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So Im driving 800 miles to look at, test drive and hopefully purchase a new malibu from a private seller this weekend.

My loan officer says she cant do a wire transfer to clear the sellers payoff amount and that it is standard practice to snail mail a paper loan check to the sellers lien holder.

So how do I get the seller to let me leave with the boat? I would be reluctant to release my property without waiting for the check to clear even if they buyer left a deposit.

It doesn't make sense financially, to make a second trip after the check has cleared??? How does this normally work???

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I have sold my last two boats on wire transfers. I usually takes less than an hour to complete. That being said we completed the transactions during normal business hours. Will your bank wire the money if the back is open to clear the sellers lein?

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Your bank wont give you a cashiers check made out to His lender?

I would not release any of My property with out cash in hand.

Yes that is the plan only problem is that his lender is also out of state??? Can we call in the casheirs check to his bank? Wouldnt that be nearly the same as wire transfer???

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You need to find a mutual meeting office where you can both meet (your bank or course) where the transaction can be made, that will be the easiest. All the paperwork can be completed in advance but you need both signatures to really make it legit for everyone.

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I've done the deal at the bank a couple of times... as both a seller & a buyer. You'll need to pre-arrange everything with your bank & the sellers bank.... have a cashiers check in hand or a wire transfer setup to go on your approval of the boat. If either bank isn't cooperating, then it's going to be a PITA.

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Yes that is the plan only problem is that his lender is also out of state??? Can we call in the casheirs check to his bank? Wouldnt that be nearly the same as wire transfer???

I sold my boat to a buyer out of state, & we did the transaction in a third state. What we did was to both set up checking accounts with a bank that did business in all three states, he put the money for the boat in his account far enough in advance for it to clear. Then when we met at the bank in that third state, we simply did a transfer of funds between accounts. Since it's at the same bank, it posts instantaneously & you don't have to wait for funds to clear.

Our boat had a clear title, so it was a simpler transaction in that regard. I'm not sure how you get around the issue of your bank paying off the lien. There's got to be a way of dealing with that though, I would think. Be up front with the seller & communicate with him. That usually helps. ;)

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I sold my boat to a buyer out of state, & we did the transaction in a third state. What we did was to both set up checking accounts with a bank that did business in all three states, he put the money for the boat in his account far enough in advance for it to clear. Then when we met at the bank in that third state, we simply did a transfer of funds between accounts. Since it's at the same bank, it posts instantaneously & you don't have to wait for funds to clear.

Our boat had a clear title, so it was a simpler transaction in that regard. I'm not sure how you get around the issue of your bank paying off the lien. There's got to be a way of dealing with that though, I would think. Be up front with the seller & communicate with him. That usually helps. ;)

Sounds like that would involve a lot of travel, which it sounds like he is trying to avoid.

I would suggest putting up a request for a fellow crewmember in the sellers area to check the boat out for you. Then it is just one trip to pick up the boat after the funds have cleared.

This would require a conversation with the sellers bank that on receipt of the funds, the title becomes your property.

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Travel? I'm not sure I understand. If anything it expedited the situation. We set up checking accounts at our local branches well in advance, & everything was fine when we arrived at the branch in the third state. That's the whole point of finding a bank that does business in all of the states involved, it does away with any delays or problems with transferring funds between different banks or across state lines.

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:plus1:

Yes we have a cashiers check made out to both seller and his lender. Problem now is that even if his lender, competely uncooperative Key Bank, recieves the check, which we have arranged to happen unpon compeltion fo the test drive, the check the wont post it to his account for 2 to 3 days. So the seller wont really know if I have a legitimate check. I didnt relly want to hang out in california for 2 to 3 days waiting for the check to clear???

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Yes we have a cashiers check made out to both seller and his lender. Problem now is that even if his lender, competely uncooperative Key Bank, recieves the check, which we have arranged to happen unpon compeltion fo the test drive, the check the wont post it to his account for 2 to 3 days. So the seller wont really know if I have a legitimate check. I didnt relly want to hang out in california for 2 to 3 days waiting for the check to clear???

Can you have check made to your account instead? You deposit, use WG's "two accounts at same bank" method to transfer funds to seller. Seller then sets up wire out from account at shared bank to seller's lender. Here the issue of trust is on you -- that the money actually gets to the seller's lender so you get a lien free boat.

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I sold my boat to a buyer out of state, & we did the transaction in a third state. What we did was to both set up checking accounts with a bank that did business in all three states, he put the money for the boat in his account far enough in advance for it to clear. Then when we met at the bank in that third state, we simply did a transfer of funds between accounts. Since it's at the same bank, it posts instantaneously & you don't have to wait for funds to clear.

Our boat had a clear title, so it was a simpler transaction in that regard. I'm not sure how you get around the issue of your bank paying off the lien. There's got to be a way of dealing with that though, I would think. Be up front with the seller & communicate with him. That usually helps. ;)

:plus1:

This is probably the easiest and safest way to get your transaction done, especially when all parties are from different states. Also, there's no need to wait for anything to clear since funds will be deposited to your account ahead of time. When you meet up to inspect the boat, if it is to your satisfaction, you just walk into the bank with the seller, transfer the money from your account to theirs, they can confirm right there that the funds transfered, and you're done. No need to wait days for any checks to clear.

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So Im driving 800 miles to look at, test drive and hopefully purchase a new malibu from a private seller this weekend.

My loan officer says she cant do a wire transfer to clear the sellers payoff amount and that it is standard practice to snail mail a paper loan check to the sellers lien holder.

So how do I get the seller to let me leave with the boat? I would be reluctant to release my property without waiting for the check to clear even if they buyer left a deposit.

It doesn't make sense financially, to make a second trip after the check has cleared??? How does this normally work???

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I recently went through a similar transaction for a used boat. If you have time, the same bank acct approach is the best. Since there is a lien on the boat, you will not receive a cleared title on the same day until the bank who holds the loan is comfortable that the funds have cleared. What we did is pay by cashier check and after a the check cleared, the title was sent to the seller. Some paperwork was signed by both parties indicating the sale price and the commitment to mail the title after the check cleared. Both parties assume some risk but luckily this worked out.

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It would be nice if he could get a personal loan to pay off the boat to get clear title. My guess though is that he is cash strapped.

Why are you having your bank doing a transaction with his bank? Can’t you get a cashiers check and take it with you?

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You should try wire transferring money half way across the world for a boat that you have never seen in person. Lucky I had a good contact that sorted me out.

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Yes we have a cashiers check made out to both seller and his lender. Problem now is that even if his lender, competely uncooperative Key Bank, recieves the check, which we have arranged to happen unpon compeltion fo the test drive, the check the wont post it to his account for 2 to 3 days. So the seller wont really know if I have a legitimate check. I didnt relly want to hang out in california for 2 to 3 days waiting for the check to clear???

I think the bank you guys are using is the problem, I've done many purchases with liens left on the title and it's only taken me at most 3 hrs at the bank if you have all the paperwork in hand.

You could always plan a camping trip with the people your buying the boat from here in CA. Just a thought :biggrin:

Edited by 68Slalom
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Don't make this overly complicated. I have sold a few antique cars to far away people.

Go to the bank. Get the bank to write bank checks (from your account) to the owner of the boat. Banks don't do cashier checks but a

check from the band to the individual is just as good.

Don't get just one check. If the boat is $20k then I would get a check for $17k then get a couple for $1,000 each and two for $500 each.

That way if a few items aren't correct you can still negotiate with him. Or of course you can bring $3,000 in cash.

I sold a Vette to a guy in Texas I am in Va and he came with one check only. There were a couple items on the Vette he did not like and I would of discounted the price $500 for them but, only had one check so the deal was at the original price take it or leave it.

Good Luck.

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When I bought my boat (out of state - TX to OK) I supplied my credit union with photos and an advertisement for the sale of the boat that they used for the appraisal. Once the credit union was satisfied with appraised value and loan amount, they requested a fax photocopy (I'm guessing... could have been a digital scan) of the title from the other credit union which held the title. Once they confirmed it was a clear title, they cut me a paper check. I went and looked at the boat, drove it and had it inspected. Once I was happy, I handed it over. About 3 weeks later they had my title ready and I went and picked it up to use to register the boat in my name.

edit: forgot to mention that I took the boat home that day.

Edited by ScooterM
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Have the seller take the boat to a dealership, agree with the seller that if the boat checks out as he says it will then you will pay the bill on top of the agreed sale price, if the boat is not as advertised, then he will have to pay the dealership for the inspection.

if the boat checks out, the seller just leaves the boat at the dealer, you send the check to the lien holder and 2-3 days later pick up the title at the bank and then the boat at the dealer.

If you have to check it out yourself, plan to spend 2-3 days in CA.

Based on the information you have provided, this is the way to do it.

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Thanks for all your input and ideas, the transaction went mostly smooth, had to have our loan officer hand cary the cashiers check to a key bank here in utah and make the deposit then the seller called to verify funds.

So we got the boat and its awesome, now just need to sell our 01 wakesetter.

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