PDA

View Full Version : SOLD the boat...TWICE?



nodigg
12-29-2006, 08:42 AM
So I sold the boat last night for full price but of course they want to have a mechanic check it out. No problem. BUT, they also want me to fix an oil leak before they make full payment. I priced the boat low so it would sell fast and disclosed the leak as it is not something you would see or know if not told about it. I accepted a 1,000 for deposit but then later got an offer to buy as is not inspection no oil leak repair. Whick means I can get paid today in full vs. in 2-3 weeks. (I already laid out the cash for the new motor/new boat)
What's the right thing to do at this point? I sure wanna be paid right away instead but do I back out of a deposit deal?

JetBoatRich
12-29-2006, 08:45 AM
The right thing to do:D
Ws there a written agreement with the deposit person:confused:

Roaddogg 4040
12-29-2006, 08:47 AM
I agree... If you give your word you need to keep it... That is the right thing to do...
Steve

Fast Willy
12-29-2006, 08:48 AM
Take the money from the second guy & run to the bank. Seriously you disclosed it had a oil leak so it isn't your deal to fix. Give the guy his grand back & do the deal with the second guy.

Jetaholic
12-29-2006, 08:51 AM
I think all that needs to be said here is...
In business, money talks...

Screemy1
12-29-2006, 08:51 AM
did you agree to fix and then take the deposit? if so, I would fix and sell to the deposit buyer. If deposit was givin and then they requested the fix... you have every right to tell them you have a cash buyer who wants it without the fix and offer them the same deal or then you will sell to other buyer.... just be sure you get a deposit from the other buyer before you tell the others, explain to buyer two that you will hold the deposit and see if the other deal falls through.... if the first buyer decides to match deal then the second guy gets his deposit back..... make the deal last no more then 2-3 days.

roostwear
12-29-2006, 08:51 AM
Did you accept their counter offer of full price with the stipulation that YOU fix the leak? If you accepted, I would say that's the deal you need to make good on. If not, tell them, sorry, the original terms were (and it was disclosed) that there was an existing oil leak and the the sale price as-is is $xxxx.xx. Did you accept the deposit before or after theysaid they wanted you to fix the leak?

fat rat
12-29-2006, 08:53 AM
Sounds like the first Guy could "nickel-dime" you..........I would tell him take it as is.

phebus
12-29-2006, 08:55 AM
I agree with the other posters. If you agreed to the terms of the sale with the first buyer, keep your word, and complete the sale.

moneypit
12-29-2006, 08:56 AM
We all know how boat sales can go. Iffy buyers...Fix this fix that... yadda yadda yadda. You shouldnt have agreed to fix anything in the first place.
Heres what you do...
1. Get a deposit from second buyer.
2. Call first buyer. Tell him you had a change of heart and dont want to sell the boat. Give him his money back
3. Call up second buyer and tell him to give you the rest.
Outcome. You got out of he deal what you wanted in the first place. A sale that was "as is".
The first buyer will haunt you forever...:D :D

Deano
12-29-2006, 09:00 AM
where is the leak? I would keep my word, even without a deposit.

DILLIGAF
12-29-2006, 09:02 AM
Whoever you gave your word to is the one you need to follow up with.

BradZ
12-29-2006, 09:04 AM
did you agree to fix and then take the deposit? if so, I would fix and sell to the deposit buyer. If deposit was givin and then they requested the fix... you have every right to tell them you have a cash buyer who wants it without the fix and offer them the same deal or then you will sell to other buyer.... just be sure you get a deposit from the other buyer before you tell the others, explain to buyer two that you will hold the deposit and see if the other deal falls through.... if the first buyer decides to match deal then the second guy gets his deposit back..... make the deal last no more then 2-3 days.
I agree 100%.

phebus
12-29-2006, 09:09 AM
I agree 100%.
Well then, I agree 101%.
Now, which one are you going to take Nodigg? :D

Jyruiz
12-29-2006, 09:16 AM
If you gave your word, then you have to step up and fallow thru with it. That is one reason I never take a deposit when I sell anything. I always tell them, first one with the cash here gets it.

marty722
12-29-2006, 09:36 AM
I have lost so many deals by losers not keeping there word and That is the wrong way to do it. If you committed to it then you must stick to it no matter how much more you can get...... Be a man of your word.....

topless
12-29-2006, 09:42 AM
First of all the deal with the first guy is not solid yet because he wants to take it to have it looked over first, get the oil leak that was disclosed fixed, and who knows what else he's is going to find and have you pay for to fix first. Then, he might even change his mind. Tell him you have a buyer who will take it as is and if he really wants it, you will let him have it with no repairs since he did give you a deposit first. If he won't do it, then the second guy is the winner.

lucky
12-29-2006, 09:45 AM
:D i have a feeling "its on now "

BarryMac
12-29-2006, 09:46 AM
First of all the deal with the first guy is not solid yet because he wants to take it to have it looked over first, get the oil leak that was disclosed fixed, and who knows what else he's is going to find and have you pay for to fix first. Then, he might even change his mind. Tell him you have a buyer who will take it as is and if he really wants it, you will let him have it with no repairs since he did give you a deposit first. If he won't do it, then the second guy is the winner.
Makes sense to me, you must be in the business or something... :)

topless
12-29-2006, 09:48 AM
Makes sense to me, you must be in the business or something... :)Nope but I not stoopid either.:D

RP2
12-29-2006, 09:49 AM
Your word is much more important than the greed of having the money now.

acatitude
12-29-2006, 09:50 AM
Tough call. I kinda agree with topless, thats a first right there:D , but shes right.

H20 Toie
12-29-2006, 09:53 AM
When you take a deposit then you have agreed to sell it to them, you must have been ok with the deal so honor it. But i would tell him he needs to pay the balance soon as you have someone else interested. if he wont do that then give him back the deposit and go on.

YeLLowBoaT
12-29-2006, 09:54 AM
Sounds like my fiat... I've had it sold 3x 1st one I gave the deposit back, the other 2 never came back with in 30 days. I told them up front that it was not refundable and even gave them a receit explaining every thing...
If the 1st guy is buying it on a "contengancy" that his mechanic says its ok, I would tell him you have a cash buyier... ether pay in full or its gone.
it all depends what was said...

LAFD
12-29-2006, 10:01 AM
sounds like the first guy is gunna be a constant pain in your ass. anything that goes wrong hes gunna bug you to fix it. if you want to keep your word have it fixed and ask for the rest of the money within x amount of days. if not money is received your gained a 1000 and sell it to the other guy.

Sleek-Jet
12-29-2006, 10:05 AM
When you take a deposit then you have agreed to sell it to them, you must have been ok with the deal so honor it. But i would tell him he needs to pay the balance soon as you have someone else interested. if he wont do that then give him back the deposit and go on.
Ding....
And if it were me as buyer #1... I would gladly take the refunded deposit and tell you good luck.

Fiat48
12-29-2006, 10:05 AM
Never take deposits.
Since you took a deposit the agreement is on. That means a guy walks up with 2 zillion dollars and the boat is already sold. Your word. Your Honor.
Contact the guy you took the deposit from and talk to him. Not by phone..face to face. Explain situation. Maybe the deposit buyer would like to back out..you never know. Make all stipulations and put them in writing agreed by both people.
And never take another deposit...ever again.

beerjet
12-29-2006, 10:52 AM
Tell the first guy that you will gladly fix the boat and that the amount of the repairs will be added to the total price since you did tell him it needed repairs. Then see if he still wants it.

SHOTKALLIN
12-29-2006, 11:41 AM
We all know how boat sales can go. Iffy buyers...Fix this fix that... yadda yadda yadda. You shouldnt have agreed to fix anything in the first place.
Heres what you do...
1. Get a deposit from second buyer.
2. Call first buyer. Tell him you had a change of heart and dont want to sell the boat. Give him his money back
3. Call up second buyer and tell him to give you the rest.
Outcome. You got out of he deal what you wanted in the first place. A sale that was "as is".
The first buyer will haunt you forever...:D :D
This appears to be the best option here. You don't owe the first guy anything but a deposit.

SHOTKALLIN
12-29-2006, 11:42 AM
besides you will get a call from him everytime something goes wrong.

KLEPTOW
12-29-2006, 12:01 PM
First of all the deal with the first guy is not solid yet because he wants to take it to have it looked over first, get the oil leak that was disclosed fixed, and who knows what else he's is going to find and have you pay for to fix first. Then, he might even change his mind. Tell him you have a buyer who will take it as is and if he really wants it, you will let him have it with no repairs since he did give you a deposit first. If he won't do it, then the second guy is the winner.
Damm...........out of all the replies by men it took a woman to get it right.
There is no deal if this guy wants to have the funken boat looked at before he commits.
Give him the option to pick-up the boat (as-is) before someone with cash does.

IMPATIENT 1
12-29-2006, 01:21 PM
call the 1st guy and give him 24hrs to complete the purchase or come get the deposit. tell the 2nd guy to show you the money 1st;) besides, spring's gettin closer, boats will go for a premium soon!!

77charger
12-29-2006, 01:27 PM
Give the first guy his chance but tell him you disclosed the oil leak and you are selling as is if he wants it he will buy it if not too bad.Being that you have another guy interested let the first guy know that too it aint your loss in this situation.
But selling to the second guy without giving the first guy a shot is a screwed up thing to do IMO.

Keith E. Sayre
12-29-2006, 01:27 PM
I agree with Rio's logic. Another idea that I always use
when someone wants a mechanic to check it out--have the
buyer arrange and pay for the inspection and get it done within a day or two. Taking the deposit "locked" YOU into
the deal as agreed, while your buyer can back out anytime
that he wants by using his trump card which is the inspection by a mechanic. He can back out just by saying
the mechanic didn't like the dust on the boat. You're still
locked in.
Best way to do these in the future is to say ok I'll take your $1,000 deposit and you will have first right of
refusal. Meaning--the boat is his right now for the agreed
deal, but if the buyer wants time to arrange the money
etc, others will still be looking at the boat. If someone
else wants it, you call buyer #1. He either has to produce
the money when you say or get a refund of his deposit.
If buyer #2 offers more money, then #1 will have to match
the price and/or the timing to complete the deal. Now in this situation, YOU have the ability to call the shots.
Another very crucial point, when accepting a deposit or
partial down payment--always be very specific on your
purchase agreement stating how much time exactly the
buyer has to produce the balance of your money. If you
forget to write down a specific time and date, the buyer
could keep the boat hung up for decades and you cannot
sell it to anyone else.
Good luck.
Keith Sayre

vee-driven
12-29-2006, 01:37 PM
tell the first buyer you fixed the oil leak and went to test it at the lake and it sunk. then ask them if you can keep the deposit to try and retrieve the boat from the bottom of the lake. but meanwhile you sell the boat to the second buyer asis for your asking price. lol.
No really money talks and bull shit walks take the second offer and tell them a good friend wants it and he helped you alot on the boat so you have to give him first crack at it, so SORRY! little white lies never hurt nobody.

nodigg
12-29-2006, 02:03 PM
Thanks for all the thoughts peeps. I actually already knew what I would have to do (me being me) before I posted but also thought you folks would have a great time rendering your versions of what to do. All good education for me just the same. I agree that I learned no deposits again. First cash takes the item away.
Being too late for that option as I see it, these seem like really nice folks and I prefer honoring the intent of the verbal contract as opposed to finding the loop hole left in a written contract. I have been screwed more times with written than verbal. Anyway, inspection is Tuesday by their mechanic, (Performance). Hopefully full payment immediately to follow as long as no big unknown discoveries are made. If there is a hicup, I have a back up offer.
Thanks again for the comments.

little rowe boat
12-29-2006, 02:11 PM
Thanks for all the thoughts peeps. I actually already knew what I would have to do (me being me) before I posted but also thought you folks would have a great time rendering your versions of what to do. All good education for me just the same. I agree that I learned no deposits again. First cash takes the item away.
Being too late for that option as I see it, these seem like really nice folks and I prefer honoring the intent of the verbal contract as opposed to finding the loop hole left in a written contract. I have been screwed more times with written than verbal. Anyway, inspection is Tuesday by their mechanic, (Performance). Hopefully full payment immediately to follow as long as no big unknown discoveries are made. If there is a hicup, I have a back up offer.
Thanks again for the comments.
What about the oil leak. Is it as is or do you have to repair the leak??

nodigg
12-29-2006, 02:29 PM
I'm handling the oil leak first, may be a warranty issue, maybe not. If only I could find a nice HO take out with low hours I would keep my blower motor!

Eliminator 4 Life
12-29-2006, 06:42 PM
Well the ol saying money talks BS walks. I would call the first guy and be like I have a guy that has cash wants the boat can he match it if not then give him his grand back. But give him an opportunity. Good luck you got yourself in a pickle. So I will look forward to seeing you at the Eliminator both at the LA show:D

Havasu1986
12-29-2006, 06:50 PM
. So I will look forward to seeing you at the Eliminator both at the LA show:D
What days are you going to be there.

Mandelon
12-29-2006, 07:01 PM
I would tell the first guy that you have a full price as is offer. Then just wait and sit quietly and see if they offer to take it as is.
If they don't, keep your word and have the leak fixed. Give them a chance to modify the terms to your favor, but you made a deal. Live up to it.

Eliminator 4 Life
12-30-2006, 03:09 PM
What days are you going to be there.
All week:)

Makinitdrip
12-30-2006, 05:41 PM
whoever doesnt get your boat should be told to buy mine lol:D

Beer-30
12-30-2006, 06:37 PM
I agree with Rio's logic. Another idea that I always use
when someone wants a mechanic to check it out--have the
buyer arrange and pay for the inspection and get it done within a day or two. Taking the deposit "locked" YOU into
the deal as agreed, while your buyer can back out anytime
that he wants by using his trump card which is the inspection by a mechanic. He can back out just by saying
the mechanic didn't like the dust on the boat. You're still
locked in.
Best way to do these in the future is to say ok I'll take your $1,000 deposit and you will have first right of
refusal. Meaning--the boat is his right now for the agreed
deal, but if the buyer wants time to arrange the money
etc, others will still be looking at the boat. If someone
else wants it, you call buyer #1. He either has to produce
the money when you say or get a refund of his deposit.
If buyer #2 offers more money, then #1 will have to match
the price and/or the timing to complete the deal. Now in this situation, YOU have the ability to call the shots.
Another very crucial point, when accepting a deposit or
partial down payment--always be very specific on your
purchase agreement stating how much time exactly the
buyer has to produce the balance of your money. If you
forget to write down a specific time and date, the buyer
could keep the boat hung up for decades and you cannot
sell it to anyone else.
Good luck.
Keith Sayre
Oh, really. Like you've ever sold a boat before. :D

Wheeler
12-30-2006, 06:48 PM
This is not, about morals, this is about the sale of a boat.
Who ever gives you cash, gets the boat!

Havasu1986
12-30-2006, 07:19 PM
Did someone on Hot Boat make the offer.

Nord
12-30-2006, 07:52 PM
I'm handling the oil leak first, may be a warranty issue, maybe not. If only I could find a nice HO take out with low hours I would keep my blower motor!
A different engine wouldn't make it fair for they buyer who looked at the boat with your engine.

DILLIGAF
12-30-2006, 08:59 PM
Did someone on Hot Boat make the offer.
I doubt it or they would be in here on this thread....

phebus
12-31-2006, 07:34 AM
A different engine wouldn't make it fair for they buyer who looked at the boat with your engine.
That's one way of fixing the oil leak, just take out the nice blower motor, and throw in a leak free 496HO. :D