Selling to private party

[smedman]

I'm probably selling my 06 VRide in the next few weeks to someone out of state. He found my listing on onlyinboards.

Having never sold a boat before -- curious if anyone can share some insight on the process... Every car that I've ever sold to a private party was owned outright, so a cashier's check and signing the title over was all that it took. Pretty simple.

However, I put some money down on the VRide and financed the rest.... so....

The guy who is buying it is financing through his Credit Union. I called my bank and had them send a 10day payoff letter to his Credit Union. Should the deal go through, I'm assuming it will happen like this.

1. His Credit Union sends payoff to my bank

2. My bank sends his credit union the title

3. He comes to pick up the boat and hands me a cashier's check for the balance of our agreed upon price.

4. I verify the check

5. He drives away with the boat

Does that sound right?

Anything else to know....

Anything I should be concerned about -- anyone's scam radar go off?

Thanks,

Matt

[Olivertuft]

I'm probably selling my 06 VRide in the next few weeks to someone out of state. He found my listing on onlyinboards.

Having never sold a boat before -- curious if anyone can share some insight on the process... Every car that I've ever sold to a private party was owned outright, so a cashier's check and signing the title over was all that it took. Pretty simple.

However, I put some money down on the VRide and financed the rest.... so....

The guy who is buying it is financing through his Credit Union. I called my bank and had them send a 10day payoff letter to his Credit Union. Should the deal go through, I'm assuming it will happen like this.

1. His Credit Union sends payoff to my bank

2. My bank sends his credit union the title

3. He comes to pick up the boat and hands me a cashier's check for the balance of our agreed upon price.

4. I verify the check

5. He drives away with the boat

Does that sound right?

Anything else to know....

Anything I should be concerned about -- anyone's scam radar go off?

Thanks,

Matt

I bought my first boat from a family in Maryland and I live in Seattle.

It went like this.

1) We agreed on a price

2) For absolute security and finacial liability I chose to have all the money exchanged go only though our financial institutions.

The bank confirmed they did hold the title and were aware of the pending transaction.

3) My bank contacted their bank for the exact payoff amount then had the money wired from my bank account directly to their bank. (every bit of the process is trackable this way)

4) when their bank recieved my funds, the owners had already notified and instructed the bank to release the title to me with a bill of sale.

Very simple and clean.

The best advice I can offer is under no circumstances, release ownership of your boat untill all of the purchase funds are confirmed recieved and posted into YOUR account.

I understand you are the seller, so merely use this as a tool visa versa.

Good luck and congratulations.

Josh

Edited December 8, 2008 by Olivertuft

[2004 WSVLX]

I'm probably selling my 06 VRide in the next few weeks to someone out of state. He found my listing on onlyinboards.

Having never sold a boat before -- curious if anyone can share some insight on the process... Every car that I've ever sold to a private party was owned outright, so a cashier's check and signing the title over was all that it took. Pretty simple.

However, I put some money down on the VRide and financed the rest.... so....

The guy who is buying it is financing through his Credit Union. I called my bank and had them send a 10day payoff letter to his Credit Union. Should the deal go through, I'm assuming it will happen like this.

1. His Credit Union sends payoff to my bank

2. My bank sends his credit union the title

3. He comes to pick up the boat and hands me a cashier's check for the balance of our agreed upon price.

4. I verify the check

5. He drives away with the boat

Does that sound right?

Anything else to know....

Anything I should be concerned about -- anyone's scam radar go off?

Thanks,

Matt

I bought my first boat from a family in Maryland and I live in Seattle.

It went like this.

1) We agreed on a price

2) For absolute security and finacial liability I chose to have all the money exchanged go only though our financial institutions.

The bank confirmed they did hold the title and were aware of the pending transaction.

3) My bank contacted their bank for the exact payoff amount then had the money wired from my bank account directly to their bank. (every bit of the process is trackable this way)

4) when their bank recieved my funds, the owners had already notified and instructed the bank to release the title to me with a bill of sale.

Very simple and clean.

The best advice I can offer is under no circumstances, release ownership of your boat untill all of the purchase funds are confirmed recieved and posted into YOUR account.

I understand you are the seller, so merely use this as a tool visa versa.

Good luck and congratulations.

Josh

Also have his bank send a wire to yours, do not let go of the boat until you see the $ in your account. Fake bank and cashiers checks can be made by scammers.

[JasonK]

I've heard a bank will accept a cashiers check, but when that check comes back in 30 days unpaid (if it's a scam/counterfeit), you will be liable.

Isn't that how it goes?

[WakeGirl]

It can be, & there have been enough scams with cashier's checks in recent years that I'd be very wary of accepting one. Oliver's rundown seems like a relatively foolproof way to go about it.

[smedman]

thanks all. seems like having the bank wire the funds directly rather than cashier's check is the way to go.

i'm so bummed to be letting our baby go.... I've got it at the dealer right now for some final warranty work, and it already seems weird not seeing the boat in her side yard parking spot. hopefully we are going to be back in a 23 vride soon....

[ADHD]

Ok heres My perspective from buying my boat Private Party at the beginning of this summer!

I had the boat in my driveway the next day of finding it!

1. Found the Boat on Boat Trader

2. Looked at it and all was great

3. Went to my credit unioun got my loan and a nice big cashiers check

4. Meet the owner at his bank and we deposited The Cashiers Check(Cashiers Check's are CERTIFIED FUNDS Instantly verifyable-took 5min)

5. Signed a bill of sale for both parties

6. Hooked up My new boat.

7. 2 weeks later the Title arrived VIA there Finance company

[wakeup]

Ok heres My perspective from buying my boat Private Party at the beginning of this summer!

I had the boat in my driveway the next day of finding it!

1. Found the Boat on Boat Trader

2. Looked at it and all was great

3. Went to my credit unioun got my loan and a nice big cashiers check

4. Meet the owner at his bank and we deposited The Cashiers Check(Cashiers Check's are CERTIFIED FUNDS Instantly verifyable-took 5min)

5. Signed a bill of sale for both parties

6. Hooked up My new boat.

7. 2 weeks later the Title arrived VIA there Finance company

good info.

I've sold many a boat and the key is to verify the funds. Anyone can print a cashiers certified check, but meet at your bank and have them check the source and verify the funds as the sale happens. Don't just take a check then go down to your local bank.

And Bill of Sale. There are typical guidelines for a true bill of sale, but basically have all the pertinent information listed (hull id, trailer s/n, etc) and anything agreed in writing. Have it notarized and all parties' addresses and contact information verified. That helps both the purchaser and seller eliminate potential misunderstandings and for at least my state, it is needed for registration.

If any warranty is left, there is a cost to the buyer and a few hurdles to clear with BU, but nothing on the seller end of things.

Good luck.

[Malibudude]

We sold our boat this summer to complicate matters it was international sale. No matter what format you chose no verification can be given immediately even wired money takes 7-10 business days before it is confirmed. If they aren’t willing to wait that should send up red flags. I asked just about every banking institution and that was the common answer. We ended up agreeing on American Express Travelers Checks. My bank called the issuing bank to verify they sold the checks and verified each number. We then called American Express and verified the same data. The buyer drove 19 hours to pickup the boat and after many calls the correct information and verifying every detail he was honest all the way through. I would suggest going to a neutral location, every person that wanted to look at met my at a parking lot. In the end if each of you aren’t willing to give a little then the transaction is tough to complete.

Oddly he never drove it, fired it up, listen to the stereo of anything. His comment was that he trusted me and the look of the boat said it all.

[edwin]

I don't have time to comment in depth, but my SLXi sold to a person thru the 'bu crew. He flew 2000 miles, picked up a rented SUV and towed it home. Similar comments from him that Mdude got. He did go for a test drive / ski but was pretty trusting based on emails, a phone conversation, and my gentle banter on the bu crew over the years.