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  1. #1
    Member C130's Avatar
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    Boat Selling Question

    Question regarding selling a boat. How do most do transactions on a weekend if it’s being financed by the buyer? I sold my truck about three years ago but met the buyer, who was from out of town, at his his credit union which had a branch here locally. I met the buyer at the credit union during a weekday and they had my check ready when I arrived. When I sold my last boat the guy met me and paid me cash. I’m a little hesitant doing business over a weekend taking a cashiers check or personal check if I can’t verify everything is legit abd funds are available.
    Last edited by C130; 04-28-2022 at 07:54 AM.

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    #2
    I would not accept payment via personal check, or cashiers check anymore. Cash, or bank to bank wire transfer is the only way I would go.

  3. Member Rick H's Avatar
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    #3
    Quote Originally Posted by Bassin08 View Post
    I would not accept payment via personal check, or cashiers check anymore. Cash, or bank to bank wire transfer is the only way I would go.
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  4. Member C130's Avatar
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    #4
    Quote Originally Posted by Bassin08 View Post
    I would not accept payment via personal check, or cashiers check anymore. Cash, or bank to bank wire transfer is the only way I would go.
    Thank you, that’s what I’m thinking. I’ve had some real interesting people so far, people asking I hold the boat because they are 100% buying it then don’t show up or even notify me they aren’t showing up. I’ve also had some want to put down a deposit to hold it but I don’t see the point unless it’s non refundable. I know this is pretty typical selling anything but worse than usual it seems. Most have been out of state which I know complicates everything and they want to see the boat first.

  5. Member dean c's Avatar
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    #5
    Yep…if not cash. Wire transfer.

  6. Stocks/Investments Moderator boneil's Avatar
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    #6
    Whats wrong with a cashiers check?

    When I sold my boat, the buyer sent me a pic of the cashiers check and I was able to verify it on a Friday. He came and got the boat Saturday.
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    #7
    Quote Originally Posted by boneil View Post
    Whats wrong with a cashiers check?

    When I sold my boat, the buyer sent me a pic of the cashiers check and I was able to verify it on a Friday. He came and got the boat Saturday.
    ^^^this^^^ i would verify with the bank that the funds are good before letting him come to get the boat. the cashier check has to be paid for before being issued so funds should be good.

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    #8
    Quote Originally Posted by boneil View Post
    Whats wrong with a cashiers check?

    When I sold my boat, the buyer sent me a pic of the cashiers check and I was able to verify it on a Friday. He came and got the boat Saturday.
    Have him send a picture of his wife too. You can show both of the pictures to your bank when they tell you that the check is worthless. Con men can make their own checks. The last boat that I sold out of state, I met the guy at my bank on Saturday morning. While him and I were doing the paperwork, my wife was having the $100 bills run through the counterfeit checker.

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    #9
    Quote Originally Posted by boneil View Post
    Whats wrong with a cashiers check?

    When I sold my boat, the buyer sent me a pic of the cashiers check and I was able to verify it on a Friday. He came and got the boat Saturday.
    My bank told me a cashier's check is way too easy to "fake" and not to trust one.

    When I sold my BassCat earlier this year, I drove 4 hours to meet the buyer at his credit union. I took all my MSOs with me, signed them over and left the meeting with a check in hand and knew I was it was good to go. It took a day out of my work life, but I had peace of mind knowing the transaction was solid.

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    #10
    Keep the pink slip till funds are in your account then send it.

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    #11
    I have no issue with a bank check. When I sold my old boat it was to a kid who was getting a loan. It was a dream for him to own a bass boat and the way some of you talk, you would’ve told him to pound sand. He couldn’t pay cash and needed a loan. I spoke with the bank personally as they had questions to finalize the loan so I knew where it was coming from. Would do it the same way in a heartbeat.

    If someone questioned my integrity and honesty by checking the cash in front of me, I would question the seller up and down. If you can’t trust the buyer, why in the world should the buyer trust you?

    people have to realize not everyone is BBC rich and can’t pay cash for a 50k boat. The affluence of BBC members is astounding and most sure act like the rest of the boat buying world is too. Trust goes both ways and sellers can be just as shady as buyers. I’d be willing to bet there’s more dishonest sellers trying to mask a problem than there are dishonest buyers.

    Like said above, if you’re that worried about it, have the seller meet you at the bank with a cashiers check to make sure it goes through. Or keep the title and schedule a midweek pickup.
    Last edited by ECobb91; 04-28-2022 at 09:27 AM.
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    #12
    If doing cash make sure you get a pen and check them for counterfeits.

  13. Member jbassman87's Avatar
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    #13
    If they want to buy it bad enough, they will meet you on a weekday.

  14. Member ifishinxs's Avatar
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    #14
    Quote Originally Posted by boneil View Post
    Whats wrong with a cashiers check?

    When I sold my boat, the buyer sent me a pic of the cashiers check and I was able to verify it on a Friday. He came and got the boat Saturday.
    Nothing! I’ve done this many times. As long as I can call and verify funds all is good.
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    #15
    If boat is insured and they give you bad funds --i guess you could report it stolen ?? Anyone ever had this happen ??
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    #16
    Quote Originally Posted by ECobb91 View Post
    I have no issue with a bank check. When I sold my old boat it was to a kid who was getting a loan. It was a dream for him to own a bass boat and the way some of you talk, you would’ve told him to pound sand. He couldn’t pay cash and needed a loan. I spoke with the bank personally as they had questions to finalize the loan so I knew where it was coming from. Would do it the same way in a heartbeat.

    If someone questioned my integrity and honesty by checking the cash in front of me, I would question the seller up and down. If you can’t trust the buyer, why in the world should the buyer trust you?

    people have to realize not everyone is BBC rich and can’t pay cash for a 50k boat. The affluence of BBC members is astounding and most sure act like the rest of the boat buying world is too. Trust goes both ways and sellers can be just as shady as buyers. I’d be willing to bet there’s more dishonest sellers trying to mask a problem than there are dishonest buyers.

    Like said above, if you’re that worried about it, have the seller meet you at the bank with a cashiers check to make sure it goes through. Or keep the title and schedule a midweek pickup.
    In today’s world, the buyer could have counterfeit $100 bills mixed in and not even know it. I did that to protect both of us. As far as a cashiers check goes, say the buyer gets a cashiers check to cover the boat cost, then walks out of the bank and goes to his other bank and writes a check to be deposited putting both checks in over draft. Why put yourself in that position when there are methods that will be safe?

  17. Scraps
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    #17
    If the buyer is financing I would think the bank/financing co would handle the entire transaction?
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    #18
    Quote Originally Posted by Bassin08 View Post
    In today’s world, the buyer could have counterfeit $100 bills mixed in and not even know it. I did that to protect both of us. As far as a cashiers check goes, say the buyer gets a cashiers check to cover the boat cost, then walks out of the bank and goes to his other bank and writes a check to be deposited putting both checks in over draft. Why put yourself in that position when there are methods that will be safe?
    that is true about the cash, but it’s still easy to just have the conversation that if paying with a cashiers check, that the buyer can’t pick up the boat until it clears. I completely get covering yourself, but what I was getting at is trust goes both ways. Not all buyers are bad and not all sellers are good. There’s ways to cover yourself for all reasonable transaction types. But to say cashiers checks are unacceptable is nonsense.

    All that said, it’s also just my opinion and the way some do business might work for them but not for me. And Vice versa.. I’ve been in the position where guys refused to sell to me because I couldn’t pay cash in college and also refused to take a bank check.
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  19. Member C130's Avatar
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    #19
    My wife just told me wire transfers are not used much at all during real estate transactions now due to wire fraud, people intercepting it. Just talked to a sheriff who told me the same thing, it's a big issue right now. I know trust from both parties has to be part of any transaction but my big concern was it being on a weekend, most likely a Sunday, and not being able to verify the funds were there. I have sold lot of stuff, boats, vehicles, two RV's but all were done on a weekday or early on a Saturday morning at their bank. I don't care if it's financed at all, just want to make sure I cover myself best as I can.

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    #20
    When i bought my boat the gentleman was really worried about this. I had cash, but didn't feel comfortable traveling 6hrs with 40k in cash on me. I went to my bank and got him a cashiers check, took a picture of it and gave him all of my banks info, so he could call and verify with them it was legit. Everything went smooth after I finally was able to convince him that I wasn't trying to scam him. Even then his daughter called the cops while we were lake testing the boat, because he forgot his phone in the truck and wasn't answering when she tried checking in. lol

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