Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 01-08-2011, 07:59   #1
Registered User

Join Date: Sep 2010
Posts: 844
Images: 1
Buying a Boat from an Absentee Owner ...

... I have looked at two boats recently, and, in both cases, the owner was absent. Also, each owner wanted me to send a wire to his account, in a different country, BEFORE he would hand over a bill of sale, by mail.

I am wondering if this is common practice in boat buying. Seems like an awful risky way to do business..

Anbody have any experience with such things?

Thanks to all for your assistance.

G2L
__________________

__________________
Gone2long is offline   Reply With Quote
Old 01-08-2011, 08:31   #2
Registered User
 
S/V Illusion's Avatar

Join Date: Oct 2007
Location: Lakewood Ranch, FLORIDA
Boat: Alden 50, Sarasota, Florida
Posts: 1,693
Re: Buying a Boat from an Absentee Owner ...

If I were the seller, I'd never sign over a Bill of Sale without $$$ in hand. The risk you mention works both ways which is why you require an intermediary and escrow agent in such transactions.
__________________

__________________
S/V Illusion is offline   Reply With Quote
Old 01-08-2011, 09:17   #3
Registered User

Join Date: Sep 2010
Posts: 844
Images: 1
Re: Buying a Boat from an Absentee Owner ...

Quote:
Originally Posted by S/V Illusion View Post
If I were the seller, I'd never sign over a Bill of Sale without $$$ in hand. The risk you mention works both ways which is why you require an intermediary and escrow agent in such transactions.
Hi,

Good advice, no doubt but I'm in Asia, in the boonies, and such beasts don't seem to occupy these jungles. So I'm gonna have to figure out some kind of other solution. Thanks for the advice though. Definitely makes sense.

G2L
__________________
Gone2long is offline   Reply With Quote
Old 01-08-2011, 09:55   #4
Registered User
 
S/V Illusion's Avatar

Join Date: Oct 2007
Location: Lakewood Ranch, FLORIDA
Boat: Alden 50, Sarasota, Florida
Posts: 1,693
Re: Buying a Boat from an Absentee Owner ...

Quote:
Originally Posted by Gone2long View Post
Hi,

Good advice, no doubt but I'm in Asia, in the boonies, and such beasts don't seem to occupy these jungles. So I'm gonna have to figure out some kind of other solution. Thanks for the advice though. Definitely makes sense.

G2L
Assuming the boat is located where you are and the owner someplace else, I'd revert to finding a local bank, local official or lacking even that level of civilization, the most trusted person in the community. In some places, it simply may not be possible to execute any type of credible transaction.
__________________
S/V Illusion is offline   Reply With Quote
Old 01-08-2011, 10:06   #5
Registered User

Join Date: Sep 2010
Posts: 844
Images: 1
Re: Buying a Boat from an Absentee Owner ...

Quote:
Originally Posted by S/V Illusion View Post
Assuming the boat is located where you are and the owner someplace else, I'd revert to finding a local bank, local official or lacking even that level of civilization, the most trusted person in the community. In some places, it simply may not be possible to execute any type of credible transaction.
You mean get the bank or official to hold the money in an escrow account? The owner, living in another country, would have to agree to send me a bill of sale based on that bank or official telling him that the money is available and will actually get to him once a bill of sale is provided. Not sure the owner would feel comfortable with that, if that is what you are suggesting.

Feel free to clarify your point if necessary.

Thanks for your input,

G2L
__________________
Gone2long is offline   Reply With Quote
Old 01-08-2011, 10:20   #6
Senior Cruiser
 
Blue Stocking's Avatar

Cruisers Forum Supporter

Join Date: Dec 2008
Location: St. Georges, Bda
Boat: Rhodes Reliant 41ft
Posts: 4,115
Re: Buying a Boat from an Absentee Owner ...

Many years ago, I used to buy Wallopa power line poles from Guyana.
Gov. of Guyana did not offer credit a/c, and would not transact on deposit terms.
We would place pro-forma invoice amount with bank official, goods would be consigned to us, care of bank, and bank would forward payment prior to releasing shipment docs to us.
It was called Sight Draft procedure. Bet HSBC still does it.
__________________
so many projects--so little time !!
Blue Stocking is online now   Reply With Quote
Old 01-08-2011, 10:42   #7
Senior Cruiser
 
Cheechako's Avatar

Cruisers Forum Supporter

Join Date: Aug 2006
Location: Skagit City, WA
Posts: 19,363
Re: Buying a Boat from an Absentee Owner ...

I'd be real careful... alot of scams out there even in the states. Selling autos with the owner not present is one of them.... I'd use a middle man/escrow company or not do it.
__________________
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard











Cheechako is offline   Reply With Quote
Old 04-08-2011, 11:02   #8
Registered User

Join Date: Sep 2010
Posts: 844
Images: 1
Re: Buying a Boat from an Absentee Owner ...

Quote:
Originally Posted by Blue Stocking View Post
Many years ago, I used to buy Wallopa power line poles from Guyana.
Gov. of Guyana did not offer credit a/c, and would not transact on deposit terms.
We would place pro-forma invoice amount with bank official, goods would be consigned to us, care of bank, and bank would forward payment prior to releasing shipment docs to us.
It was called Sight Draft procedure. Bet HSBC still does it.
Lot's of HSBC branches out this way. Not a bad idea to give them a call.

Thanks,

G2L
__________________

__________________
Gone2long is offline   Reply With Quote
Reply

Tags
buying

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Thinking of Buying a Sailing Catamaran ? Some Thoughts . . . papagena Multihull Sailboats 12 23-12-2011 11:21
Buying a Boat with Expired Documentation Sailorman375 Dollars & Cents 9 01-08-2011 09:57
Buying a Boat in Greece ShayK Europe & Mediterranean 6 27-07-2011 01:28
Need Advice on Buying a Boat Capt. lulz Liveaboard's Forum 45 25-07-2011 13:17
Boat Buying Blues Funsail29 Engines and Propulsion Systems 5 01-07-2011 12:08



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 16:17.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.