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Buying a used boat, exchanging the $$$ question

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Buying a used boat, exchanging the $$$ question

Old 09-28-2017, 10:36 AM
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do It at a bank. buyers bank. he has the dinero in his account or he is scamming you. he writes a check. the teller hands you cash you saw come out of their vault, or teller hands you a cert check from that bank that you are SURE wasn't done on his canon laser printer last night. wire transfer or be standing in buyers bank...AND as said before, buyer has cancelled check with boat HIN on it and made out to seller.

Last edited by dereknkathy; 09-28-2017 at 10:39 AM.
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Old 09-28-2017, 10:48 AM
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Really good feedback. I agree, wire seems pretty sure fire, especially with a temporary holding account setup. I have done the bank check, the buyer was a business and we did it at his bank, works pretty well. There is always that funny thing when someone has your boat and you're holding a "check," you're putting a lot of trust in that little piece of paper.
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Old 09-28-2017, 02:19 PM
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Another way to do this is finance a portion of the purchase price thru a bank short term. ie: You're planning on purchasing a $50k boat cash. Put $40K down and bank will finance with no questions asked and make sure all paperwork, title transfers, monies transfer properly than you payoff loan in 2 months. I can pretty much guarantee the bank will look out for their collateral. You'll have a little expense and no(very little) financial exposure. Cash, in big numbers, used to be good, now it's a pain in the ass for people on the right side of the law.
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Old 10-01-2017, 09:53 PM
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Originally Posted by bobkatz
Another way to do this is finance a portion of the purchase price thru a bank short term. ie: You're planning on purchasing a $50k boat cash. Put $40K down and bank will finance with no questions asked and make sure all paperwork, title transfers, monies transfer properly than you payoff loan in 2 months. I can pretty much guarantee the bank will look out for their collateral. You'll have a little expense and no(very little) financial exposure. Cash, in big numbers, used to be good, now it's a pain in the ass for people on the right side of the law.
Love this idea, especially if you just don't want to unload so much cash up front. Thanks.
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Old 10-02-2017, 05:33 AM
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Sold my previous boat to a guy in New Zealand. Once the $$ was in my account, I dropped the boat off at the Port of Baltimore, done!

My last purchase was all wire transfer too.
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Old 10-02-2017, 07:22 AM
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Originally Posted by bobkatz
Another way to do this is finance a portion of the purchase price thru a bank short term. ie: You're planning on purchasing a $50k boat cash. Put $40K down and bank will finance with no questions asked and make sure all paperwork, title transfers, monies transfer properly than you payoff loan in 2 months. I can pretty much guarantee the bank will look out for their collateral. You'll have a little expense and no(very little) financial exposure. Cash, in big numbers, used to be good, now it's a pain in the ass for people on the right side of the law.
also does your credit a lil upward bump, I would think...
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Old 10-02-2017, 08:45 AM
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Before a bank check is accepted, I would call the bank and verify it before taking the check and giving the buyer a boat. Bank checks are way too easy to duplicate. Better yet, use a national bank that has branches in each town and communicate with them on both sides.

In our business, we have seen too many instances of forgery to have trust in much of anything.
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Old 10-02-2017, 09:01 AM
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Lot of good suggestions in this thread. Wire would be my suggestion but be very careful about getting the wire instructions form the correct person and be wary of any changes on those before the wire. There have been issues recently in real estate closings involving wires. The person wiring gets informed of a last minute change in wiring instructions. The change is a scam and the money goes somewhere else and is unrecoverable. Just happened in the Atlanta area in a closing and 40k was history.
Just something to be aware of and verify your instructions are coming from the correct source.
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