PRH
Well-Known Member
If I sold my boat privately how does the whole deposit and exchange of money and boat thing work without the use of a broker's account?
Selling Boat Privately - How Does It Work
- Thread starter PRH
- Start date
You could use a solicitors escrow account.
Or you could simply take the risk on yourself.
Check paperwork very thoroughly too.
Or you could simply take the risk on yourself.
Check paperwork very thoroughly too.
Nick_H
Well-Known Member
You agree it with the buyer. I've never taken a deposit as a private seller, and I wouldn't pay one as a buyer from a private seller. Instead i've always agreed a shortish timescale for the survey and sea trial, and worked on the basis that paying a surveyor demonstrates genuine intent. This also removes nearly all of the legal documentation required, because you accept that no contract exists at this stage, but it only needs to take a couple of weeks, so what have you really lost? The buyer risks the cost of the survey.
The exchange of funds itself is not a big issue, it can be done by electronic bank transfer, the important bit is for the buyer to satisfy himself that the seller owns the boat and has not used it as security for any form of loan, and that it hasn't been illegally imported. As a seller the best thing you can do is to make all the documentation available for the buyer to reassure himself that this is the case. Immediately the funds are received you hand the keys and docs to the seller, and go and buy your next boat.
You could use a solicitor to complete the sale, or a broker on a reduced fee because you have found the buyer so you don't need to pay that part of their fee.
Last edited:
beejay190
Well-Known Member
I am hoping to sell my Bav29 privately and would endorse everything the previous poster has said. Dont underestimate the time and effort required - there are a few joyriders out there. Fortunately I am retired and am time rich, but there is no way i could undertake a private sale if i still had a high pressure job.
Advertise all over the place. Boat and OutBoards, Appollo Duck, Ebay ,Gumtree
Good luck and let us know if you achieve a sale.
Advertise all over the place. Boat and OutBoards, Appollo Duck, Ebay ,Gumtree
Good luck and let us know if you achieve a sale.
PRH
Well-Known Member
All, thanks for the info. Question - I assume that the buyer pays for the lift for the survey?
Seahope
Well-Known Member
I think you already know the answer to that question
If you pay if they pull out for any reason you would be out of pocket.I must admit when I come to sell our boat if a buyer pulled out after a survey I would ask to see it to see what I need to have fixed.
Last edited:
volvopaul
Well-Known Member
I think you already know the answer to that question
I must admit when I come to sell our boat if a buyer pulled out after a survey I would ask to see it to see what I need to have fixed.
Steve, when your boats finished by whoever I'd have a survey to make sure the work is good before they are paid and you sign it off for payment from the insurer.
Seahope
Well-Known Member
That is a good idea and probably worth the cost for my peace of mind. If we decide to sell the boat then it may also reassure future buyers too. I expect I will need to have one survey for the boat itself and one for the engines. Especially because I will no longer have any form of warranty for the rebuilt engines now the company that rebuilt them is no more
Last edited:
PRH
Well-Known Member
I think you already know the answer to that question
Yep thought so but always better to ask if unsure.
Agree about the survey, there is often a deal that can be done......
PRH
Well-Known Member
Good point, I don't want to take all and sundry out for a trip around the bay. When you buy through a broker there is normally a deposit before you take a sea trial - any way around this for a private sale?
I was thinking that I wouldn't use a broker because anyone can take some good pictures and put adds on the internet - perhaps I better think it out again . .
Lakesailor
Well-Known Member
Some kind of joke is it?
MapisM
Well-Known Member
Nah, when compared to most brokerage piccies, indeed everyone (and their dog!) can do the same, if not better...
Lakesailor
Well-Known Member
eBay would beg to differ.
Nick_H
Well-Known Member
If you show potential buyers around the boat yourself then you can form your own judgement on whether they are genuine - did they ask sensible questions, have they researched the model of boat, have they been prepared to travel, and do they seem like nice people. I can't be the only one who feels confident enough to make such a judgement, given that the only risk of getting it wrong is a wasted half hour and a few quid in diesel.
If you're not sure, you can always ask them to organise the survey and lift out first, before a sea trial. Is anyone really going to spend £500-£1,000 or more on a survey just to get a "free" hour out on a boat?
I've sold several boats privately, from £20k - £300k, and I don't think the tyrekicker issue is anywhere near as big a problem as people make out. For sure, some people decide your boat is not for them, but that doesn't make them time wasters.
jonic
Well-Known Member
Last edited:
jonic
Well-Known Member
[2068]
...
Are you're sure you're not interested in selling motorboats as well?
MapisM
Well-Known Member
Yep, some of those Nauticat pics are nice - above average, anyway.
I suspect that they wouldn't still qualify as "good" by Lakesailor's standards, though.
Everything is relative, you know...
Last edited:
PaulGooch
Well-Known Member
I agree with Lakesailor about the picture taking. Just look at most Ebay listings. We've been researching our next boat and the pictures are appalling. Private sellers and brokers alike, poor pictures, not enough of them and little to no description. Boat Shed pictures are especially poor, small pictures of tiny detail with little perspective. On the other hand, take a look at Jonics website, Henryf's recent private sale advert and my own advert for my boat.
I believe that good pictures and a good, comprehensive and accurate description sells things. Whether that's your £50 clearout items on Ebay, your car or your boat. When i sold my last boat it was purchased by someone from 400 miles away. They bought it on the strength of the pictures and description and paid the £15k price into my bank account without viewing the boat. Pretty brave and not something i think i'd do myself.
My current boat is for sale and i've put together a website which includes 36 pictures and a good description (i think). I've advertised it on various sites and linked them all to my website. The boat is berthed close to where we live so it's easy for me to show potential buyers around the boat. I agree with Nick_H about getting a feel for whoever is looking at the boat and i'm not too bothered about "wasting" an hour and some diesel if the don't decide to buy. Last time we were looking we drove 3 hours to view one boat and the broker wouldn't even let us here the engine running. They wanted us to make an offer and if the offer was accepted they would then want a £5k deposit before we could take it for a trial. Totally retarded in my opinion and it cost them any chance of a sale.
We have someone interested in the boat and they have to come 300 miles to view it. Why on Earth would anyone consider it reasonable to refuse to take them for a trial. I'll have to go and show them around the boat, so a trial is half an hour or so in extra time and £20 in diesel, a no-brainer for me. I also agree with Nick that a deposit isn't essential, that can also be played by ear though. If the guy has made a 600 mile round trip to view the boat, arranged a survey etc, he's clearly not a time waster. He'll have had the chance to have a good look around the boat and take it for a trial, so if he's got to the survey stage, he wants to buy it, subject to a satisfactory survey.
If i'm selling my own boat, it's just one boat. I'm not a broker with 50 boats on the books. I'm not going to get 10 people a week turn up for a joy ride and waste my time. Maybe i'll get a time waster, maybe i'll get a serious buyer or two that look around and take it for a trial then decide it's not for them. Does it matter ? We moan about brokers fees and say that it's money for old rope (sometimes it is), so why shouldn't we put a bit of time and effort in if we are selling our own boats and saving the brokers fees ?
As for payment, i'd accept payment via a solicitor if that made the buyer happy, any costs to be incurred by the buyer. Or, i'd be happy for a direct bank transfer, handing the keys and paperwork over as soon as i see it in my back.
I believe that good pictures and a good, comprehensive and accurate description sells things. Whether that's your £50 clearout items on Ebay, your car or your boat. When i sold my last boat it was purchased by someone from 400 miles away. They bought it on the strength of the pictures and description and paid the £15k price into my bank account without viewing the boat. Pretty brave and not something i think i'd do myself.
My current boat is for sale and i've put together a website which includes 36 pictures and a good description (i think). I've advertised it on various sites and linked them all to my website. The boat is berthed close to where we live so it's easy for me to show potential buyers around the boat. I agree with Nick_H about getting a feel for whoever is looking at the boat and i'm not too bothered about "wasting" an hour and some diesel if the don't decide to buy. Last time we were looking we drove 3 hours to view one boat and the broker wouldn't even let us here the engine running. They wanted us to make an offer and if the offer was accepted they would then want a £5k deposit before we could take it for a trial. Totally retarded in my opinion and it cost them any chance of a sale.
We have someone interested in the boat and they have to come 300 miles to view it. Why on Earth would anyone consider it reasonable to refuse to take them for a trial. I'll have to go and show them around the boat, so a trial is half an hour or so in extra time and £20 in diesel, a no-brainer for me. I also agree with Nick that a deposit isn't essential, that can also be played by ear though. If the guy has made a 600 mile round trip to view the boat, arranged a survey etc, he's clearly not a time waster. He'll have had the chance to have a good look around the boat and take it for a trial, so if he's got to the survey stage, he wants to buy it, subject to a satisfactory survey.
If i'm selling my own boat, it's just one boat. I'm not a broker with 50 boats on the books. I'm not going to get 10 people a week turn up for a joy ride and waste my time. Maybe i'll get a time waster, maybe i'll get a serious buyer or two that look around and take it for a trial then decide it's not for them. Does it matter ? We moan about brokers fees and say that it's money for old rope (sometimes it is), so why shouldn't we put a bit of time and effort in if we are selling our own boats and saving the brokers fees ?
As for payment, i'd accept payment via a solicitor if that made the buyer happy, any costs to be incurred by the buyer. Or, i'd be happy for a direct bank transfer, handing the keys and paperwork over as soon as i see it in my back.
jonic
Well-Known Member
I'm starting to consider it
