How to sell "by owner"

Discussion in 'General Discussion' started by majoma, Sep 19, 2018.

  1. majoma

    majoma Member

    Oct 10, 2008
    San Francisco
    2000 340, V drive
    Twin 7.4
    I am considering selling my boat myself. In the past I always used a broker and I need advise on how to handle safely the financial side and transfer of money.
  2. LUnaCY

    LUnaCY Active Member

    Aug 28, 2018
    Afton, MN
    310 Sundancer 2002
    Mercruiser 5.0 MPI Bravo III
    Just bought owner direct. Use a solid contract. No possession until paid in full and tranfer title. If hes cash its easy to swap in person. If its a bank they will require at least pictures of the title, a contract, insurance proof, likely a survey. The 15 percent down payment is your responsibility to collect at contract or at least prior to closing. I suggest at contract since youre taking the boat off the market counting on the buyers due diligence. Perhaps fully refundable if the survey isn’t acceptable. Either way make sure the money is cleared to your account at closing.

    All that...or if you trust the buyer you can do what I did. I handed over a chunk of cash so I could use the boat immediately. The loan took two weeks to get the title processed, and I wanted the extra teo weeks oc use. All went smoothly.

    I bought mine locally off craigslist.
  3. FootballFan

    FootballFan Well-Known Member PLATINUM Sponsor

    Jun 20, 2012
    Marquis 59
    MTU Series 60
    Not sure about your location but in FL there several companies that will handle all the paperwork.

    Search for yacht registration services in your area.
  4. Larry Sturm

    Larry Sturm Active Member GOLD Sponsor

    Mar 26, 2017
    Chiefland, Florida
    2003 SeaRay 420 Sundancer
    2003 SeaRay 320 Sundancer
    Cummins 6CTA8.3-M3
    Mercruiser 350MPI
    I don’t like dealing with a broker to buy or sell a boat anymore. The last five boats I have had I sold myself. Financial side is real easy. You wire the money to me, when the funds arrive, you get the boat and the associated paperwork.
  5. Blueone

    Blueone Well-Known Member SILVER Sponsor

    Jan 24, 2007
    Lake Erie, Ohio
    2004 420 Sundancer
    Cummins 6CTA 450's
    Call your bank... alot of times they will work with the buyers bank and transfer between them
  6. JVM225

    JVM225 Well-Known Member GOLD Sponsor

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
    Cash is King!
  7. becnme

    becnme Member

    Oct 31, 2008
    Fort Myers
    07 44 Sedan Bridge
    Cummins QSC 500
    I have sold 29 boats over the years . Cash or a cashiers check is NOT king unless you know the buyer. You would need to check every bill and cashiers checks can be altered. Wire transfer only.
    The paper work is fairly easy. If you are documented you can down load the needed forms and if not you sign over the title and it will be up to the buyer to register in his state and pay any required taxes and fees. Copy any signed bill of sale
    and do not hand the buyer a signed title without it being filled out and signed by him which you need to copy.
    As stated above your bank may help with the transfer as most people will not want to wire money without proof of title etc.
    Larry Sturm likes this.
  8. Larry Sturm

    Larry Sturm Active Member GOLD Sponsor

    Mar 26, 2017
    Chiefland, Florida
    2003 SeaRay 420 Sundancer
    2003 SeaRay 320 Sundancer
    Cummins 6CTA8.3-M3
    Mercruiser 350MPI
    This summer I withdrew some money in $100 bills from my bank to pay for fuel on a boat trip. First stop was South Seas Island Resort at Captiva Island. I pad for my slip and fuel in cash. South Seas ran the $100’s thru the money machine and three of them were counterfeit. This was cash I personally got from the bank. They were the old style bills, hard to check if fake. I wouldn’t take cash from someone now even if I knew them.
    Little Ducky likes this.
  9. BillK2632

    BillK2632 Well-Known Member GOLD Sponsor

    Jun 25, 2009
    Lake Norman, NC
    1999 185 Bowrider,
    Mercruiser 4.3, Alpha I
    I did this when I sold my last boat. The guy was paying cash I am pretty sure, his bank handle the wire - it was very easy.

    I would not take a cashiers check from someone I did not know. If one of those is forged you stand less chance of collecting than if it was a bad personal check.

    I tried to pay for my SeaDoo with a cashiers check and the credit union that had the loan for the seller would not take a cashiers check. After some discussion they took my personal check over a cashiers check from Bank of America or cash.
  10. Little Ducky

    Little Ducky Well-Known Member

    Jun 5, 2017
    Dickson, TN / Chattanooga, TN
    1998 290 Sundancer
    Twin EFI 5.0L w/Alphas
    Kohler 4kW
    If it's a shady deal.

    A nice suit case full of Benjamins will do.

  11. MonacoMike

    MonacoMike Well-Known Member PLATINUM Sponsor

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    Easy peazy, just find buyer, get money, give boat and title...

    Will you really be able to sell your boat for more without a broker than with a broker? Everyone always dreams they are going to keep that broker money. If I'm the buyer and you don't have a broker I want a better deal for the hassle I have because you don't have a broker to handle the transaction. I don't trust you to hold the deposit, you may not even own the boat. How do I know who you are? You may be a craigslist scammer placing an ad and meeting folks at the boatyard to pick up deposit checks. That scam happens in homes, cars, and likely boats.

    I am not a boat broker, but I did just buy a boat and had no interest in screwing with owner sellers...

  12. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3

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