How do you sell a boat?

[ChrisNorton]

question

[Trouts Dream]

When I bought my 26X, I wired 50% into the bank account of the seller (he opened a chequing account just for this purpose) and then paid the other 50% on delivery.
If they can get to ta bank in your area, go with them and witness them taking out a bank draft. probably the safest way if you don't want them using cash.
or open an extra account and have them deposit into that.

[tomchitecture]

You don't. You give it away and hope the new owner tips you within 80% of your asking price.

[Sea Wind]

1. Stay away from escrow accounts from websites like ebay or AOL Finance, They do not offer these services.
2. Paypal is OK.
3. The latest BoatUS magazine has a good article on this from the buyer's perspective.
4. $1000 cash is a reasonable deposit from a serious buyer.

When I bought mine in January, I flew to Florida from Maryland and sent my itinerary to the PO to let him know that I was a serious buyer.

Good luck,

Sea Wind

[Hamin' X]

When I bought my X a few years ago, I gave the seller my personal check and towed the boat home. He held onto the title until the check cleared, then mailed the title to me.

~Rich

[Sumner]

I think it is pretty easy for the bank to setup an escrow account that would protect both of you. You might check with your bank to see what is involved,

Sum

Our Endeavour 37

Our Trips to Utah, Idaho, Canada, Florida

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Mac-Venture Links

[Bluecrab]

When we bought ours the PO still owed money on it. We to his bank and they called my bank to verify funds. I would think if you have a good relationship with your bank they would do that for you.

Wally

[1st Sail]

When I bought my use M I did the following which would work you both you and the buyer:
Negotiated via phone then emailed the offer in writing, received an acceptance via email.
Emailed a proposal for closing the sale.
PO scanned and emailed me a copy of his clear title
I scanned and emailed a copy of the cashier check drawn on my bank, included the bank address, web address, general phone number and aa contact at the bank for the PO to verify the draft, serial number and amount. This allowed the PO to independently verify the bank information via the web, yellow pages etc.
Scheduled a time to close, sign and transfer the title. This was done during normal banking hours so the PO could verify the certified check. I arrived presented the check had the PO call the bank to verify.
We transfered the title and I hooked up the boat to my truck and drive.
Then it hit me 'What the H$$$$ did I just get my self into. All I knew was there was a lot of white following me down I-70.

[pokerrick1]

Tank Gott you bought a white one - - - or there would have been a lot of Blue following you

Rick

[mastreb]

When I sold my previous boat, I posted it on Craigslist. Buyer in Oregon contacted me and seemed serious. He asked me to send new photos with me in the cabin of the boat holding up four fingers. This was simply something he could direct to ensure that I wasn't sending him an old photo of something I no longer had access to. He brought down a tow vehicle and trailer and arranged for the outhaul (This was a full keel 33', not a trailer sailor).

Before outhaul, he inspected the boat in the water. I accepted a cashiers check from him at the time of his inspection acceptance. I called the bank that the check was drawn on by looking up the bank's number on my smartphone (not relying on the number on the check!). I read off the check account numbers to verify it's accuracy, and once I had confirmation that it was legitimate, I signed the title and bill of sale over to him. Once he had the bill of sale, he proceeded to have the boat hauled out and lifted onto his trailer.

Had the check been a forgery, I would have known. It was a cashier's check, not a personal draft, so it was funded in advance and not subject to funds in the buyer's own account. I went straight from the transaction and deposited the check.

Worst case, had I not been serious, he simply wouldn't have given me the check. He inspected all the boat documents and the boat before handing me the check, and at the point he handed me the check there was no risk for him even if I took off and stole his check--because the boat was still right there and he could still take it. Getting it re-titled in this sort of situation is pretty easy especially considering that the outhaul people were right there witnessing.

I don't think there's any need for escrow services or substantial risk mitigation if both parties are present physically, there's a third party witness, the buyer can inspect the boat, and the seller can verify a real cashiers check. Either party can back out at any point without being able to screw anybody.