How long to hear back from a broker?

B

burgundyben

Well-Known Member
Joined
28 Nov 2002
Messages
7,484
Location
Niton Radio
Visit site
If you placed an offer on a boat on a Sunday via email, subsequently spoke to the broker on the telephone the following Friday, who confirmed that the offer was to be submitted to the seller. When would you think it reasonable to hear back?

Its now 10 days since the offer was submitted.

There is some background info, its a bereavement sale, so maybe family members need to consult and agree. Boat in question is in very poor shape, offer was 20% of asking price (with a well thought out set of sums behind the cost of making the boat into something useable).
 
I would say the broker should have at least got back in touch with an update even if it's to say they are thinking about it etc..

Poor show
 
I was sort of coming at it from another angle, what's the soonest it might be appropriate for me to say they took too long and the offer is withdrawn.

Maybe. A bit. I'm in two minds. Its unusual for me, I'm usually a lot more gungho!
 
Ben, if it's the boat I'm thinking of and you get it we'll expect a rebuild thread on here that could be on a par with Vas'!
 
burgundyben said:
If you placed an offer on a boat on a Sunday via email, subsequently spoke to the broker on the telephone the following Friday, who confirmed that the offer was to be submitted to the seller. When would you think it reasonable to hear back?

Its now 10 days since the offer was submitted.

There is some background info, its a bereavement sale, so maybe family members need to consult and agree. Boat in question is in very poor shape, offer was 20% of asking price (with a well thought out set of sums behind the cost of making the boat into something useable).
Click to expand...

Of or off the asking Price ? that could be a real mean bid!
 
If I made an offer by email on a Sunday I would expect to receive confirmation that it had been forwarded to the seller on Monday. I would then expect broker communications every four or five days. Offer acceptance or rejection within a week unless they were away.

I used to work for a living, something unknown to brokers it seems.
 
I understand its a bereavement sale but the broker is not the bereaved one as I read it, therefore I see no problem in asking them what the latest is, its business after all.

But as your offer is a low ball perhaps the resultant broker commission just does not make them as enthusiastic or take your offer seriously.
 
Freebee said:
I understand its a bereavement sale but the broker is not the bereaved one as I read it, therefore I see no problem in asking them what the latest is, its business after all.

But as your offer is a low ball perhaps the resultant broker commission just does not make them as enthusiastic or take your offer seriously.
Click to expand...

It is not the brokers job to be unenthuiastic.
 
I come at it a different way. My work requires me to await the decisions of others upon rather critical situations even where that decision should be straightforward.
I was taught that the rejection is the easiest decision they can make and therefore a quick decision is a rejection.

Moving to the OP's situation, if the offer has not been rejected then it is still alive. If you have low-balled them then it will not be an easy decision and they will have to come to terms with it - as a group - before they can accept it. It takes time so let them have it.
I would just sit tight and see how it rolls. Contact shows keenness which is the opposite of what you wish to display at this time.

'Suppose the alternative is to write to the broker saying something like its a take it or leave it offer, non-negotiable and withdrawn at 1700hrs Friday. Personally I wouldn't do so as it gives the wrong impression

Good luck
 
burgundyben said:
I was sort of coming at it from another angle, what's the soonest it might be appropriate for me to say they took too long and the offer is withdrawn.
Click to expand...

As I'm sure you know you can legally withdraw the offer at any time prior to acceptance. Even after verbal/e-mail offer and acceptance, it seems to be the case that contracts for boat purchases aren't enforced until written on standard form documents, although I've no idea if there's any specific legislation that makes that the case (as per land purchases), or whether it's just custom and practice.

Anyway, as I say I'm sure you know all that, so I guess you're asking what is reasonable. In this case I think you're clear on all fronts, as no response more that two weeks after the offer is plenty long enough, but suppose you changed your mind the day after making an offer, are you really going to go ahead and buy a boat you don't want just to appear reasonable to the seller?
 
If you are looking for a basket case project there is a swordsman been left at Runnymede boatyard on The Thames for years called Eun Mara.
Out in the elements for along time,criminal,she may be too far gone.
 
Nick_H said:
As I'm sure you know you can legally withdraw the offer at any time prior to acceptance. Even after verbal/e-mail offer and acceptance, it seems to be the case that contracts for boat purchases aren't enforced until written on standard form documents, although I've no idea if there's any specific legislation that makes that the case (as per land purchases), or whether it's just custom and practice.
Click to expand...
Although it is normal for a contract to be in writing for the sale of a boat, it does not have to be. Only the basic requirements of a contract have to be shown to exist - an offer, consideration (price) acceptance and agreement by both parties to be bound. All of these can be met with verbal exchanges or by other means such as e mails. In this case it is nowhere near a contract as only the offer and possible price are in place, so neither side is committed to anything.
 
Flynnbarr said:
If you are looking for a basket case project there is a swordsman been left at Runnymede boatyard on The Thames for years called Eun Mara.
Out in the elements for along time,criminal,she may be too far gone.
Click to expand...

Yes, thank you, I'm aware of her and part of her history of how she ended up there. Interesting boat, she looks like a Super Swordsman but in fact is a later conversion. Poor thing.

Still nothing heard....
 
Sorry bout the drift
Could I ask about Eun Mara please,I feel sad for her,a sorry place to end up.Yard bill was being paid last time I asked.

Ring the broker,what you got to lose,if it's the one I think it is it only wants a bit of Patio Magic on the decks and she's good to go :D
 
burgundyben said:
Yes, thank you, I'm aware of her and part of her history of how she ended up there. Interesting boat, she looks like a Super Swordsman but in fact is a later conversion. Poor thing.

Still nothing heard....
Click to expand...

If you dont want the boat for what you've offered, just withdraw your offer - the right amount of time to wait before doing this is the moment you decide you dont want it.

If you do want the boat for what you have offered, call the broker and ask how they are getting on with your offer.

Simples really?
 
You must log in or register to reply here.

Share this page

Top