Some of you know that I am assisting my sister in selling her Grady Seafarer 226. She has received an offer from an out of state buyer, and I want to ask if anyone can offer any advice on the best way to handle the transaction where she can be assured that payment will be guaranteed secure before releasing boat to shipper. What type of payment would be the best to accept, etc? Appreciate any experienced advice. Mike
Boat selling question
- Thread starter VeroWing
- Start date
When I bought my Gulfstream it was in NC and I am in MD. I initially drove down to NC to sea trial and have the boat surveyed. Once the deal was worked out, I sent the seller a certified bank check and he then released the boat and overnighted a bill of sale for me. Everything went smoothly but it takes coordination on both the buyer and sellers end. Good luck with the sale.
Finatic said:
Thanks Finatic, I'm trying to get this thing coordinated properly so seller and buyer are safe. Mike
I'm not sure there's a 'safe' way except cash face-to-face. One way would be to open a new savings account, have the buyer wire transfer funds to the new account, have a nottarized bill of sale faxed to the buyer with hard copy by mail. Another way is for the buyer to hire an in-state agent with POA. While it's nice to try to accommodate a buyer, the onus to make it happen is on that buyer ... :wink:
It could be overkill but I did call and consider using a title company when I bought mine 1 1/2 years ago. I simply called a company in the area that recommended another that closes marine deals. There was only one person in the office that did so and she was very knowledgeable on the subject. They did title searches, held funds, all just like a real estate transaction. I don't recall the charge but it wasn't too bad. The only reason I didn't use them was the deal was handled by a licensed broker (trade in by boats owner).
Capt Bill
GreatGrady Captain
Find out if the buyer's bank has a branch near your sister. That worked out with a boat I sold to a guy in N.J., so we went to that bank, and he had them issue a bank check to me, while I was there. They also witnessed and notarized a bill of sale, so the transaction was smooth, except he ripped me off for $150 for some extra work he told me to have mechanic do, and later refused to re-imburse me. He also ripped off the marina for nearly $2000 in slip and storage fees. So yes, you never know; take precautions.
Capt Bill said:
I hear you Capt Bill. Although purchaser seems to be a nice person, and is open to any type of payment we ask for, I still want to be absolutely sure funds are confirmed clear in my sisters account, irreversible, before releasing boat.
Parthery
GreatGrady Captain
2nd recommendation to have the buyer make a deposit of certified funds into the account at a branch where your sister banks. Once your sister confirms the funds are there, then the boat can be released.
Alternatively, the buyer can do a wire transfer through the Fed from his bank to your sister. It complicates matters slightly as it must be done during business hours, when the Fed is open.
Alternatively, the buyer can do a wire transfer through the Fed from his bank to your sister. It complicates matters slightly as it must be done during business hours, when the Fed is open.
My first 26 Shamrock was sold to a guy from Beaufort, NC. He came up and sea trialed the boat and gave me a deposit check. He then shipped up a certified check for me and the hauler (local guy I knew). I called the bank the checks were drawn on and they confirmed the checks were good and then the hauler left with the boat. I sent him the title after my note was cleared with the funds from his check. I bought a 24 Rampage up in Mass and I took a certified check up there for the broker and hauled the boat home...
Three years ago i sold a skiff to a couple in Florida just by providing pictures and copies of warranty(boat had 8 hours when sold). The way i proposed to the buyers it was that i let my Grady dealer handle all the paper work and even the money situation. I felt that way a buyer dealing with a very well established dealer would have no problem and feel safer. The whole process took maybe a week and after the buyers had the boat and confirmed that the boat was as described then my dealer released the check to me.
Purchaser ended up paying with a cashiers check, and will take delivery once sisters bank verifies money is safely in her account. Thanks to all. Mike
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I have a account set up for strictly wire transfers, $100 to keep it open. I sell boats to overseas and have the bank watch for the wire to come in and move the funds to my regular acct. Once money is recieved, I release the title and next day mail all paperwork to new owner. Cleanest most sure way to protect your sister, money up front or no deal. There is a issue of trust that has to be taken into consideration but anyone honest should not have a problem with the request.
In Agreement said:
That makes sense to me, and I advised buyer to use bank to bank transfer, but he ended up with cashiers check, and has to wait to totally clear.
Vero:
Get the buyer's check a few days ahead of time but have the buyer date the check for day the buyer's boat hauler will arrive to pick up the boat. Mean while go to your bank with the check and the bank will be able to call the buyer's bank using the transit number on the check and ascertain that sufficient funds are available to cover the check. Only a bank official can do this. On the scheduled day of the pickup you cash the check and the hauler takes the boat away. Once the check/boat transfer is done you can send off the boat title to the buyer.
Get the buyer's check a few days ahead of time but have the buyer date the check for day the buyer's boat hauler will arrive to pick up the boat. Mean while go to your bank with the check and the bank will be able to call the buyer's bank using the transit number on the check and ascertain that sufficient funds are available to cover the check. Only a bank official can do this. On the scheduled day of the pickup you cash the check and the hauler takes the boat away. Once the check/boat transfer is done you can send off the boat title to the buyer.