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View Full Version : selling my boat whats the best way to get paid



lee
12-05-2011, 11:42 PM
I am selling to a guy 1500 miles away what is the safest way to get paid without someone being able to cancel funds or stop payments heard a few horror stories

Dr. David Fleming
12-06-2011, 01:21 AM
Take the payment in a certified check or in cash.

tmh
12-06-2011, 08:23 AM
What is the risk of a wire transfer after 2 days? I am not challenging anyone, I simply want to understand.

Jamesbon
12-06-2011, 08:26 AM
Cash, wire or cert. check. If cert. check, verify the check with the institution that wrote it.

Wires are fastest and easiest in my eyes...They're standard procedure in my industry...

lee
12-06-2011, 08:34 AM
Thanks a lot will get certified check

MR MAGOO
12-06-2011, 09:12 AM
I've found Bank Wire to be the most reliable way to transfer funds. Once it's in your account, they can't withdraw the transaction. There's been plenty of phony certified check stories...

mattyboy
12-06-2011, 10:20 AM
I've found Bank Wire to be the most reliable way to transfer funds. Once it's in your account, they can't withdraw the transaction. There's been plenty of phony certified check stories...

I agree as a seller or buyer. Cash or wire transfer are the best. Checks especially cert or cashier can be scammed. If I were selling a boat to someone 1500 miles away it would go like this. Deposit cleared then a sea trial once closed hand over cash take the keys and go or wait for wire to hit account if timing is an issue find a hotel for buyer and they can take it away the next day The other advantage of cash or wire is flexibility downward in price. When I picked up my 16 the tabs leaked I got another 200 off the price. That's hard to do with a check that's all ready made out.

zelatore
12-06-2011, 10:44 AM
I'll agree with the popular logic here as well and say wire is the best choice for a seller.

In our office (yacht brokerage/dealer in case there are any new folks reading) we do a deal like this.

offer w/deposit
demo and surveys
payment via wire or certified check
turn over boat to buyer

Wire is the preferred choice. We typically call the bank a certified check is drawn on before depositing as well these days even though we've never been burnt by a fake and don't know anybody who has. But the stories are out there about people who have been. If the buyer brings in a personal check, we hold the boat until it clears. We take personal checks, but we simply can't trust them.

Ghost
12-06-2011, 12:40 PM
I would suggest performing the actual transaction in either your bank or his, depending on logistics. Or in A bank at least.

Use their notary to witness everything (signing over title, bill of sale, etc). CASH the certified check or do the wire transfer in real time, and you can probably have the bank call his bank to verify its authenticity.

And it'll probably all be on camera.

pipnit
12-06-2011, 12:47 PM
Wire transfer

Jamesbon
12-06-2011, 08:10 PM
Wire transfer has always worked best for us. Like the above post, once it's in your account, the only way it gets out is by you or "Uncle Sam."

Cashier checks are "okay," but sometimes take up to 2 days to become liquid unless it was issued by your bank. (Assuming it's a real cashier check) We always call the issuing bank to verify funds before releasing the vessel.

Cash would be good, but in your case, I doubt the buyer will "Fed-X" a box of cash to you ;)

Make sure your bank has received the wire before shipping your beloved Donzi!

Done this a hundred times, any questions, don't hesitate to ring me.... 727 458 9721...

gmcars10
12-06-2011, 08:13 PM
Wire transfer, domestic or international.