Make offer on 2 boats simultaneously?

[ERTF]

I'm narrowed down to 2 similar trawlers with similar asking prices. It's basically gonna come down to which seller is willing to negotiate on price.

Can I put an offer in on each simultaneously, and then choose to go forward with the best accepted price? (Since I'm offering below asking, I'm very doubtful they both will accept my original offer without countering.)

Is that acceptable practice?

 

[JohnP]

What if they do accept? I think one at a time is a better way to handle it. My 2 cents.

 

[twistedtree]

I think it really depends on the terms of your offer. A typical formal offer is a signed P&S plus a deposit check. If the seller accepts, they sign and you have a contract. At a minimum you would have two deposit checks out there. And if you end up with two contracts, you will have to back out of one which you normally can do up until you accept the boat post survey etc. Then you are bound to buy.

But that’s the form process. Lots of people go back and forth with verbal offers, then paper the deal once there is agreement.

 

[ERTF]

What if they do accept?

Well that's the second half of my question. If they both accept. Can I just cancel one, or am I already required to get a survey if they accept?

 

[twistedtree]

What does your P&S say? That will be your contract.

 

[GregBrannon]

You're asking contractual questions about a contract that doesn't exist. Your offer will be (should be) a written list of terms that are designed to protect both you and the seller. You can put anything in there that the owner will agree to and vice-versa. There are examples of offers available on the web or the seller or seller's broker may have a form they want to use. Read the contract and that should answer most of your questions.

 

[kchace]

Typically one can back out due to "cause". You can insert any "cause" you want, including "my other offer was accepted" its up to the seller whether they want to accept your conditions.

Ken

 

[tiltrider1]

There are many tricks to making multiple offers. Talk to your broker. If you are not using a broker, then I would avoid making multiple offers.

 

[O C Diver]

While I wouldn't make two offers at the same time, I guess you could make them contingent on your wife's approval.....

Ted

 

[Ex Sailor]

I'm narrowed down to 2 similar trawlers with similar asking prices. It's basically gonna come down to which seller is willing to negotiate on price.

Can I put an offer in on each simultaneously, and then choose to go forward with the best accepted price? (Since I'm offering below asking, I'm very doubtful they both will accept my original offer without countering.)

Is that acceptable practice?

In the marine buying / selling, everything is acceptable .......

Depending on how desperate the seller is ( many are btw. ) and if I was a seller ( and I have been ) and saw an offer with trumped up ridiculous conditions, I would not even reply and if I did, I would insert; " go play with yourself "

Even if you go low / low ball, be credible. ............. just sayn' f

 

[OldDan1943]

You are basically being unfair to both sellers.
If nothing else, you may give one seller a heart attack because your offer is so low.
How long have these two boats been on the market? The longer they've been on the market, the more willing they may be to negotiate on the price.
You can stipulate they have 30 days to get it through survey and complete the things on the list for you to complete the sale.
Choose the one you like best and start there.

 

[Art]

While I wouldn't make two offers at the same time, I guess you could make them contingent on your wife's approval.....

Ted

Ted - In line with similarity to your statement above: He could always make it contingent on anchor type and rode in regard to another family members preference.

In other words... the buyer and/or the seller can write the contract and clauses in what ever-way desired. And, said contract and clauses can either be accepted or not by either party.

Bottom line in the way I purchase most anything. I state what I will pay, and will not move forward into contract till that number is accepted by the seller. Then... the clauses/contingencies get into the contract between us. In my clauses I include ability for me to change my mind with full money back during research on the product to be purchased. If the seller does not want to work with my contingencies... no problem. The next deal is somewhere just around the corner

.

 

[OldDan1943]

ERTF, you are begining to sound like the guy who wanted to buy a boat only if he could turn it.

 

[guy with a boat]

This isn’t really that hard. You don’t have to make up contingencies. Write the offer with a clause stating that you are making an offer on another boat concurrently with this one, and you will proceed with the first accepted proposal. You can always withdraw an offer before it is accepted and you can specify that your offer, if not yet accepted, will terminate upon acceptance of the other offer.

It gives a seller additional motivation to try to make a deal before the buyer (you) makes another deal.

 

[RT Firefly]

Greetings,
Mr.ER. I think Mr. guy has hit upon the solution. Be totally up front with both sellers. This approach also signals that you're not just kicking tyres, you're ready to buy.
The one problem I can see with this is you won't actually know which is the better value for the $$ without a survey on both. Please don't base your decision on $$ alone.

 

[twistedtree]

A couple more thoughts to add to the pile.

Grab yacht brokers P&S agreement and give it a look over. They can be found online and are typically from one brokers association or another. But they are all pretty much the same.

Some key points:

- until the survey is complete, the buyer can walk away anytime, for any reason. So that alone covers your need.

The offer it typically good for only a short time. Order a day or two. So if you aren’t comfortable with two offers and possibly two acceptances, Space your offers a couple days apart.

Keep in mind that a sellers dream is to have multiple offers at the same time. What’s good for the goose is good for the gander. So I would have no problem working two deals simultaneously. And I think it’s to your advantage to let them know you are planning to buy one boat or another based on the deal you can arrange. It can be their boat, or someone else’s.

 

[Donsan]

Seems as though there are as many unethical buyers in the marketplace as there are brokers and sellers.

Can't believe there are two boats exactly equal and the only thing that will separate them is which seller is willing to most underbid the other on price. Are you certain you looked at them more than superficially?

 

[OldDan1943]

I am still fuming about the one guy who came in here stating, he was looking for a boat he could by and make a quick profit basically at the expense of the current owner.

 

[denverd0n]

I am still fuming about the one guy who came in here stating, he was looking for a boat he could by and make a quick profit basically at the expense of the current owner.

Why would you be fuming? If the current owner is desperate to sell quickly then he will do what he has to do. And the guy who is willing to buy today -- even if his plan is to make a quick profit -- is, in a manner of speaking, helping out the current owner. So long as no one is forced into the deal against their will, it really doesn't matter what the motivation is on either side for agreeing to the deal. If it's a bad deal for the seller, he shouldn't agree to it.



As for the original question, I would suggest that if you are making an offer on two boats at the same time, you had darned well better read the contracts VERY carefully! Otherwise you may end up losing a deposit, or even worse.

 

[Art]

Why would you be fuming? If the current owner is desperate to sell quickly then he will do what he has to do. And the guy who is willing to buy today -- even if his plan is to make a quick profit -- is, in a manner of speaking, helping out the current owner. So long as no one is forced into the deal against their will, it really doesn't matter what the motivation is on either side for agreeing to the deal. If it's a bad deal for the seller, he shouldn't agree to it.



As for the original question, I would suggest that if you are making an offer on two boats at the same time, you had darned well better read the contracts VERY carefully! Otherwise you may end up losing a deposit, or even worse.

Agreed - On both counts!

 

[O C Diver]

Ted - In line with similarity to your statement above: He could always make it contingent on anchor type and rode in regard to another family members preference.
.

Now Art, we all know an anchor and rode are easily changeable by the current owner. Changing the average wife's mind......

Ted

 

[ERTF]

ERTF, you are begining to sound like the guy who wanted to buy a boat only if he could turn it.

WTF is your problem? I ask a simple procedural question and you act like I'm trying to scam somebody.

 

[Shrew]

Why would you be fuming?

If I'm thinking about the same thread, the OP (of that post) was attempting to enter into a P&S with a prospective buyer for a boat he didn't own. He was attempting to enter into a P&S with the owner as a buyer, and simultaneously enter into a P& S as the seller of the same boat.

Then proceeded to argue as to why he felt it wasn't unethical.

 

[Chrisjs]

Hard to believe that they really are 2 identical vessels. Make a list of pros and cons for each boat. Make a decision then make your lowest offer, knowing that if you can not get a "fair" price, then you have another option. I would also let the broker/seller know that you have a back-up plan. Might help lubricate the situation.

 

[Woodland Hills]

When we were buying our boat we had active offers on two boats at once. Either one would have been suitable but we wanted to know which was going to sell at the lowest price. We had several offers and counter offers on each vessel before we got to each sellers “best price” at which point we accepted the lower priced counter. What’s wrong with that?

 

[RT Firefly]

Greetings,
Mr. WH. Did you have a survey on both vessels? If not, how did you determine best bang for the $$?

 

[Woodland Hills]

As I said, both boats were in equally good condition. We surveyed after we agreed on the price and if it had failed the survey and the seller was unwilling to renegotiate the price, we would have moved on to the other boat.

 

[sunchaser]

You are basically being unfair to both sellers.
If nothing else, you may give one seller a heart attack because your offer is so low.
How long have these two boats been on the market? The longer they've been on the market, the more willing they may be to negotiate on the price.
You can stipulate they have 30 days to get it through survey and complete the things on the list for you to complete the sale.
Choose the one you like best and start there.

+1. Not to mention, two boats are never the same. Maybe dig deeper on your (or a smart friend) on site inspections prior to selection.

 

[IronZebra]

Heck if they are that close. Just note in the offer of each that you have made two offers. If both have knowledge of the multiple offers they may be more willing to negotiate with you. Just put contingencies that you will buy the one that is of the best value to you.

 

[denverd0n]

If I'm thinking about the same thread, the OP (of that post) was attempting to enter into a P&S with a prospective buyer for a boat he didn't own. He was attempting to enter into a P&S with the owner as a buyer, and simultaneously enter into a P& S as the seller of the same boat.

Then proceeded to argue as to why he felt it wasn't unethical.

Well, I still wouldn't be "fuming" about that. There are lots of unethical people in this world. I don't have the emotional energy to "fume" about every one of them.


I suppose if I knew enough of the details I might report it to the police. Trying to sell something that you don't own is pretty much the definition of criminal fraud.