Buying boat on Craigslist?

[crashkahuna]

First of all I have always used a broker to buy or sell boats. But for the type of boat I am interested now I have seen more on Craigslist that on broker sites. I am considering asking a broker to be my buyers agent to basically handle the escrow process and title/registration. Anyone else out there done this and about what % commission did they take? Thanks!

[Snkr]

I bought mine off of there, owner financed and took care of the survey he even took care of reg and title transfere.

[sarafina]

Bought ours off craigslist. We handled the title and registration ourselves. There was no survey or escrow account.

[delmarrey]

I bought mine off of ebay, a local charity. They took care of the tile and reg. But I could have done it myself. I did my own survey before the bid and knew what condition the boat was in.

An escrow maybe necessary if the seller seems questionable. And it would depend on the value. Somethings aren't worth putting a lien on.

[Mike Vogdes]

I use craigslist quite a bit and have always handled title and registration myself. Its actually very simple if the seller has a clear title in hand. A simple notarized Bill of Sale signed by both buyer and seller is all that is required to transfer title. My bank notarizes for free, I usually meet the seller at my bank, and do the closing in my car.

[AnchorageGuy]

be very careful on Craigslist. About half of the ads are scams, so if anything doesn't seem right, walk away and never accept or send payments without first meeting the owner and seeing the boat in person. Be careful. Chuck

[rebel heart]

Friend of mine bought his boat there and it worked out really well for him. If you know what you're doing I think it's fine. Probably not a great idea for a first time boat owner with limited knowledge.

[Khagan1227]

I bought my small boy on there and did the title/registration myself. No problems. I did my own survey and got a pretty good deal.

We are looking at a bigger boat and I have been looking on there, ebay (bought my SSR on there), yachtworld and have been walking docks. Since I expect to pay a lot more for this boat than the small boy, I'll have a professional survey completed.

Keith

[Eyeback]

How can you check if a boat has a loan on it? Does USCG documentation include information on leins or bank loans on the boat? If you buy a boat from someone who has a loan on it, can the bank come after you for the money or even confiscate the boat? Can the Coast Guard refuse to document a boat that still has money owing on it from a past due loan?

[Khagan1227]

Originally Posted by Eyeback

How can you check if a boat has a loan on it? Does USCG documentation include information on leins or bank loans on the boat? If you buy a boat from someone who has a loan on it, can the bank come after you for the money or even confiscate the boat? Can the Coast Guard refuse to document a boat that still has money owing on it from a past due loan?

When I dealt with the boat and the truck, the selling party had the title in hand. If you are in doubt, then I'd fall back on a broker, it could be well worth the money.

[chris07732]

Having title in hand as proof that there is no lien is problematic here in NJ. The state issued titles all have a CYA statement "Caution: Boat may be subject to other filed liens". Has been the case for all my titled boats since 1995. I don't know how you do a title search on a boat like you do for a house.

[GaryMayo]

Someone local spent the night in jail for selling her neighbors horse trailer on craigs lost. Buyer beware. eBay as well.

If something sounds too good, it most likely is.

[Rakuflames]

Originally Posted by rebel heart

Friend of mine bought his boat there and it worked out really well for him. If you know what you're doing I think it's fine. Probably not a great idea for a first time boat owner with limited knowledge.

It's worked well for me for both boats but I always took someone knowledgeable with me.

I had this boat surveyed but the surveyor did a truly inadequate job, even though he came highly recommended to me by three people I respected. Life's a gamble ...

but I absolutely would NOT use a broker just to handle title and registration. While that process is extremely complex for a house or condo, it's easier than it is for a car to take care of that for a boat.

Brokers, unless you make a special arrangement, are working for the owner of the boat, not you. The only broker I worked with was, frankly, an idiot, who ran the boat aground by going OUTSIDE the green and red markers -- which were ... right opposite each other. If there was ever a time to thread the needle that was it, and instead she went outside the red marker ("red right returning" AND land side, so it doesn't matter if it was ICW or not in this case) ... and ... thunk!

[Rakuflames]

Originally Posted by chris07732

Having title in hand as proof that there is no lien is problematic here in NJ. The state issued titles all have a CYA statement "Caution: Boat may be subject to other filed liens". Has been the case for all my titled boats since 1995. I don't know how you do a title search on a boat like you do for a house.

Liens are a matter of public record.