salishpaddler
Veteran Member
After more than two years of looking, I at last found the boat that speaks to me. It's literally in Bristol condition. It's been on the market at an inflated price, reflecting its condition, for months. My buyer broker and the seller's broker negotiated a mutually acceptable price, reluctantly accepted by the seller. I made the deposit, it's in escrow and the P&S Agreement has been signed by both parties. Yesterday my broker and surveyor conducted a brief walk through and advised me to proceed with the survey and sea trial ASAP. COVID-19 is creating issues making the arrangements and securing an engine specialist, but this hasn't been an issue.
What may become an issue is that I learned the selling broker is continuing to make the boat available for viewing and there may be potential buyers willing to make a higher offer than our agreed price.
Now, I'm not thrilled with this, but I have no idea if this is an accepted practice. Perhaps it is, as it's a selling broker's duty to entertain all potential offers in the event this sale falls through. But it seems to me a signed P&A is valid until after the completion of the survey and sea trial and then, after X days, my final decision, based on the results. But until the actual binding purchase contract has been signed, there's nothing to prevent either party from backing out for no reason at all and merely refunding the deposit.
The buyer broker is very highly regarded in the broker community and with buyers and sellers who have used the brokerage. I trust my broker implicitly. But I'm loath to undertake the expenses associated with a full survey and sea trial that turns up no major issues only to have the seller balk and turn to another buyer with a more attractive offer, especially after confirming its a clean survey. I'm not going to get into a bidding contest.
Is this fair play or am I being unduly alarmed?
What may become an issue is that I learned the selling broker is continuing to make the boat available for viewing and there may be potential buyers willing to make a higher offer than our agreed price.
Now, I'm not thrilled with this, but I have no idea if this is an accepted practice. Perhaps it is, as it's a selling broker's duty to entertain all potential offers in the event this sale falls through. But it seems to me a signed P&A is valid until after the completion of the survey and sea trial and then, after X days, my final decision, based on the results. But until the actual binding purchase contract has been signed, there's nothing to prevent either party from backing out for no reason at all and merely refunding the deposit.
The buyer broker is very highly regarded in the broker community and with buyers and sellers who have used the brokerage. I trust my broker implicitly. But I'm loath to undertake the expenses associated with a full survey and sea trial that turns up no major issues only to have the seller balk and turn to another buyer with a more attractive offer, especially after confirming its a clean survey. I'm not going to get into a bidding contest.
Is this fair play or am I being unduly alarmed?
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