Moderated Discussion Areas
ContinuousWave: The Whaler GAM or General Area
|Author||Topic: Safe Transactions|
posted 06-15-2015 05:56 PM ET (US)
So lets say you are buying a whaler from a distance and won't physically be there... A good surveyor can size up the boat for you. A trusted hauler can bring back the boat for you. What is the safest way to exchange papers and payment?
posted 06-15-2015 06:00 PM ET (US)
I've never done it myself, but isn't this what escrow providers are used for? A professional 3rd party holds the money until the transaction is complete.
posted 06-15-2015 09:44 PM ET (US)
Have his banker contact your banker for wire transfer of funds and banks can handle all paperwork. They can also handle title work.
posted 06-15-2015 10:29 PM ET (US)
I've done what your are asking several times and each time worked out well. I've bought (3) BW's from Florida and had hauled to MA. The 1st thing is to hire the surveyor and make sue that you want to do the deal. Learn as much as you can about the boat and contact the previous owner if the current owner will supply it. If they say that it has been "dealer maintained" contact the service dept. at that dealer and see what they can tell you. Have them fax or email both sides of the title. Call the registry in that state and verify that the title information matches what they have. If there is a lien holder, they have to pay that off and get a clear title before you send any money. Sometimes it can take 3-4 weeks to get a new title issued. If everything so far is good, and you've done everything possible to reduce the level of risk, you have to decide if the person you are dealing with is honorable or not. It's that simple. Generally you can always tell. If it's a go, get a bank check payable to YOURSELF. You make it payable to YOURSELF because if the deal falls through, you can deposit the check. If it's made payable to HIM there is nothing you can do with the check. Endorse the back and send it to him next day delivery for the day that the boat is going to be picked up. If the boat pickup is on Friday, send the check on Thursday by FedEx for next day delivery by noon. Have your guy get there at 10 and call you. If everything looks ok, you let the check get delivered and your guy takes the boat. If it's not ok, you call FedEx and re-route the next day letter with the check back to you. They send the driver an immediate message and it's done.
A bank wire transfer is useless. It can take 3-4 days to actually post to his account depending on the bank. And it's just like sending cash. you can't recall it, so what is the advantage ?
posted 06-15-2015 11:18 PM ET (US)
If I'm spending big bucks to purchase something, I'm going to look at it. Purchase air fair and go look at it, If you end up with something you are not happy about, you are either going to have to fix it or live with it, but you will never be happy. You plan on owning the boat for a while, make sure it fits your needs and wants, do not short cut yourself...
posted 06-16-2015 01:06 AM ET (US)
when I had my whaler up for sale,, the party that contacted me wanted pics and we talked over the phone,, they decide to take a vacation and see the boat than buy if they liked it ,,when the boat was sold it was face to face,, hand to hand,,no questions and a done deal ,, if you cant lay hands on the boat,,than it up to someone ya trust,,,or not,,in some cases,, buying the boat is more important than getting a wife,,that boat will be keeping your wife and kids safe even when your not able to,,,,put your hands on what your buying for your own peace of mind
posted 06-16-2015 06:37 AM ET (US)
If you get a bank draft payable to yourself and sign the back, it is then almost like cash, it is a signed off bank draft.
If you get a bank draft payable to someone else and it is not used, you can take it back to the bank where you bought it and deposit it into your account. Just ask this question when you are buying the bank draft, they will confirm this.
posted 06-16-2015 09:35 AM ET (US)
Anyone can print or forge a bank draft. The internet and venues such as craigslist make long distance sales fraud very common place.
My advice is to risk no more than you can easily afford to lose when buying sight unseen from an unknown seller.
From the previous comments many of these transactions go well. We are hearing from happy buyers. Those who were less successful tend not to advertise the fact. Who likes to admit to acting foolishly?
posted 06-16-2015 10:02 AM ET (US)
I may commit earnest money sight unseen, but always conclude transaction in person. It is worth the travel cost for peace of mind. Plus, a scammer or dishonest person is usually easier to identify in person.
For larger transactions, open a temporary account at a national bank and conclude the deal at the nearest branch where the boat is. When I do a transaction in cash, the money is well concealed in the truck and doesn't appear until I'm sure it is a legit situation, and usually, I ask to conclude the transaction in a public place. I don't go inside the persons house either unless I am certain there is little risk.
posted 06-16-2015 02:03 PM ET (US)
Depending on amount, you can just get a broker/agent to deal with it at a minimal fee. If you are trying to save some money finding other schemes, than you save that money at the risk of something else happening. -- I am not advocating either-or, just pointing out you pay what you get for (or don't get all together).
I have bought long distance using escrow accounts, actually worked fine. Paypal can facilitate this to a certain extent. And depending on amounts transferred, can take a bit longer.
posted 06-16-2015 02:09 PM ET (US)
The problem with electronic transfers are they take awhile for the money to be cleared. Banks never know the exact time. It honestly could take a month. Watch for classic scams where they promise the world give you full price send funds it shows they arrange to pick up the boat or have someone else pick up the boat. Bye bye boat with a friendly wave then the banker calls and says the transfer is insecure there is no money showing! Try to contact them a week later no answer. I don't think this happens very often but it's always nice to meet in person get a certified cheque go to the bank and deposit the cheque in front of the banker they give you a receipt it's all written up done deal. Banks rarely get taken by a scam. Unlike money which never sleeps you can rest at night with peace and happiness because you've done all your homework you've got a boat that you feel comfortable with, or in the case of selling it you have your money. You can now spend time dreaming of the next boat to purchase.
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