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Old 10-23-2013, 04:28 PM
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Lovell, Wyoming?

Any members in the Lovell, Wyoming area?

We have a broker/dealer interested in buying our boat. Long distance deals make me a bit nervous. Wondering if anyone has done business with them?

Please PM me if you are in the area. Thanks!
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Old 10-23-2013, 04:59 PM
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Quote:
Originally Posted by X2M View Post
Any members in the Lovell, Wyoming area?

We have a broker/dealer interested in buying our boat. Long distance deals make me a bit nervous. Wondering if anyone has done business with them?

Please PM me if you are in the area. Thanks!
I'll be up on Cody (about an hour away) over Thanksgiving if I can help. Lovell is next to a large reservoir and have seen boats for sale pretty regularly, however I've never done business with them. I think there is one that regularly has Mastercraft, Nautique, etc there (more than just basic Bayliners)....
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Old 10-23-2013, 06:16 PM
bsloop bsloop is online now
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Like most long distance advice.

Do your research on the buyer, especially if it is a broker, they will have a web foot print.

Second, talk to your bank and have a special account set up to receive a wire transfer. After the transfer is received, the account disappears.
No money orders, no checks. It will prob cost you 30-50 for the account but I would consider it worth the insurance.

Make sure the BOS clearly states the purchase is sight unseen, IF he buys the boat sight unseen, which is crazy IMO. You don't want to give him any chance of pulling the money back once the boat leaves your location.
Having a broker involved in a purchase deal, especially an "average" "lower cost" boat does throw some red flags but not unheard of.
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Old 10-23-2013, 06:52 PM
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X2M X2M is offline
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Quote:
Originally Posted by Ski-me View Post
I'll be up on Cody (about an hour away) over Thanksgiving if I can help. Lovell is next to a large reservoir and have seen boats for sale pretty regularly, however I've never done business with them. I think there is one that regularly has Mastercraft, Nautique, etc there (more than just basic Bayliners)....
Thanksgiving is a bit to far out. Thank you for the offer!
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Old 10-23-2013, 06:53 PM
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Quote:
Originally Posted by bsloop View Post
Like most long distance advice.

Do your research on the buyer, especially if it is a broker, they will have a web foot print.

Second, talk to your bank and have a special account set up to receive a wire transfer. After the transfer is received, the account disappears.
No money orders, no checks. It will prob cost you 30-50 for the account but I would consider it worth the insurance.

Make sure the BOS clearly states the purchase is sight unseen, IF he buys the boat sight unseen, which is crazy IMO. You don't want to give him any chance of pulling the money back once the boat leaves your location.
Having a broker involved in a purchase deal, especially an "average" "lower cost" boat does throw some red flags but not unheard of.
Great advice! Thank you!
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Old 10-23-2013, 07:03 PM
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Glad to see you might have a buyer, as I said before I wish I were closer.
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Old 10-23-2013, 08:40 PM
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Quote:
Originally Posted by bsloop View Post
Like most long distance advice.

Do your research on the buyer, especially if it is a broker, they will have a web foot print.

Second, talk to your bank and have a special account set up to receive a wire transfer. After the transfer is received, the account disappears.
No money orders, no checks. It will prob cost you 30-50 for the account but I would consider it worth the insurance.

Make sure the BOS clearly states the purchase is sight unseen, IF he buys the boat sight unseen, which is crazy IMO. You don't want to give him any chance of pulling the money back once the boat leaves your location.
Having a broker involved in a purchase deal, especially an "average" "lower cost" boat does throw some red flags but not unheard of.
Why After the transfer is received, the account disappears.

Once the money is in its in.
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Old 10-24-2013, 12:18 AM
bhanson bhanson is offline
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Listen to him, solid advice. A cashiers check is not necessarily a cashiers check, and Craigslist is full of "fake check" stories that were discovered weeks after the exchange. Cash is king. If the guy can do a legit cashiers check then he can also go to the bank and get a pocketfull of cash. Just sayin ...
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Old 10-24-2013, 12:21 PM
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Thrall Thrall is offline
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I've done long distance sight unseen deals before. On my X2 most recently.
If cash isn't an option which is the case in a long distance deal then just run it through your bank and theirs.
Each of you instruct your bankers on the same terms for funds transfer. IE. they tell their bank to release the funds by wire transfer once given the go ahead by them, after inspection. You tell your bank to confirm the wire transfer before saying bye bye to the boat. Simple, safe. The bank will know they've received legit funds. Then you will be assured as well.
If either party isn't willing to do this then something is fishy.
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Old 10-25-2013, 10:12 AM
bsloop bsloop is online now
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Quote:
Originally Posted by Latin Flyer View Post
Why After the transfer is received, the account disappears.

Once the money is in its in.
Because with a wire, you give your banking info to the other party. The transaction is quick but they still have your account number they could later use to attempt an ACH withdrawal he could end up fighting. Also in a more fraudulent example, they could use that bank account for other financial gains.
A temporary account is like a portal that opens then closes. No easy claw back or long term risk.

Thrall's example is just extra confirmation leg work, some banks will not post a wire as quickly as they actually receive it. Thus you have to call to confirm it has been received. An account # still has to be given to the sending party. Two banker friends I talked to, said a bank to bank without an account would be more time consuming than they would probably mess with, especially for the average joe.

A cheaper suggestion came from our conversations, simply open an account for free at a bank that allows free inbound wires then pull $$ and close account. No cost, no risk, just a little time. (some banks, often the big greedy ones charge, cough; US Bank, BofA)
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