How Hard Is It To Sell Your Own Boat?

[achil]

Originally Posted by smj

Not always true. It took me over 3 months to get my deposit back from a broker after the seller wouldn't accept my offer. This included hiring a lawyer, complaining to the brokerage association, who by the way are useless, and finally threats. It was paid of a few thousand at a time. This would be one case where having a sellers broker close by would be an advantage.

For future reference you should insist that deposit funds be held in an escrow account until the deal has closed. It is obvious that those guys treated your money as their own.

[smj]

Originally Posted by achil

For future reference you should insist that deposit funds be held in an escrow account until the deal has closed. It is obvious that those guys treated your money as their own.

It was supposed to go into an escrow account according to the contract, but I had no control over what they did with it.

[Cheechako]

A couple of boats I bought I was not near the boat when I offered. Two different brokers just asked me for a photocopy of a deposit check. It all worked out fine. I think they just wanted something to show the seller that we were serious.
Let's face it, you can get out of buying a boat for most any reason you want. Those brokers understood that and made the deal work. Brokers often ask for a large deposit, I always tell them "oh $1000 is enough". Or $2000.. whatever works. They are drooling to make a sale anyway... what are they going to do, lose the possibility?
Another option would be to post date a check. You have time to cancel it that way.
Always remember... YOU are the buyer and YOU are in control. You can do anything you want.

[Factor]

Originally Posted by Cheechako

Another option would be to post date a check. You have time to cancel it that way.
Always remember... YOU are the buyer and YOU are in control. You can do anything you want.

Yeah - not quite, what you describe regarding postdating and cancelling cheques only works if your jurisdiction does not have an offence of passing valueless instruments, and if the seller/broker is willing to accept a personal cheque. A seller acting on their own would be mad to the point of insane, to accept a personal cheque.

[SV THIRD DAY]

There is this new thingymagig called an Escrow account...amazing....

[onestepcsy37]

Only one word of advice, which I was given many years ago, and have always followed.

Ask the buyer what bank he will be drawing his check from. Then open an account at that bank. On the day of the transfer, meet him at that bank and have the money transferred account-to-account by the bank.

[Boatguy30]

Originally Posted by smj

It was supposed to go into an escrow account according to the contract, but I had no control over what they did with it.

this all points out private sale deals can be a bit sticky when your' re talking over 100k. I believe Boat US did offer an escrow service not sure if they still do.

Good luck!

[onestepcsy37]

Originally Posted by SV THIRD DAY

There is this new thingymagig called an Escrow account...amazing....

Would be even more amazing if the escrow account was in YOUR name, not the brokerages'.

[smj]

Originally Posted by Boatguy30

this all points out private sale deals can be a bit sticky when your' re talking over 100k. I believe Boat US did offer an escrow service not sure if they still do.

Good luck!

This happened 13 years ago and it was through a broker. I agree with the previous poster, the buyer sets up a bank account with the same bank as the seller. Papers are notarized at the bank and money is transferred from the buyers account to the sellers. An easy transaction as the seller is assured he has the money in his account and the buyer has the notarized papers in his hands.


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[smj]

If selling by owner the buyer can also hire a documentation company to handle both the paper work and the transferring of funds.

[Bjorn_O]

I have sold boats myself twice. Many were interested, but no one came to look at the boat. It took a couple of months but - the first person that actually saw the boat "live" became the new owner.

[Cheechako]

Originally Posted by Factor

Yeah - not quite, what you describe regarding postdating and cancelling cheques only works if your jurisdiction does not have an offence of passing valueless instruments, and if the seller/broker is willing to accept a personal cheque. A seller acting on their own would be mad to the point of insane, to accept a personal cheque.

As I said in my post, every broker I've used has taken a personal check or even a photocopy of one for the DEPOSIT.
It is not illegal to cancel a check in the US... if you have not received anything for it.... besides, it's not active until the date, thus the post dating it idea. Post dating is frowned upon these days though. But the broker really just wants to know you are serious. He knows you can get out of a deal if you want anyway... at no cost other than your time and inspection or survey costs. All you have to do is reject your inspection, even without survey.

[Cheechako]

Some advice if selling yourself:
-make it easy to see the boat. You are going to have to be willing to show it to "looky loo's" People want to look with no pressure, it's part of the buying process. So word your ad accordingly.
-Have the name of a couple documentation businesses etc. Tell the prospective buyers what those people will do to keep the sale on the up and up and ensure the papers are right etc before payment.
-Have a boat sales agreement available that is fair to the buyer and seller.
etc.


Give a copy of the boat sales agreement and doc business to any lookers that seem serious.

[brownoarsman]

I'm about to sell my own boat, and was thinking of making it a requirement for sea trials (versus just inspecting) that the prospective buyer bring a six pack. A small <$10 hurdle to clear out the tire kickers and if no sale, still a good way to spend the day Not sure if it sends the wrong message though.


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[Cheechako]

haha, not worth a six pac! Of course sea trials only done after deposit and agreement on a price etc.