What's common method for paying cash for boat?
09-22-2008, 11:34 AM
#31
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http://www.quickdfw.com/sharedconten...t.12801db.html
Seems like you could be just as dead for $1,000 as $100,000. Looks like the bank is the only safe place to deal with any significant amount of cash.
09-22-2008, 11:43 AM
#32
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One nice thing about buying boats from OSO members, you know more than you wanted to know. 
Yeah, it was sunk once when "blank" owned it, and then "blank" blew the motors up, but "blank" had Konrads put on it, but then "DollaBill" left DNA in it, and it was stolen from LOTO once, but it was an inside deal, and then it was wrapped up in an FBI investigation and seized once, but then "blank" bought it and re-did the upholstery. Then "blank" had Gellner do the motors. I think that it is in Michigan now.
Yeah, it was sunk once when "blank" owned it, and then "blank" blew the motors up, but "blank" had Konrads put on it, but then "DollaBill" left DNA in it, and it was stolen from LOTO once, but it was an inside deal, and then it was wrapped up in an FBI investigation and seized once, but then "blank" bought it and re-did the upholstery. Then "blank" had Gellner do the motors. I think that it is in Michigan now.
09-22-2008, 11:53 AM
#33
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If he wants CASH take em cash and take some $$$$ off for the hassle ... have always gotten some deals on green over wires/checks and do the same 
good luck
09-22-2008, 12:01 PM
#35
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On the Coast Guard documented boats I have bought & sold, it always involved an agent that handled payment along with transfering the paperwork. A boat broker can probably handle this for you for a small fee as well.
On another note, the more someone wants cash, the less comfortable I am in dealing with them. Most guys are losing money of the transaction so capital gains shouldn't be a consideration. It could be a red flag for a guy transferring an asset that while he may be able to produce a clear title for, he may not be legally permitted to sell it- like a divorce settlement or bankruptcy. You may find yourself in a situation where the boat is seized from you because he lacked the ability to legally convey it. If he doesn't have the cash, that may make him a felon, but it doesn't do you any good.
On another note, the more someone wants cash, the less comfortable I am in dealing with them. Most guys are losing money of the transaction so capital gains shouldn't be a consideration. It could be a red flag for a guy transferring an asset that while he may be able to produce a clear title for, he may not be legally permitted to sell it- like a divorce settlement or bankruptcy. You may find yourself in a situation where the boat is seized from you because he lacked the ability to legally convey it. If he doesn't have the cash, that may make him a felon, but it doesn't do you any good.
09-22-2008, 12:33 PM
#36
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On our last Coast Guard documented boat, Lake Ozark Marine Documentation & title service tranfered the title,docs for peanuts $$$ and just needed to see the bill of sale / reciept ,did'nt need a boat broker and this one happened to be a Divrcee sale
09-22-2008, 02:48 PM
#38
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How do ya know for sure there's no liens? A bank,Marina,x wife,a pending legal action,etc?
Is it a title state? Like our state when I bought my boat it wasn't a title state, then they changed it,I went and got a title for it.
I had looked at a boat before my Hustler, he had the boat thru Bank of America , there was a second lien on the boat from the previous owner that made 2 loans on the boat,Seller didn't know about it,both loans at max value of the boat,It showed up 2 years later the 2nd lien holder w/ fed marshals come got the boat, Ended up Bank of America didn't do a diligent search on title/coast guard documentation.He got the boat back.Seller was responsible be he signed a bill of sale the stated that the boat was free of all liens and [sp?]cumbersoms.
If its a bunch of money go thru someone that would ck/search for liens,that way they might be responsible ?
like on a bill of sale if seller signs a bill of sale that states its free of all loans doesn't help if he's planing on screwing ya from the beginning,because you want be the only one he did it to.
Bill of sale thread
http://www.offshoreonly.com/forums/s...ight=bill+sale
Is it a title state? Like our state when I bought my boat it wasn't a title state, then they changed it,I went and got a title for it.
I had looked at a boat before my Hustler, he had the boat thru Bank of America , there was a second lien on the boat from the previous owner that made 2 loans on the boat,Seller didn't know about it,both loans at max value of the boat,It showed up 2 years later the 2nd lien holder w/ fed marshals come got the boat, Ended up Bank of America didn't do a diligent search on title/coast guard documentation.He got the boat back.Seller was responsible be he signed a bill of sale the stated that the boat was free of all liens and [sp?]cumbersoms.
If its a bunch of money go thru someone that would ck/search for liens,that way they might be responsible ?
like on a bill of sale if seller signs a bill of sale that states its free of all loans doesn't help if he's planing on screwing ya from the beginning,because you want be the only one he did it to.
Bill of sale thread
http://www.offshoreonly.com/forums/s...ight=bill+sale
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09-22-2008, 04:50 PM
#39
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PLEASE learn from my mistake!!! DO NOT TAKE THE BOAT FROM HIM OR GIVE HIM MONEY IF HE DOESN'T HAVE THE TITLE IN HAND!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! It doesn't matter if you are paying for it with cash, check, credit card, or loan. In this economy, trust has been thrown out of the window in these deals.
It is a $25 fee for the coast guard to run their check to see if there are any outstanding loans on the boat.
It is a $25 fee for the coast guard to run their check to see if there are any outstanding loans on the boat.
09-22-2008, 09:06 PM
#40
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The deal is dead.
The guy wound up insulting me when I wouldn't pay in cash or agree to give him the check and leave the boat.
The fact the boat was advertised on another boat Web site and someone there seemed to know him makes me tend to believe it was not a scam. However, judging by his inarticulateness, casual cussing in the emails, and horrendous spelling I think he was just not too bright.
But this info is good to know for the next time.
Thanks everyone.
The guy wound up insulting me when I wouldn't pay in cash or agree to give him the check and leave the boat.
The fact the boat was advertised on another boat Web site and someone there seemed to know him makes me tend to believe it was not a scam. However, judging by his inarticulateness, casual cussing in the emails, and horrendous spelling I think he was just not too bright.
But this info is good to know for the next time.
Thanks everyone.
