How to pay for a boat you're having shipped to you?
 

Thinking about buying a boat that is too far away to go look at. I will be having it inspected by trusting sources and will get a good idea of the condition from this. I know it seems risky, but people must do it all the time. How do you pay for something like this? The bank can cut me a certified check, so do you have the shipping company take it? I can't imagine somebody is going to let their boat go without cash in hand but I can't see myself sending out a big check like that without knowing the boat is already hooked up to the tow vehicle already.

Is there some sort of escrow service that comes recommended?

you can do an escrow through a law firm...they would be the neutral party holding the cash. My buddy sold a dodge truck to a guy in TN. the agreement was that he pre-pays for transport and wires the money to the law firm. Once the money is in the account he delivers the truck to transport comp. They inturn ship truck down to him. He has 1hr when truck arrives at transport company to look it over and verify all is ok....he can even drive the truck around the lot as a test drive. If he leaves the lot its his...or if he doesnt call to cancel the deal within the hour its his.....if he does cancel the deal the truck needs to be shipped back on thier dime...and once it arrives the owner has the same 1hr to verify the truck is just as it left with no damage....all worked out very smooth

Thanks, something like that might work. How much did it cost him to get the lawyer involved?

There are many different ways to go about the transaction. In today's hi tech world, these kind of transactions are as common as going to the grocery store. If you are having an inspection from someone you trust, they may be able to lend credence to the other party's reputation as most shyster's aren't going to let you inspect the property in the first place. Typically if you are satisfied with the condition of the property upon inspection, you could draw a contract as to whatever terms the 2 parties are willing to agree to. Normally you will have to pay for the property before it leaves the sellers premises, via any method agreeable to both parties. If you have doubts about the other party's credibility, you either don't deal with them or you have to go deal with them in person. I have bought automobiles, trucks, boats, heavy equipment and airplanes from online advertisements, pictures and have used third party inspectors all over the United States and have yet to have a problem, although there is always a first time and if it were it would probably be with a high performance boat. I have bought a few things I didn't inspect myself that I was less than happy with after the purchase, but I can only blame that on myself for not doing the inspection myself. You can do an escrow without involving a lawyer via your bank in most states, it is just a matter of having a proper agreement and understanding of both parties and a financial institution that is handling the transaction if a transfer of funds is involved.

On mine I had talked to the seller for over a year.... developed a level of trust, She was selling the boat because her husband had been killed in another boat. A lot of people knew her and her husband here on OSO. Took a chance...wired her bank the money and her boyfriend delivered the boat. All went well except for losing a wheel in the mountains of Pennsylvania, he was resourceful, chain bindered up the axle and got here on 5 wheels.

Thanks. The guy seems pretty trusting and is very open to having someone come inspect the boat. He was open to giving his name, number, address and I highly doubt that anything funny would go down as it would be extremely easy for the police to find him. A simple contract stating that the boat must be shipped withing 24 hours of receipt of funds or a refund must be issued sort of thing would probably work.

A lot depends on where you are and where the boat is. I suggest you use licensed surveyors to do your vessel tests to include both Demo/Sea Trial; structural & mechanical surveys; and also use a Marine Title Co to insure the transfer of ownership is done correctly.

Survey Link: http://1gigharbor.com/NYBA%20Purchase%20Survey.htm

Marine Title Co: http://www.marinetitle.com/ One of many. If possible use one in your area.

I would have it tested in the water. From experience, boat can run great on the hose but may be a different story in the water and sounding trustworty dosen't mean a whole lot when you don't see the boat in person before the sale. Not being negative but I have dealt with this.

My first boat was more exciting.....met the guy halfway. He had the boat and title... I had a big wad of cash. I found out after we were both armed to teeth. He signed over the title, unhooked the trailer and I handed him the cash, hooked up and off I went.

enough of my stories... Is he a OSO member?? Anyone know him?

Ludington eh? I'm in Saginaw and trying to bring a Baja 272 Islander up from Texas. I'm a little worried about the salt issue, to which it is claimed that it has not been in the salt more than just a couple times. I do not think the owner is on here but an OSO member has offered his services of taking it for a sea trial and checking the compression while looking over all the mechanical features of the boat. I suppose this isn't an official marine survey, but I trust this guy as he seems to have built some real wicked water toys down in that area. He should be worth the couple hundred bucks to have him check it out.