Dean Ferry

I'll try to make this short and sweet.
I'm buying a boat, ( I will tell all about the boat, once and IF this deal completes) in CA, from home here in FL. and I'm having a issue with timing of payment and taking possesion of the boat.

The problem is, I'm giving the seller a "Treasurers Check", after a successful sea trial, from my bank and his bank told him they will put a hold on "Out of state" checks for 10 days til they clear?! He's already knows this from the same problem he's having with my deposit check, which is a cashier's check from my credit union!

The seller said he is not "Comfortable" with me taking the boat and the title, (Actually a transporter is showing up a day or two after the sea trial) and funds not have cleared his bank yet.

I've told him that I've don't know how to help him with his "Distrust" of check not clearly in a instant?

Any ideas guys? Isn't this usually how boat purchases that are financed done? This is the first boat I have financed, (All other were cash purchases with Cashiers checks) so I don't know how else to do this deal?
Thanks
Mean Dean

BTW, I DO have a copy of the title, Free and Clear. I really feel bad for all the NM customers that got RIPPED OFF!

Sean H

have the money wired into an account at his bank, kinda like an escrow account, and upon a succuessful sea trial, it rolls into his account, instant funds. or just have the money wired immediately after the trial to his acct.. only takes a few minutes after its set-up, make sure you go to your bank before you leave town and have all the paperwork filled out and ready to go and then just call them when you want it. I have down that on several out of town car purchases. The seller can check his funds right then, no problems.

Dean Ferry

Sean,
Unfortunately, I already have the check from my bank made out in his name.
Dean

Dave1972

He can call the bank himself and verify that the funds are in the account. I have had this happen before as well. The bank will typically be helpful and provide the information needed. State the nature of the call and they should help without a single problem.

Pure Energy

I would not let the boat go either without a cleared check. I'm sure it is good but not being too money savey I would have a heart attack waiting for it to clear. What about a bank check? Can you void the check you have now?? Don't be upset with him, he is only protecting himself.

jordy

You should be able to take the check back to the bank, explain the situation, and then set up a wire transfer. Happens all the time. What happens if you don't like the boat? You going to hang onto that check forever, or find someone else with the same name selling a boat you like at the same price? Talk to your bank. Shouldn't be a problem.

Dean Ferry

What do you OSO "Bankers" know about the new "Check 21" law that just went to effect? Does this effect how fast a check can be drawn on?
Thanks,
Dean

http://www.federalreserve.gov/paymen...tion/faqs2.htm

http://www.consumersunion.org/finance/ckclear1002.htm

Panic Button

I took a chashiers check that was made out to a broker back to the bank, explained that the deal fell through, they check out my account to see that I did in fact issue the check and refunded the funds. My understanding is there is not a hold on bank issued chashiers checks. The depositing bank can verify that the check is a valid check and the funds can be released at that time. I've never had a hold on cashiers check that I've deposited in my bank.

Dean Ferry

Thanks for the advice guys,
I've talked to my bank and they said they can do what ever I need! The wire transfer idea I don't think will work on Saturday, when we are Sea Trialing the Boat.
My bank said they can provide a Ph. # and a Point of Contact for the buyer to call and verify the funds are available for withdraw.
We'll see,
MD

Sean H

but you never told us the most important part.....what kind of boat?