Question about selling

[slonezp]

Let's say you potentially had multiple parties interested in buying your boat. Would you take a cash deposit to hold it for someone until you were done using it for the season? Under what circumstances would you accept the deposit? 

 

I've had a dozen or so people contact me in the last 4 months and I told them all, I'd be using it thru September and then it would be first come first served. A guy today asked if I would take a cash deposit provided he wants it after he takes a look at it.

[Dirtyeggroll]

Sounds like it’s not for sale yet and you should tell them you’ll let them know when it is.

[slonezp]

11 minutes ago, Dirtyeggroll said:

Sounds like it’s not for sale yet and you should tell them you’ll let them know when it is.

The boat was for sale from last fall thru when covid started. It's still listed here as well as a musky forum. It was too late for me to order a boat by the end of March so I decided to use it for the season. I have since been contacted by about a dozen people interested and my response was the same to all of them. "It will be back on the market at the end of September and to contact me then." I had a guy in Southern WI contact me last week and and another in St. Paul MN today. The guy in MN is the one who brought up the deposit. Both expressed interest in looking at the boat sooner rather than later. I guess my reservation is, more than likely because of the asking price, the buyer will have to have financing secured. I don't want to screw around and lose a sale waiting for someones financing to get approved. While I'd like to believe a handshake and a cash deposit is word, it doesn't always end up that way.

[haggard]

1 hour ago, slonezp said:

Let's say you potentially had multiple parties interested in buying your boat. Would you take a cash deposit to hold it for someone until you were done using it for the season?

Two things need to be known: Has the potential buyer seen the boat yet, and is the cash deposit non-refundable.

[Shimano_1]

I would avoid such dealings with strangers. Id fish it till you're done and then sell it. Too many unknown variables etc. If there are that many interested im sure one still will be when your ready to sell it

[Dirtyeggroll]

1 hour ago, slonezp said:

The boat was for sale from last fall thru when covid started. It's still listed here as well as a musky forum. It was too late for me to order a boat by the end of March so I decided to use it for the season. I have since been contacted by about a dozen people interested and my response was the same to all of them. "It will be back on the market at the end of September and to contact me then." I had a guy in Southern WI contact me last week and and another in St. Paul MN today. The guy in MN is the one who brought up the deposit. Both expressed interest in looking at the boat sooner rather than later. I guess my reservation is, more than likely because of the asking price, the buyer will have to have financing secured. I don't want to screw around and lose a sale waiting for someones financing to get approved. While I'd like to believe a handshake and a cash deposit is word, it doesn't always end up that way.

I’d just sell it when it’s for sale. Either sell it now to the interested buyer or wait and risk not selling it later. 
 

I wouldn’t mess around with deposits and holds or such with private party sales. 

[gim]

Boy is that a pickle. Boats sure are selling quicker this season, as are RVs, ATVs, etc.

[Ski213]

I would probably just stick with it’s not available till the end of September. I would maybe update any current ads to indicate a specific date. After sept 30th or whatever. First come first serve. I don’t think I’d fool with a deposit although,  I have seen that work out on a few occasions.
 

If first come is a Thursday that couldn’t make it till Saturday I’d maybe hold it that long but that would just be a gut feeling thing for me. I think the holding I would be willing to do is if someone was traveling a distance.
 

Example:  If I had someone coming from 3 hrs away I would let him know it was still available before he/she got on the road and wouldn’t sell it to anyone who showed up while they were traveling. They’d have first right of refusal.  I try to be fair while also protecting my interests. That’s all you can do. There’s always a certain amount of risk in these types of sales. It’s a good problem though that you have multiple interested parties. 

[diehardbassfishing]

Unless it's a friend or friend of a friend. Even then - maybe.

 

You're holding the cards - not any of the buyers. It's great to be in such a nice selling position. If you don't owe any favors, don't give 'em!

 

Don't forget - "you always want something you can't have". Let the buyers sweat it out!

 

Karl

[diehardbassfishing]

Ohhh!

AND - require that every buyer's offer include an Essay on why they should be Selected to Purchase Your Boat!

 

Karl

 

(yes, I'm serious)

 

[Bankc]

You've had multiple offers already.  So, it's safe to assume that when you are ready, you'll be able to move the boat fairly quickly and easily.  So I wouldn't mess with anybody right now.  At this point, any "pre-deal" you make has a good chance of backfiring and causing more problems than you need.  

 

In fact, I'd take your listings down.  Leaving it up will only anger potential buyers and limit the pool of possibilities when the time comes for you to actually sell it.  Yeah, I know it's a bit of a headache to post, unpost, and then repost.  But it's worth it.  The last thing you want is to anger the wrong guy, who then decides it's their mission to mess with you.  So they offer you a ton of money, and then drag you around for a while, making you jump through hoops, until you finally get angry yourself, and decide to try to find someone else.  Then they contact you under a different name, and replay the whole game, keeping you on the hook thinking you've got a sale, until they get bored with their revenge and finally move on.  People are crazy these days.  They will literally waste their lives just to bring misery to others.  It's best to be straightforward and honest.  And while posting a boat that's for sell that you're going to hold on to for another two months is honest, it's not straightforward.  At least not in the "I need it now and shipped next day" world that we live in.  

[Big Rick]

My $.02. Take it for what it is. I distinctly remember you trying to sell it last year for quite a while. Now that you have multiple parties interested you're balking due to timing. Remember, we are nearing the end of the fishing season for many areas and the interest will drop drastically. Also, these people may not be willing to wait, especially if another deal comes along. And you'll be stuck again this winter trying to sell your boat. 

 

I say sell it now and move forward while you can sell it. A bird in hand is better than two in the bush..

[WRB]

Have the interested buyer look at the boat, no deposite. If the buyer wants the boat sell it now, bird in hand is worth 2 in the bush. Cashiers Check, make sure you have the pink slips for both boat and trailer to sign to release liability.

Tom

 

[NHBull]

I used to be on the Correct Craft Pro program ( waterski boats)

.  I got a new boat every April for 8 years.  My order had to be in by December of the previous year.  I always had a deposit equal to what my payments (7 months) before ordering the boat and often chose colors that my buyer wanted.  
It al depends on who has the leverage and your motivation.  At this point of the year, I would sell now

[slonezp]

Lots of good comments. Gives me something to think about 

[camman]

8 hours ago, Big Rick said:

I say sell it now and move forward while you can sell it. A bird in hand is better than two in the bush..

This is what I would do.  If you had it for sale for awhile and all of a sudden got a lot of traction, take a few months off from fishing and sell it while the price is hot.  My previous boat was something similar, I wasn't really looking to sell but got a great offer.  Sold it and was boatless for a year or so before getting another one.  

[Born 2 fish]

Right now it’s a seller’s market I just sold my Lund it only took a couple days and I priced it high and got asking price with other people in line . I would sell it now and just not have a boat for the rest of the season. Yea it sucks not having a boat but it’s only a matter of time before you get a new one. My advice is list in Facebook market place and expect to sell it fast get your money and start planning how your going to rig your new boat. If someone is willing to buy then sell it. 

[Further North]

Going deeper than the surface on this one, here's what may be going on:

 

The guy who offered the cash deposit understands the current market: Good boats at reasonable prices go fast.

 

...so he want's to lock down what he thinks is a good boat at a reasonable price.  Smart move.  If' he's willing to wait until September, I'd take him up on it, pending his inspection and approval of the boat.

I'd write up an agreement that specified that the deposit is non-refundable unless:

 

1. Something happens to the boat (accident, theft, etc.)
2. If he balks at the last moment, he is responsible for either finding a new buyer at, or above the agreed upon price.
3. That you will refund the balance of the deposit once a (new) buyer is found, and will keep whatever increased advertising, delivery, and carrying costs there are...I'd also include your time to re-sell for at least $100/hour.
4. You want to set it up so that it's basically cheaper for him to take delivery regardless of whether he intends to keep the boat.

As a sidebar: No way I'd sell before you are done with the boat, unless you've got a way to continue to fish when and where you want to.  You need the time to go relax and have fun, and selling the boat before you're done deprives you of that.

 

[Vilas15]

Id be hesitant to do a deposit. So then the question would be how confident are you all the buyers will still really be interested? The market is hot right now and ive sold quite a few items for fishing and golf. Although septembers got some great musky fishing...

[Further North]

13 minutes ago, Vilas15 said:

Id be hesitant to do a deposit. So then the question would be how confident are you all the buyers will still really be interested? The market is hot right now and ive sold quite a few items for fishing and golf. Although septembers got some great musky fishing...

Unless something changes, the market will hot right through September.  September is two week

s away...