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Don
11-15-2006, 09:04 AM
I'm looking for advice on how to handle the money transaction for the sale of a boat to an out-of-state guy. What is secure? It is hard to trust even certified checks these days without fraud worry. I can'nt ask for a guy to bring 30K in cash, yet when someone hooks up your boat and taking it 1000 miles away it makes me a little nervous. My bank tells me it takes 10 days for even a certified check to clear......unless it is writen by the same bank that I'm with.......any of you that know the process, or have experience with selling boats, please comment.

Farmer Ted
11-15-2006, 09:24 AM
I'm looking for advice on how to handle the money transaction for the sale of a boat to an out-of-state guy. What is secure? It is hard to trust even certified checks these days without fraud worry. I can'nt ask for a guy to bring 30K in cash, yet when someone hooks up your boat and taking it 1000 miles away it makes me a little nervous. My bank tells me it takes 10 days for even a certified check to clear......unless it is writen by the same bank that I'm with.......any of you that know the process, or have experience with selling boats, please comment.


well you could always use my Nigerian account, for a small fee of course.......


just kidding

when I bought my boat I had a Bank Check and the guy seemed comfortable accepting it even though I took the boat 850 miles away. But I'm in the military and my integrity and personal hygiene are beyond reproach.

Open an account with the bank he's drawing the check from and have him transfer the money to your account versus bringing a check.

If it's legitimate it should be no big deal to get the bank info from him, if he's reluctant to give you the bank information I'd look for another buyer.

You can also look up his information to make sure he's for real and not providing you with a fake address. Is his phone number listed, check the tax assessors webpage for the county he lives in to make sure the name matches the address.

Find out if there's any other team talkers in his area that might be able to go break his knees if the check bounces....

bigmac
11-15-2006, 09:30 AM
I'm looking for advice on how to handle the money transaction for the sale of a boat to an out-of-state guy. What is secure? It is hard to trust even certified checks these days without fraud worry. I can'nt ask for a guy to bring 30K in cash, yet when someone hooks up your boat and taking it 1000 miles away it makes me a little nervous. My bank tells me it takes 10 days for even a certified check to clear......unless it is writen by the same bank that I'm with.......any of you that know the process, or have experience with selling boats, please comment.

The usual method of counterfeit bank checks is that someone steals or prints up some blanks and then prints up a bogus check with a check writing machine (here's one you can buy on ebay for $10 (http://cgi.ebay.com/Paymaster-Check-Writing-Machine-Writer-X-550-w-Key_W0QQitemZ130045587742QQihZ003QQcategoryZ302QQs sPageNameZWDVWQQrdZ1QQcmdZViewItem), for example)

Farmer Ted's right though - the most basic thing is to have the buyer provide some personal references, driver's license # and SSM. For $30K, I'd spend the $9.99 they charge for an internet background check.

In the past, I've just had my bank call the buyer's bank that the cashier's check was drawn on to confirm that it's valid and that they have no reason not to honor it, or I've called the guy's bank myself. Another option is a wire transfer, his bank to your bank, although that can be expensive.

Mikey
11-15-2006, 09:37 AM
I bought my boat out of state and the guy I bought it from had a trust issue. We went to his bank and had them call my bank and do a wire transfer from my account to his. This process took a couple of hours but it was the only way that he would accept payment. It is a hassle but if the buyer is legit he shouldnt mind doing it that way.

Footin
11-16-2006, 08:18 PM
I would ask for 30K in cash or a wire transfer to your bank.

When I sold my BF 200 last year to a guy in Canada I insisted on cash.

pram
11-16-2006, 08:35 PM
I would ask for 30K in cash or a wire transfer to your bank.

When I sold my BF 200 last year to a guy in Canada I insisted on cash.

Come on all of us Canadians up here are honest folk.

Footin
11-16-2006, 08:39 PM
I'm sure you are, but I wanted greenbacks!

Archimedes
11-16-2006, 08:57 PM
Wire transfer. It'll cost about $25 and he's the one who pays.

Bobbyk
11-17-2006, 12:37 AM
Wire transfer or an escrow, wire is cheaper and faster.

H20skeefreek
11-17-2006, 07:20 AM
Cash. It's not that hard for him to get it. He just needs to let the bank know in advance that he's gonna need 30 Large, it'll take more time on his end, but when he get's to you, you are done.

Take the money to the bank with him, they'll make sure it's real money and not Monopoly money.

PendO
11-17-2006, 07:57 AM
Cash. It's not that hard for him to get it. He just needs to let the bank know in advance that he's gonna need 30 Large, it'll take more time on his end, but when he get's to you, you are done.

Take the money to the bank with him, they'll make sure it's real money and not Monopoly money.

I'm with this one ... if he know he needs 30K cash and can give the bank advance notice then it is not a problem for him ... upwards of 50K then I would use a reputable escrow service that is both licensed and bonded

Jerseydave
11-17-2006, 08:54 AM
CASH IS KING!!!

No worries, just use a counterfeit pen to check each bill.

Jerseydave
11-17-2006, 08:54 AM
CASH IS KING!!!

No worries, just use a counterfeit pen to check each bill.

H20skeefreek
11-17-2006, 08:59 AM
A counterfeit pen? Is there that big of a market for copying Bics? J/K I'd take it to the bank, that way you don't look like a jerk. Let them deal with checking that many bills.

Datdude
11-17-2006, 11:43 AM
I sold my 99 Sportstar last year. The guy drove by my office where I had the boat for sale, wanted a test drive ASAP, and 30 minutes later he was writing a personal check for the boat. I was uncomfortable about accepting a personal check, but I called his bank and verified funds. I got to my bank as soon as possible and deposited his check. The difference here is that he is semi-local (50 miles). Good luck with the sale.

I agree that CASH IS KING:D

thijs
11-17-2006, 12:07 PM
Come on all of us Canadians up here are honest folk.

Does the sponsership scandal ring a bell?? This was our GOVERNMENT. lol

No worries, just use a counterfeit pen to check each bill.

Blacklights work to check money. Real money should not glow under a black light. Funny money usually is printed on cheaper papers which have been bleached and will glow. Real money may glow if it has been through the wash with laundry detergent. So just be careful with laundered money. (j/k)

Don
11-17-2006, 12:45 PM
Alot of great advice here.....thanks.....asking for cash and the precautions required, makes it feel like a drug deal, but bank wire sounds like the best. I heard that opening a temperary account at the same bank will work. Setting the rules of exchange of ownership and funds upfront is best. All this has helped me avoid a potentially nervous situation. I sold a boat years ago for 8 grand. Guy brought cash. I was a wreak until I got to the bank....don't know what I would do with 30 grand.

rick s.
11-17-2006, 01:07 PM
wire transfer is really easy.