If you are selling a boat......

[makoman]

I have my boat for sale now, too (a power boat). LOTS of Lookie-loos, have had only 1 serious person in 3 months, and he pulled his offer when COVID-19 hit.

My sympathies are with the OP!

[BlueH2Obound]

Originally Posted by JPA Cate

What's wrong with getting it in cash is that between receiving it and getting it to the bank, you are vulnerable to having it stolen off you. The other thing is that if it is over $9,999, there are anti-money laundering laws, and you may bear the brunt of that, including having the funds confiscated. And then, if you're American, there's the IRS to explain to. Mmmm. Not for this little brown duck.

Don't deal in cash these days. It can be a real headache.

I don't have a problem taking cash, but at MY bank as I don't want to transport either. Nor do I have a problem depositing a large amount of cash, well over the $10,000 limit requiring notification to the IRS. I legally owned the boat, I legally sold it, here's the cash in the amount of the purchase price . . . no problem in several boat's I've sold. Never been questioned by the IRS for the large deposits. Nor for deposits over $10k made for sale of cars or trucks.

On the Postal Money Order. I won't accept them, as I can't tell a real one from a fake one. Anyone asking to pay using a Postal Money Order because they don't want to carry that much cash (understandable), I tell them purchase the Money Order, made payable to themselves, notify the local Post Office that they will be in on XX date to redeem it, so they have the money on hand, then he and I can drive to the Post Office, HE can redeem the Money Order, then hand ME the cash. That way he is protected from transporting the cash, but I take no risk for a fraudulent money order.

[Giro]

It’s just not nice to call clients “clowns.” You were paid by these people Fore and Aft. Afford them the respect they deserve. Reevaluate your station in life.

[OneHullPaul]

Have them meet you in your bank branch with cash and deposit it on the spot.

Originally Posted by JPA Cate

What's wrong with getting it in cash is that between receiving it and getting it to the bank, you are vulnerable to having it stolen off you. The other thing is that if it is over $9,999, there are anti-money laundering laws, and you may bear the brunt of that, including having the funds confiscated. And then, if you're American, there's the IRS to explain to. Mmmm. Not for this little brown duck.

Don't deal in cash these days. It can be a real headache.

[upstateny]

Money transferred from outside the country will be posted to your US bank account in a few days BEFORE the money is actually transferred from the international account. You will have access to the money in your US account before its transferred. This is required by US law Go figure. Unfortunately, when the money transfer fails 2 week later, you no longer have the money. This is a typical international money transfer scam.

[Captn_Black]

I brought both my boats without seeing them, first in US, second in Canary Islands. The first I brought by PayPal. I have had a huge interest on public posts about my cruising life on social media. People want out.

Edit - Gf and I have worked online for years, which makes cruising easy. I guess now others are too they are realising the possibilities.

[Captn_Black]

It is about to become a buyer's market, if it isn't already. So finialise sooner rather than later imo.

[gansett]

I'd be leery of the sight-unseen buyers. There are alot of scam out there involving fraudulent funds and the like.

We just sold our older 31' power boat on Craigslist last week. The buyer's wife saw it on the ad and said "that's the one!" The stories he told led me to believe he was a current boater as he talked about one he was working on, and another they were using. But as it turned out the "working on" one hadn't seen the water in over 20 years and their "running" boat hadn't been used for almost that long. I found this out when I let the woman take the wheel during a sea trial. They bought it - and I sold it to them - irregardless. Their boating dreams vs reality is their own concern.

[Captn_Black]

Yes, be careful. Take this as a cautionary tale -

https://www.youtube.com/watch?v=5h5qDujaxx0

[SVHarmonie]

We take, and offer, cash for almost any transaction. We ALWAYS ask a vendor selling us anything with a significant price tag if we get a cash discount. When dealing with a private business, it is typically 3 to 5%, just from avoiding the credit card fees, although it has been as high as 20%. If they say "No," we just give them plastic and move on.

I believe our largest recent cash payment was for nearly $20K--which got us a 20% discount on some major hull repairs. Not peanuts. I strongly suspect the owner of that business put that money directly in his pocket as walking around cash without paying taxes on it, but that's not my problem.

People who fuss on here about the "money laundering rules" just do not understand them.

Yes, if I make a $10K cash deposit into my bank account, the bank reports it. So what? I fully intend to pay taxes on it (if I owe any). Nothing illegal is happening, and if anyone has a question, I can clearly show where the money came from and why I have it. It 100% legal, and nothing bad is going to happen because of "money laundering rules."

If someone wants to buy my boat with cash, I would be more than happy to do so. The suggestion of "Bring it to my bank and we'll deposit it right there" makes excellent sense if it's a large sum.

[Westcliffe01]

I think there was a case a while back of a cash purchase for about $250k or more and the owner and his wife disappeared over the side during the sea trial, never to be seen again. Buyer had a female accomplice with a baby to soften up the seller. Safety first....

[Cadence]

Originally Posted by Westcliffe01

I think there was a case a while back of a cash purchase for about $250k or more and the owner and his wife disappeared over the side during the sea trial, never to be seen again. Buyer had a female accomplice with a baby to soften up the seller. Safety first....

Sounds like good movie material.

[Captn_Black]

Originally Posted by Westcliffe01

I think there was a case a while back of a cash purchase for about $250k or more and the owner and his wife disappeared over the side during the sea trial, never to be seen again. Buyer had a female accomplice with a baby to soften up the seller. Safety first....

Yea, that happened in the case I posted a video of above, he and his wife were suspicious, so the "buyer" brought along his wife and baby. Both of them were killed on a test cruise - tied to an anchor and thrown overboard.

[Jim Cate]

Originally Posted by Giro

It’s just not nice to call clients “clowns.” You were paid by these people Fore and Aft. Afford them the respect they deserve. Reevaluate your station in life.

Perhaps he IS affording them the respect they deserve... he had to deal with them, you have not, and so are in a poor position to pass judgement.

Jim

[Giro]

Your comment is interesting. While it has the appearance of being well thought, in reality is has smacks of lashing out at me for the statement that I made. And so therefore I stand by what I said: It is simply not appropriate to call people who pay your way through life clowns. Unless one says it directly to their faces before, during or immediately after they place the money in ones hand it simply is not something that a person with integrity should do. Sorry, but that’s the way I feel about it.