Shady buyers agent

Arl798

New Member
Feb 26, 2011
181
Saskatchewan Canada / Key West Florida
Boat Info
400 Sea Ray Sedan Bridge
Engines
Twin Cat 3116
Curious if anyone can tell me if it's normal for a buyers agent to want a 10 percent deposit on a boat before he will even go look at it for me. I want to use this agent for any boat I buy not just this one so why give a deposit on a specific boat if it turns out to be a piece of sh$t.

Thx
 
Curious if anyone can tell me if it's normal for a buyers agent to want a 10 percent deposit on a boat before he will even go look at it for me. I want to use this agent for any boat I buy not just this one so why give a deposit on a specific boat if it turns out to be a piece of sh$t.

Thx

IMO, it makes sense in the way for the following reasons:

1. The agent needs to have your commitment otherwise he's working for free. For example, if you expect him to look at 5 boats and then you say "forget it, I changed my mind". The agent might have spend days of work between travelling and arranging everything to go see those boats. So, if you walk he's got ZERO in his pocket.

2. 10% is what required for 99% of the contracts when negotiating a boat purchase. Serious people won't even accept your offer (any offer), unless you attach a check for 10%.

This doesn't mean that this guy is doing everything right and of course you can always look for someone who can give you better terms. But, it just sounds like what he asks is logical.

On the other note, I've never used an agent to look at my future boat (I just don't feel comfortable, unless it's a friend who's judgment I can trust). But, I've heard that people do it. Just be careful and make sure to do your due diligence.
 
I agree with Alex. If the broker wants 10% then you should have a contract stipulating who does what, for what, and what is to be done with the money. MM
 
IMHO - A verbal agency agreement is about as good as the paper it is written on. Second thought who is paying the buyer agent?
 
When I have made offers on boats I had to put 10% down. I got it back when I did not purchase.
 
When I have made offers on boats I had to put 10% down. I got it back when I did not purchase.

This is a normal process, but the key component is the proprly constructed contract.
 
I have noooooo problem with a 10 percent deposit based on an accept offer with conditions but he wants 10 percent down before he will even go look at it for me to make sure it's in decent shape. I def don't wanna pay for a survey on a boat that by visual inspection I should have walked away.
 
So you want your agent to go do a visual inspection for you? Why not go yourself and do a visual inspection? Everyones idea of decent shape is different than the next.
 
Sorry I don't get it, it seems to me you want to employ an agent to do a once over of the boat but not pay them for their time and effort. If that is the case then I suggest that you go and do the once over yourself and make up your own mind whether to go ahead with a survey based on what you see.

You said you want to use this agent to possibly look at several boats for you in the future but why would they if you are not prepared to pay them for the task?

I am not saying that 10% is justified but it may be depending on where the boat is in relation to their location. If there is traveling and accommodation involved then it may well be justified.

I would however have a written contract for the agents service.

You will be up for a possible 10% deposit on a prospective boat should you wish to sea trial it and survey it plus the haul out costs, survey costs, bottom wash and mechanical inpsection cost.
 
Based on my experience with agents they may not know too much. We looked at several boats before we purchased this one. The agent sent us details on the boat but required a firm bid before sea trial and survey. Their concept of items was not ours in some cases. They all would show you the boat but you did not get to drive it until 10% deposit.
 
My opinion is as follows-

No deposit should be required to look at the boat. Part of the broker's job is to take you to see different boats, not necessarily expect you to buy the first one they find you.

In my mind, part of the justification of their payment is that sometimes they will have alot of time involved before selling you a boat. I think any person that "knows people" is capable of figuring out when a prospective buyer is a "tire kicker" and would part ways with that person after a certain pattern emerges.

I know it is not exactly the same but I have never had a realtor ask for a deposit before they show me a house or property.

I can understand a deposit before the boat is driven or before an offer is made. Or if the boat is a long distance away from their "home territory". I think that is reasonable.

Jason
 
He's making money once I buy the boat is he not? I can't go look at it because I'm in Canada. I work in the oil field and can't get away right now. I just wanna know it's in half decent shape before we make an offer based on a professional inspection. When I buy real-estate my guy takes me to 10 diff houses and doesn't want money down. He makes his commission when I purchase. Is this different?
 
Basically he is reassuring that you are a serious buyer before he works for you. I don't think you know how many wild goose chases boat brokers go on.

A 10% deposit shows you are serious, and if it came down to the part of making an offer on several different boats the buyers broker would be required to back up his offer with the 10% deposit. When another broker calls me and makes an offer on a boat I have brokered I will not even present the offer to the seller until I see a copy of the 10% deposit check and a written and signed proposal to purchase agreement.

He is basically trying to safeguard himself, he doesn't want to show go spend time and money to look at other boats for you and then all of a sudden you get cold feet or end up using somebody else. With that said, he should have in writing that you are a registered customer of his and in that contract it states that you are working with him exclusively until the agreed upon terms or expectations are met.
 
Okay I had a totally different idea as to what you were asking. I thought you were employing someone to act on your behalf to go and look at boats in different brokerages. Like a sudo you if you like and then report back to you which boats he thinks are good enough for you to proceed with a survey on. Then you would contact the brokerage and arrange a deposit etc.

I now see that you mean that you are dealing with one broker at a brokerage and you just want his opinion as to whether the boat is worth going to survey on.

All I can say is that he is getting paid by the seller through his commision and as such he is working for the seller so it would be difficult for him to say anything that will possibly lose the sale for a seller.
 

Forum statistics

Threads
112,945
Messages
1,422,741
Members
60,928
Latest member
rkaleda
Back
Top