Advice on selling my GW

[Surely Bassey]

No one is going to drop $55k in counterfeit money in one spot. It's a definite way to caught. It takes a lot of work to spread counterfeit money money around.

So maybe $5K or $10 of the total is counterfeit. I would never take that much money in cash.

 

[JJF]

So maybe $5K or $10 of the total is counterfeit. I would never take that much money in cash.

I don't disagree, but that's why you meet at a bank and let them run very it.

 

[seasick]

No one is going to drop $55k in counterfeit money in one spot. It's a definite way to caught. It takes a lot of work to spread counterfeit money money around.

I forgot to mention that my friend asked the buyer if he wanted my buddy to transfer the insurance policy to him instead of just cancelling it and the buyer said " I don't need insurance"

I suspect the boat was going to see one sailing and then visit Davey Jone's locker.

 

[CosbyLAX]

I would think that in a transaction over $100k it would be a bank transfer or cashiers check. I wouldn't expect and actually would be quite suspicious of someone showing up with that kind of cash. I know i wouldn't want to be walking around with that amount of cash. Either way, point taken. There are many scammers out there.

 

[seasick]

If I take a cashier's check, I want it issued at the buyer's bank when I am present. Even cashier's checks are forged. Funds transfers are a little trickier since the availability of funds can take a while ( days) to post.
FYI, my bank doses not issues cashier's checks anymore and haven't for quite some time. They call them bank checks and they also can take days to clear. Out of state checks take longer than local checks.

 

[Surely Bassey]

Checks clear electronically now. They all clear in less than 48 hours regardless of in state or out of state.

 

[seasick]

Here are the details for check deposits for a few banks.
If the deposit amount is small, monies will be available quickly. For larger amounts, suspect deposits or unusual deposits, the period can be significantly longer. It should be noted that the fact that funds are immediately available does not mean that the check is legitimate. The deposit can be voided at a later date if it turns out that the check was fraudulent. I think electronic money transfers would be quicker and probably more secure

Bank	When funds become available:
Bank of America	The first $200 of the check amount is available for cash withdrawal no later than one business day after the deposit.
Wells Fargo	The first $200 of your deposit is available on the first or second business day after the deposit.
Chase	At least the first $200 of the check deposit will be available on the first business day after the day of your deposit.
Citibank	The first $200 of your total deposits will be available immediately on the business day of the deposit. Deposits of $5,000 or less usually clear within 3 business days. Deposits of more than $5,000 usually take 4 business days to clear.
U.S. Bank	The first $200 of the total check deposits will be available no later than the first business day after the deposit, usually available immediately.
Capital One	The first $200 of your deposit will be available on the first business day.
PNC Bank	The first $100 is available on the evening of the day of the deposit. An additional $100 is available on the first business day after the day of the deposit.
TD Bank	The first $100 is available on on the same day of the deposit. An additional $100 becomes available no later than the first business day after your deposit.
BB&T Bank	The first $200 of your deposit may be available on the first business day after the day of your deposit.
SunTrust Bank	The first $200 of each day’s total deposits will be available on the first business day after the day of the deposit. Additionally, up to $400 of a deposit of local checks is available at 5pm and after on the 2nd business day after the deposit. The remaining funds of the deposit of local checks will be available on the 3rd business day following the deposit.

 

[Oceantroller]

I'm thinking of selling my 257 at the end of summer. Looking for advice on whether or not to use a broker? What's a normal % for a brokers service? I'm sure there are pros-cons for the use of a broker but I would think there's a price point that the juice is not worth the squeeze?

I have sold 2 boats using POP Yachts and they charge 10 % and the first one I sold thru them and the 2nd one I had listed with them but sold it privately and did not have to pay the 10 %. The thing I liked about using them is that you don't have to put up with the so called TIRE kickers because the buyer puts up some money at the time they come to see it and if they are not interested they get their money back.. I also purchased my present boat thru them when it comes to that I was not impressed with how the sales agent kept hounding me about the boat. The agent was out near the Great Lakes I was in Delaware and the boat was in New Jersey..Bottom line the guy I would recommend from them is Mike Edwards at POP Yachts. He was very professional

 

[seasick]

Some brokers are a bit shady. I am not naming any specific but if a name POPs up, I will let you know

 

[Coastboater]

I recently sold my boat anticipating delivery of my new one. Sold quickly and the buyer wanted to bring me a bank check for the full amount (~$50k). Unable to meet him at his credit union when he was drawing the check, I asked him to have his loan officer call me. She did, her # came up as the credit union and I asked her to send me an email from the CU’s system, which she did. We exchanged a few more emails and as an added measure I called the CU and asked for the loan officer. She was busy with a client at the moment
Buyer was a local small business owner and drove one of his company trucks when he first viewed the boat so the sketchy factor was low, but still need to protect yourself.
Had the bill of sale notarized at my bank (BoA), deposited the CU check, and funds were available the following business day.