Buying from a broker, what's at risk ?

[mateyboy]

I don't know if this has been said I can't be ar5ed to read the thread, so in answer to the OP; paying many thousands of pounds deposit for the broker to go tits up a few days later, would not be ideal presumably!

 

[jonic]

I don't know if this has been said I can't be ar5ed to read the thread, so in answer to the OP; paying many thousands of pounds deposit for the broker to go tits up a few days later, would not be ideal presumably!

So make sure you use an accredited broker with written confirmation of his written in trust client account. Ensure the sale and purchase contract clearly states the funds will go into the client account. Then you have a legal document signed by you and the broker. Ring the bank to confirm the account number you are given is the client account. Ensure when you make the transfer you do so electronically and only to the client account. Ring the association the broker is a member of and confirm they are still a current member and enquire if they have ever had any disciplinary procedures invoked against them.

There are hundreds of yacht broking firms out there who have correctly set up accounts with the major banks and are 100% professional , decent and, legal and honest. 1000's of transactions take place in this manner each year without incident.

Avoid brokers who are not accredited and who are not able to produce written confirmation from the bank.

 

[PaulGooch]

Hope you enjoyed your pint!

If you seriously think that negative comments from 32 anonymous people (out of 56) at the latest count is sufficient mandate and representative of the THOUSANDS of people who use brokerage services each year then do something useful with it.

Write to the 3 major bodies (BMF, ABYA and RYA) with copies to all the mags with a DETAILED exposition of the concerns of these 32 people. From what I can see based on these threads the concerns seem to be

Brokers give poor service - please give specific documented examples of what you mean

Brokers do not operate client accounts correctly. Please give documented example to illustrate

Brokers favour sellers rather than buyers How?

Brokers refuse to allow trial sails without a commitment to purchase

Brokers will force people to buy a boat they don't like Please give documented examples to illustrate.

Buyers demand "Regulation" Please explain what you mean by regulation, what ills it is meant to resolve and who is going to pay for it.

You may of course hit them in a quiet moment and you may get an acknowledgement because they are polite people, but doubt you will get any more unless you can really show that wrongs have been done - and several hundred posts from people who hold strong views on the subject have failed to provide any convincing documented evidence of the ills that are claimed.

zzzzzzzzzzzzzzzzzzzz

See the poll.

 

[andy59]

Thanks Guys

I`m not going to go near this debate with a barge pole . But the fact is that byfollowing this thread from the start and taking on board whats been said by ALL , I will be able to buy my next boat with my eyes wide open with a lot of relevant info up my sleave .

 

[jonic]

I`m not going to go near this debate with a barge pole . But the fact is that byfollowing this thread from the start and taking on board whats been said by ALL , I will be able to buy my next boat with my eyes wide open with a lot of relevant info up my sleave .

Good