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How to buy with a lien on title

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Old 07-17-2009, 04:14 PM
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Originally Posted by apppedigree View Post
They said that a bank check can still be stopped. I thought that they were as good as cash.

I am interested in know how to do it where you dont have to take someones word for it.
A "bank check" is not the same as a "cashiers check". Many banks have stopped issuing cashiers checks and or accepting them as cash as there is so much fraud with them these days. Today, a wire is the only thing universally as good as cash when paying off a bank loan.

Many real estate closing companies will only take wires also.
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Old 07-17-2009, 08:23 PM
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Originally Posted by Von Bongo View Post
A "bank check" is not the same as a "cashiers check". Many banks have stopped issuing cashiers checks and or accepting them as cash as there is so much fraud with them these days. Today, a wire is the only thing universally as good as cash when paying off a bank loan.

Many real estate closing companies will only take wires also.
BINGO... Wires the only way to go. You can set all of that up with the bank.. Better then cash.. Instant to them...

Have the original owner wire his part.. Then you wire your part.. Done deal. Go pick the boat up and get your papers all at the same time. Make sure he wires First!!!

That method should be pretty full proof. and still get a notorized bill of sale and copies of the wire transer confirmation pages...

Good luck
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Old 07-17-2009, 11:45 PM
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Wire transfer is how i sold my last pickup. I dont think a boat is differant. He wired his amount (took a couple hours at most), the bank took the differance from my account. Gravy.

I had to fly to austin to pick the title up though because they told me they could overnight it on the phone so thats what I told the buyer. But come to find out from a differant bank person it would have taken them 2 weeks to send it to the new buyer.
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Old 07-18-2009, 11:49 AM
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I recently "purchased" a boat, that is starting to look like fraud by the selling boat dealership (anyone remember National Marine ). Can't say much more at this time, but unless you have the lein free title IN YOUR HANDS when you hand over the check, DON'T DO IT. In this desperate economy, some folks are doing desperate things hoping to get away with it. For my situation, it looks like it is now going to cost me alot of money, aggravation, and time, to try to own "my" boat, that I paid for, in full, with a bank check. I have a notarized bill of sale, signed by the owner of the dealership, but, as I have now learned through my own research, he didn't have the title!
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Old 07-18-2009, 12:34 PM
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Hire an escrow agency to subrogate the closing for you or have him pay his portion first. Once you can certify that he has made his contribution, you can present to him cert. funds made out to Key, receiving both a Power of Atty for the transaction and a Bill of Sale, taking possession of the boat at that time. Key should have a procedure that he can subscribe to where they send you the title directly. With the POA you shouldn't have to bother with him again. It protects you should the worst happen.,.. his death... arrest.. disappearance...etc.
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Old 07-19-2009, 08:32 AM
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Use a title company and depending on what state have the DMV AND State Police do a HIIN check including the hidden #s. Also Insure the boat before the transaction. Bought a boat once cleared it with DMV only got title needless to say months later I was up the creek without a paddle when CHP hauled it out of my driveway saying it was stolen. No boat No money
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