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advice different approach to sell?
After many years of enjoying my 1985 Catalina 30, it's been out of the water for 3 yrs and I've decided to sell. I think it is worth somewhere be 20 and 25K. Yeah, i know, "good luck" in this economy.
I hit on the following idea and wonder if anyone has every tried it. I placed a local ad with a "try before you buy" headline and have had a number of replies even though its definitely not sailing season in Michigan. If it turns into a reality, there is time to work out the many details and I don't expect anyone to throw cash on the table over night.
The idea is for someone to sign a contract, (sort of a land contract). The buyer will pay all expenses for the first sailing season (2011). This include launching, slipping, mast stepping, insurance, etc. During this first season, if the buyer wants to learn how to sail, it will give me a last hurrah on the water at no cost to me. At the end of the season, the buyer will make a decision to buy or not. If he buys, all expense for the first year will be deducted from my selling price.
Beyond that, I am also willing to hold a lien on the boat and take payments. Unlike a house on a land contract, a boat doesn't stay in one place and wonder how I would track it down if it sailed into the sunset. I also wonder if one season's cost is enough of an de-incentive to someone defaulting. Mostly, I wonder if this is legal. Once before I looked into "renting or leasing" and there are too many legal requirements.
Has anyone every done this? I would expect to see a lawyer and get a contract, require the buyer to have insurance and even if I wasn't teaching, I'd like to check out the boat occasionally to make sure it was being taken care of.
Any advice appreciated.