Tips on selling boat/payment type

[Matt Garcia]

My first Tige was sold to some customers in California but at the time the bank owned it. This time around I have the titles to my current boat so no bank is involved. Any advice or tips when selling a high priced item when dealing with customers? What are the guidelines when accepting payment for something so large? Thanks.

[Travism]

Make sure you have whatever payment (cash or bank draft) verified by the bank. So many fraudulent people around you really have to be careful !

[boardman74]

Last high dollar boat i sold was just over 40K. I told the buyer cash only. Have a buddy that had just been burned on a bogus bank check a few weeks before and didn't want to deal with a check. You might check with your bank and see what kind of secure services they offer. If you do accept electronic transfer or a check I wouldn't transfer title for whatever period your bank specifies for clearing.

For me cash is always king. Sure there are counterfeit bills out there, but far less than bad checks.

[shawndoggy]

Have the buyer open an account at your bank and then just transfer the funds from their account to yours at the bank.

[talltigeguy]

My bank was able to do the account transfer for me. That way it was done bank to bank, and that seemed to protect both of us.

The only downside to that is that I had to buy the boat during regular banking hours.

And don't sell the boat to anyone in Nigeria

[rensink]

Cash or check hold the title and registration tell it clears once cleared mail it off.

[bmoorewiz]

Wire transfer, certified check, cash, just make sure the first two clear first. That is all. No other option.I sold my last boat for roughly 40k as well, the guy brought cash, thats a large deposit.

[Matt Garcia]

Thanks guys. Obviously I would prefer the cash method but thats a lot of coin to carry around and I dont know if most buyers would have that option. I think the best would be a wire transfer or certified check. I may get with my bank as well and see what they offer.

[IDBoating]

When we last did a deal of that size, we used a bank check AND took a business card for that branch so the seller could call the bank for themselves, read them the check number, and confirm it was valid. Made everyone nice and comfortable. There are bogus bank/cashier's checks floating around these days so just think through ways in which both sides of the transaction can feel safe.

Cash is nice, but tens of thousands of dollars in cash is really somewhat impractical. Anything over $10K requires federal paperwork to withdraw or deposit, making it even more of a hassle. And it's risky to have it. If a bad guy saw a cash transaction involving a boat like this going down, he's going to know the guy driving away without the boat is a good target.

[Matt Garcia]

When we last did a deal of that size, we used a bank check AND took a business card for that branch so the seller could call the bank for themselves, read them the check number, and confirm it was valid. Made everyone nice and comfortable. There are bogus bank/cashier's checks floating around these days so just think through ways in which both sides of the transaction can feel safe.

Cash is nice, but tens of thousands of dollars in cash is really somewhat impractical. Anything over $10K requires federal paperwork to withdraw or deposit, making it even more of a hassle. And it's risky to have it. If a bad guy saw a cash transaction involving a boat like this going down, he's going to know the guy driving away without the boat is a good target.

Agreed. I dont expect the buyer to show up with that type of cash on hand either. But on the same side I dont want to have a bogus cashiers check. I was also told by my bank that a wire transfer is the best followed by a cashiers check but I am also told that it could take up to 48hrs to verify funds.

The bottom line is I cant trust anyone when it comes to this type of transaction.

[IDBoating]

I was also told by my bank that a wire transfer is the best followed by a cashiers check but I am also told that it could take up to 48hrs to verify funds.

A wire transfer is nice, but until it goes through the clearing house (overnight) even that isn't a guarantee.

Personally, I would require a bank check drawn on a national bank (no "Neighborhood Bank of Nowheresville") and tell the buyer up front that you will be calling the bank while they are standing there to verify the check. Given the check number, the bank can confirm the payee's name (you), the amount, the date, and the validity. If it's a national bank it shouldn't matter which branch you call, but have the buyer bring their branch's business card for your convenience. If I received such a check, and the bank verified in real time that everything about the check was valid, I would accept that.

Finally, write down or photocopy/scan the buyer's drivers license. It's another layer of confirmation that they on the level, another way to chase them if something goes wrong, and a subtle warning to them that you are serious.

Just my $0.02.

[Matt Garcia]

A wire transfer is nice, but until it goes through the clearing house (overnight) even that isn't a guarantee.

Personally, I would require a bank check drawn on a national bank (no "Neighborhood Bank of Nowheresville") and tell the buyer up front that you will be calling the bank while they are standing there to verify the check. Given the check number, the bank can confirm the payee's name (you), the amount, the date, and the validity. If it's a national bank it shouldn't matter which branch you call, but have the buyer bring their branch's business card for your convenience. If I received such a check, and the bank verified in real time that everything about the check was valid, I would accept that.

Finally, write down or photocopy/scan the buyer's drivers license. It's another layer of confirmation that they on the level, another way to chase them if something goes wrong, and a subtle warning to them that you are serious.

Just my $0.02.

Good info. Thanks for the reply. I didn't think about taking a picture of the buyers drivers license.

[boardman74]

That must be a state deal where you are at WA. I ,atleast monthly withdraw or/and deposit sums 10K or larger in cash and don't fill out any federal(or any) paperwork. I have heard about licensed dealers having to do some paperwork if a cash deal is done over a certain amount, but have not personally run into that either. I cashed a 20K check about 2 weeks ago and had to wait 7 days before they'd let me take anymore than 5K, but after 7 days I took the full 20K, in $100 bills and didn't fill out any paperwork. Federal or state. Cash is never a hassle in my book.

[IDBoating]

Don't know what to say... my wife is an ex-banker and it was federal law over ten years ago. Since the fedgov doesn't seem to be relaxing regulations lately {grin} I doubt it's changed. Glad you don't have any hassles.

[boardman74]

Not sure. May have something to do with my work and my ties to the Government.

Still perfer the safety of cash even if you need to do some quick paperwork. Lot more fake checks than fake bills. If your worried about safety do the transaction in a public place and don't make yourself a soft target. Heck do it at the bank!