I have a buyer flying up from Cancun to buy and sail my boat back from Corpus Christi, Tx. He is awfully committed after only seeing pictures. Does anyone have experience in this scenario. The boat is a 83 Newport 30 MKIII.
Selling to a USCG and Texas registered boat to someone living in Mexico
- Thread starter vsfoster
- Start date
First thing I thought of too.
Cash, in hand to the bank to inspect for counterfeit bills. Once it passes then I would turn over the boat.
Been there and done that on a couple of small business deals. Been F'd and never got a kiss. Never again.
How did you find this buyer?
Being hung ho with a lack of interest in the details - like import fees, transfer of title internationally, a survey, - are hallmarks of a scam.
Be especially wary if the buyer tries to get you to use some type of intermediary to "Expedite" the deal. "My agent will pay you and arrange all the shipping details..."
If you do this make sure you have a BOS that specifically states the sale is "As is" and the buyer is responsible for evaluating the condition of the boat and suitability of the vessel to sail in open waters, or any waters for that matter.
Being hung ho with a lack of interest in the details - like import fees, transfer of title internationally, a survey, - are hallmarks of a scam.
Be especially wary if the buyer tries to get you to use some type of intermediary to "Expedite" the deal. "My agent will pay you and arrange all the shipping details..."
If you do this make sure you have a BOS that specifically states the sale is "As is" and the buyer is responsible for evaluating the condition of the boat and suitability of the vessel to sail in open waters, or any waters for that matter.
If he is keeping it in Texas then a transfer of the title is all you need. If it is documented then contact the documentation authority to remove you name from the boat. Probably as easy as that. Pretty much the same in Ca. Just sign over the title and you are done with it. Don't think you need to contact the DMV, but not 100% sure.
I sold a Catalina to a scammer once. He was very keen but no specific questions about the boat or its condition, just very general question . He then said his workmate would collect but he would send the check first. The check came but for $1000 more than i was asking, within a minute of Fedex delivering the check he was on the email saying his secretary had accidentaly written the check for too much and could i please send a check back to him for the $1000 over payment. I kept his check as a souvenier, dont go near the bank with it because i would be charged for presenting a fraud check. It was fun to play him along.
I sold my centerboard boat to a guy who showed up to pick up the boat and wanted to pay in $2 bills. I didn't even know if the treasury printed $2 bills. Off to the bank we went. Yes, they were legit. Now that transaction would generate a 1099-k
. But you never know what the other party is thinking.
. But you never know what the other party is thinking.Thank you for all of your replies. The buyer is an American who retired in Mexico, he is flying up next Tuesday and said he will stay around until the check clears the bank. I talked to the USCG and they said to just have a bill of sale notarized and I am done. I will make sure the Bill of Sale indicates "As-Is" and wait until the check clears before signing any notarized BOS.
You still need to be careful with this. Even if your bank credits your account and makes the funds available to you you are still on the hook if the check later bounces at the bank it was drawn on. Your bank will debit you back for the bounced check. That could take up to a couple of weeks.
HelpWithMyBank.gov
- I deposited a check/money order into my account, but the bank later told me it was fraudulent. I had already used some of the funds, and now my account is overdrawn. The bank says that I am liable for the entire amount. Is this true?
Fraudulent checks may be part of an overpayment/money order scam. This is an example of why you should never accept a check from someone you don't know. The Office of the Comptroller of the Currency (OCC) has issued a Consumer Advisory that contains more information on such scams.
As the payee, it's generally up to you to pursue the person who gave you the check if you want to seek reimbursement. If you think you have been targeted by a scam, you should file a complaint with the Federal Trade Commission (FTC) on its website or by calling (877) 382-4357.
If the buyer wants to pay by check, even a cashiers check I think the best bet is to go with the buyer to the bank the check was drawn on and cash it on his account. Not yours.
I did that for a car that I sold. Met the buyer at his bank and the bank exchanged his check for cash. Then I signed over the title, and he drove away in his car. What with a bit of travel time, it all wrapped up in a few hours.
The buyer used to live aboard a trimaran in Kemah and that is where his credit union is, he is a retired American citizen living near Cancun. So I am going to take him sailing next Tuesday. If all goes well I will deposit the check into my bank on Tuesday. My bank says it will call his credit union to verify funds before clearing it (1-2 days). Once cleared we will go to my bank to notarize bill of sale and registration. So, we'll see how it goes.
The sad thing is, I am only selling because i have mobility issues and cannot really enjoy sailing while in pain. That boat was my last boat and was supposed to be around another 20 years.
The sad thing is, I am only selling because i have mobility issues and cannot really enjoy sailing while in pain. That boat was my last boat and was supposed to be around another 20 years.
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Only take cash. He can go his bank and withdraw the money and give it to you. If something goes awry, he's in Mexico and you are screwed.
jssailem
SBO Weather and Forecasting Forum Jim & John
- Oct 22, 2014
- 23,261
Go with home to the nearby CU. Have them cash the check. They will verify him and issue the funds.
Back in the day we accepted international transactions only after the funds were transferred to the bank directly. That took 3 or so days. It is a one way transfer bank to bank. No take backs.
Back in the day we accepted international transactions only after the funds were transferred to the bank directly. That took 3 or so days. It is a one way transfer bank to bank. No take backs.
Boat US in the edition that just arrived a couple of days ago had a large story on boat sale fraud scams. Many seemed to start with an out of the area buyer who says they will buy sight unseen. Even cashiers checks or money orders are not safe and secured. They can take days to weeks to clear and apparently they are increasingly the subject of fraud / forgers
Bank wire. When I sold my last boat my banker advised me to open a new account with a small balance and have the buyer send the wire to that account, then immediately transfer those funds to my main account so the funds couldn’t be pulled back. Purchase contract was completed using an e-signature service prior.
Buyer was legit, and he bought it sight unseen without survey (it was six figures) so it does happen. After that I offered to sell him a bridge (joking).
Buyer was legit, and he bought it sight unseen without survey (it was six figures) so it does happen. After that I offered to sell him a bridge (joking).
Update: the buyer has bought a one way ticket, hotel and rental car reservations in Corpus. I believe he is coming up to buy a boat! I'm gonna ride this out and see what happens. I would certainly not commit so hard on a boat i had not seen in person, but to each his own.
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