone call. He appreciates the offer, but someone else saw the boat, fell in love with it, and offered him more money. He'll be more than happy to refuned your $500, as a matter of fact, it's on the way. How would you have felt? Truth is, a deal is a deal. You agreed to buy the boat, he had every right to keep the $500. You got lucky.
You got lucky, you dealt with an extremely nice guy. Let's look at a slightly different scenario... You agreed to buy the boat, and he agreed to hold it for $500. You sent the money, got all excited about your new boat, read up on it for 5 days, planned a naming party, invited half your relatives to a series of mini-cruises.... Then, you get a phone call. He appreciates the offer, but someone else saw the boat, fell in love with it, and offered him more money. He'll be more than happy to refuned your $500, as a matter of fact, it's on the way. How would you have felt? Truth is, a deal is a deal. You agreed to buy the boat, he had every right to keep the $500. You got lucky.
Interesting turn of events
Good thread about a boat buying experience. In context of the situation, there are two types of deposits. . . 1) where the price is agreed, but the sale is subject to further inspection (i.e. a survey). 2) where both the price and the condition of the boat are in agreement. In situation #1, the deposit would be refundable, in #2 it would not be refundable. Cate, your situation sounds more like #1, since you had not fully inspected the boat. Your error was in sending money without some form of agreement on the terms of the sale. Fortunately, it all worked out. Regards, Ted
Good thread about a boat buying experience. In context of the situation, there are two types of deposits. . . 1) where the price is agreed, but the sale is subject to further inspection (i.e. a survey). 2) where both the price and the condition of the boat are in agreement. In situation #1, the deposit would be refundable, in #2 it would not be refundable. Cate, your situation sounds more like #1, since you had not fully inspected the boat. Your error was in sending money without some form of agreement on the terms of the sale. Fortunately, it all worked out. Regards, Ted
- Status