Selling your boat safely

C

Charlie one shoe

New member
I'm sure that it has been discussed before on a C-Brats forum but I couldn't find anything. I know a lot of you have sold boats in the past and my question for you is " what is the best way to sell to a stranger from who knows where, and to avoid the posibility getting ripped off". Is cash the only way??
Cash puts the buyer in a bad position also. But counterfit cashiers & certified checks is a very real danger for the seller.
I'm sure this is a concern for anyone selling their boat, how have you guys made your deals safely?

Thanks......... Charlie
 
The easiest/best thing to do is to go to the bank with the buyer when he obtains the cashier's check. The go transfer the registration on the same trip. That's what we did when I sold my 22 and that's what I've done when I sold autos via Craigslist.
 
Bank draft is 100% safe, thats how i bought my boat.Buyer can verify that the amount is safely deposited in his account before completing the final sale.
 
Just accepting any bank draft or cashiers check is not safe. Yes, if you are at that bank and variy that the buyer has the funds.

I prefer to inspect the boat, do the sea trial. I have already set up a wire transfer with my bank to be transferred to his bank upon my telephoned instructions (may require a password, PIN or specific person). I then do the wire transfer, the buyer and seller go have a drink, a meal and visit. When it is confirmed that the money is in the seller's bank--then the title is handed over.
 
Bob, you may well be correct but IMHO, the best way is CASH, checked at a bank for possible counterfeit. If the person has the $$, he/she can get cash.

Then make sure you are not followed when you put the $$$ into your bank. :disgust

Charlie one Shoe, I have sold many boats in many ways (not always involving cash) and never been burned. Just trust your gut and do it. If it doesn't seem right, don't do it.

Maybe there is no perfect way??

Charlie no Shoes (at the present time)
 
The last time that sold a car, I got a cashiers check and went with the buyer to the bank. The teller said that everything went fine but, if later, the check was bad, the money would be removed and we were responsible. Cash isn't safe either. Locally, an older woman was caught passing fake $100s that were washed $5s. Don't be afraid to tell buyers that you will be verifying funds. If they argue, only the guilty need be offended.
 
It does take an unusual amount of trust. I think cash is best for a long distance exchange. That is what we chose to do when going to Missouri from the MS Gulfcoast to purchase our C Dory. Local bank confirmed the money was real. I never disclosed it was to be a cash transaction. Somethings just need to be kept close to the vest!

Local sells are just too easy. The MS boat registration acts as a bill of sale as well in our state. Any bank will help by notarization and the money transfer. Very simple process for local sales.
 
I can't help but think that if I were going to defraud someone and try to make all kinds of money by deception that i would do so by buying a C-Dory. It seems to me that there is a whole lot of over-thinking going on here!
 
I think that a wire transfer is the safest way to transfer funds. The seller would set up a separate savings account at his bank, with a minimum ballance, and the buyer would wire the money directly into that account. After the bank confirms that the money is there, sign over the title. Then the seller should immediatly transfer the funds out of the savings account, as the buyer has that account number.

I did this when selling a boat where I had never met the buyer in person and neither of us was at the boats location.
 
Larry H":2xbqnz1h said:
I think that a wire transfer is the safest way to transfer funds. The seller would set up a separate savings account at his bank, with a minimum ballance, and the buyer would wire the money directly into that account. After the bank confirms that the money is there, sign over the title. Then the seller should immediatly transfer the funds out of the savings account, as the buyer has that account number.

I did this when selling a boat where I had never met the buyer in person and neither of us was at the boats location.
Click to expand...

Larry, Very good idea. I had not thought of opening a specific account but it sure makes sense. I've done the wire transfer in selling a vehicle, and it worked great, but didn't know about using the separate account. Now we do. Thank you.

Harvey
SleepyC :moon

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On large purchases the use of an escrow account is common. This is the same process of purchasing a house. The escrow account is opened, funds are deposited, title is deposited (entered), and the escrow authority transfers funds and transfers title. Some banks will do this, ebay has some form of escrow accounts, or an attorney can establish these I believe. I am sure there are other ways for this to be accomplished.

Ron
 
When I sold my former boat I drafted a purchase and sale agreement (signed by both parties) which included the agreement that title would be transferred after the bank check had cleared with funds deposited in my account. I waited about 5 days after I deposited the check before handing over the title.

I think wire transfer coupled with a P and S agreement is a good way to go.
 
Check online with BoatUS. They have an excellent BoatUS Settlement Services department. To make sure the buyer and seller do not get ripped off when lots of money is envolved. BoatUS does charge a reasonable fee for this service. It takes all of the worry out of a transaction. :lol:
 
Dave M has the best solution. I was about to say that I have only sold expensive boats (>$50K) through a broker. Not that I think that's the best way to sell, but that's the way it happened. I got a check from the broker, not the buyer. Not sure how BoatUS works, but if you're worried, that's got to be the way to go.

In trying to sell Our Journey myself, I met the greatest selection of nuts I've ever met. None with money. The broker weeded those out and sold the boat in a month. They handled escrow and the survey. I just kept my mouth shut. Worked perfectly, didn't lose any money.

Boris
 
Cash is fine for moderate amounts--but how many folks are comfortable with carrying $85,000 in cash across country?

With the waiting peroid, some folks have been ripped off, not getting the title from the seller.

Certainly using Boat US escrow service does work well.
 
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