Snug Harbor Yacht Sales, a yacht broker with offices in Bay Head, NJ and Jersey City, NJ, has screwed me out of over $3K in purchase deposit funds. I would suggest EXTREME caution in dealing with these people (if at all). I would insist that ANY deposit money be held ONLY by a trusted third party (bank, attorney, etc.) in escrow until the closing. At the closing, I would be EXTREMELY cautious about who you write checks to.
I left a deposit on a boat (by check, unfortunately... Should have used a credit card) for a boat I wanted to have surveyed and subsequently buy. The broker failed to return my phone calls to set up a date to survey (I had a surveyor lined up). Winter and cold weather was approaching rapidly, days went by with no response to my phone calls, so I pulled the plug on the deal. I knew something wasn't right, but didn't know what. I never got a reasonable explanation of why my calls weren't returned, other than the seller (he wanted to be present for the survey and sea trial) wasn't calling the broker because he (the seller) was upset over something in the contract, which clearly wasn't my problem. The contract allowed cancellation by me without any reason stated up to a certain date, which I was well before at the time.
The broker eventually stopped returning my messages. He has never refused to return my money nor suggested it isn't due me. He just doesn't do anything. At this point, I suspect I may never see the money again. The president of this company hasnt done anything to convince me he isnt a crook.
I have been trying without success to recover my money since October, and the Better Business Bureau and State Consumer Affairs organizations havent had any better luck.
I would not recommend this broker for ANY purchase or sale, for that matter.
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