Help w/ Sale of boat. how do you ensure not a scam?

[luvitt]

a man bought my boat on ebay. I put in the instructions that I would only accept a cashiers check.

Well now the man has gone and got the check (large sum for me). He lives about 10 hours away and will be coming down on Saturday after 3pm (so no way to verify the check til monday--if at all). He wants to spend the nite on the boat. I told him it was ok. How do I handle the transaction? His check could be fake. He could sail off with the boat in the middle of the nite. I was thinking I wouldn’t give him any paperwork until the check clears, but I would be leary of that if I was him. I could run with the money ( I wouldn’t). I think I screwed up. How can I make this a safe transaction for both of us?

Thanks

 

[Tim R.]

Wait til the check clears. He should understand. If not then he is a jerk. Even bank checks can be faked these days.

 

[woodster]

a man bought my boat on ebay. I put in the instructions that I would only accept a cashiers check.

Well now the man has gone and got the check (large sum for me). He lives about 10 hours away and will be coming down on Saturday after 3pm (so no way to verify the check til monday--if at all). He wants to spend the nite on the boat. I told him it was ok. How do I handle the transaction? His check could be fake. He could sail off with the boat in the middle of the nite. I was thinking I wouldn’t give him any paperwork until the check clears, but I would be leary of that if I was him. I could run with the money ( I wouldn’t). I think I screwed up. How can I make this a safe transaction for both of us?

Thanks

better him be leary than you being took ...contact him back and get the name of his bank and check number ...and have your bank check it out ....if he is on the up and up he wont mind a bit ....good luck...

regards

woody

 

[KD3PC]

I would call today and ask for the check information - routing, account number, etc and have your bank verify that it is real and that the funds are available..not sure why in this day and age an electronic transfer would not have been more appropriate...

I have often asked that they come on a day when THEIR bank is open, and have them come to their bank with me, so that when the check is cashed, I can immediately get the cash (large sum or not) and then promptly take it to my bank..then the boat and the paperwork pass..

Best of luck, and if he is legit, he will not mind one bit doing his part for a smooth transfer and transaction.

 

[tommays]

I went through this when i sold the J24 over the winter

A bank check will clear in ONE normal work day BUT large checks are subject to a hand review and can be recalled out as far as 30 days

On the advise of my bank i waited 10 days to let the boat go and got lucky as a big snow storm kept it traped a lot longer

 

[BobM]

Regarding the overnite...don't leave a key to the engine on board...and its a sailboat...he can't get far in one night unless he has the boat hauled and put on a trailer.

Bank check from a well known bank for sure. I like the idea of going to his bank and cashing it...then it is on him and you have the cash. Otherwise...cash is always nice and solves the problem.

Why did you sell?

 

[luvitt]

he says he cant move the boat til July. so i guess thats a good sign.

I hate to sell the boat, but my wife is pregnant, pretty much hates sailing, and she wants a house. I dont think i got what i could for the boat, but with the economy and my $600/month slip fee, i think it will help our situation. Considering i only paid $9k for a 40' boat 3 years ago. I put a lot of work into her, a lot of slip fees, but i did enjoy her too. Im still probably making a profit, and i have a good chunk for a house downpayment!

I guess i will just wait til the check clears. maybe I will write up some kind of agreement stating that he gets the paperwork when the check clears. I think hes probably legit, he paid and sent a surveyor to look at the boat. the surveyor told me that this man has used him in the past.

thanks

 

[duality]

keep your insurance active! if he steals the boat you should be covered.

 

[Stu Jackson]

...don't leave a key to the engine on board...and its a sailboat...he can't get far in one night unless he has the boat hauled and put on a trailer.

1. Even without a key it's easy to start an engine on a boat.

2. OK, so they go slow, but LLEO may not be so quick to start their pursuit, and the hassle of getting your boat back far outweighs not having it ripped off in the first place.

 

[Chuckbear]

I would recommend at the minimum you go to your bank and set up an escrow account for the funds and have him with you. Have the bank notify you as soon as the funds are available to you. Go back to the bank and simultaneously have the funds transfered into your account and do the final bill of sale and transfer paperwork right there. If your buyer balks or suggests any other set up other than cashing the check and handing you the money, walk away. If you allow him to do an overnight on the boat, get a copy of his ID, a valid drivers license with picture and anything else he has. Record the auto and tag number of the vehicle he is driving. That should cover all of your bases. Chuck

 

[Ross]

remove the tiller/wheel. When the check clears put the steering gear back together.

 

[Chris Burti]

I bought a boat on eBay, also 10 hours away...when I went to pick it up, I carried a cashiers check...I would have thought the seller to be an idiot to expect anything less from me. I certainly do not think it reasonable for a buyer to to expect a seller to take a personal check for a large sum. That said, counterfeiting of cashiers checks has become so sophisticated, that I wouldn't advise taking one when the issuing bank is closed.

 

[Benny]

Just hire a reputable attorney firm in your area to handle the closing. A junior partner will work on Saturday. They will set up a trust account and when the funds clear they will deliver the bill of sale to the buyer. Those services from the attorney firm should not exceed $300-$400. This will give peace of mind both to you and the buyer. If the buyer is reluctant to wait or to let an attorney handle the closing just walk away. A short agreement in the closing documentation may give him authority to stay in the boat as your guest but specify that he is not to move the boat until the transaction goes through.

 

[Joe]

chuck bear is correct... you should open an escrow, or third party facilitator to execute a purchase agreement. The escrow will handle the transfer of funds from the buyer's account to the seller's and then release the new ownership documents to the buyer, along with the keys.... your marina may have an interest in the sale also... so let them know and find out if there are any restrictions or conditions.

Treat it like a home sale/purchase... have a contract to protect yourself and a third party facilitator to protect the contract (transaction).

 

[Hermit Scott]

Doesn't ebay have some kind of buyers protection for this very thing? I wouldn't hire an attorney, but I would get the cash in my hand somehow before I transfered ownership.Cash the check at his bank, if you don't trust him.
I bought a dinghy from a guy on this site. I talked to him and felt like I could trust him. I sent him a check, he waited until it cleared then sent me the boat. If only everyone were honest.
thanks again for the awesome dinghy Bob.

 

[novelman17130]

a man bought my boat on ebay. I put in the instructions that I would only accept a cashiers check.

Well now the man has gone and got the check (large sum for me). He lives about 10 hours away and will be coming down on Saturday after 3pm (so no way to verify the check til monday--if at all). He wants to spend the nite on the boat. I told him it was ok. How do I handle the transaction? His check could be fake. He could sail off with the boat in the middle of the nite. I was thinking I wouldn’t give him any paperwork until the check clears, but I would be leary of that if I was him. I could run with the money ( I wouldn’t). I think I screwed up. How can I make this a safe transaction for both of us?

Thanks

Make it a "cashiers Check" made out to you and it will be the same as cash for you. I've used this both for buying a boat and selling a boat with never any problems.
novelman

 

[MrBee]

Good lord. ,, Lawers...escrow..

Sounds like you already agreed to let him stay over night.
I would allow that then nothing else till the
Moneys in your bank. No paper work till check clears.

 

[KD3PC]

certified, bank, attorneys, escrow, registered and cashiers checks are all routinely forged...unless your bank calls directly to his bank with all the printed information and verifies that information....you are at risk...substantially so...and then an unscrupulous buyer can stop payment or void the transaction with his bank. I have experienced this taking less than an hour from the time the check was handed over to me and me getting to the bank, only to find out that a stop payment was issued 45 minutes ago....and I am out...$$$

cashiers checks are no longer any more secure than the paper they are printed on. Many of the internet scams use cashiers checks, as the material to print and pass are so easy to get. You don't find out till days/weeks later that the check is not "collectible" and it is returned to you for making it good. Ask your bank...

Many large transactions specify "certified funds" and that means exactly that. Signatures, ID, amounts, purpose, time frames for conditions, etc are verified and notarized. Could need a letter from a bank, attorney or some such that is pinned to the check in question.

were this earlier in the process, I would counsel to use a third party agent...boat US, etc . I would stay away from eBay or Paypal as their processes are flawed from the get go and really have no teeth, nor do the decision makers have a clue about boats, legal requirements, titling and such.

The ONLY risk free transaction is to have the both of you at the bank, where they can pen every bill (for counterfit(sp)), or verify the check is real with the bank noted on the check. Else YOU assume the major portion of the risk and have the most to loose, if it goes south.

All the best.