?s about selling a boat

I am selling my boat and this is the first time i have owned a boat and had to sell it. I live in Minnesota and the buyer is in michigan. I do not have the title.

Im just wondering how to make this transaction go as smooth as possible. Any advice or tips would be greatly appreciated.

Thanks

Make sure he knows you don't have a title to the boat before you or him make the drive.

Don't forget to write him a bill of sale either.

If he is financing the boat, he could have his bank contact yours and cut two checks. One to pay off your loan (I am assuming yours is financed since you don't have the title) and one to you for the difference. That is how I sold my last boat.

He knows that i do not have the title. He just emailed me and wants to wire the money to the bank where i have the loan and who has the title. I will then have to make the payoff of the diff. He will draft a bill of sale.

any other tips? advice?

I just finished selling an RZ2 and one of the most comforting things to have is a GOOD Bill of Sale that covers all angles and yourself. I wouldn't let the buyer draft a BOS to be honest, but that's just me!

Do you have an example of the bill of sale you put togehter. If you do would you mind emailing it to me: dahmsy686@yahoo.com

Is there anything wrong with him wiring the money to the bank where i have the loan thru. I guess im just worrying to much cus i want to get this sold and not have to worry about screwing anything up.

any other advice would be greatly appreciated.

if you're going to buy another boat...especially if it's from a dealer....do an "in & out" at the dealer to save on taxes.

Cody,

I got the bill of sale. Thank you very much for that. Question for you. How was the transaction conducted. Did you have the title in your hand? Did he give you money. My questions are mainly about transfering of the title. Since i do not have the title im curious as to how that works, the clear title is sent to me then i send it to the new buyer.

If someone could straighten me out on how this works that would be much appreciated.

Thanks

Matt

The way i see it the only way that i will be able to get the title for the boat is by paying it off. I do not have the funds to pay off the title unless this guy buys it. I have all the other identifying info from the MN DNR. How has everyone else worked the title situation when they have sold or bought boats. did you just pay for the boat and take the boat and then have the seller send the title when he gets it and signs off on it. That is what i am thinking of doing. Is that the correct way to go about the sale? ? ?

That is how I did one transaction, but it was not very much money. The last one I bought, the guy paid off the boat loan with some other form of borrowed money (cc maybe), and he had the title when we got there. It worked fine.
If this guy is coming to pick up the boat, let your bank know you are coming to pay off the loan, and give them the remaining balance in the form of a cashiers check from the buyer. Get a seperate check for the remaineder. Or get one big check, put it in your account, and transfer the needed money to pay off the loan.

I would pay off the loan my self but i have no where to get the remaining amount of money. Cant get that much from my CC company. So we are just going meet at the bank he will pay his portion and i will pay off the diff. then the title will come to me i will sign off on it and send it over to him. he will have the boat once he pays.

I my mind i see this as the way to go. Really the only way to go since he wants the boat when he pays and i dont have the title.

So the journey begins. Gunna be alot of driving this friday night and saturday morning

so many scammers out there. i'm selling my old boat and i get at least 1 a week trying to scam me.

heads-up on wire transfers. unless it's an escrow, they have to have your account info to do it. someone correct me if i'm wrong on that, but that's what my bank tells me.

second, i wouldn't take a check from anybody. cashier's or otherwise. cross your fingers for bank to bank. or, if it's cash, bring him with you to your bank, pay off your loan, and he'll get an afedevit in leiu of title (sorry bad spelling) that he can register and license his boat with.

it's really sad what it's come to these days, but cover your tail and if you're unsure, call your lender.

and remember, it's black and white. they either want your boat or they don't. there's no gray. if they want it, they'll do what is right to secure it.

(Message edited by brucemac on April 23, 2008)

I hope he is not a scammer. He called me and spoke english so i was comfortable at that point. We are meeting at the bank where i have the loan and he is paying his amount and im paying mine. So i think it will be all good. I jsut hope the title goes thru alright.

if he's comfortable with that then you should be fine. just be leary of checks. hopefully he's paying his portion with something that can be verified. checks can be faked, forged, cancelled, etc. even after they are deposited in your account.

if your state is paperless (electronic titles) then they'll give him a released title right then and there

if it's not a paperless state, they'll do the afedevit in leiu of title and he'll be good to go

(Message edited by brucemac on April 23, 2008)

He is going to have a casheirs check. Associated bank has the title and they will not relese it untill the loan is paid in full. Right now im feeling pretty comfortable about it. Its just the weather im worried about its posed to be 40 and raining on the day of delivery and he wants to take it out that day as well.

Oh well.

Thanks for the advice.

i'm sure it will be fine. not trying to make you worry. it's just i know what you're going through. i water tested my new-to-me boat on one of the crappiest days this year. i didn't care, i was stoked.