Selling Boat - Best way to handle money transfer

[huntingislife]

I am going to be selling my boat to somebody from out of state. When I bought my new boat I just transferred the money from my account over to the sellers account because we had the same bank. I cant do that this time. What would be the best way too handle this so that I dont have to worry about fraud? The sum is too large for cash.

[Tom Linderholm]

Matt, I would suggest a casheirs check from the buyers bank. If you use something like an online processor such as paypal you will be charged fee's based on a percentage of sales.

[7outof10]

i would second the cashiers check

[huntingislife]

The buyer had suggested a cashiers check. Then before the transaction is made I could call the bank and verify the check to make sure it is not fake.

[Pickelfarmer]

kind of along these same lines I wonder whats more secure? A money order or a cashiers check? Or are they the same thing?

[Down Deep]

I wouldn't take a cashiers check. The most seamless way would be to go to the buyers bank and have the bank make out a check to you. Then sign the boats title. Make up a bill of sale that details the terms of the sale like the boat is sold as is and there is no warranty plus the price. Get the buyer to sign it then hand over the title, copy of the paperwork and the boat. This might sound like overkill, but a stinkin deal will result in lots of time consuming problems for you.

[wplatehunter]

I wouldn't take a cashiers check. The most seamless way would be to go to the buyers bank and have the bank make out a check to you. Then sign the boats title. Make up a bill of sale that details the terms of the sale like the boat is sold as is and there is no warranty plus the price. Get the buyer to sign it then hand over the title, copy of the paperwork and the boat. This might sound like overkill, but a stinkin deal will result in lots of time consuming problems for you.

I agree.

[prosport17]

IMHO.. I would think that a cashiers check from the purchaser's bank is acceptable. Exscpecially if you have the purchase detailed as suggested above. If you are selling to a party from any distance away, going to their bank is not a viable solution. If that is what you decide you need, it is going to really limit the number of perspective buyers for your boat. A cashiers check is almost the same as cash. It is backed by the bank issuing it not the holder/purchaser of the boat. Just my opinion.

[Sandmannd]

Originally Posted By: Down Deep

I wouldn't take a cashiers check. The most seamless way would be to go to the buyers bank and have the bank make out a check to you. Then sign the boats title. Make up a bill of sale that details the terms of the sale like the boat is sold as is and there is no warranty plus the price. Get the buyer to sign it then hand over the title, copy of the paperwork and the boat. This might sound like overkill, but a stinkin deal will result in lots of time consuming problems for you.

I agree.

This is the way I have done it in the past.

[huntingislife]

The buyer is 700 miles away so I cant really go to his bank. I will have to double check to see if he has an account at another national bank where he could get money here.

[walleyeseeker]

Any bank can transfer money to another electronically. I did this with my last boat. He authorized the transfer the day before he was going to pick it up. I called the bank the morning of the exchange to verify the funds and then signed the title over. Quick and no chance of fraud.

[fivebucks]

I would insist on a bank wire. It can be done in about an hour. There are fraudulent cashiers checks out there where even calling the bank won't do you any good. At our company we have a 10 day hold on all larger checks, whether personal or bank or cashier checks.

[Down Deep]

The buyer is 700 miles away so I cant really go to his bank. I will have to double check to see if he has an account at another national bank where he could get money here.

How is the buyer going to get the boat? Assuming you and the buyer are not going to get togeather for the exchange, put the risk on the buyer. Go to your bank and set up a money transfer. When the money is in your account and the deposit is varified by the bank complete the transaction. There is always cash which, of couse, has some security risk.

[huntingislife]

He will be coming to pick up the boat here. So I cant make it to his local bank.

[jwmiller33]

tell him to bring a briefcase full of cash... one hundred dollar bills, in stacks of 100

[CJH]

If you are getting a cashier's check and you call the bank to verify the check, not sure how that could go bad. The bank wouldn't confirm a fraudulent check, as they wouldn't have any record of it. They would have all of the details of a real check that you could verify.

[huntingislife]

I called down to his bank and spoke with them today. They said to call them to verify the cashiers check when I get it and I should have no problems. So I will plan to do that. I have a loan on the boat so I will still have the title for a couple weeks also.

[Esoxmn]

When i sold mine to a guy in Canada my bank talked with his to verify the check before the title was released.

[Down Deep]

I have a loan on the boat so I will still have the title for a couple weeks also.

You have a trusting buyer. I wouldn't take the boat without the title being signed over and all liens cleared and have the verification card. Conversely, I don't think it is a good idea for you to allow the buyer to leave with the boat without you giving him a clear title.

[huntingislife]

Originally Posted By: huntingislife

I have a loan on the boat so I will still have the title for a couple weeks also.

You have a trusting buyer. I wouldn't take the boat without the title being signed over and all liens cleared and have the verification card. Conversely, I don't think it is a good idea for you to allow the buyer to leave with the boat without you giving him a clear title.

When I mentioned that it didnt bother him at all. He said a bill of sale will be fine as he had dealt with this before. At least the boat is insured in case anything goes wrong.

[Neighbor_guy]

I realize that you have kind of figured out how to resolve your issue, but I am going to add my $.02.

When I am dealing with person to person transactions that are to big for cash, I suggest a money order from the Post Office. The USPS will back up any transaction done with a PO money order, and if the transaction does turn out to be bad, it is a Fellony to mess with the mail , that includes their $$$. But you still get paid. Much better than PayPal, personal check, or some bank checks.

Just another option.

[Jackpine Rob]

I deal with fairly significant transactions in my day-to-day life.

Nowadays, we require wire transfers. Any bank worth banking with will send/receive a wire. They are simple to figure out, simple to check on, and take a lot of the worry out of it.

A wire in from the buyer. A wire out to the loan company. Within an hour or two, everyone knows where things stand, and the buyer walks way with peace of mind.

When Jr. was buying a truck last summer, we had a seller who was upside-down on his truck. He owed more than he was selling the truck for. No problem.... Seller wired money into my account to cover the overeage - I wired the loan amount to his loan company, the lien was released (to me) and everyone was safe along the way.

We already had the title, signed, sealed and delivered the night before - but the title without the payments would have done none of us any good.

Wire transfers are a good thing for bigger transactions.

[Ralph Wiggum]

Originally Posted By: huntingislife

I have a loan on the boat so I will still have the title for a couple weeks also.

You have a trusting buyer. I wouldn't take the boat without the title being signed over and all liens cleared and have the verification card. Conversely, I don't think it is a good idea for you to allow the buyer to leave with the boat without you giving him a clear title.

[snoozebutton]

After he looks over the boat and decides he still wants it, why can't you both go to your bank so he can authorize a money transfer? I would think your bank could figure out the best way to do it.

[WingDing2]

When I sold my Warrior to someone from SDakota we had a wire transfer and lien release all at the same time.

Just as Jackpine Rob had stated. This is the only way to handle a tranaction so both parties are protected...and satisfied.