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Old 07-16-2020, 09:07 PM   #1
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Can anyone please explain what this means. They accepted my offer.

IF YOU CAN read the photo below, please explain. Or help me with better wording to include in the offer.


The owner excepted my offer of 20,000 less for my boat.

I was under the impression the boat would now costs $57,000 (down from $77,000).

1. Does this mean I still have to get the a loan for $77,000 or for $57,000?

2. What is the, "$20,000 back in credit? What is credit, Cash?

3. Or do I need to fix the items first before I get the credit or cash?

Is the "credit for survey items" a trick as they will only pay to fix items on the survey, (prices to fix items are not listed the survey. The $20,000 off I requested is from the "hull" repair from blisters.

HELP!! Never had to do this with a motorcycle purchase.
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Old 07-16-2020, 09:17 PM   #2
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It looks as if the broker is trying to add an addendum to the original purchase agreement. Seems like they could have been a little more eloquent about it. Maybe something like “the seller agreed to lower the purchase price to 57000” instead of the credit jibber jabber.
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Old 07-16-2020, 09:48 PM   #3
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I have no legal training whatsoever, but that seems to indicate the price is $77k. The $20k credit is too vague for my liking.....there's no time frame stipulated so who knows when you'll get it back, or what it applies to. I would think the broker is making enough on the sale where he can take 2 minutes and print out another offer sheet.
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Old 07-16-2020, 09:59 PM   #4
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Asking the same question I got this in return from the broker. His reply:

"We initially submitted and came to terms on $77,000.
Selling price is $77,000 with a $20,000 credit from seller at closing. So you will purchase for $57,000".
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Old 07-16-2020, 09:59 PM   #5
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I think it means the broker want his commission based on $77K, not $57K.
He does not care what happens to you.
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Old 07-16-2020, 10:00 PM   #6
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Is there any other wording I should include in the new offer? How exactly do I phrase it, (without pissing anyone off.

Did my photo come of the offer come out clean?
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Old 07-16-2020, 10:03 PM   #7
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That was probably written that way so the broker would receive his commission on 77k instead of 57k.... you want the sales price to reflect the lowest amount possible that is the amount the you will pay sales tax on.... also will be the initial amount the value of the boat is based on for use tax.
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Old 07-16-2020, 10:52 PM   #8
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Yep!
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Old 07-16-2020, 11:17 PM   #9
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The difference in sales tax is over $2500 from 77 to 57 thousand here in Washington.
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Old 07-16-2020, 11:21 PM   #10
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Quote:
Originally Posted by Ducatihottie View Post
The difference in sales tax is over $2500 from 77 to 57 thousand here in Washington.


Right. Pretty crafty of the broker really. Funny too.
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Old 07-16-2020, 11:26 PM   #11
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Make them insert the following sentence at the end “Total amount payable by the Buyer on closing will therefore be $57,000.00 (sale price less Seller credit)”.
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Old 07-16-2020, 11:28 PM   #12
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Yes it looks like you are buying it for $77k, broker is paid com on that and you pay sales tax on 77.
Is there a survey that lists $20k of repairs. That part is a concern as you are getting a credit towards the seller paying to fix the boat to a limit of $20k. The survey lists the issues, does it quote the repair cost too.
Would it not be better to say $57k as is?
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Old 07-16-2020, 11:55 PM   #13
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If it were me I would make sure that:

1. The seller is responsible for paying commission on the $20,000 price difference, not you.

2. You get a clean bill of sale for $57,000 to present to the tax authorities.

3. You write a check for $57,000 not $77,000

If they want to sell the boat and are already willing to sell it for $57,000 they will make that happen.
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Old 07-17-2020, 12:02 AM   #14
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Lots of bad advice here. A sales contract should not leave you asking questions like these.

Find another boat, seller, and especially broker. RUN!
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Old 07-17-2020, 12:12 AM   #15
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Alaskaprof bad advice from members here? Or just my "acceptance of vessel offer" I posted above? Can you be more specific?

This broker sells million dollar Yachts, (many here knows). He's selling the boat for a friend, and probably doesn't even need this commission. I'm just trying to protect my costs at $57,000.

The only reason there's so many questions is because I've never bought a boat. And I'm not running away from 5 months of boat shopping, $2000 spent in survey, engine survey, pull out, AND my wife's favorite boat. This just to change a few words.
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Originally Posted by Ducatihottie View Post
IM ALSO GETTING PRIME TRANSFERABLE MOORAGE IN DOWNTOWN SEATTLE THAT TAKES YEARS TO GET, (Almost worth the price alone if I take the boat out and sink it in deep water)
Brishamash: that sounds about all ill need to insert:

“Total amount payable by the Buyer on closing will therefore be $57,000.00 (sale price less Seller credit)”.

Camasonian. It's the boat sellers broker. I don't think I'll be paying commission, Do I?

Soo-Valley They have a receipt for blister repairs on the Hull for $20,000. The survey and engine survey are still in my hands.
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Old 07-17-2020, 12:57 AM   #16
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Quote:
Originally Posted by Ducatihottie View Post
Alaskaprof bad advice from members here? Or just my "acceptance of vessel offer" I posted above?

Can you be more specific? This broker sells million dollar Yachts, (many here knows). He's selling the boat for a friend, and probably doesn't even need this commission. I'm just trying to protect my costs at $57,000.

The only reason there's so many questions is because I've never bought a boat. And I'm not running away from 5 months of boat shopping, $2000 spent in survey, engine survey, pull out, AND my wife's favorite boat. This just to change a few words.

IM ALSO GETTING PRIME TRANSFERABLE MOORAGE IN DOWNTOWN SEATTLE THAT TAKES YEARS TO GET, (Almost worth the price alone if I take the boat out and sink it in deep water)

Brishamash: that sounds about all ill need to insert:

“Total amount payable by the Buyer on closing will therefore be $57,000.00 (sale price less Seller credit)”.

Camasonian. It's the boat sellers broker. I don't think I'll be paying commission, Do I?

Soo-Valley They have a receipt for blister repairs on the Hull for $20,000. The survey and engine survey are still in my hands.
You are buying the boat for $57K. That should be the contract price.
The Broker can make whatever arrangement he likes with the Seller. It`s no concern of yours, but you are being drawn into it.
Simplicity is certain, complications, like "a credit", may not be. Surely you have a lawyer friend you can talk to. Check the contract with the "credit" provision in mind, how does it sit with the rest of the Contract.
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Old 07-17-2020, 01:21 AM   #17
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Just tell them what you want the sales agreement to read, it is your offer after all. You are the one paying for the boat. I would just tell them you want the sales documentation to say you are paying $57K for the boat so there won’t be any issues at the state when you go to register it and pay the sales tax. Simple. At this point they will not back out, it is obvious they want the boat sold.
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Old 07-17-2020, 01:27 AM   #18
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Thanks Bruce, Comodave (and all). Are you hip on telling me the exact wording I should have them insert in the offer above? And of course delete their "credit" part.

I'm also buying from a broker and there using some national "maritime" something for title tranfer, registration and all. I believe my "bank" required this as well for my loan.

I assumed this was a normal form in final boat negotiations? This after the surveys and my final offer. Now I just need to re-word it to protect myself. And don't know any lawyers

Has no one seen a form letter / offer like this before?
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Old 07-17-2020, 01:40 AM   #19
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I can’t read the sales agreement when I try to enlarge it. I would tell them that you want it to say something like”sales price $57,000”. That takes the guesswork out of it I think, but I am not a lawyer nor have I played one on TV...
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Old 07-17-2020, 01:40 AM   #20
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Thanks. This whole boat buying process is more F-up than buying a house
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