good faith money - SailNet Community

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Old 05-23-2014
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good faith money

This is my first post so if I've posted to the wrong forum let me know. I'm found a boat I think I want to buy but have not seen her in person. The seller is an private party not a broker. I would like them to hold the boat until I get a chance to see her this weekend. She is about an 8 hour drive from me. Is there a way to safely put up escrow money. I have a friend who is in the Bahamas right now and he said you could write on the back of the check "subject to survey or sea trails". The boat is under $5000 so I know it is not a huge investment but for me it is a large chunk of change. I have already lost one boat and I really don't want to lose a second. Any help would be appreciated.
Thank you
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Old 05-23-2014
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Re: good faith money

Welcome to SailNut Brown 123.

To answer your question(s).
I would not send money out of country for a boat I hadn't seen in person. You might be able to find a reliable 3rd party to inspect it for you though (your friend in the Bahamas).
I would take a more philosophical view of this: either the boat will be there when you want it, or it will not. If it is sold before you get to it then it wasn't meant to be.

I would also think that a call to the owner telling them that you are very interested in their boat but it will take you some time before you get to see it in person. Ask for "first right of refusal" - meaning, if someone offers him $X for the boat you want to be able to offer $X + some amount.

If it was meant to be then it will happen.
G'luck.
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Old 05-23-2014
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Thanks for the reply that's what my wife and a good friend have been saying. We are driving down tomorrow to see the boat. Unfortunately the owner will not be able to be there.
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Old 05-23-2014
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Re: good faith money

There are a lot of boats out there. The one with the money is in control. I would suggest patience. If it sells maybe it is your luck.
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Old 05-23-2014
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Re: good faith money

Quote:
Originally Posted by Brown 123 View Post
This is my first post so if I've posted to the wrong forum let me know. I'm found a boat I think I want to buy but have not seen her in person. The seller is an private party not a broker. I would like them to hold the boat until I get a chance to see her this weekend. She is about an 8 hour drive from me. Is there a way to safely put up escrow money. I have a friend who is in the Bahamas right now and he said you could write on the back of the check "subject to survey or sea trails". The boat is under $5000 so I know it is not a huge investment but for me it is a large chunk of change. I have already lost one boat and I really don't want to lose a second. Any help would be appreciated.
Thank you
I did it...risky but worth it...

I did however extensively talk with the owner overseas and the deposit was 10% percent non refundeable...if I did purchase it was discounted...we later came to a NEW lower price since the boat had more work that needed to be done


fwiw
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Old 05-23-2014
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Re: good faith money

oh btw...the good faith money also included a pickup from the owner to my hotel...about a week on the boat to look it over and get a feel for it on my own time and basically no nonsene purchase

sometimes people just click and things go well

and yes the boat was seen first on craigslist...I was in el salvador at the time, flew up, looked at the boat and ended up buying it...

good times
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Old 05-23-2014
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Re: good faith money

There are no long lines at boats with people waiting to buy them.... Putting a boat on "hold" is silly. It'll be there this weekend and/or next weekend and probably the weekend after that too....
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Old 05-23-2014
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Re: good faith money

There are marine escrow companies that work for a few hundred dollars. However, you need a signed contract for the escrow company to be able to follow. If you're just sending money with the hopes that the seller is a stand-up seller, with no contractual obligation, that's silly.
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Old 05-23-2014
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Re: good faith money

"silly" works sometimes man...so much litigation up folks butts these days, man to man word counts for nothing...

apparently

plenty of standup people left out here...and plenty of stuff still done with a firm handshake and trust and honesty

btw...

what I did was have the seller setup a checking account in my same bank..wells fargo, that way if anything did happen I had better chances of fighting it...

thankfully it didnt happen

and some call me cynical

man!

what a world these days when everything is questioned...
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Old 05-23-2014
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Re: good faith money

Do not send any money anywhere!

Would you pay at a grocery store before you check their vegetables? No way!!

There are a million boats out there, so dont believe the one you are looking at is anything special.

If you have to drive 8 hours to see it ask for the money in gasoline back if you buy it.

Play hard ball or you are the turkey in the shoot.
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