Selling Our Pocket Trawler-Questions

[Leonard Atkins]

Accepted an offer earlier today to sell our Rosborough RF-246 pocket trawler. The boat has a clear title and is co-owned by my wife and I and the title/registration match.The Buyer currently has a Rosborough so has a vehicle and truck to handle the transport from New York down to Florida.



The Buyer is purchasing our boat sight unseen and without a survey-I did inquire. Buyer has agreed to provide certified checks through our bank for both deposit and final payment. Will use an "as-is" bill of sale. To make sure this moves along I want the purchase to be completed within 30 days. My first experience in someone purchasing a boat from me site unseen. The final purchase/possession will occur at our marina which is also close to a branch office to confirm the final certified check is legit (text check photo to branch manager). I want to keep this sale amiable for both parties and make sure we avoid issues along the way.


Anyone have suggestions or concerns with our intent?


Thanks,



Leonard

 

[Bacchus]

I would consult with your bank.
When I did the recommendation was electronic / wire transfer bank to bank as the most secure.
"CERTIFIED" checks can be bogus and take some time to clear or be rejected AFAIK.
I would at least hold back title until you are positive funds have cleared and are legit.
I purchased a motorhome and paid in 3 stages...
Deposit to hold it for buyer inspection, 2nd payment on acceptance after inspection and 3rd after receipt of clear title.
Boat purchase was wire transfer I had set up with bank pending call from me / buyer that Inspection had gone OK and ready to proceed with purchase.
Some fear giving out bank acct info but it is essentially what is on any check you write. Bank confirmed it was secure and not reversible unless Fed Govt intervened and something was illegal.

 

[Comodave]

I would want a wire transfer for the reasons above..

 

[jungpeter]

Ditto on the wire transfer. Easy to spoof "certified checks"; thus they take a long time to actually clear into your account.

Regards,

Pete

 

[Lollygag1]

Run away unless they wire the funds to your bank and you get confirmation. We had a similar offer on previous boat, smelled fishy and when we asked for funds transfer received no reply

 

[hmason]

Sight unseen and no survey sounds like scam to me.

 

[STB]

I'd recommend using a title service to escrow the title and the money. You give them the signed title. The buyer wires them the money. Then, they give the buyer the title and you the money. I don't know the laws in any state, but the title service is minimally a credible 3rd party and more likely licensed, insured, and bonded.

Some attorneys may also be able to do the same.

 

[Frosty]

I'm basically echoing some of the above replies. The first time I bought something that was beyond the "bring cash" amount (a previous boat), I called my bank to see how to handle it. On top of the usual concerns, we had not agreed on a price (and I wasn't even sure I would buy the boat since I had not seen it yet) -- so I didn't want something that was a set amount.

They suggested the wire transfer route. At that time it was done by fax (the application deets, that is). Probably different now.

It worked well because I didn't have to bring any large dollar amounts with me, we could settle on a price before I committed to a transfer amount, and the money was in their account before I got back from lunch out while I waited. (And if I had not liked the boat, no check or whatever to re-deposit.). I want to say the fee was around $25.

 

[Leonard Atkins]

Thanks everyone for your responses. Will be meeting with my service marina owner and bank manager tomorrow morning to become educated on wire transfers and how to maintain control of the boat sale until funds are confirmed received.

 

[Portage_Bay]

Your OP says the boat is titled and registered. I've sold and purchased state titled and registered vehicles and boats by wire transfer. Meet at the seller's bank, in this case that's your bank. Verify the funds have been transferred. Sign the boat over to the buyer at that time.

I agree with the poster who said sight unseen and no survey sounds like a scam. Be careful.

 

[Shrew]

This is where a Title company comes into play. For a check, you have to trust that the buyer is being honest. For a wire transfer, the buyer has to trust that the seller is being honest.

A title company doesn't pass the title until the funds are verified. Once the funds are verified they release the funds to the seller and the title to the buyer. Everyone is protected.

 

[Leonard Atkins]

Sharing a final post on the sale of our Rosborough pocket trawler. Did proceed with TF member suggestions to use wire transfer vs certified bank check. Met with our banker and had much advice and guidance from our marina owner. The Buyer turned out to be a fellow Rosborough owner interested in obtaining a 2nd Rosborough who was a good person to conduct business with and owns an RV business with some boat sales as well. Had full payment within 2 business days and we are now a prior boat owner. Much easier and faster than I ever expected especially with Buyer purchasing unseen and no survey by Buyer.



Hope everyone has a great boating year.


Leonard

 

[Bacchus]

Interesting how sales sometimes work out.
When I was selling a car set up as a toad / dingy for motorhome towing, I received an email expressing interest and it turned out the prospective buyer was 2,000 mi away, would be long distance transaction with a " shipper" picking up the car. As you can imagine my skeptic meter pegged and almost didn't bother replying.
After some exchanges, additional photos and a phone conversation the deal was done, buyer transferred funds and arranged for shipping. Car transport stopped at the house and picked up the car.
You just never know what can happen and hard to generalize. I have bought & sold many boats, cars, motorhomes via private sales and have trusted my gut feelings and instincts re who to trust and believe and when to turn and run.

 

[sndbowen]

Buyer/Seller beware

Sorry for stealing your thread a little.

I was trying to buy a boat a couple of years ago and the survey wasn't as good as we hope. We withdrew the offer and it took 4 months to get our deposit back from the broker. He had already spent the money thinking the deal was done.

I did some leg work and found out that the broker had done this before and several people had still not gotten their deposit back.

Luckily I found the police sergeant that was working the other cases. On the same day we talked, he went to the broker's house and gave him to the end of the day to contact me, arrange for return of my deposit or he was going to have warrant issued for his arrest.

The money was wired to our account in two days.

 

[Seevee]

Glad things went well.


Yes, kinda sounded like a scam. I've found that if I get to know the buyer (seller) and spend sometime talking with him makes a big difference. Usually a scam goes south pretty quick.


If the guy speaks in an accent and is from Nigeria... and wants to over pay and you issue him a refund.... that doesn't sound good. If he talks the language, talks about his experiences, makes sense why he want you boat or want to sell his, sounds better.



Personally, I rarely make a deposit.... and if I do it's small. But I like to do something quick.



I've bought several things unseen over the years and been pleasantly surprised. Mostly airplanes. ALL from individuals or people I knew well. Once bought a plane, sent the guy a personal check, he put the keys and log books on the seat and I traveled 800 miles, picked it up and was very happy. Have a few other stories like that.



I do NOT give brokers anything that I can't walk from... usually give them $100 if consideration is required. Never had a problem. But, once the deal is agreed on, I can close very quick (usually). And, yes, even with a stinking $100 is amazing how many brokers I got in trouble when they tried to keep it.

 

[markpierce]

Purchased my boat, sight unseen. Made full payment prior to shipment to California.

 

[Olebird]

the certified check scheme/scam is common via Ebay. +10 for wire transfer!


Shields up!

 

[Circumnavigator]

the certified check scheme/scam is common via Ebay. +10 for wire transfer!

Shields up!

Yes. I have twice sold expensive items on eBay -- a generator and an engine and both times received a check quickly. The first check was purportedly a cashier's check, but it was a copier job -- ATM could see that it was bogus and on close inspection, so could I. The second check was actually a genuine check, probably stolen, on a hospital's account. My scam radar had me call the hospital. "Nope, we didn't issue that".



The moral of this is to use PayPal or a wire transfer, or, if you must take a check -- any check -- wait at least two weeks before releasing the goods.


Jim

 

[sbman]

The moral of this is to use PayPal or a wire transfer, or, if you must take a check -- any check -- wait at least two weeks before releasing the goods
Jim

I wouldn't use Paypal for a large transaction. I sold an expensive item on ebay, accepted payment via paypal and shipped the item. It was received by the seller and the shipping information and the seller confirmed receiving it. Paypal froze my account and told me I had 30 days to prove I owned the item or I would lose the funds permanently.

I had purchased the item on ebay a year earlier, so I was able to send them irrefutable proof of my ownership of the item. This was instigated by Paypal themselves, the buyer had no part in it and it took 2 months to get the money from them.