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Old 01-08-2011, 06:59   #1
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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
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Old 01-08-2011, 07:31   #2
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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.
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Old 01-08-2011, 08:17   #3
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Re: Buying a Boat from an Absentee Owner ...

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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
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Old 01-08-2011, 08:55   #4
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Re: Buying a Boat from an Absentee Owner ...

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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.
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Old 01-08-2011, 09:06   #5
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Re: Buying a Boat from an Absentee Owner ...

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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
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Old 01-08-2011, 09:20   #6
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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.
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Old 01-08-2011, 09:42   #7
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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.
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Old 04-08-2011, 10:02   #8
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Re: Buying a Boat from an Absentee Owner ...

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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
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