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who used an Escrow Co. to sell your Boat


Rack

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Assuming it’s the 92 in your profile, I can imagine that’s selling for more than say $15k?  In that case I like to just do the deal at the buyer’s bank. Bring title to boat and trailer and a bill of sale that says you are selling as is where is with all faults, just to avoid any argument down the road when a wheel falls off the trailer or a head gasket blows on the buyer’s second trip. 
 

walk up to a teller window with the buyer and have the buyer get you a cashier’s (bank) check in the amount of the purchase price. You’ll know it’s a good check that way. Assuming you’d prefer the check to cash of course. 
 

sign over title and bill of sale. 
 

Shake hands with the buyer and wish them the best, then go to your car before the buyer can see you shed a tear for all of those memories you made with friends and family on the boat. Have a good cry, then try to let that feeling go. Take it one day at a time in the new normal your life as a former boat owner. 

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6 minutes ago, shawndoggy said:

Assuming it’s the 92 in your profile, I can imagine that’s selling for more than say $15k?  In that case I like to just do the deal at the buyer’s bank. Bring title to boat and trailer and a bill of sale that says you are selling as is where is with all faults, just to avoid any argument down the road when a wheel falls off the trailer or a head gasket blows on the buyer’s second trip. 
 

walk up to a teller window with the buyer and have the buyer get you a cashier’s (bank) check in the amount of the purchase price. You’ll know it’s a good check that way. Assuming you’d prefer the check to cash of course. 
 

sign over title and bill of sale. 
 

Shake hands with the buyer and wish them the best, then go to your car before the buyer can see you shed a tear for all of those memories you made with friends and family on the boat. Have a good cry, then try to let that feeling go. Take it one day at a time in the new normal your life as a former boat owner. 

You forgot the last step …

lastly go buy another boat!!!

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1 hour ago, shawndoggy said:

Assuming it’s the 92 in your profile, I can imagine that’s selling for more than say $15k?  In that case I like to just do the deal at the buyer’s bank. Bring title to boat and trailer and a bill of sale that says you are selling as is where is with all faults, just to avoid any argument down the road when a wheel falls off the trailer or a head gasket blows on the buyer’s second trip. 
 

walk up to a teller window with the buyer and have the buyer get you a cashier’s (bank) check in the amount of the purchase price. You’ll know it’s a good check that way. Assuming you’d prefer the check to cash of course. 
 

sign over title and bill of sale. 
 

Shake hands with the buyer and wish them the best, then go to your car before the buyer can see you shed a tear for all of those memories you made with friends and family on the boat. Have a good cry, then try to let that feeling go. Take it one day at a time in the new normal your life as a former boat owner. 

Shawn, thanks for the advise. I had already posted it a 15K  which for its age I think is a Fair price considering the market.

I should of clarified my question. What if the buyer is out of state and wants to have it shipped. I realize not everybody wants a  DD, so my market is limited. I'm just trying to see what options are out there.

Edited by Rack
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15 minutes ago, Rack said:

Shawn, thanks for the advise. I had already posted it a 15K  which for its age I think is a Fair price considering the market.

I should of clarified my question. What if the buyer is out of state and wants to have it shipped. I realize not everybody wants a  DD, so my market is limited. I'm just trying to see what options are out there.

Tell him to fly in, pay you and have it shipped?  Can't imagine buying a 92 sight unseen.

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3 hours ago, shawndoggy said:

Assuming it’s the 92 in your profile, I can imagine that’s selling for more than say $15k?  In that case I like to just do the deal at the buyer’s bank. Bring title to boat and trailer and a bill of sale that says you are selling as is where is with all faults, just to avoid any argument down the road when a wheel falls off the trailer or a head gasket blows on the buyer’s second trip. 
 

walk up to a teller window with the buyer and have the buyer get you a cashier’s (bank) check in the amount of the purchase price. You’ll know it’s a good check that way. Assuming you’d prefer the check to cash of course. 
 

sign over title and bill of sale. 
 

Shake hands with the buyer and wish them the best, then go to your car before the buyer can see you shed a tear for all of those memories you made with friends and family on the boat. Have a good cry, then try to let that feeling go. Take it one day at a time in the new normal your life as a former boat owner. 

I would still rather have the bank wire funds as some banks allow you to put stop payments on cashiers checks. 

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4 hours ago, Pnwrider said:

I would still rather have the bank wire funds as some banks allow you to put stop payments on cashiers checks. 

I mean yeah, you could.  There are ways to claw back a wire too.  It's a lot of work and time and effort to rip someone off like that tho.  It could happen, but pretty unlikely.

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6 hours ago, Rack said:

Shawn, thanks for the advise. I had already posted it a 15K  which for its age I think is a Fair price considering the market.

I should of clarified my question. What if the buyer is out of state and wants to have it shipped. I realize not everybody wants a  DD, so my market is limited. I'm just trying to see what options are out there.

Then they need to wire you funds and arrange shipping.  At least that's how I've done it in the past (as a buyer).

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On 4/1/2023 at 10:39 AM, Rack said:

What if the buyer is out of state and wants to have it shipped.

I'm not sure that either of those are important to you, except for the out-of-state bank part.  The buyer is going to ship *his* boat, not yours.

Honestly, I see no reason not to use an escrow company to close the deal for you.  That really just means a disinterested third party that both of you trust enough to hold all the marbles and swap hands with them.

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2 hours ago, justgary said:

I'm not sure that either of those are important to you, except for the out-of-state bank part.  The buyer is going to ship *his* boat, not yours.

Honestly, I see no reason not to use an escrow company to close the deal for you.  That really just means a disinterested third party that both of you trust enough to hold all the marbles and swap hands with them.

I agree that you don't need an escrow company.  Personally, when I have sold items at this price point I just take a hand written check.  There is a number on each check for the issuing bank.  You call that number and tell them ____ person has written a check for the purchase of a given item for ____ amount of dollars.  They will then ask for the account number and tell you if you should, or should not except the check.  I believe they also immediately place a hold on the given amount based on the knowledge a check has been written for said amount.  I know people do messed up s**t, but writing a bad check for $15K is a felony if I'm not mistaken.  I would have something signed ahead of time that says buyer is purchasing the boat & trailer as is, and buyer is responsible for all shipping costs.  Other than that, I wouldn't worry much about it.  

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19 hours ago, Shea said:

I agree that you don't need an escrow company.  Personally, when I have sold items at this price point I just take a hand written check.  There is a number on each check for the issuing bank.  You call that number and tell them ____ person has written a check for the purchase of a given item for ____ amount of dollars.  They will then ask for the account number and tell you if you should, or should not except the check.  I believe they also immediately place a hold on the given amount based on the knowledge a check has been written for said amount.  I know people do messed up s**t, but writing a bad check for $15K is a felony if I'm not mistaken.  I would have something signed ahead of time that says buyer is purchasing the boat & trailer as is, and buyer is responsible for all shipping costs.  Other than that, I wouldn't worry much about it.  

I would never, EVER, accept a hand written check.  Ever.  Last two buyers of cars of mine tried that and had to fund me otherwise, and both bankers I dealt with fully agreed with my decision.  Cash, wire, or walk.

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20 hours ago, Shea said:

To each his/her own.  I would never tell someone that your method isn't the safest way to do business.  It is without doubt.  So, maybe I gave some bad advice as I don't know the sellers personal financial situation and comfort level with risk.  For that I apologize.  I just choose to have more faith in people.  Has it cost me a little time and a little money over the years?  Sure it has. 

I grew up in a small town in Vermont, I've lived in a small town in Wyoming for 23 years and I refuse to assume people are inherently sh*tty.  Therefore I do take hand written checks when selling toys, trucks, boats or whatever it is.  There are consequences for people that write bad checks, especially for that dollar amount.  If someone wants to go down that path with me I will spend a little money and time to make sure they suffer those consequences.  For better or worse for or me it's a handshake, a signed doc that states "sold as is" and a check.  However, I do appreciate your prospective on being more cautious and protecting one’s self.  

To add to this from a buyers perspective, having to go to one of these deals with that much cash on hand is also not super fun. I agree with others about meeting at a bank.

Edited by Jhucke
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Yeah, everyone has to figure out what they are comfortable with.  10K or under I usually pay/accept cash.  Personal check depending on the vibe I get off a person.  Cashiers check for some.  When I bought my Malibu, lady wanted a wire transfer so we met at bank and did everything there.

Last week I handed a guy a cashiers check in exchange for a title and a couple keys to a bike that is on the other side of the country, but I felt fine about him and given who he was and what he does I was sure that he had better things to do than try to scam me out of 9K.

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I just bought my 06 off of pop yachts which uses escrow. It was a decent process but I absolutely hated the wire transfer and escrow part of it. I did my due diligence on the bank information but it is a scary process. Would have preferred to pay cash on the spot. 

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6 minutes ago, Mb911 said:

I just bought my 06 off of pop yachts which uses escrow. It was a decent process but I absolutely hated the wire transfer and escrow part of it. I did my due diligence on the bank information but it is a scary process. Would have preferred to pay cash on the spot. 

If you did your due diligence, you would have been more scared about the pop yachts part ;)  Glad it worked out.

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59 minutes ago, oldjeep said:

If you did your due diligence, you would have been more scared about the pop yachts part ;)  Glad it worked out.

Trust me I did and was nervous the whole time but it was the right boat . I tried to find it advertised elsewhere and I couldn’t find it. Though when I met the seller he said he also had it on marketplace.  I searched the wrong location but either way. It worked out

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Just reading march issue of BoatUS magazine and there is an article on this exact topic about scammers trying to buy boats with fake cashiers checks (which can take a week or two to ID at which point your boat is long gone(

Red flags discussed like: awkward English, no haggling on price/documentation/inspections, multiple email addresses, demands for a specific escrow company, etc. 

Worth a quick read.

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29 minutes ago, CaptainMorgan said:

Just reading march issue of BoatUS magazine and there is an article on this exact topic about scammers trying to buy boats with fake cashiers checks (which can take a week or two to ID at which point your boat is long gone(

Red flags discussed like: awkward English, no haggling on price/documentation/inspections, multiple email addresses, demands for a specific escrow company, etc. 

Worth a quick read.

And yet, back in 2014, I sold my boat to two dudes from Russia.  It's kinda hard to navigate their site, but last I checked my old boat had been moved down to crimea https://riversurf.ru

This pic is from 2019ish

image.thumb.png.07f3f09845b43153ded6d014012c5a0a.png

Edited by shawndoggy
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3 hours ago, shawndoggy said:

And yet, back in 2014, I sold my boat to two dudes from Russia.  It's kinda hard to navigate their site, but last I checked my old boat had been moved down to crimea https://riversurf.ru

This pic is from 2019ish

image.thumb.png.07f3f09845b43153ded6d014012c5a0a.png

Whoa...  I wonder if it has rocket launchers mounted to the tower at this point. 

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