No Broker?

[Thomas1985]

Do people really buy $50k plus boats on sailboat listings etc?

It seems super sketchy to me to buy something that expensive on a handshake. Has anyone done it? Am I just paranoid?

[Kettlewell]

I agree that most of these deals sound too sketchy for me, but it really depends on the situation. Let's say you see a boat in the same boatyard where you keep your boat for the winter. You're both hauled out. You can ask around about the guy. You can talk to the boatyard management about him. You can maybe even just walk up to the lobby of a local bank together where you exchange the money for the paperwork. That could be OK. OTOH, if I saw a boat listed hundreds of miles away I would really want to do due diligence before committing. Again, if you could ask around about the guy at the yacht club, or the marina, or the boatyard, etc., maybe.

[Thomas1985]

I’ve always been too scared to even reach out on a boat over about $5k…

I do flip through sailboat listings for fun though. Fairly expensive boats are advertised on there all the time. I suppose someone is buying them or owners wouldn’t keep listing?

[A la carte]

Listings are only the marketing vehicle. The purchase/sale agreement can be anything from a handshake to use of an escrow company with a complex contract and contingencies. Having experience with multiple aircraft and boat purchases, I can be comfortable on certain purchases or sales without an escrow company, but I've done deals both ways. I guess it depends on your sophistication in knowing how to protect yourself. Due diligence is your responsibility and an escrow company can work very well.

[Fore and Aft]

Thomas1985 I see plenty of big boat sales of $100,000 plus done on a handshake. I am often amazed at how trusting some people are.
I have also seen plenty of issues when the survey uncovers issues, and the seller does not want to refund the deposit. One deposit I remember went to a couple who spent most of it and they had little chance of repaying it while on the pension.
Cheers

[clamshack]

YBAA has a standard contract that they use. Get a copy of that.

1. Offer
2. Due diligence in an escrow
3. Inspection
4. Counter if any/ Buyer ops out.
5. Insurance
6. Close