Still no boat, and the process started back in October

SeaNile

Well-Known Member
Aug 16, 2010
1,522
Chadds Ford, PA
Boat Info
2003 50 Sundancer
Engines
Cummins QSM11
Seriously about to lose my mind.

Remember this started when I inquired about the boat several times back in October with no reply from the broker.

Saw the boat in early Feb, deposit given mid February. Sea Trail March 17, owner goes on 2 week vacation starting March 18. Loses his phone while on vacation, no reply for 2+ weeks.

Send owner survey 3/29 with no reply for over a week.

Come to an agreement on price 4/6.

Sign and notarize all paperwork 4/8 including the loan. Told on 4/8 the need the abstract for the title (1-2 days) which takes a full 7 days.

Wire my balance of the money 4/11.

Loan should be funded 1-3 days after receipt of abstract of title.

4/19 bank wires balance to marina/broker and sends pay off check to owners bank.

4/21 744am owners bank receives pay off check

4/21, 4/22, 4/25 texts and calls to broker who is waiting to hear from the owner when his loan is paid off and the check has cleared. No changes, no check, owner and broker can't release the boat until ALL funds have cleared.

4/25 5pm broker sends text that the owner is pissed, check has not cleared, bank hasn't even received the pay off check. 5:11pm my bank sends confirmation of wire transfer to marina (4/19) and copy of tracking number of pay off check and receipt of check at 744am 4/21.

I am so pissed and frustrated. They won't release the boat till all funds have cleared, which I get but come on. This is absolutely crazy. I seriously thought I would have this boat in my slip by 3/28 at the latest.

So despite records of all funds being sent we are still at a stand still. And it's all up to the owner to call his bank to see when things clear. Guy could be calling once a day for all I know. If it were me, I'd be calling the bank every hour looking for funds to be received and the loan cleared. I've got no control over this, lazy POS broker has no control and now it's in the hands of the owner. Just awesome.
 
I'd pop my butt in the car, drive to the dealership and confront ANYONE who has ANYTHING at all to do with your transaction.

Nothing like staring a person right in the eye to get quick answers to your questions. If they give you a line about "the money's not here" I'd have them call the bank while you're standing right there to see what the holdup is.

But then, hey, that's just how I roll.
 
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How is it possible that the broker wasn’t in control of paying the boat off with your funds immediately at closing?

I know a thing or two about these things.

My bank sent the pay off amount directly to the owners bank. Not how I thought it would go down either. I thought all funds would be sent to the broker and they would pay off the loan and cut a check to the owner for any remaining monies.

The irony is the owner received a late payment notice today on his loan. I signed on the dotted line back on 4/8 with nothing to show for it. No boat until all funds are cleared and not just received or deposited.

What I want to know is how the bank who holds the loan "hasn't received anything yet" when the tracking info clearly shows it arrived on 4/21 at 744am? It may take 1-2 days to clear but claiming they haven't even received the check yet?? WTF
 
I can only image a check sitting on someone's desk with them scratching their head asking themselves what account does this get applied to? Also why did they send a check for the payoff instead of a wire with instructions ?

-Kevin
 
I can only image a check sitting on someone's desk with them scratching their head asking themselves what account does this get applied to? Also why did they send a check for the payoff instead of a wire with instructions ?

-Kevin

My thoughts as well. Why not just wire everything with specific account info, etc.
 
I would have thought all would be handled by a marine title company, not a friggin broker.
On all my large boat purchases, all details down to the transfer docs for documentation was handled by a title agent even the ones where brokers were involved. What a way to make what is supposed to be a blessing in your life start out as a curse. I really hope this resolves itself soon. Not to make light of it but just remember this is a first world problem when you stand back and put all in perspective.
CD
 
What kind of horsechit closing process is that. We are talking about boats that cost as much as houses. WTF. Everyone gets in a room. Buyer wires funds to escrow agent (broker or otherwise). Escrow agent confirms receipt and wires funds to bank for loan payoff and balance to seller, less broker's comission. Takes a few hours max and everyone goes home with either money or the keys. Who uses checks for these transactions?
 
I would have thought all would be handled by a marine title company, not a friggin broker.
On all my large boat purchases, all details down to the transfer docs for documentation was handled by a title agent even the ones where brokers were involved. What a way to make what is supposed to be a blessing in your life start out as a curse. I really hope this resolves itself soon. Not to make light of it but just remember this is a first world problem when you stand back and put all in perspective.
CD

Only reason I am really complaining is because I am slightly impatient. I want this thing yesterday, as in April 1 at the latest yesterday.
 
I thought all funds would be sent to the broker and they would pay off the loan and cut a check to the owner for any remaining monies.

This is how it should have went down. I did this last year, previous owner still had a loan. Everything went through broker and happened very quickly.
 
Silver lining - hasn't the weather absolutely sucked in PA so far this April??? :)

It could be worse. Sunshine and 70's every weekend in April would make this far, far worse.
 
I would have thought all would be handled by a marine title company, not a friggin broker.
On all my large boat purchases, all details down to the transfer docs for documentation was handled by a title agent even the ones where brokers were involved. What a way to make what is supposed to be a blessing in your life start out as a curse. I really hope this resolves itself soon. Not to make light of it but just remember this is a first world problem when you stand back and put all in perspective.
CD
This is exactly how mine went down. I have no idea if the seller had a loan or what, I paid cash, it was all handled by the brokers Marine title company. I had the title and State registration within 2 weeks.
 
Do you guys not go thru 4 way stops?… 19 out of 20 people out there are stupid. No other way to put it.

You are so close…. Hang in there
 
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What I want to know is how the bank who holds the loan "hasn't received anything yet" when the tracking info clearly shows it arrived on 4/21 at 744am? It may take 1-2 days to clear but claiming they haven't even received the check yet??

Wires clear within 24 hours PERIOD !!! I do a monthly wire and have for 2 years running and mine is an international wire. This is Frig'n Horse Sh** !!!
 
Owner of the boat is unwilling to release the boat until the funds have been received (not confirmed), deposited, cleared and his loan is paid off in full.

What the actual F.

8 houses, 14 boats, 53 cars and I have never experienced anything like this.
 
Does not sound like someone I would trust with the keys of something I just paid for but can not access.
 
Not exactly the same, but when I sold my practice in Va, I handed the new buyer the keys on Friday, but BoA didn't wire the funds until Monday. It was a weird weekend. I should have kept the keys and said no money, no sale, but had assurances from BoA it would happen Monday. End of month wires are more common and their "system" got backed up. The only small problem was compounded interest, and having to change the final numbers after the weekend. As the seller, I see his hesitation. Sounds like sellers back has F-ed this one up though if there is proof of receipt of the check. Now I would think buyers BANK (yours) would be all over sellers bank (his) to deposit their check. Banks don't like funds "out there"(hence the use of wiring funds instead) Buying practices in Wi, my bank (buyer) handles all of this shit for me. You or seller shouldn't have to deal with this. My 2 cents.
 
Loan paid off in full in my opinion has nothing to do with you buying the boat but what do I know.
 

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