UncleSpidey
Seaman
- Joined
- Sep 12, 2011
- Messages
- 50
Okay...so I've been in the market for a family boat, and I think I've found one that I'd like to purchase. The boat is being listed by a broker, and here's how they like to work.
5% of the purchase price placed as a down payment will get you a sea trial and gives you the right of first refusal. They'll still show the boat, but if an offer comes in you get a phone call and first dibs. The down payment is fully refundable any time you decide you're not interested. No real risk to either them or me, and security that I'm first in line. Okay...sounds great so far. Did that last Saturday.
Sea trial is scheduled for next Tuesday. Having a surveyor as part of the process is fine. I fully anticipate everything is going to be check out just fine. Still good.
I've arranged for my financing, have been fully approved, and funds are ready as soon as I give the green light. Once I've made sure everything is satisfactory and made a decision buy the boat, I contact my bank guy who closes the loan and sends me a check for the purchase. I drive to the broker, hand the check over, and drive away with my new toy. All seems logical to me.
The broker is pissed off at me because I don't plan on having the check in my hand ready to complete the deal on the day of the sea trial, assuming I'm pleased with how it goes. He says that in the 20 years he's been in business, he's never done a deal this way before. The way the broker likes to work is, you come have your sea trial, and if you like it you pay for the boat that day and drive away with it. The only way I can have the check is to tell my bank guy to complete the loan. If I do that, then decide after the sea trial I don't like something, I'll have to immediately cancel the loan I just made.
That seems completely bass-ackwards to me. Far better to have my survey / sea trial, decide this is the boat for me, THEN complete my loan and have the funds released. The check gets sent overnight for heaven's sake. We're talking about a difference of two or three days. The broker is PISSED about me wanting to work this way, and I'm getting MAJOR red flags going off in my mind, but I'm willing to consider that boat purchases may not work like EVERY OTHER vehicle financing deal I've ever done.
Am I nuts here? I get that the guy doesn't want to run sea trials for the tire kickers, but I think I've demonstrated I'm a little beyond the tire kicking stage. Anybody worked a deal this way before???
Spidey
5% of the purchase price placed as a down payment will get you a sea trial and gives you the right of first refusal. They'll still show the boat, but if an offer comes in you get a phone call and first dibs. The down payment is fully refundable any time you decide you're not interested. No real risk to either them or me, and security that I'm first in line. Okay...sounds great so far. Did that last Saturday.
Sea trial is scheduled for next Tuesday. Having a surveyor as part of the process is fine. I fully anticipate everything is going to be check out just fine. Still good.
I've arranged for my financing, have been fully approved, and funds are ready as soon as I give the green light. Once I've made sure everything is satisfactory and made a decision buy the boat, I contact my bank guy who closes the loan and sends me a check for the purchase. I drive to the broker, hand the check over, and drive away with my new toy. All seems logical to me.
The broker is pissed off at me because I don't plan on having the check in my hand ready to complete the deal on the day of the sea trial, assuming I'm pleased with how it goes. He says that in the 20 years he's been in business, he's never done a deal this way before. The way the broker likes to work is, you come have your sea trial, and if you like it you pay for the boat that day and drive away with it. The only way I can have the check is to tell my bank guy to complete the loan. If I do that, then decide after the sea trial I don't like something, I'll have to immediately cancel the loan I just made.
That seems completely bass-ackwards to me. Far better to have my survey / sea trial, decide this is the boat for me, THEN complete my loan and have the funds released. The check gets sent overnight for heaven's sake. We're talking about a difference of two or three days. The broker is PISSED about me wanting to work this way, and I'm getting MAJOR red flags going off in my mind, but I'm willing to consider that boat purchases may not work like EVERY OTHER vehicle financing deal I've ever done.Am I nuts here? I get that the guy doesn't want to run sea trials for the tire kickers, but I think I've demonstrated I'm a little beyond the tire kicking stage. Anybody worked a deal this way before???
Spidey
