Selling Your Boat

[pwgsx]

Hey guys, sadly I am in the process of selling my boat and with that comes trusting someone with a certified check on such a large amount. What is the best way to verify that the check is legit before you hand over the title? I usually try and have the buyer meet at my bank while I deposit it but in this case I will be (hopefully) meeting him a few hours away. Any tips, thoughts ?

Thanks

 

[racerxxx]

Perhaps the guy could give you the check number and the bank on which it was drawn and you could call and get confirmation on the validity of the check?

 

[ocod]

Get CASH ONLY!
Don't trust any type of check unless its from a local bank where we can walk in together and get CASH ONLY.

If they can get a check then they can get CASH or let them deposit it in their account and get CASH ONLY.

I would not trust any type of currency but CASH!
Did I mention get CASH ONLY!

 

[glsmohio]

Yea I'm with that guy^^^^

 

[cbeechy5]

How do I post on this



Sent from my iPhone using Tapatalk

 

[Sportster-2001-951C-Stock]

Keep the title until the check clears then forward title? Maybe a little less risky but he could still part it out then dump the hull somewhere.

Certified checks are forged all the time, best way is delivery upon cash in hand. I've bought boats before where the seller let me pick up then forwarded title once funds cleared.

 

[racerxxx]

I wouldn't take cash. Had a buddy get burned for 4g's in cash on a quad sale. All counterfeit baby. But then again, they were from Philly. Perhaps you guys live in a better neck of the woods.

Sent from my SGH-T889 using Tapatalk

 

[Coastiejoe]

Taking a check is fine. Make simple contract that states that the sale is not complete until the check clears and that you will retain the title and ownership until the check clears. A certified check can take 10 days.

You can call the bank and confirm funds, but that will not "protect" the funds. They can cancel the check, close the account, or claim the check was lost.

 

[ocod]

I wouldn't take cash. Had a buddy get burned for 4g's in cash on a quad sale. All counterfeit baby. But then again, they were from Philly. Perhaps you guys live in a better neck of the woods.

Sent from my SGH-T889 using Tapatalk

Ouch!

Easy steps to prevent heist is do it a police station nowadays ( let them know ahead of time )
Have pen to check cash.

Im sure the amount is significant to want to handle that amount of money in the open but the forged cashier check happen all the time and the boat is gone and you holding title that means nothing.

Make it clear that boat or tittle does not leave your property until money clears like an escrow.
There have been times it takes weeks to months to know for sure.

 

[hfgreg]

Go to his bank if available.

 

[LouDoo]

Here's how I've done it in the past. Get cash, have the buyer meet you at the county clerks office at the courthouse (or where ever you transfer titles in your state). Get the cash transfer the boat. If you are worried about the cash being counterfeit you can get a marker pen at office depot.

Lou

 

[Spimothy Leary]

I Generally Am Cash only. If in doubt meet at bank and exchange all the $100's for $50's.

I have a couple pens although I dont know if they are 100%. I also look for different serial numbers. (I know I know I should work for the treasury).

 

[pwgsx]

Thanks for the tips guys. Most of the stuff I have sold before was a few grand so they paid cash. I think I will hold on to everything until the check clears, that seems like the best option........I just got a e mail from him saying his credit union wants to do a "once over" on the boat before they issue a check- he is taking a loan out I guess. That my work out the best since I would be right there at his bank.

 

[nckb]

if you are meeting at his bank, just have them do a wire transfer. Then the money is yours, no questions.

 

[Brian J]

Holding the goods until the check clears is ideal but lets be honest very very few buyers are going to be willing to sit around and wait for two weeks until that happens. I wouldn't, would you?

Some wire transfers can be pulled back so those are not fool proof either. Cash is good. If the buyer insists on a cashiers check either go to the bank with them and watch it being printed off or call a representative from that bank and verify it's good.

 

[XP 787]

If someone can pay with a check doesn't that mean that they have the cash in their bank account anyway? Take cash and get one of those pens and check the bills. Maybe a copy of his drivers license also? Do what you can to protect yourself a lot of crooks out there.