Originally Posted by Daddyo
I don't know how this thread got this far from my original post but please indulge me in clarifying this concept of seatrials and deposits.
A deposit is placed on a boat to hold it it from being sold to another buyer as the deposit placer does his due diligence. The deposit is fully refundable and does not force the buyer to purchase the boat. The contract on the boat included with the deposit can include any terms agreed to by the buyer and seller. If the buyer wants to "test ride" the boat prior to the expense of a survey and the seller agrees than that can be done.
I really don't understand the logic of that. The buyer puts down a non refundable deposit and takes the boat off the market. I don't do that as a buyer or seller. No upside.
As a seller, I don't want my boat tied up without some reasonable consideration. It's probably ok for a few days, but really don't want to loose a sale to someone else that's more serious. I put a clause in that say if another buyer comes in with a better offer, I'll give the first guy first right of refusal. And I'd rather they pay for operating costs than a non refundable deposit.
As a buyer, I don't want my dollars tied up in a deposit that my representative doesn't hold... no matter how reputable the boat dealer is.... and if it's non refundable, what's the point?