Escrow

[Bobby Fisher]

Hello,

I’m new to this forum. Hopefully I’m posting within the right area. Our boat broker received $320,000 wired into his account after the buyer agreed to purchase the boat. Buyer hired a mechanic, surveyor and had the vessel hauled out. Everything went well.

My broker has not wired the money to me (seller). It has been 5 days now. I’m now finding out that the monies were wired into a checking account.
I was told by our broker that he would be placing the monies into an escrow account. Is it possible that a checking account could be an escrow account too?

I contacted the bank and they confirmed that the money is in a checking account. But they could not confirm that the checking account was an escrow account. The broker is now telling me that he did not complete the “Buyers and Sellers Closing Documents”.

If anyone might have any advice, it would be greatly appreciated.

Thank you,
Bobby

 

[lustyd]

It might be worth mentioning where you are as this will be different in different countries. This forum is UK centric due to the magazines so you may not get many people understanding the US system, for instance.

 

[Bobby Fisher]

It might be worth mentioning where you are as this will be different in different countries. This forum is UK centric due to the magazines so you may not get many people understanding the US system, for instance.

USA The state of Florida. Sorry, I will try to find an organization forum in the United States.

 

[lustyd]

USA The state of Florida. Sorry, I will try to find an organization forum in the United States.

You might get some help here, there are a few users in the states/caribbean, I just thought it worth highlighting as I saw the dollar sign

 

[Ray Purchase]

Try asking on Home Default it's more US centric.

 

[Bobby Fisher]

You might get some help here, there are a few users in the states/caribbean, I just thought it worth highlighting as I saw the dollar sign

Thanks

 

[Irish Rover]

USA The state of Florida. Sorry, I will try to find an organization forum in the United States.

You should be able to get advice on
Trawler Forum

 

[Bobby Fisher]

You should be able to get advice on
Trawler Forum

That is true. Thanks

 

[Irish Rover]

That is true. Thanks

I saw your thread there, or was it your partners? Anyway, I hope you get the advice you need.

 

[William_H]

Hopefully not applicable to you but there have been scams in the past where money is transferred from overseas by an apparently eager buyer. The usual scam is that they send too much money and ask for some to be returned. Only later do you find the original bank transfer was rescinded recalled or just bogus. The receiver of the bank transfer needs to confirm the transfer is genuine and can not re recalled before any further action like handing over the goods.
It is possible your broker is just holding off paying you until he has confirmed the transfer is genuine. ol'will

 

[CJTurner]

Certainly contact the 'buyer' if you have his details. Put him on notice that there may be a problem and it might be heading his way. If he is genuine he will add pressure to the broker - you will soon determine the situation.