Boat Buying Blues

[Capt. Andy]

I have been looking for a 30' sailboat for the past year and a half. Traveled hours to see "excellent" boats that turn out to have black mold, wet decks, bad engines, and rotting bulkheads. Except for yesterday when I checked out a really nice Catalina that the owner had put lots of time and care into. I put down 10% deposit and will purchase pending survey. I get home and email half a dozen surveyors and get one who can see the boat early next week. Today the owner calls saying she's talked with another buyer who's basically offering cash now sight unseen and since I hadn’t put down “earnest money” She’s going with the other offer. (Isn’t a deposit “earnest money”?) I told her to tear up the deposit check, well she’s already deposited it and would have to send me a check. What the fuck.  I get that it’s a sellers’ market, I get that she wants to sell fast but her telling me she loves the sailing community because it’s a ”real community that helps each other out” and that she wants to sell to someone like me “who will learn on the boat” is sounding a bit like bullshit. In the end it’s about the cash. As I told my wife before driving up to the boat, this is the last boat I’m looking at. And it was.

 

[Veeger]

Yep.  I'd call a 10% deposit 'earnest money'.  The bad news is that having demonstrated that the owner is untrustworthy (She didn't consider your offer as a priority/obligation on her part), you have no way of knowing just 'when' she'll get a check to you...    Either she 'knows' something about the boat that a survey scares her or she's just desperate to put (more?) money in her pocket.  Just a thought...is she even the real owner?...  Hmm, well, this might be why using a broker has its benefits.  Either way, this one might cost you 10%...   Sorry Cap, it stinks all the way around.  I guess I'd put the whole process on indefinite hold as well if I had your experiences....

 

[Great Red Shark]

That is straight up bullshit.

The most basic tenants of contract law deal with an Offer and Acceptance.

If she accepted your check AND DEPOSITED IT then you HAVE A CONTRACT.

 

[Navig8tor]

What Shark says.

She don't sound too earnest herself.

 

[Mark Set]

i hope you have documentation, because otherwise shes keeping that money and will tell the cops you gifted it to her.

 

[Expat Canuck]

Yep.  I'd call a 10% deposit 'earnest money'.  The bad news is that having demonstrated that the owner is untrustworthy (She didn't consider your offer as a priority/obligation on her part), you have no way of knowing just 'when' she'll get a check to you...    Either she 'knows' something about the boat that a survey scares her or she's just desperate to put (more?) money in her pocket.  Just a thought...is she even the real owner?...  Hmm, well, this might be why using a broker has its benefits.  Either way, this one might cost you 10%...   Sorry Cap, it stinks all the way around.  I guess I'd put the whole process on indefinite hold as well if I had your experiences....

Around here, brokers don't tend to get involved in boats under $30k, so you are pretty much left to your own wits.

 

[Parma]

Go steal it

 

[Capt. Andy]

Foolish me trusting someone else. We definitely formed a verbal contract. On the check I noted it was a deposit for the boat. The adjacent slip holders knew her so it's her boat. If I had the time, interest, and money I'd contact a lawyer and try to fuck up any other deal she had cooking. But it's not worth it. And yeah, I'd better be seeing a check ASAP.

 

[jesposito]

Go sink it

 

[LB 15]

Foolish me trusting someone else. We definitely formed a verbal contract. On the check I noted it was a deposit for the boat. The adjacent slip holders knew her so it's her boat. If I had the time, interest, and money I'd contact a lawyer and try to fuck up any other deal she had cooking. But it's not worth it. And yeah, I'd better be seeing a check ASAP.

Post her name and we can go searching for a pic of her tits. True this won't get you your money back but a pair of tits is a pair of tits.

 

[Steam Flyer]

Foolish me trusting someone else. We definitely formed a verbal contract. On the check I noted it was a deposit for the boat. The adjacent slip holders knew her so it's her boat. If I had the time, interest, and money I'd contact a lawyer and try to fuck up any other deal she had cooking. But it's not worth it. And yeah, I'd better be seeing a check ASAP.

Depending on what state you're in, that memo on the check may form an implied contract.

Have you got a friend who's a lawyer, or find one who will do ten minutes consulting fairly cheap.

You can also go burn her house down. No fucking loss to the world.

But don't give up on finding a boat. This past year has been tough. A good approach might be to crew for somebody, every keel boat sailor I know is always looking for crew.

FB- Doug

 

[Navig8tor]

Depending on what state you're in, that memo on the check may form an implied contract.

Have you got a friend who's a lawyer, or find one who will do ten minutes consulting fairly cheap.

You can also go burn her house down. No fucking loss to the world.

But don't give up on finding a boat. This past year has been tough. A good approach might be to crew for somebody, every keel boat sailor I know is always looking for crew.

FB- Doug

This and the yacht club members often have an idea of whats coming on the market, just make sure its not DFL in all the racing.

 

[Veeger]

Around here, brokers don't tend to get involved in boats under $30k, so you are pretty much left to your own wits.

Yeah, not just brokers but surveyors and insurers tend to be ‘busy’ when talking about sub 100k boats.  I was going to opine that while admirable to want a survey, it was probably a bit too cautious given the probable purchase price. Over 20 yrs old and/or under $50-$75k and you’re best to self survey/insure ( apart from marina req’d liability ins)

 

[SloopJonB]

Sue the cunt - it's the American way.

A letter from a lawyer with a pic of the cancelled cheque will really ruin her day.

 

[jerseyguy]

Call your bank and issue a stop payment order on the check.  

 

[Great Red Shark]

Well, there's ONE thing to be sure of - she cannot be trusted.  May have dodged a bullet.

She MAY have been concerned about a surveyor finding fault,  and gone with the sure sucker - after hedging her position.   Greasy as all Hell,  sure - but that's the person you were dealing with.

Might be for the better.

 

[jerseyguy]

Bad advice 

Totally agree.

 

[Veeger]

Bad advice 

It does depend on one's experience and pocketbook for sure. (and I may have put the threshold a bit high) Nonetheless, you see how well it's working out for the OP.  Once you have a broker involved, everything gets (somewhat) easier (or should).  We have all experienced the challenges that can arise with a broker too.

 

[Expat Canuck]

The "bad advice" comments were with respect to not getting a surveyor involved, not the broker aspect.

You need a survey in order to get insurance (in my experience), and you need insurance to be able to tie up at a marina (in my experience).  But insurance companies are becoming less and less interested in insuring 30 year old fg boats.  Which is a problem as there are more and more of them around.