Advice on Selling Boat

[amf]

Hi,

I am in the process of upgrading from my first boat to a larger model. Having put the advert in boats for sale, YBW and various other places I have had some initial interest, all looking to sea trial this weekend.

However today, I had a bloke call me making me a cash offer very close to the asking price. He wants me to deliver (its on a trailer) to Poole and will give me cash/mortgage cheque. I have sent details to him so I have his address and phone number, but I feel uncomfortable doing this without him even seeing the boat (let alone without a sea trial).

As this is the first time I have sold a boat I am wondering if anyone has any advice on correct procedure (ie. making sure I do not get shafted etc.).

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[hlb]

I'd treat him with utmost caution. I came across something very similar alot of years ago and would not like to repeat the exersize.

<hr width=100% size=1> <font color=blue>No one can force me to come here.<font color=red> I'm a volunteer!!.<font color=blue>

Haydn

 

[milltech]

There have been some threads about this that might be worth searching on. I think I'd be worried about anyone who made an offer for anything unseen. Anything that sounds too good to be true is liekly to be, vis Dr Obinga Obonga and his Nigerian millions.

<hr width=100% size=1>John
<A target="_blank" HREF=http://www.allgadgets.co.uk>http://www.allgadgets.co.uk</A>

 

[Happy1]

Just beware and do some research. DON'T part with the boat until you have the cash in your hand or the cheque has cleared, NOT a foreign cheque as that cab bounce even afetr it seems to be cleared. A Chaps payment could be a safe bet.

I had an instance when I sold a house, a man arrived with his daughter to view it. I had just had another viewer who had offered me the full asking price just before they arrived, I had just phoned the agent who told me to go ahead with this viewing, just in case the first offer was withdrawn. Anyway I explained the situation to them, informing them I had been offered the full price. The woman loved the house, and was chatting with her father, he came to me and asked if he could speak to me in private. We went to the front door and he said that he wanted the house for his daughter as she had set her heart on it, he said he would offer 20k more and bring the money in cash the next Monday. Now call me suspicious but I thought he was on another planet, so I thanked him and said I would let him know via the agent, he gave me his home number and asked me to get back to him ASAP. I contacted the agent and asked what was going on and told her of the offer, the agent said that she knew the original potential buyer as she had sold her house, but knew nothing of the man and his daughter, she said it was up to me but she thought I should stick with the first offer. I thought the first woman was nice and although a few more quid would have been nice, it seemed all very strange so I accepted the first offer. Anyway I later found out that the father had been a lottery jackpot winner and was buying the house for his daughter, so you can't really judge a book by it's cover, although caution should always be shown. The woman and her father went to my neighbour who was not selling their house and bought it, for much more than the market value, I was err a bit fed up, but it does show you legitimate strange things do happen.

<hr width=100% size=1><font color=purple> "You only see what you recognise, and you only recognise what you know" <font color=purple>

 

[jfm]

You've lost me. If I was selling something, anything, and was offered £20k in cash more than the other offer, I would take it. You can never go wrong with cash.

(subject to the money-laundering whistle blow rules, of course)

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[Happy1]

It was more a matter of principal as I had agreed the sale with the lady who had offered the full asking price. I had passed on my acceptance to the agent, and was surprised that she said to go ahead with the next viewing. My story was about the fact that some may people may be different from what they seem. The extra £20k was neither here nor there really as I had already accepted the first offer. I can't say I wasn't tempted with the larger offer, but I wouldn't have let the first lady down, just a shame the others didn't visit first.

<hr width=100% size=1><font color=purple> "You only see what you recognise, and you only recognise what you know" <font color=purple>

 

[Rob_Webb]

H1

Well done, I admire your stance of honouring the contract you agreed with your first viewer. A rare example of integrity in a world where integrity has largely been replaced by a higher priority behaviour/language i.e. money.

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[TwoStroke]

If you're thinking of going ahead, ask him to fax a copy of the banker's draft to you. You can then ring the issuing branch who will be able to confirm whether that cheque has been drawn up, together with amount and date.

I do this all the time with the vehicles we supply and has always checked out (fingers crossed)

You can also do a couple of basic checks with the address on Royal Mail, Google and the guy's name. Can make interesting reading!

Do not take cash, and make out a receipt as 'sold as seen' with both signatures - that way it is a private sale and you have no come back.

Hope this helps. /forums/images/icons/smile.gif

<hr width=100% size=1>How much to fill'er up!

 

[hlb]

Would dissagree about taking cash. Unless of course he's printed it himself.

<hr width=100% size=1> <font color=blue>No one can force me to come here.<font color=red> I'm a volunteer!!.<font color=blue>

Haydn

 

[TwoStroke]

Precisely, which is why unless you know what you are looking for, don't take cash - assuming he is selling the boat for a couple of thousand (min)? Banker's draft you are safer with - and only depart with boat when draft is in your bank.

<hr width=100% size=1>How much to fill'er up!

 

[Rob_Webb]

CHAPS?

What is wrong with asking the guy to arrange a CHAPS payment? My purchaser used this recently when I sold my boat - his finance co. phoned me at 10am on the Friday to say they had sent the dosh to my account and by lunchtime it had arrived. The next day we met at the boat and I gave him the keys, bill of sale etc.

I was under the impression that a CHAPS payment IS secure and once the money arrives it cannot 'bounce' - after all, isn't it the same process for when you buy a house - surely you never hear of a chain of house purchases collapsing because one of the CHAPS payments in the middle of the chain bounces a few days later?

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[TwoStroke]

Re: CHAPS?

Nothing wrong with CHAPS. Just that a lot of buyers I've come across don't like paying the extra for it and want to see item before hand, therefore we tend to use banker's draft. If buyer is happy to CHAPS then no problem. /forums/images/icons/smile.gif

<hr width=100% size=1>How much to fill'er up!

 

[amf]

Thanks

Thanks for this and everyone's comments.

I will go down the bankers draft/chaps route. I also found a RYA contract on their site for selling a second hand boat - very useful. Anyone used this as a template or is it OTT? (FYI: Boat is being sold for around the £16k mark).

As I have interest from other people as well, I intend to send him the contract and ask for a deposit before I take it off the market.

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[Rob_Webb]

Re: Thanks

Go here (the MCA wesbite) for a nice Bill of Sale. There are various version around but again, I used this for my recent sale as it was the version already in the my boat's file that was used for previous sale transactions. Seems to work fine. Drop me a PM if any of the section are unclear.

http://www.mcagency.org.uk/flag/forms/MSF4705.pdf

Rob

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[Dave_Snelson]

READ THIS BEFORE YOU PROCEED!!!

Its not at all difficult to transact your sale. Just apply one golden rule.

You must act just like you are a yacht broker in real life. Ask yourself:-
Will I let this boat out of my brokers yard without the money? No.

Am I happy with cash? Only partly because there are well documented cases of forgery.

Can my bank help transact? Of course - for £25 they will organise CHAPS payment from the individuals bank in to yours. It cannot fail. You see the money before you release the boat.

You see real money in your bank - you release boat. Nothing else will do.

Furthermore beware of African fraudsters claiming to buy on behalf of a client. They use forged money also.

<hr width=100% size=1>Madoc Yacht Club
<A target="_blank" HREF=http://www.madocyachtclub.co.uk>http://www.madocyachtclub.co.uk</A>

 

[gjgm]

I m sure there are valid reasons for someone having £16000 in cash on them, but Id also wonder quite who I was dealing with, and why it wasnt in a bank . Not necessarily your problem, but unless the notes are sorted , dont expect a friendly smile from your local bank when you walk in. And they may have some questions for you. Having said that, its not unusual in car dealing to deal cash, but why take the risk?If theres some reason he doesnt want it to go through a bank, why should you help him out? Either way, ask your bank for advice. At least they ll then be expecting the transaction on your account. Or take him with the cash to the bank and only give him the contract when the bank has banked and verified the money. No one can possibly complain about 25pound CHAPS charge. Maybe he just thought cash sounds like a firmer commitment to buying, and he s just as happy with electronic payment?

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[TwoStroke]

I doubt he really had £16k in cash. In the Motor Trade when we say "I'll pay cash" normally means money is available now. Tis what he was probably meaning.

<hr width=100% size=1>How much to fill'er up!

 

[oldgit]

How far away is he.If 30 mins away no prob,however if Poole is mega miles away you will be well ****** off to arrive and find he has purchased elsewhere.
However I must add that the purchaser of my last boat never saw it pre his sending me a electronic wedge of dosh and we never ever met in person.

<hr width=100% size=1>Two boats please one here n one in the Med

 

[Rob_Webb]

From all the previous post you've probably worked out the best approach to suit you but in case you wanted any final advice, this is what I would do as a fool-proof solution:

1. Agree to meet purchaser in Poole with boat on Fri around 9-10am at latest
2. Assuming he's happy with boat (i.e. he can see it exists!) he phones his finance co/bank and instructs CHAPS payment - you can hear this conversation. Ask him if you can also speak to the finance co/bank on the end of the phone for added comfort if required (I actually did this the day before the transfer was due to make sure they had all my bank details correct).
3. Arrange for your bank to phone you the second the dosh arrives
4. Kill the next 3-4 hrs doing a handover, got to the pub for lunch etc.
5. After lunch if you haven't heard from bank call them
6. When money finally arrives give him boat, keys, paperwork

If everything is legit then the money should arrive sometime on Fri with 100% certainty. If there is any snag then be prepared to not hand over the baot until it does arrive, if necessary on Monday.



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[hlb]

This is all ok in principle. But stood at the side of the road in Poole, things might look slightly different, especialy with a cunning and Persuasive fraudster.. I'd make sure that the boat was firmly attatched to the floor, at home and do the deal on your own terms with no deviation.

<hr width=100% size=1> <font color=blue>No one can force me to come here.<font color=red> I'm a volunteer!!.<font color=blue>

Haydn