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  #1  
Old November 13th, 2011, 10:30 PM
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Is it wrong?

To take advantage of a non profit that didnt realize the value of a donated item? Ive just witnessed this happen to a marine institute in Florida and its pretty upsetting. They had a boat donated to them to use for their research. Theyve been struggling and needed the cash so decided to sell the boat. Sadly they sold it for a fraction of its value to a guy that literally turned around and relisted it the next day for 3 times the purchase price. The non profit is pissed and feels duped. The guy that bought it thinks he has done nothing wrong and business is business. What do you guys think?
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  #2  
Old November 13th, 2011, 10:39 PM
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Wow, they should have done their research first. That sucks for them. I'm guessing these things happen more than we know but maybe not at the value of a boat. What kind of boat?
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  #3  
Old November 13th, 2011, 10:49 PM
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See thats just the thing. Its like buying a NAS 110 from your local boys and girls club. Kelly Blue Book on a 1993 NAS 110 is $14,800! Would it be fair to pay the boys and girls club 15k for a NAS 110 or would you say hey this truck is worthy 3 or 4 times your asking price I dont feel right about paying you so little for it? I mean its a charity not a used car or in this case used boat dealer.

Its a semi custom downeast boat. I had offered to trade them my boat for it which is worth a couple times their asking price but closer to the actual value of the boat. They said they had a guy in front of me that really needed this boat for his business but I was next in line. When they found out he only bought it to flip it they were furious especially when they could of had a donation worth alot more than they sold it for.
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Old November 13th, 2011, 11:03 PM
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Quote:
Originally Posted by phoenix37 View Post
To take advantage of a non profit that didnt realize the value of a donated item? Ive just witnessed this happen to a marine institute in Florida and its pretty upsetting. They had a boat donated to them to use for their research. Theyve been struggling and needed the cash so decided to sell the boat. Sadly they sold it for a fraction of its value to a guy that literally turned around and relisted it the next day for 3 times the purchase price. The non profit is pissed and feels duped. The guy that bought it thinks he has done nothing wrong and business is business. What do you guys think?
I don't like it, but in an age of television shows like "Pawnstars", I don't find the behavior surprising.
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Old November 13th, 2011, 11:10 PM
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Yes. It's wrong. He deceived them by falsely claiming he needed it desperately for his business. I'm surprised the non-profit didn't engage a broker as is customary in this type of sale to specifically prevent this type of circumstance. Did the buyer have a prior relationship with the non-profit or the individual that sold it on behalf of the non-profit?
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Old November 13th, 2011, 11:16 PM
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No they had no prior relationship. I agree they should of used a broker.... Buyer is actually down by you in Greenwich. The boat is still at the institute in Florida. They had originally offered to move it to a local marina for him but when they saw the listing they told him he had to get boat out of the institute on his own.
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Old November 13th, 2011, 11:31 PM
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Storage fees at marine institutes in Florida can be quite high I hear...it maybe cheaper for him to sell it back.
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Old November 13th, 2011, 11:32 PM
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Did they already pass paperwork and cash his check? If not, they can always try to back out of the sale. Unlikely he would be able to force them to sell. Possession is still 9/10ths of the law.

If they are truly pissed, they should charge him market storage rates per day and refuse to release it until he makes payment for storage.

PM me the listing.
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Old November 13th, 2011, 11:56 PM
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I donate art to auctions all the time, and the art goes for much less than retail. It is normal. That is why people bother to go to auctions for stuff.
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  #10  
Old November 14th, 2011, 01:59 AM
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I didn't realize he was deceiving them. Thats pretty bad. Maybe they should try and back out if they still have the boat.
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  #11  
Old November 14th, 2011, 07:22 AM
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the boat was listed on the hulltruth.com. the members on there were equally pissed at this guy and ganged up on him. Looks like he took the listing down. Hope he does the right thing.
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Old November 14th, 2011, 08:27 AM
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Im not an attorney or otherwise associated with the law nor do I presume to know it, but if the nonprofit listed for an asking price, be it the actual value of the property or not and they settle with buyer on an agreed price, it must be set in writing including mode of setlement.
what the new owner does with the property it it his own bussines as the seller has relinquished all rights to said property unless stated on the sales contract.
legally there is nothing wrong, morally.. maybe depending on your personal judgement.
of my personal opinion the action in not different than a car dealer paying you $300.00 for a trade in and then turning around and selling it for $1000.00.
Im sure the seller would be pissed but it is legal and done a thousand times a day.
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  #13  
Old November 14th, 2011, 08:45 AM
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I'm not sure what him saying he needed it for his business has to do with it. Would they have not sold it to him if he'd merely said, "Oooh, I really want this boat."? Even so, if his business is buying and selling stuff then technically he did need it for his business, just as used car dealers need to buy cars for their business, to sell.
Now, if they were doing something like, "Whoever needs it the most for personal use can buy it." Even then, the onus is on the seller to know the value.

If the person who donated it claimed a tax deduction, which I'm sure he did, I don't know why he wouldn't claim it's actual value which the non-profit should know, unless they just signed a blank receipt and gave it too him, which is dumb.

The non-profit is making a stink because they know they were irresponsible for not doing 30 minutes of research to value the boat. Gross mismanagement IMO.

Oh, and to address the original question, it's iffy if he really took advantage of them. If they asked him what it was worth and he gave a figure of a fraction of it's real worth and bought it for that price then, yeah, he definitely did. But I'm not sure buying something for it's advertised price is "taking advantage" of someone.

I've sold things in the past that I afterward realized were worth a good bit more than I sold them for. My only thought when I found out was, "Man, was I stupid!"

I bet some of the people ganging up on the guy because the non-profit was stupid are the first to yell about people taking responsibility for their own actions, which the non-profit isn't doing, by the sounds of it. What's the logic in suggesting non-profits get a free ride?
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  #14  
Old November 14th, 2011, 09:27 AM
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I hear what you guys are saying. There is no doubt the non profit screwed up and I dont think they have legal grounds to do anything about it. Its just been a sad thing to witness. Its like I used in my earlier example. If someone donated a NAS 110 to a charity and they looked at Kelley Blue Book they would think $15k is a fair price. The buyer is legally allowed to come on here and flip that truck for $40k and thumb his nose at the non profit but personally if it was me I wouldnt feel right about it. I suggested to him that he donate a portion of his profits back to them... be interesting to see what he does.
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Old November 14th, 2011, 09:43 AM
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John,
Was it an auction type sale or just a situation where they listed the boat for offer's ? If it's a documented vessel don't both party's have to execute a formal contract like in a real estate sale ? I bought my bertram via a private sale and everyone said I had to use "the" contract.

http://www.oceanmarinellc.com/broker...eAgreement.pdf

without one of these executed by all parties it would seem either party could back out. If there's a contract and money has changed hands then I guess it's up to the guy to do the right thing.
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Old November 14th, 2011, 09:56 AM
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No it wasnt an auction. Yes Im assuming they would need to have an agreement. Typically you put down 10% and you have a certain amount of time to survey and sea trial the vessel. The results of the engine survey just came back on Tuesday and by Wednesday he had it for sale. Obviously this whole thing is making the guy that handled this on behalf of the non profit look really bad.
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Old November 14th, 2011, 11:13 AM
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While re-listing it for three times the purchase price is kind of like wishing upon a star in the current yacht sales environment, seemingly if the fellow handling this for the institute could refund the deposit and negate the sale and regain some face but I'm sure they have considered that.
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Old November 14th, 2011, 01:49 PM
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Non-profits are horribly run in my experience and are basically ways for their management and staff to collect paychecks on the backs of well-meaning donors. I am sure this is not universal, but this is my experience.

That being said, I see nothing wrong with buying something too cheap, even if it is from a non-profit, but I would have called up the non-profit and said "hey, you underpriced it, pull the ad."
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  #19  
Old November 14th, 2011, 02:20 PM
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I hear what you are saying. By the time i found out about the boat it was still for sale but no longer advertised. I told them the price was too low but sounds like they had a accepted a deposit from this guy by then.
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