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01-08-2011, 06:59
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#1
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Registered User
Join Date: Sep 2010
Posts: 874
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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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01-08-2011, 07:31
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#2
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Registered User
Join Date: Oct 2007
Location: Lakewood Ranch, FLORIDA
Boat: Alden 50, Sarasota, Florida
Posts: 3,467
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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 $$$ in hand. The risk you mention works both ways which is why you require an intermediary and escrow agent in such transactions.
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01-08-2011, 08:17
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#3
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Registered User
Join Date: Sep 2010
Posts: 874
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Re: Buying a Boat from an Absentee Owner ...
Quote:
Originally Posted by S/V Illusion
If I were the seller, I'd never sign over a Bill of Sale without $$$ 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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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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01-08-2011, 08:55
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#4
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Registered User
Join Date: Oct 2007
Location: Lakewood Ranch, FLORIDA
Boat: Alden 50, Sarasota, Florida
Posts: 3,467
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Re: Buying a Boat from an Absentee Owner ...
Quote:
Originally Posted by Gone2long
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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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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01-08-2011, 09:06
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#5
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Registered User
Join Date: Sep 2010
Posts: 874
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Re: Buying a Boat from an Absentee Owner ...
Quote:
Originally Posted by S/V Illusion
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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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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01-08-2011, 09:20
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#6
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Registered User
Join Date: Dec 2008
Location: St. Georges, Bda
Boat: Rhodes Reliant 41ft
Posts: 4,131
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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.
__________________
so many projects--so little time !!
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01-08-2011, 09:42
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#7
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Registered User
Join Date: Aug 2006
Location: Skagit City, WA
Posts: 25,483
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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.
__________________
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard
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04-08-2011, 10:02
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#8
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Registered User
Join Date: Sep 2010
Posts: 874
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Re: Buying a Boat from an Absentee Owner ...
Quote:
Originally Posted by Blue Stocking
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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Lot's of HSBC branches out this way. Not a bad idea to give them a call.
Thanks,
G2L
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