Other: offer - but no answer

[High Wire]

Time to visit the sheriff.

 

[BandB]

True.

But there are laws that regulate escrow accounts; how they are established and maintained. A key issue is that any offer must articulate when and how escrow monies are released and to whom.

Any lawyer can act as an escrow agent with monies deposited into their IOTA. An individual or corporation can also be an escrow agent notwithstanding lack of licensure as a Yacht Broker. They must be bonded with sufficient coverage for all deposits and each escrow must be in a separate account "in trust for".

I'd be surprised if Washington law doesn't cover this.


Washington State corporation search shows no such entity

Laws vary by state, but this doesn't qualify as a regulated escrow or trust account unless a lawyer was the trustee or a bank, and we know neither of them were.

As to the entity, I posted earlier it's a fictitious name and the company to which the name belongs is a Washington LLC.

 

[Wood]

Laws vary by state, but this doesn't qualify as a regulated escrow or trust account unless a lawyer was the trustee or a bank, and we know neither of them were.

As to the entity, I posted earlier it's a fictitious name and the company to which the name belongs is a Washington LLC.

Thanks BandB. I saw your post after I posted. Funny, I ran his name also and nothing came up. I can only speak to Massachusetts - but there are pretty stringent requirements for holding deposits or escrow. For example, landlords are required to keep security deposit, etc. in a separate joint account with the tenant co-signature. Others who hold escrow, etc. need to be bonded. Might be worth a look to see if this guy is bonded....

 

[BandB]

Thanks BandB. I saw your post after I posted. Funny, I ran his name also and nothing came up. I can only speak to Massachusetts - but there are pretty stringent requirements for holding deposits or escrow. For example, landlords are required to keep security deposit, etc. in a separate joint account with the tenant co-signature. Others who hold escrow, etc. need to be bonded. Might be worth a look to see if this guy is bonded....

Strong real estate laws. Strong laws for attorneys or banks. In FL, a law although not as strong for boat brokers. They're actually under the Condominium and Timeshare unit. Title companies are bonded. But a brokers escrow account is about as protected as a layaway at a dress shop. It just doesn't have the protections the others have. Real estate use to have these type problems and that's where their regulations came about. There have been lawyers to take money from clients funds and so those regulations were stiffened.

 

[Wood]

The moral of this story for me is do not submit an offer unless all T&Cs are covered and do not remit a deposit until acceptance and only if it goes to a qualified escrow agent. I was a RE Broker for many years. State law only requires a $5K bond. But my E&O insurance required a bond equal to 10% or the brokerage gross transactions. Never had a problem - but then I'm not a thief.

 

[Art]

The moral of this story for me is do not submit an offer unless all T&Cs are covered and do not remit a deposit until acceptance and only if it goes to a qualified escrow agent. I was a RE Broker for many years. State law only requires a $5K bond. But my E&O insurance required a bond equal to 10% or the brokerage gross transactions. Never had a problem - but then I'm not a thief.

Many persons who end up looking like a thief really are not. They just get caught up inside a mix-up that has several players... some who are thiefs but never get accounted for.

 

[River Rat]

This whole situation makes me queasy. We're in the process of buying a boat now and did not submit a deposit until the seller accepted the offer. We had 3 days to get the deposit in after the seller accepted. Had we not gotten it in the whole thing is void. Our buyers broker is seriously professional. so thankful for him.

Mr. 89, so sorry you are going through this.

 

[pearlwindham]

I am not so sure the system is flawed so much as folks understanding of it. A buyers broker doesn't really represent the buyer. Even the buyers broker is working for the seller and is paid by the seller.

I am not as cynical as you, but maybe I am younger and less experienced? I have dealt with plenty of very honest and ethical people and generally will assume that anyone I interact will be as well until they prove otherwise.

OMG............Dhays Was I really being cynical!........Well dammit it's official. I have turned in to my Grandfather. When and how did that happened. It was not intenisional.

 

[utazo89]

Dear Members!

My case has concluded. I have my deposit in cash, in my hand.
There is lot more to say about the recent events, but I wish cut it short for now.
However, I want to say something to All of You!
I am honored and privileged to be a member of this community! I have not had this type of care and support I received from all of you, for decades. It is a great feeling to be here.
I thank all of you from the bottom of my heart for this.
I promise, I will sleep better tonight and forgive me, if I am being a bit emotional. It happens when approaching 64. It is time to move on. I hope we all do that.
I wish you all a wonderful weekend, wherever you are in the world!
Your friend;
Utazo89

 

[Russell Clifton]

Good for you!!!! We are in the process of making a offer on a boat and because of this thread, I have changed my offer so that I will make the deposit after the seller has accepted the purchase offer.

 

[dimer2]

A great ending! Hope you'all have a great 4th July weekend. I know Utazo89 will

 

[BandB]

Dear Members!

My case has concluded. I have my deposit in cash, in my hand.
There is lot more to say about the recent events, but I wish cut it short for now.
However, I want to say something to All of You!
I am honored and privileged to be a member of this community! I have not had this type of care and support I received from all of you, for decades. It is a great feeling to be here.
I thank all of you from the bottom of my heart for this.
I promise, I will sleep better tonight and forgive me, if I am being a bit emotional. It happens when approaching 64. It is time to move on. I hope we all do that.
I wish you all a wonderful weekend, wherever you are in the world!
Your friend;
Utazo89

Very happy for you. You were put through something you shouldn't have been. However, you made it through whole and it could have ended much worse. 64 or 34, anyone would be emotional. Relief is a good emotion though.

 

[Art]

Fabulous - Simply FABULOUS!!

Congratulations... Good Luck from here on out!!!!!

Toot, Toooot -

 

[BruceK]

Well done 89. Must have been tough holding your nerve and pursuing your entitlements.
Tempting as it may be to close the door on this unpleasant episode, and depending what you have discovered being in the thick of it,do consider reporting this experience to the appropriate authority, (whoever that may be) so the transaction gets scrutinized and any necessary action to save others from a similar experience is taken.
And press on with your boat search. I`m sure your experience was a regrettable rare exception.

 

[utazo89]

BruceK.

I sent you a PM.

 

[Aquafarm]

Glad you have your deposit back.
I hope, after your blood pressure is back to normal, you can continue your search.
Good luck!

 

[78puget-trawler]

That's great 69, you will sleep better tonight. As to the deposit thing, its pretty customary to make an offer with a deposit. This shows the seller you are not just blowing smoke, and if a price cannot be agreed upon the deposit is returned. The deposit is held in escrow upon completion of the deal. This is a normal state of affairs.

 

[BandB]

That's great 69, you will sleep better tonight. As to the deposit thing, its pretty customary to make an offer with a deposit. This shows the seller you are not just blowing smoke, and if a price cannot be agreed upon the deposit is returned. The deposit is held in escrow upon completion of the deal. This is a normal state of affairs.

The one thing that I do find inappropriate is that a deposit in other areas such as real estate or autos isn't the same as your down payment. It shows intent and is enough to hold briefly. The offers can all be withdrawn. I do not find a 10% deposit to be reasonable, even if common. I recall me only made a $1k deposit on our home to allow us to get an inspection, etc. Then when we'd confirmed we would buy it, we paid more. The real key is to require the buyer to complete the survey and sea trial and acceptance quickly and not hold you hostage and that shows intent. I admit to not having a good grasp of what brokers are requiring throughout the country or world. I simply know what I wouldn't do as a buyer. Some might then not deal with me as we'd have a stalemate.

 

[Star0210]

Glad you got your money back!
Now to find another boat for you to buy!

 

[78puget-trawler]

Its common practice in this NOTW. I have no problem with it, because if you make the deal it gets applied towards the purchase price. If you don't, you get it back.

 

[utazo89]

Yes, my search continues. I am meeting with a ' buyer broker ' next week. He was recommended from this forum, so I feel more confident.
Happy 4th !

 

[BandB]

That's great 69, you will sleep better tonight. .

Wifey B: His number is 89. Wonder what was on your mind....

 

[BandB]

Yes, my search continues. I am meeting with a ' buyer broker ' next week. He was recommended from this forum, so I feel more confident.
Happy 4th !

That's the best decision I've heard today. If you find the right one, it will make the entire process so much easier. Now will be interesting to see if the sale of the boat goes through to the "other buyer" I think was out there.

There are so many things that can go wrong in these transactions. Had the broker communicated with you, I would have perhaps given them more benefit of the doubt. I do know one local broker who got an offer and submitted it to the owner, but heard nothing back even though she was the broker for seller and buyer. Turns out someone else (not a broker) had sold the boat for the owner, the other person knowing she had the listing. As the commission total was $230k she did sue and win.

 

[78puget-trawler]

Uh, yes, 89, correctamundo.

 

[dhays]

I am so happy that it worked out 89. You will find a boat.

 

[Starchanger]

New member here and I'll make an intro post shortly....but I just want to say THANK YOU to everyone, especially the gurus, who contributed to this post.

Hubby and I own a home overlooking the Everett Marina and, after a couple of years working out of state, are ready to move back to the area and buy a boat...a dream we had when we initially purchased the house.

We were just in town last week looking for office space, and at boats. We met, briefly, several brokers in the area, while peeking at boat listings, etc. We could have easily ended up with this shady broker as we were primarily looking in the Anacortes / Bellingham area, due to where we were staying, while in town. This post has now alerted me to the fact that there are at LEAST 3 brokers I should be wary of.....and has taught me how to present our first offer. Considering the size of boat we're considering, our downpayment would have been quite a bit larger....

Anyhoo, very happy to see the OP get his/her money back! I wish them well on their continued search...it's thrilling and terrifying all at once!

 

[Art]

Star


What type, size, cost boat do you seek?

 

[Pau Hana]

New member here and I'll make an intro post shortly....but I just want to say THANK YOU to everyone, especially the gurus, who contributed to this post.

Hubby and I own a home overlooking the Everett Marina and, after a couple of years working out of state, are ready to move back to the area and buy a boat...a dream we had when we initially purchased the house.

We were just in town last week looking for office space, and at boats. We met, briefly, several brokers in the area, while peeking at boat listings, etc. We could have easily ended up with this shady broker as we were primarily looking in the Anacortes / Bellingham area, due to where we were staying, while in town. This post has now alerted me to the fact that there are at LEAST 3 brokers I should be wary of.....and has taught me how to present our first offer. Considering the size of boat we're considering, our downpayment would have been quite a bit larger....

Anyhoo, very happy to see the OP get his/her money back! I wish them well on their continued search...it's thrilling and terrifying all at once!

Lots of good honest brokers in the area- just have to latch onto the right one and make sure he/she knows your desires.