Deposit refunds

[Pseudomind]

What is the general rule regarding the initial offer fee, I believe the fee is typically 10%

I looked at a 340 (private seller, this is not a broker deal) paid the owner $1,000.00 deposit, plus I paid for a haul out ($295.00) and survey ($544.00). The owner and I did not agree after the survey so I decided not to buy. The owner believes the $1,000.00 is his, I disagree

Sooo what is the general rule, and no there was not a contracts, just a check which has been cashed which had Sea Ray340 deposit in the remarks section

Thanks

 

[Against The Wind]

The admiral here works for a broker and new boat retailer, the deposit in that situation is generally refunded in hopes of keeping the customer, and maybe buying a differant boat...
................. however it's considered a non refundable deposit if the boat is every thing thats advertised and the buyer backs out due to bank issues, admiral issues etc... refundable if the boat is not what is actually what was advertised.. things are broken, survey show serious issues , etc....
Good luck trying to get you $$ back...

 

[lime4x4]

The seller was out no money so he should return the 1000.00. You paid for the haul out and survey

 

[fc3]

You goofed and didn't get it in writing. On the other hand, generally the deposit is refunded. Let the owner know that you are not happy. If necessary, let the owner know that you'll publish your experience on the Internet on several boating forums, which will make it damn near impossible for him to sell his boat since no one will trust him. He probably will find it cheaper to return your deposit.

Next time, get it in writing!

Best regards,
Frank C

 

[douglee25]

Why did you guys not come to an agreement?

Doug

 

[CSR_Admin]

All the advice above is right on. It is normally refunded if the boat did not pass survey. Now if you canceled the deal because you decided you didn't like the carpet color, or you found a better deal then it is not refundable.

 

[chuck1]

As I tell all my customers. A verbal offer/contact is as good as the paper it is written on(Grin). What type of understanding do you and the seller have about the deposit. Was there some kind of due diligence period say 1 week. It is going to be hard to get your $$ anyway you go. Yes you can post messages, but not all buyers do a complete search. Sounds like it is another one of those expansive learning experiences to me.

 

[fwebster]

The deposit "refund-ability" depends entirely upon the purchase agreement you had with the seller. Since this is a private seller, what is customary with licensed brokers and dealerships doesn't really matter.

This is one of the strongest reasons to use a broker for major boat transactions since their deals are usually governed by state regulation if not by industry standard practices and their contracts, even though they may be a preprinted form, are drafted with the goal of avoiding the "now what do I do's".

Good luck reaching a resolution with your seller...........

 

[Pseudomind]

All the advice above is right on. It is normally refunded if the boat did not pass survey. Now if you canceled the deal because you decided you didn't like the carpet color, or you found a better deal then it is not refundable.

Well the survey recommended the owner change the manifolds/risers, rusted plugs, and starboard engine transmission cooler. The owner implied well it is not a new boat, 2001, so I see no reason in doing this. The boat was not paid for and the owner was upside down by about $5500.00 dollars from my offering price.

Then he promptly went on vacation for a week, he never did come across to me as a very dedicated seller.

I had already on two days in a row, driven 4.5 hours to see the boat and then 4.5 hours back home.

I had enough, so I informed him to forget the deal.

:huh:

 

[quality time]

Sounds like you just paid for his vacation...:smt021

 

[douglee25]

Well the survey recommended the owner change the manifolds/risers, rusted plugs, and starboard engine transmission cooler. The owner implied well it is not a new boat, 2001, so I see no reason in doing this. The boat was not paid for and the owner was upside down by about $5500.00 dollars from my offering price.

Then he promptly went on vacation for a week, he never did come across to me as a very dedicated seller.

I had already on two days in a row, driven 4.5 hours to see the boat and then 4.5 hours back home.

I had enough, so I informed him to forget the deal.

:huh:

If it's a good deal, suck up your pride for one phone call and consider splitting the cost of the repair with him? Cut his losses by half and cut your losses by the survey and deposit not going to waste.

Doug

 

[Still LauCo]

I'm not saying you are legally "entitled" or not, but perhaps a draft letter from your attorney, sent via certified mail will help him get your deposit back. It's apparent that the survey turned up enough issues to warrant revisiting the deal, so the court of moral opinion says you should get your money back.

 

[CSR_Admin]

Those are all fairly typical survey findings anyway. Pretty much maintenance issues. Of course if it was a new boat you would not expect these repairs. But on a used boat it is common. I'm sure the boat will work just fine for now until you decide to replace the manifolds and clean out the trans cooler. If those are the major bullet points on the survey then I'd say it sounds like a nice boat.

Its similar to bottom paint, or canvas. Its a used boat so likely the bottom paint will need to be re-done very soon, or the canvas will need to get replaced soon. Same goes for manifolds.

 

[Pseudomind]

Those are all fairly typical survey findings anyway. Pretty much maintenance issues. Of course if it was a new boat you would not expect these repairs. But on a used boat it is common. I'm sure the boat will work just fine for now until you decide to replace the manifolds and clean out the trans cooler. If those are the major bullet points on the survey then I'd say it sounds like a nice boat.

Its similar to bottom paint, or canvas. Its a used boat so likely the bottom paint will need to be re-done very soon, or the canvas will need to get replaced soon. Same goes for manifolds.

Yes it may be maintenance issues, but it was a 2001 Sea Ray 340 with a little over $93,000.00 as the asking price, 7.4 engines,

Maintenance cost can make a big difference.especially for someone who is not expecting these costs, then there is state sales tax, here it is 6%.. These comments are posted just as an observation, so before anyone gets all a twitter. I am aware of the acronym for "BOAT" and others, so I am posting just as a general comments

The spell checker has added this weird formatting and the colors and I cannot get it undone

I have since moved onto a 2002 Sea RaySundancer 380 with 8.1s engines The manifolds/risers/elbows for this model usingMercruiser parts is around $2970.00 per engine. This is parts only, A flat rate of 7.4 is used to determine labor or 7.4 hours x $85.00 per hour( One rate obtained here) now times two engines,approximately $7,500.00,, plus the survey costs.

In this case the owner had Barr's and I wanted them replaced with

Mercruiser parts, so I am agreeing to the difference. I am willing to go around $4,000.00, but I know for me I would return a person's deposit
​

I am I guess old school and consider my word my bond. This seller could have used a broker, but probably did not want to pay even more as he was upside down. I have no idea as I am notclairvoyant. I was just curios as to what others thought

Thank for the answers;

I was only asking for what is typically the rule, I figure I am out the $1,000.00 anyway

So again thanks

:thumbsup:

 

[fwebster]

The kiss of death when selling a boat is for a buyer to refuse it based on the survey outcome. You might want to post the boat's location in case you cannot work out something with the seller on your deposit.

Also, you probably saved yourself way, way more than $1000 in "4-foot-itis"...the 380 is a heck of a lot more boat than the 340 is.

 

[Dave S]

You goofed and didn't get it in writing. On the other hand, generally the deposit is refunded. Let the owner know that you are not happy. If necessary, let the owner know that you'll publish your experience on the Internet on several boating forums, which will make it damn near impossible for him to sell his boat since no one will trust him. He probably will find it cheaper to return your deposit.

Next time, get it in writing!

Best regards,
Frank C

I am with Frank on this. Some bad publicity on boating forums might be all it takes to get the guy to refund the deposit.

Dave

 

[islandhopper00]

Post his address and get the Turtle on him. I've witnessed TT reduce a man to nothing on this board! It was entertaining to say the least. Like watching a lion eat her young!
This guy shouldn't try something like that in the Carolinas, we don't stand for things like that down here! Makes breathing hard. Jokes man, jokes. Turtle...help him out.

 

[Pseudomind]

Those are all fairly typical survey findings anyway. Pretty much maintenance issues...Same goes for manifolds.

The kiss of death when selling a boat is for a buyer to refuse it based on the survey outcome.
Also, you probably saved yourself way, way more than $1000 in "4-foot-itis"...the 380 is a heck of a lot more boat than the 340 is.

Well I am not disagreeing with the comments here, but I do have a question;

What is the purpose of a survey?

I have found a 380 and the seller, (here a motivated seller) and I are working together. The survey showed bad manifolds,and to top it off these are after-market Barr manifolds. I do not know whether Barr's are any good or not and I am not interested in arguing that point. But I want the Mercruiser manifolds/risers/elbows as replacements on the 8.1s engines.

Well it seems that who ever installed the Barr's threw away some Mercruiser brackets , eight hoses and some other assorted hardware. The manifolds also need to have the bolts replaced when the new ones are put on.

The parts for the 8.1s comes to $2,970.00 plus or minus a dollar or two, and this does not include the parts mentioned above which is another about $250.00 per engine. This does not include labor which Mercruiser calls for a flat rate of 7.4 hours

I do agree with "admin" to a degree about this being basically a standard maintenance item, but I guess that depends on whether ones actually does any maintenance or not

So I will ask again

"What is the purpose of a survey?"

I am guessing here, but I would imagine that most brokers also go with a survey depending on the age of the boat.

One thing a survey will typically also show is the hull condition, which with all else being equal, bilge, interior etc will not be shown without a survey:huh:

Anyway I figure I am out the $1,000.00. I do not agree with some peoples ethics, and even with the higher GPH usage then the 340. I am glad I found the 380 instead, and it is even one year newer, a 2002 model

:thumbsup: