Selling Formula, question about closing the deal
 

I think I have a buyer lined up for my 95 280SS. He is coming from Ohio next weekend to pick up the boat. Since there is a lien on the boat we are going to set up a wire transfer. Is that the best way to go? The bank that holds the note says that it takes one day to confirm the transfer which complicates things. The buyer doesn't want to wire the money until after the sea trial but a the same time doesn't want to sit around for a day until the transfer is confirmed. As the seller I want to be absolutely sure the loan is paid off before the I release the boat and trailer.

This is the same situation that I was in last fall. Overall, unfortunately it takes some trust on either end. What we did was to work VERY closely with our lender. We were fortunate that my lender was the same one that he was using, so transfer was simple.

The buyer had our boat fully surveyed and we had agreed on the price and all details, but wanted a sea trial personally to make sure all was well. Our deal was that he had his loan ready (I had confirmation of the funds), and would bring the down payment to the trial (cerrtified check made out to me). Once he rode in the boat and all was well, we called the lender and said that the deal was a go. This call put the transfer into action. I held the trailer title (though he had a copy of the title) until the $$ were transfered.

Fortunately, all went well and the new owner drove off with the boat on the trailer. Yes, he had to trust me, and I had to trust him. I think the transaction made us both a bit nervous, but it did work out for us.

Good luck on the sale.

PS... make sure he gives you confirmation of insurance for the boat and trailer before the meeting/transfer.

Ask Magicfloat about that , I'm pretty sure he lost one last year because of that, if I'm not mistaken the customer totalled the boat/trailer on the way home after the purchase, no insurance in effect yet so the financial institute had no collateral, so no loan, so no payment to Magicfloat...Protect yourself at all cost. If anything happens to the boat/trailer before it's paid off, your still liable for your loan.

Yep. That's what I'm worried about.

This is pretty much the same deal we are working on...the problem is the "lag" in confirming the funds. On TV these transfers happen immediately but in the real world it takes some time. I'm thinking about looking into an escrow service...seems like that would protect both parties. I used escrow.com a couple of years ago to sell a Porsche engine and that seemed to work well. Not sure how it would work with a boat.

Chuck,

The transfer should be able to be seen by the bank within an hour after it is made. The actual posting of the funds to any account won't be available to the receiver until after midnight (which is when most systems post up transactions) on the day it is wired. Hope this helps.

BTW, how is Amy? Are you a Dad yet? Guess you'll have to bum rides this summer huh? We'll get you in.

Also, congrats on post #500.

It would be worth it to me to offer to put up the buyer up in a hotel for the night and treat him to diner so you have a peace of mind over the transfer and reduce your risk. Just my .02¢

As well you should be,,,if you don't protect yourself,,nobody else is going to.

The lien is held by Bank of the West. After a couple of calls I was able to get someone on the line with the actual bank rather than the call center in India...they basically told me what you said, so they will be able to verify funds.

In other news, Baby Charlie was born on Tuesday, May 29 at 4:15pm. Even better, we were able to get out on the boat over memorial weekend. It's funny because just as he was coming out my cell phone started vibrating...the potential buyer was calling for information about the 280SS. Later in the day I told Amy that I had a potential buyer she said " you are negotiating a boat deal on the day your son was born?" :)

And I was going to call you at some point to ask for ride...I can be the substitute boater if Yvonne doesn't want to go for a ride. ;)

[QUOTE=chuck21401;2155820

In other news, Baby Charlie was born on Tuesday, May 29 at 4:15pm. Even better, we were able to get out on the boat over memorial weekend. It's funny because just as he was coming out my cell phone started vibrating...the potential buyer was calling for information about the 280SS. Later in the day I told Amy that I had a potential buyer she said " you are negotiating a boat deal on the day your son was born?" :)

I love it,,,a man after my own heart,,,,deals don't usually wait,,when ya gotta go, ya gotta go. The youngun didn't need you help getting here,,you already supplied your help.
Congrats on the new addition..

I do wire transfers to buy tile out of state all the time. They usually confirm the transfer in about twenty minutes.

just sold mine yesterday...buyer sent deposit few weeks ago, had survey done, came out for sea trial. went to his lending institution where they had 2 checks ready...1 for my payoff amount made out to my bank, and 1 to me for the difference. signed the purchase order, verified insurance, took my check and he took the boat

Chuck,

Congrats to you and Amy on the addition of Charlie. Bet that boat ride might have had something to do with inducing labor. :p I'd be happy to take you out anytime, just give me a call.

What a guy, turning a boat deal while the wifes in labor, and as Slick said.

Congrats again, pass it along to Amy....and post pics of Charlie when you can, need to see that new sailor. :D

Hopefully the boat sale will close this weekend.

The next question is...how do I get my mother-in-law to leave!

:evilb:

Tell her that it feels like its a little cramped around the house maybe. :D

Chuck, quick hijack on the 280ss...how'd it run with the V6s? Did you ever research swapping in small blocks?
There's a local '95-96 280ss with V6s that needs a new y-pipe but they're asking $17k. Have no idea the actual condition, but it seems kinda cheap?

The boat runs great with V6s. The boat comes up on a plane quickly without using the tabs. 28mph at 3000rpms, 35mph at 3400 rpms. Top end is in the mid-hight 40s with 1 person and 1/2 fuel. The speedo indicated 50mph on a test run last week, but I think the speedo is optomistic.

Swapping small blocks would be fairly easy but I think the engine mounts are a bit different. A replacement 305 V8 bobtail is only a couple hundred more than 4.3 V6 so if the boat ever needs engines that might be the way to go (along with some different props) The 350 V8s are like $1K more than the 4.3V6s. And I think with 350s you'd need to change the drive ratios from 1.8 to 1.5 or something like that.

I have not seen 280SSs with V6s beyond 1998 or 1999, the newer ones have V8s.

The cheapest early (95-96) 280SS I've seen with twins is $25K but it was rough! I have seen several single BBCs for around that price but I understand those boats are underpowered. $17K does sound cheap...but with older boats it's all about condition.

Bribery,,,maybe..offer a trip to Hawaii or the Bahamas or something.

I delivered the 280SS to the new owner yesterday; boat is going out to Ohio.

I'm thinking about getting a smaller boat to hold me over until baby Charlie is a bit older.

Of course every time my wife mentions "Formula" I'm thinking about the next boat but she's really talking about baby formula...