Buying a boat in winter.
- Thread starter Brian Scott
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Don't buy a boat in the winter.
If not being able to sea trial the boat is not enough think that the bank will pay you for keeping your money and you will have to pay to store the boat. If you like the boat, give your card to the seller and ask him that if by spring he has not sold it to give you a call. Keep your options open. There might be some more competition in the spring but there should be plenty of good boats for all.
If not being able to sea trial the boat is not enough think that the bank will pay you for keeping your money and you will have to pay to store the boat. If you like the boat, give your card to the seller and ask him that if by spring he has not sold it to give you a call. Keep your options open. There might be some more competition in the spring but there should be plenty of good boats for all.
Don't buy a boat in the winter.
If not being able to sea trial the boat is not enough think that the bank will pay you for keeping your money and you will have to pay to store the boat. If you like the boat, give your card to the seller and ask him that if by spring he has not sold it to give you a call. Keep your options open. There might be some more competition in the spring but there should be plenty of good boats for all.
If not being able to sea trial the boat is not enough think that the bank will pay you for keeping your money and you will have to pay to store the boat. If you like the boat, give your card to the seller and ask him that if by spring he has not sold it to give you a call. Keep your options open. There might be some more competition in the spring but there should be plenty of good boats for all.
Wow!
Thanks for all the replies. I'll discuss the escrow suggestion with the broker and seller. If they don't go for it for some reason, I'll walk away until spring. Now I need a good surveyor. New thread. thanks again Brian
Thanks for all the replies. I'll discuss the escrow suggestion with the broker and seller. If they don't go for it for some reason, I'll walk away until spring. Now I need a good surveyor. New thread. thanks again Brian
Wow!
Thanks for all the replies. I'll discuss the escrow suggestion with the broker and seller. If they don't go for it for some reason, I'll walk away until spring. Now I need a good surveyor. New thread. thanks again Brian
Thanks for all the replies. I'll discuss the escrow suggestion with the broker and seller. If they don't go for it for some reason, I'll walk away until spring. Now I need a good surveyor. New thread. thanks again Brian
Winter Sales
I worked as a part-time broker some years ago and sold a number of boats over the winter. Just about anything that can be surveyed in the warmer months can be surveyed in the colder months. Engines can be started with boats on the hard or in the water, unless the water is frozen solid. If the boat is on the hard, all it normally takes is a hose in a pail connected to a water source. That leaves the sea trial. Again, unless the location of the boat is an area where the water is frozen solid, you can do a sea trial in mid-winter. Bundle up and be prepared to test sails, steering, and engine operation -- all things that can be done in less than a half hour -- or before frost bite sets in. The buyer pays for launch, recovery, and a jug of anti-freeze (which you'd pay for anyway, sans anti-freeze) if done during the season. If a sea trial is not possible for any reason, come to a reasonable agreement with the broker about an escrow amount to be held by the broker until a sea trial is possible after you've bought the boat (assumes all other aspects of your survey have been satisfied). That agreement must spell out, in detail, under what conditions the escrow may be spent to fix, repair or otherwise satisfy your original contingent contract. I would assume any broker who sells boats in a cold climate has done this many times. Or at least he should have. And remember: the broker represents the seller and is not supposed to act on your behalf.
I worked as a part-time broker some years ago and sold a number of boats over the winter. Just about anything that can be surveyed in the warmer months can be surveyed in the colder months. Engines can be started with boats on the hard or in the water, unless the water is frozen solid. If the boat is on the hard, all it normally takes is a hose in a pail connected to a water source. That leaves the sea trial. Again, unless the location of the boat is an area where the water is frozen solid, you can do a sea trial in mid-winter. Bundle up and be prepared to test sails, steering, and engine operation -- all things that can be done in less than a half hour -- or before frost bite sets in. The buyer pays for launch, recovery, and a jug of anti-freeze (which you'd pay for anyway, sans anti-freeze) if done during the season. If a sea trial is not possible for any reason, come to a reasonable agreement with the broker about an escrow amount to be held by the broker until a sea trial is possible after you've bought the boat (assumes all other aspects of your survey have been satisfied). That agreement must spell out, in detail, under what conditions the escrow may be spent to fix, repair or otherwise satisfy your original contingent contract. I would assume any broker who sells boats in a cold climate has done this many times. Or at least he should have. And remember: the broker represents the seller and is not supposed to act on your behalf.
Winter Sales
I worked as a part-time broker some years ago and sold a number of boats over the winter. Just about anything that can be surveyed in the warmer months can be surveyed in the colder months. Engines can be started with boats on the hard or in the water, unless the water is frozen solid. If the boat is on the hard, all it normally takes is a hose in a pail connected to a water source. That leaves the sea trial. Again, unless the location of the boat is an area where the water is frozen solid, you can do a sea trial in mid-winter. Bundle up and be prepared to test sails, steering, and engine operation -- all things that can be done in less than a half hour -- or before frost bite sets in. The buyer pays for launch, recovery, and a jug of anti-freeze (which you'd pay for anyway, sans anti-freeze) if done during the season. If a sea trial is not possible for any reason, come to a reasonable agreement with the broker about an escrow amount to be held by the broker until a sea trial is possible after you've bought the boat (assumes all other aspects of your survey have been satisfied). That agreement must spell out, in detail, under what conditions the escrow may be spent to fix, repair or otherwise satisfy your original contingent contract. I would assume any broker who sells boats in a cold climate has done this many times. Or at least he should have. And remember: the broker represents the seller and is not supposed to act on your behalf.
I worked as a part-time broker some years ago and sold a number of boats over the winter. Just about anything that can be surveyed in the warmer months can be surveyed in the colder months. Engines can be started with boats on the hard or in the water, unless the water is frozen solid. If the boat is on the hard, all it normally takes is a hose in a pail connected to a water source. That leaves the sea trial. Again, unless the location of the boat is an area where the water is frozen solid, you can do a sea trial in mid-winter. Bundle up and be prepared to test sails, steering, and engine operation -- all things that can be done in less than a half hour -- or before frost bite sets in. The buyer pays for launch, recovery, and a jug of anti-freeze (which you'd pay for anyway, sans anti-freeze) if done during the season. If a sea trial is not possible for any reason, come to a reasonable agreement with the broker about an escrow amount to be held by the broker until a sea trial is possible after you've bought the boat (assumes all other aspects of your survey have been satisfied). That agreement must spell out, in detail, under what conditions the escrow may be spent to fix, repair or otherwise satisfy your original contingent contract. I would assume any broker who sells boats in a cold climate has done this many times. Or at least he should have. And remember: the broker represents the seller and is not supposed to act on your behalf.
Why I wouldn't take escrow ...
if I were a seller. I may be missing something in my understanding of an escrow agreement so jump all over me if necessary
. Let's say I'm selling a nice used boat for about $50,000. I agree to the broker holding escrow on say $10,000 pending sea trial so the buyer can assess the performance of the engine. I assume that the escrow can't be released unless both parties agree (I think that is how escrow works). We agree on all kinds of details. When the spring comes around, the buyer does the sea trial and I expect that everything will be satisfactory and I will get the full amount of the escrow paid to me. The buyer is a little bit of an a-hole though. He says that he expected that the engine would push the boat at hull speed at a specific RPM and he's not satisfied becasue it didn't quite measure up to his expectation. The buyer also makes a note of several other minor "deficincies" regarding the performance of the engine. In the meantime, the buyer makes a mental note of other "issues" about the overall performance and condition of the boat. The buyer is forgetting that the deal was made in the winter when there were few other buyers around, and the deal was struck accordingly. Now the buyer is looking around and notices that there are other nice boats on the market and the prices are still pretty good ... it's still a buyer's market. Unbeknown to me, the buyer is the kind of guy who wants to continue negotiating while there still is some room to move. The buyer resists releasing escrow, making all kinds of claims of deficiencies. He demands that escrow be released and he gets $7,500 back while I get only $2,500. I start turning purple and I want to choke the guy. We go back and forth, back and forth, and I'm starting to think of litigation. I'm between a rock and a hard place because he's got title (or at least it may be in limbo) and I've got cash but not what I was expecting. Maybe he even has the boat in his possession. So I finally eat enough crap to accept only $5,000 while the boat performs exactly (IMHO) how I represented that it would perform. I walk away vowing that all deals are only final when full payment is in hand from now on and never again will I accept a contingency for escrow. I swear I saw the buyer with a smug smile on his face and I'd like to wipe it off for him. Any sellers out there that have experienced that scenerio?
if I were a seller. I may be missing something in my understanding of an escrow agreement so jump all over me if necessary
. Let's say I'm selling a nice used boat for about $50,000. I agree to the broker holding escrow on say $10,000 pending sea trial so the buyer can assess the performance of the engine. I assume that the escrow can't be released unless both parties agree (I think that is how escrow works). We agree on all kinds of details. When the spring comes around, the buyer does the sea trial and I expect that everything will be satisfactory and I will get the full amount of the escrow paid to me. The buyer is a little bit of an a-hole though. He says that he expected that the engine would push the boat at hull speed at a specific RPM and he's not satisfied becasue it didn't quite measure up to his expectation. The buyer also makes a note of several other minor "deficincies" regarding the performance of the engine. In the meantime, the buyer makes a mental note of other "issues" about the overall performance and condition of the boat. The buyer is forgetting that the deal was made in the winter when there were few other buyers around, and the deal was struck accordingly. Now the buyer is looking around and notices that there are other nice boats on the market and the prices are still pretty good ... it's still a buyer's market. Unbeknown to me, the buyer is the kind of guy who wants to continue negotiating while there still is some room to move. The buyer resists releasing escrow, making all kinds of claims of deficiencies. He demands that escrow be released and he gets $7,500 back while I get only $2,500. I start turning purple and I want to choke the guy. We go back and forth, back and forth, and I'm starting to think of litigation. I'm between a rock and a hard place because he's got title (or at least it may be in limbo) and I've got cash but not what I was expecting. Maybe he even has the boat in his possession. So I finally eat enough crap to accept only $5,000 while the boat performs exactly (IMHO) how I represented that it would perform. I walk away vowing that all deals are only final when full payment is in hand from now on and never again will I accept a contingency for escrow. I swear I saw the buyer with a smug smile on his face and I'd like to wipe it off for him. Any sellers out there that have experienced that scenerio?Why I wouldn't take escrow ...
if I were a seller. I may be missing something in my understanding of an escrow agreement so jump all over me if necessary. Let's say I'm selling a nice used boat for about $50,000. I agree to the broker holding escrow on say $10,000 pending sea trial so the buyer can assess the performance of the engine. I assume that the escrow can't be released unless both parties agree (I think that is how escrow works). We agree on all kinds of details. When the spring comes around, the buyer does the sea trial and I expect that everything will be satisfactory and I will get the full amount of the escrow paid to me. The buyer is a little bit of an a-hole though. He says that he expected that the engine would push the boat at hull speed at a specific RPM and he's not satisfied becasue it didn't quite measure up to his expectation. The buyer also makes a note of several other minor "deficincies" regarding the performance of the engine. In the meantime, the buyer makes a mental note of other "issues" about the overall performance and condition of the boat. The buyer is forgetting that the deal was made in the winter when there were few other buyers around, and the deal was struck accordingly. Now the buyer is looking around and notices that there are other nice boats on the market and the prices are still pretty good ... it's still a buyer's market. Unbeknown to me, the buyer is the kind of guy who wants to continue negotiating while there still is some room to move. The buyer resists releasing escrow, making all kinds of claims of deficiencies. He demands that escrow be released and he gets $7,500 back while I get only $2,500. I start turning purple and I want to choke the guy. We go back and forth, back and forth, and I'm starting to think of litigation. I'm between a rock and a hard place because he's got title (or at least it may be in limbo) and I've got cash but not what I was expecting. Maybe he even has the boat in his possession. So I finally eat enough crap to accept only $5,000 while the boat performs exactly (IMHO) how I represented that it would perform. I walk away vowing that all deals are only final when full payment is in hand from now on and never again will I accept a contingency for escrow. I swear I saw the buyer with a smug smile on his face and I'd like to wipe it off for him. Any sellers out there that have experienced that scenerio?
if I were a seller. I may be missing something in my understanding of an escrow agreement so jump all over me if necessary
. Let's say I'm selling a nice used boat for about $50,000. I agree to the broker holding escrow on say $10,000 pending sea trial so the buyer can assess the performance of the engine. I assume that the escrow can't be released unless both parties agree (I think that is how escrow works). We agree on all kinds of details. When the spring comes around, the buyer does the sea trial and I expect that everything will be satisfactory and I will get the full amount of the escrow paid to me. The buyer is a little bit of an a-hole though. He says that he expected that the engine would push the boat at hull speed at a specific RPM and he's not satisfied becasue it didn't quite measure up to his expectation. The buyer also makes a note of several other minor "deficincies" regarding the performance of the engine. In the meantime, the buyer makes a mental note of other "issues" about the overall performance and condition of the boat. The buyer is forgetting that the deal was made in the winter when there were few other buyers around, and the deal was struck accordingly. Now the buyer is looking around and notices that there are other nice boats on the market and the prices are still pretty good ... it's still a buyer's market. Unbeknown to me, the buyer is the kind of guy who wants to continue negotiating while there still is some room to move. The buyer resists releasing escrow, making all kinds of claims of deficiencies. He demands that escrow be released and he gets $7,500 back while I get only $2,500. I start turning purple and I want to choke the guy. We go back and forth, back and forth, and I'm starting to think of litigation. I'm between a rock and a hard place because he's got title (or at least it may be in limbo) and I've got cash but not what I was expecting. Maybe he even has the boat in his possession. So I finally eat enough crap to accept only $5,000 while the boat performs exactly (IMHO) how I represented that it would perform. I walk away vowing that all deals are only final when full payment is in hand from now on and never again will I accept a contingency for escrow. I swear I saw the buyer with a smug smile on his face and I'd like to wipe it off for him. Any sellers out there that have experienced that scenerio?Just buy one in winter
Just bought a Hunter 336 this week. Because of the period, I got a pretty good deal, but was not able to sea trial the boat. We put a 2500$ in escrow in case of any problem at spring time. I accept this amount has a backup for any repair only because of the low hours on the engine and also because I do my own marine mecanics. Buying during winter is always a gamble if you do not sea trial, but the bargin we can make worth the risk...
Just bought a Hunter 336 this week. Because of the period, I got a pretty good deal, but was not able to sea trial the boat. We put a 2500$ in escrow in case of any problem at spring time. I accept this amount has a backup for any repair only because of the low hours on the engine and also because I do my own marine mecanics. Buying during winter is always a gamble if you do not sea trial, but the bargin we can make worth the risk...
Just buy one in winter
Just bought a Hunter 336 this week. Because of the period, I got a pretty good deal, but was not able to sea trial the boat. We put a 2500$ in escrow in case of any problem at spring time. I accept this amount has a backup for any repair only because of the low hours on the engine and also because I do my own marine mecanics. Buying during winter is always a gamble if you do not sea trial, but the bargin we can make worth the risk...
Just bought a Hunter 336 this week. Because of the period, I got a pretty good deal, but was not able to sea trial the boat. We put a 2500$ in escrow in case of any problem at spring time. I accept this amount has a backup for any repair only because of the low hours on the engine and also because I do my own marine mecanics. Buying during winter is always a gamble if you do not sea trial, but the bargin we can make worth the risk...
Scott:
You created your own nightmare. If you thought the deal was closed and spent the 40,000 you recieved you deserve to loose all the escrow. The deal is not closed untill both parties agree to the terms. If you dont like the buyers pettie complaints once he's able to get his sea trial, give him his money back and move on. You are only agreeing to hold the boat for him pending his chance for sea trial. Not agreeing to his every whim . If you lost one or two buyers waiting for him that is a risk you have to be willing to take. Most boats are showen 10 to 50 times befor a buyer is found so it's not likly thoes one or two were any better then this guy . But if they were a serious buyer chances are they are still looking so call them back. The use of escrow in this perticular sinario is a little different then a normal purchas when every thing is done in your tyipical 10 day time frame and therefor should be understood by both parties up front that eather party can walk from the deal after sea trial. That's a risk the buyer will have to take as well!
You created your own nightmare. If you thought the deal was closed and spent the 40,000 you recieved you deserve to loose all the escrow. The deal is not closed untill both parties agree to the terms. If you dont like the buyers pettie complaints once he's able to get his sea trial, give him his money back and move on. You are only agreeing to hold the boat for him pending his chance for sea trial. Not agreeing to his every whim . If you lost one or two buyers waiting for him that is a risk you have to be willing to take. Most boats are showen 10 to 50 times befor a buyer is found so it's not likly thoes one or two were any better then this guy . But if they were a serious buyer chances are they are still looking so call them back. The use of escrow in this perticular sinario is a little different then a normal purchas when every thing is done in your tyipical 10 day time frame and therefor should be understood by both parties up front that eather party can walk from the deal after sea trial. That's a risk the buyer will have to take as well!
Scott:
You created your own nightmare. If you thought the deal was closed and spent the 40,000 you recieved you deserve to loose all the escrow. The deal is not closed untill both parties agree to the terms. If you dont like the buyers pettie complaints once he's able to get his sea trial, give him his money back and move on. You are only agreeing to hold the boat for him pending his chance for sea trial. Not agreeing to his every whim . If you lost one or two buyers waiting for him that is a risk you have to be willing to take. Most boats are showen 10 to 50 times befor a buyer is found so it's not likly thoes one or two were any better then this guy . But if they were a serious buyer chances are they are still looking so call them back. The use of escrow in this perticular sinario is a little different then a normal purchas when every thing is done in your tyipical 10 day time frame and therefor should be understood by both parties up front that eather party can walk from the deal after sea trial. That's a risk the buyer will have to take as well!
You created your own nightmare. If you thought the deal was closed and spent the 40,000 you recieved you deserve to loose all the escrow. The deal is not closed untill both parties agree to the terms. If you dont like the buyers pettie complaints once he's able to get his sea trial, give him his money back and move on. You are only agreeing to hold the boat for him pending his chance for sea trial. Not agreeing to his every whim . If you lost one or two buyers waiting for him that is a risk you have to be willing to take. Most boats are showen 10 to 50 times befor a buyer is found so it's not likly thoes one or two were any better then this guy . But if they were a serious buyer chances are they are still looking so call them back. The use of escrow in this perticular sinario is a little different then a normal purchas when every thing is done in your tyipical 10 day time frame and therefor should be understood by both parties up front that eather party can walk from the deal after sea trial. That's a risk the buyer will have to take as well!
Brianscott
This artical may help you with this or any future purchas. If you were plunking down 125k for my boat I would expect you to do all this, and I sure would befor I bought yours! http://www.sailboatowners.com/forums/pviewall.tpl?fno=231&uid=73338362895&SKU=2008012182900.91
This artical may help you with this or any future purchas. If you were plunking down 125k for my boat I would expect you to do all this, and I sure would befor I bought yours! http://www.sailboatowners.com/forums/pviewall.tpl?fno=231&uid=73338362895&SKU=2008012182900.91
Brianscott
This artical may help you with this or any future purchas. If you were plunking down 125k for my boat I would expect you to do all this, and I sure would befor I bought yours! http://www.sailboatowners.com/forums/pviewall.tpl?fno=231&uid=73338362895&SKU=2008012182900.91
This artical may help you with this or any future purchas. If you were plunking down 125k for my boat I would expect you to do all this, and I sure would befor I bought yours! http://www.sailboatowners.com/forums/pviewall.tpl?fno=231&uid=73338362895&SKU=2008012182900.91
Ross and Stillraining ...
I think you just reinforced my position that I would never sell a boat in the winter with an escrow contingent on the sea trial. Brian, I am not trying to discourage you from asking for this condition. It sounds like many endorse it. I am just exploring it from the standpoint of the seller and it may be helpful for you to know that side of the issue. Ross, why would I ever enter into an agreement that makes it possible to have to go through arbitration, mediation or litigation to get the agreed upon price of the boat after I have transfered title? Arbitration seems like the only way that the seller has a chance of getting the full amount (but it has the accompanied risk of getting nothing or a small fraction - all based on the judges decision). All of those options have a cost involved. Stillraining, let's be clear on how an escrow clause works. I think it means that the buyer and seller agree on a price and when the transaction takes place, the title transfers. The only complication is the amount in escrow which is essentially in limbo and not supported by a title. So as far as I know, there's no "give the guy his $40 grand back and walk away with your boat. Your boat is already gone and the seller is essentially standing there with hat in hand, hoping to get some of that escrow money. The buyer (who now owns the boat) has no pressure to release the escrow. It makes no difference to him if the money stays in escrow indefinitely because he has nothing to lose and stands to gain some money if he just wants to be difficult. With your article, Stillraining, you just pointed out all those issues that should be negotiated following a sea trial. If I'm the seller, why would I want to be negotiating AFTER I transfer title? Doesn't that put the Seller in a horrible position? No sir ... it still seems like an escrow arrangement is no good for the seller. The only way this works is if the buyer is a real good guy or a friend who can be trusted. Instead, I wait until spring and only make a deal for a transaction that takes place AFTER the sea trial and the accompaning negotiations. What am I missing?
I think you just reinforced my position that I would never sell a boat in the winter with an escrow contingent on the sea trial. Brian, I am not trying to discourage you from asking for this condition. It sounds like many endorse it. I am just exploring it from the standpoint of the seller and it may be helpful for you to know that side of the issue. Ross, why would I ever enter into an agreement that makes it possible to have to go through arbitration, mediation or litigation to get the agreed upon price of the boat after I have transfered title? Arbitration seems like the only way that the seller has a chance of getting the full amount (but it has the accompanied risk of getting nothing or a small fraction - all based on the judges decision). All of those options have a cost involved. Stillraining, let's be clear on how an escrow clause works. I think it means that the buyer and seller agree on a price and when the transaction takes place, the title transfers. The only complication is the amount in escrow which is essentially in limbo and not supported by a title. So as far as I know, there's no "give the guy his $40 grand back and walk away with your boat. Your boat is already gone and the seller is essentially standing there with hat in hand, hoping to get some of that escrow money. The buyer (who now owns the boat) has no pressure to release the escrow. It makes no difference to him if the money stays in escrow indefinitely because he has nothing to lose and stands to gain some money if he just wants to be difficult. With your article, Stillraining, you just pointed out all those issues that should be negotiated following a sea trial. If I'm the seller, why would I want to be negotiating AFTER I transfer title? Doesn't that put the Seller in a horrible position? No sir ... it still seems like an escrow arrangement is no good for the seller. The only way this works is if the buyer is a real good guy or a friend who can be trusted. Instead, I wait until spring and only make a deal for a transaction that takes place AFTER the sea trial and the accompaning negotiations. What am I missing?
Ross and Stillraining ...
I think you just reinforced my position that I would never sell a boat in the winter with an escrow contingent on the sea trial. Brian, I am not trying to discourage you from asking for this condition. It sounds like many endorse it. I am just exploring it from the standpoint of the seller and it may be helpful for you to know that side of the issue. Ross, why would I ever enter into an agreement that makes it possible to have to go through arbitration, mediation or litigation to get the agreed upon price of the boat after I have transfered title? Arbitration seems like the only way that the seller has a chance of getting the full amount (but it has the accompanied risk of getting nothing or a small fraction - all based on the judges decision). All of those options have a cost involved. Stillraining, let's be clear on how an escrow clause works. I think it means that the buyer and seller agree on a price and when the transaction takes place, the title transfers. The only complication is the amount in escrow which is essentially in limbo and not supported by a title. So as far as I know, there's no "give the guy his $40 grand back and walk away with your boat. Your boat is already gone and the seller is essentially standing there with hat in hand, hoping to get some of that escrow money. The buyer (who now owns the boat) has no pressure to release the escrow. It makes no difference to him if the money stays in escrow indefinitely because he has nothing to lose and stands to gain some money if he just wants to be difficult. With your article, Stillraining, you just pointed out all those issues that should be negotiated following a sea trial. If I'm the seller, why would I want to be negotiating AFTER I transfer title? Doesn't that put the Seller in a horrible position? No sir ... it still seems like an escrow arrangement is no good for the seller. The only way this works is if the buyer is a real good guy or a friend who can be trusted. Instead, I wait until spring and only make a deal for a transaction that takes place AFTER the sea trial and the accompaning negotiations. What am I missing?
I think you just reinforced my position that I would never sell a boat in the winter with an escrow contingent on the sea trial. Brian, I am not trying to discourage you from asking for this condition. It sounds like many endorse it. I am just exploring it from the standpoint of the seller and it may be helpful for you to know that side of the issue. Ross, why would I ever enter into an agreement that makes it possible to have to go through arbitration, mediation or litigation to get the agreed upon price of the boat after I have transfered title? Arbitration seems like the only way that the seller has a chance of getting the full amount (but it has the accompanied risk of getting nothing or a small fraction - all based on the judges decision). All of those options have a cost involved. Stillraining, let's be clear on how an escrow clause works. I think it means that the buyer and seller agree on a price and when the transaction takes place, the title transfers. The only complication is the amount in escrow which is essentially in limbo and not supported by a title. So as far as I know, there's no "give the guy his $40 grand back and walk away with your boat. Your boat is already gone and the seller is essentially standing there with hat in hand, hoping to get some of that escrow money. The buyer (who now owns the boat) has no pressure to release the escrow. It makes no difference to him if the money stays in escrow indefinitely because he has nothing to lose and stands to gain some money if he just wants to be difficult. With your article, Stillraining, you just pointed out all those issues that should be negotiated following a sea trial. If I'm the seller, why would I want to be negotiating AFTER I transfer title? Doesn't that put the Seller in a horrible position? No sir ... it still seems like an escrow arrangement is no good for the seller. The only way this works is if the buyer is a real good guy or a friend who can be trusted. Instead, I wait until spring and only make a deal for a transaction that takes place AFTER the sea trial and the accompaning negotiations. What am I missing?
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