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Old     (diamonddad)      Join Date: Mar 2010       05-24-2016, 1:10 PM Reply   
I will selling my 2012 MB 21' TWB.

How does a private party safely sell a $45K boat?

Asking for cash seems wrong. Can't trust a personal check. Dangers with cashier's checks.

What do people do for a safe exchange of payment?
Old     (psudy)      Join Date: Dec 2003       05-24-2016, 1:13 PM Reply   
If its local, meet at their bank. If not, wire.
Old     (sppeders)      Join Date: Jul 2011       05-24-2016, 1:21 PM Reply   
down payment, and when it's time to pay in full do it at a bank.
Old     (Shawn)      Join Date: Aug 2011       05-24-2016, 2:09 PM Reply   
If not cash, meet at their bank to have them issue a cashier's check with you there in person.

...or an escrow company of YOUR choosing, NOT the buyer's.
Old     (racer808)      Join Date: Jan 2013       05-24-2016, 6:54 PM Reply   
Cashier checks can take a few days to clear even if legit & verified by your bank. A wire is easiest
Old     (diamonddad)      Join Date: Mar 2010       05-24-2016, 9:38 PM Reply   
How do you implement the wire?
Old     (Shawn)      Join Date: Aug 2011       05-24-2016, 10:28 PM Reply   
If fraud is your concern, you have to give up too much account information in order for the buyer to initiate the wire transfer at his bank.
Old     (diamonddad)      Join Date: Mar 2010       05-24-2016, 11:04 PM Reply   
OK. I will just go with DEPOSIT plus CASHIERS CHECK printed at their bank while I am there. Thanks for the advice!
Old     (Mxguy741)      Join Date: Nov 2013       05-24-2016, 11:12 PM Reply   
where are you located and how many hours on boat? have a friend looking for something like that
Old     (markj)      Join Date: Apr 2005       05-24-2016, 11:31 PM Reply   
Are you getting a new boat or are you checking out?
Old     (diamonddad)      Join Date: Mar 2010       05-25-2016, 12:33 AM Reply   
I am moving into a 2016 CC Sport Nautique. My MB B52 21' TWB is at Discovery Bay CA. I will be creating an ad soon.
Old     (dougr)      Join Date: Dec 2009       05-26-2016, 11:19 AM Reply   
keep the boat until the check clears.
Old     (CALIV210)      Join Date: Jun 2015       05-26-2016, 11:32 AM Reply   
Yep the same way as you sell a high dollar car ..AT THE BUYERS BANK
Old     (antoddio)      Join Date: Dec 2006       05-26-2016, 5:14 PM Reply   
I just sold mine on Monday. I got a bank check from the buyer. Prior to giving him the boat, I asked him the name of the bank where he got the check. I independently looked up the number and address of the bank on google and then called the bank to verify a check was issued to me by that guy for the required amount. I told the buyer I was doing that and it was no issue.

In talking with the guy, I could tell he wasn't a fraudster. Also, I would probably get more money if it was fraud and insurance paid me out, so I always had that as a safety net.

There won't be many people that can talk the talk about wakeboarding AND are able to set up an elaborate check fraud scheme. So likely you will know.
Old     (markj)      Join Date: Apr 2005       05-26-2016, 10:33 PM Reply   
Quote:
Originally Posted by diamonddad View Post
I am moving into a 2016 CC Sport Nautique. My MB B52 21' TWB is at Discovery Bay CA. I will be creating an ad soon.
Okay. Congrats on the new boat. I know zero about that model. Curious why that one fits you best...
Old     (diamonddad)      Join Date: Mar 2010       05-26-2016, 10:51 PM Reply   
Mark, I wanted a crossover boat as I am skiing more as I get older. CC had the best option for me. It runs like a precision watch.
Old     (markj)      Join Date: Apr 2005       05-26-2016, 11:34 PM Reply   
Makes sense. The CC experience is awesome. Such a classy company too. I skied a few years ago (just to make sure I still could) and it was a blast. Totally different experience from boarding. Requires more endurance, but doesn't wreck your body. Also interesting that you didn't "retire" into surfing and opt for a more surf specific boat that gets marketed to most of us "older guys." More power to ya. Different strokes... Nothing wrong with that. Good luck in selling your MB.
Old     (shawndoggy)      Join Date: Nov 2009       05-27-2016, 5:31 AM Reply   
I've sold three boats. Boat #1 I took a cashier's check from a cop and his pregnant wife drawn on a local credit union. Boat #2 was purchased by a couple of Russian fellows who wired me half the money before they came to inspect the boat and brought the rest in cash. We went to my bank to close the deal, with the bank running the cash through their counting machine. Then they rented a U-haul, towed the boat from Reno to Houston, and put it on a cargo ship bound for Halsinki. They picked up the boat in Helsinki and towed it overland the remaining 600 or so miles to Moscow. Boat #3 was sold to a guy from PNW who came with a cashier's check.

THe sale to the Russians was the only one I was really sketched out about, and those guys bent over backwards to get me comfortable. I did a lot of facebook stalking of them too and there were way too many pics of them wakesurfing for it to be a scam. Or at least they were going full CIA level backstory. The other two guys I did some basic due diligence on and knew they were legit by the time we were hooking up the trailers to their trucks.

All that said, a wire is real easy (costs about 25), or you could have the buyer open an account at your bank, make the deposit, then have the bank transfer funds between their account and yours.

Last edited by shawndoggy; 05-27-2016 at 5:33 AM.
Old     (diamonddad)      Join Date: Mar 2010       05-27-2016, 8:35 AM Reply   
Mark, I got into surfing when it came out and built a huge wave behind my BU but grew bored with the sport. Surfing was a novelty that wore off for me.

Thanks for the tips everyone!
Old     (Nautical)      Join Date: Mar 2013       06-06-2016, 9:26 PM Reply   
I JUST sold my boat for $49,000 on Saturday. Yes, it's true, you cannot trust a certified check these days. It's not much safer than a personal check. The only way I do deals like that anymore is with a wire transfer. That costs $15 to $30 bucks and it takes an hour or two because it goes through the federal reserve, but it becomes clear cash the moment it's placed into your account. What worked even BETTER than that for my transaction this time was that both of us were credit union members and our two credit unions were linked through a "co-op" system so he gave the teller his account number with instructions, I have the teller my account number and in less than 1 minute I had my money and neither of us had the other's account number. It was a thing of beauty! What sucked was then we had to wait 45 minutes to get the title notarized because it was Saturday and they were short staffed in that department.

Another option is this: you take the certified check and deposit it. You give the person the boat. You HOLD the title until the funds clear. This isn't as good as the above method but at least if the check is bad, you have the title and can probably report your boat stolen (though you will have to give them the whole story and I'm not sure how they'll handle it). The buyer should be comfortable that the seller is not going to try and scam them because they have the boat and proof they paid you.

I've heard horror stories about fake checks taking ONE TO THREE MONTHS before they find out it was a fake. Then they come back and rip the money right out of your account. Oh, you spent it already? No problem, they'll get it out of you somehow, you will NOT be off the hook. Think about it . . . if they can counterfeit currency, which is supposed to be incredibly difficult, faking a piece of paper has to be a lot easier. And since the banks work in zones across the US, the clearing process can be slow even today. Slow of course until you have to write a check in the supermarket a day before you get paid and it of course bounces!!

One last thing - if you do want to take a certified check, at least have the bank call to verify the funds are there. They might even be able to verify that check itself. The only thing that can go wrong after that is if multiple checks were written on that account (since it still has to go through the clearing process even after that phone verification) without enough to cover more than one. We're talking far fetched stuff now that is the subject of movies but it can happen. I learned all of this from several reliable sources (bankers themselves).

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