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Old 10-17-2013, 11:01 PM   #21
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Thanks again everyone.
i have bought and sold at least 20 cars in my life, never wanted to own a new car. Something about the loss of value off the lot. So yes I wheel and deal. Don't like my offer, no worries, no sale. But my bag of 100 dollar bills has gotten me some cool cars for cheap.

So tell me, will having $300K in my back pocket yield me anything on price? Assuming that is the agreed upon price. Does financing affect the deal?

And why are some boats listed as not for sale in USA when in fact they are in the USA?
BJ - Seeing as you bought/sold so many cars with cash deals... I'm surprised at your questions in mid paragraph??
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Old 10-17-2013, 11:33 PM   #22
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BJ - Seeing as you bought/sold so many cars with cash deals... I'm surprised at your questions in mid paragraph??
Agreed!!! Money is money!!!!!

You CONTRACT a broker to sell your boat. It is VERY black and white what the expectations are in that contract. If you are a buyer wanting to buy a boat listed by a broker, then you deal with the broker....IN THEORY, THE SELLER DOES NOT EXIST!!! You should NEVER have to talk to the seller. Now, if you want to have a broker represent you as a buyer, there is absolutely nothing wrong with that. The parties representing the buyer and seller will split the commission. THAT is what "co-brokering" is based on. That is the fundamental principle of the business!

With all of that said, and believe it or not, there are excellent brokers out there that are worth their commission and then some!!! The good ones want to build a relationship with you. Ask around. Hang around. You should be able to find the good ones!!!
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Old 10-18-2013, 12:12 AM   #23
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Well

Lots of green dollar bills are certainly very convincing. In the case of $300K how much would that weigh and would I need a backpack, a wheel barrow, or a letter of credit from my bank?

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BJ - Seeing as you bought/sold so many cars with cash deals... I'm surprised at your questions in mid paragraph??
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Old 10-18-2013, 12:15 AM   #24
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So tell me

As a buyer what does the broker offer me, besides the paperwork?
Not being smart, just attempting to understand the players.


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Agreed!!! Money is money!!!!!

I am somewhat disturbed by some of the things in this thread. You CONTRACT a broker to sell your boat. It is VERY black and white what the expectations are in that contract. If you are a buyer wanting to buy a boat listed by a broker, then you deal with the broker....IN THEORY, THE SELLER DOES NOT EXIST!!! You should NEVER have to talk to the seller. Now, if you want to have a broker represent you as a buyer, there is absolutely nothing wrong with that. The parties representing the buyer and seller will split the commission. THAT is what "co-brokering" is based on. That is the fundamental principle of the business!

With all of that said, and believe it or not(I am being facetious here), there are excellent brokers out there that are worth their commission and then some!!! The good ones want to build a relationship with you. Ask around. Hang around. You should be able to find the good ones!!!
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Old 10-18-2013, 12:28 AM   #25
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Lots of green dollar bills are certainly very convincing. In the case of $300K how much would that weigh and would I need a backpack, a wheel barrow, or a letter of credit from my bank?
You yanken our crank, or your own?
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Old 10-18-2013, 12:39 AM   #26
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But my bag of 100 dollar bills has gotten me some cool cars for cheap.

So tell me, will having $300K in my back pocket yield me anything on price? Assuming that is the agreed upon price. Does financing affect the deal?
I would be very careful of dealing in large amounts of cash. The recipient of the cash is require to file a form with the IRS that lists the amount and the buyer's information if the amount of cash (in one or multiple transactions on the same deal) is $10K or larger. If the seller shows up at his bank with a bag of $100 bills he's going to have to fill out the form and explain to the IRS where the funds came from. It's not a big deal but I really don't want my name to cross the desk of some gung ho IRS agent.

A cash sale (no financing involved, i.e. done with a transfer of funds from the buyer to the seller) is no different from a financed sale except it might get done more quickly.
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Old 10-18-2013, 12:40 AM   #27
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What is typical brokers commission on a sale these days?
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Old 10-18-2013, 12:43 AM   #28
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What is typical brokers commission on a sale these days?
10%
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Old 10-18-2013, 04:11 AM   #29
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As a buyer what does the broker offer me, besides the paperwork?
Not being smart, just attempting to understand the players.
If you are dealing with the seller's broker....nothing really. Make no mistake, the seller's broker is there to represent the needs of the seller. Not you.

Now if you hire a broker to represent you:
He may have an idea of what boats are out there that fit your needs and wants.

He has access to soldboats.com to get an idea of what similar boats are selling for(comps).

He can locate little stuff to get the deal to go through. There are times when the deal stalls. He may be able to get it going again...and in your favor. Without you really having to lift a finger.

There may be stuff that shows up on the survey....he can valuate it and help with a counter offer. ANd even if there is no counter or the seller doesn't accept but you still want the boat, you now know how much it costs to repair it before you buy...

And on and on..... A good broker is very well worth it!!!
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Old 10-18-2013, 05:33 AM   #30
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I would never attempt to sell my home without a Realtor, because of all the paper work involved.

In the US one can take a check , and sign over a deed.

No broker , 2 signatures , check and deed , and you are done.
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Old 10-18-2013, 09:07 AM   #31
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No broker , 2 signatures , check and deed , and you are done.
... And an extraordinarily trusting/naive buyer
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Old 10-18-2013, 09:08 AM   #32
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If you are dealing with the seller's broker....nothing really. Make no mistake, the seller's broker is there to represent the needs of the seller. Not you.

And on and on..... A good broker is very well worth it!!!
I disagree. The broker is then acting as a duel broker and represents both parties. I just had a boat close and during the survey a minor engine issue was discovered. The buyer wanted to close so he could use the boat that weekend. We all agreed to hold a minor sum to cover the cost of repairs. Well it turned out the repair cost were higher than expected. I represented the buyer in trying to get the seller to come up with more funds post closing. Ultimately the seller unfortunately stayed strictly to his contractual obligations so I paid out of my pocket the extra funds.
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Old 10-18-2013, 09:40 AM   #33
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Lots of green dollar bills are certainly very convincing. In the case of $300K how much would that weigh and would I need a backpack, a wheel barrow, or a letter of credit from my bank?
I don't think a buyer knows where the sellers funds came from. I certainly didn't when I sold my previous boat and I don't think the previous owner of my current boat knew if I borrowed money or got the cash from my cars trunk.

I know in real estate it is an advantage to have cash. Especially when the property you are trying to buy has multiple offers. Sellers tend to favor the cash buyer as the chance of the deal falling through or getting delayed due to bank issues is iliminated.

In real estate transactions cash buyers are rare but not so much with boats. And if a boat buyer is getting a bank loan, chances are he/she is well qualified. People that get into boating are usually ones with disposable income, not so with homes.
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Old 10-18-2013, 10:34 AM   #34
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I disagree. The broker is then acting as a duel broker and represents both parties. I just had a boat close and during the survey a minor engine issue was discovered. The buyer wanted to close so he could use the boat that weekend. We all agreed to hold a minor sum to cover the cost of repairs. Well it turned out the repair cost were higher than expected. I represented the buyer in trying to get the seller to come up with more funds post closing. Ultimately the seller unfortunately stayed strictly to his contractual obligations so I paid out of my pocket the extra funds.
I understand that, Daddyo. And I will stand corrected. I had a feeling in the back of my mind that maybe that wasn't a fair statement. But in the end, I think your actions fall under my premise that "brokers do little things to facilitate the deal when it stalls.....and many times they are to your advantage"!!!! YOU wanted the deal to happen....so YOU made it happen!!!!...and made all parties happy and whole....another great reason to use a broker!!!

The boat I now have started out at fair market value for a boat in decent shape. After the survey, we realized it wasn't in decent shape. I was walking away because there was no way I was going to pay anywhere near where we were because, among many other things, the entire running gear had to be replaced. Not a cheap endeavor as one knows. I looked at my broker and asked what he thought the boat was worth...and he answered with the exact same number that I had in my head(way lowball) and took it to the seller and he accepted.

My example above sounds simple enough. But my broker called around...located the props...rudders....shafts.... He costed all of them and contacted the yard for labor costs. He did all of this so I could get a picture of how much this deal was REALLY going to cost ME. He did this AFTER his commission had basically been cut in half because the price of the boat had fallen that far.

My point here is that my broker MADE THE DEAL WORK!!!!! Just like Daddyo did on his deal. In both scenarios, without the actions of the broker, these deals would have never been completed!!!!

These are examples of why you use a broker!!!
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Old 10-18-2013, 10:51 AM   #35
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Actually not

My point was when I decide to purchase a boat, I will be in a position to purchase it on the spot without resorting to telling the seller, well OK let me go talk to my bank.

I will hand him a money order.

My question was to ask if there is any value/discount for cash?

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Old 10-18-2013, 11:09 AM   #36
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My point was when I decide to purchase a boat, I will be in a position to purchase it on the spot without resorting to telling the seller, well OK let me go talk to my bank.

I will hand him a money order.

My question was to ask if there is any value/discount for cash?
Yes and no- depending on the seller. Cash does talk, but if the seller is not desparate, having cash may not be such a motivating factor.

And, based on the line of questioning presented thus far, I'll also recommend enlisting the services of a broker.
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Old 10-18-2013, 11:12 AM   #37
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My point was when I decide to purchase a boat, I will be in a position to purchase it on the spot without resorting to telling the seller, well OK let me go talk to my bank.

I will hand him a money order.

My question was to ask if there is any value/discount for cash?
Maybe....maybe not. It does clear one hurdle. Many times contracts are contingent upon "acceptable financing" for the buyer. That is just one of the things that all parties do not have to worry about. Cash may make the seller a little more motivated....maybe not. I think it just depends upon the deal.
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Old 10-18-2013, 11:32 AM   #38
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My point was when I decide to purchase a boat, I will be in a position to purchase it on the spot without resorting to telling the seller, well OK let me go talk to my bank. I will hand him a money order. My question was to ask if there is any value/discount for cash?
It's all cash to the seller. I wouldn't care if you finance it or pay cash.
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Old 10-18-2013, 11:45 AM   #39
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It's all cash to the seller. I wouldn't care if you finance it or pay cash.
Exactly. To a Seller, ALL deals are "cash."
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Old 10-18-2013, 12:06 PM   #40
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Big Jim

If a person came to me and said I have cash - I'd say Great!

If they said I want to purchase your boat for cash - I'd say Fine!

If they said spilled the cash in big bills out of a gym bag on a table - I say looks nice - Now count it in front of me.

If at the end of counting the amount did not meet with my desired bottom price for my boat I say add this much more capital (by cash, bank loan, certified check, money transfer to my account... even appropriate weight gold bars might suffice - LOL) and the boat can be yours.

If they said this is as much as I will pay - I'd say... was fun watching you produce stacks of $1,000, but unless you will supply the remaining capital I require - Good Day!!

In other words Jim - Cash is just fine - but so is $1,000,000 balance in my bank account, and, I do not care what vehicle of capital was used for my account to reach that $1M balance.

I make certain to never be or act or feel desperate during either selling or buying of anything. In todayís market, some boat sellers may be... desperate... though! Sight of much cash heaped in front of them just might tip the scales in your favor for low-ball price.

Good Day!! And, Good Luck!!!
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