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Go Back   SailNet Community > General Interest > General Discussion (sailing related) > Help on purchase Hunter 450 passage
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Topic Review (Newest First)
07-05-2012 10:55 PM
TropicCat
Re: Help on purchase Hunter 450 passage

Quote:
Originally Posted by tommays View Post
Well IF they get the boat AND keep in mind it is in a living persons NAME around here there would have to be and auction with the excess going to the owner of record

There are clean ones going for 120,000....
Yeah, that's what I understand as well, but then again I live in Florida.

The procedure (that they said takes 60 days) is to put a lien on the vessel and then foreclose in lieu of payment. At which time the boat has to be publicly auctioned at which time any monies collected over what's owed to the lien holder are then paid to the current boat owner. No way the $9K takes it.

Hope this falls through a crack and you get the boat.
07-05-2012 09:31 PM
TakeFive
Re: Help on purchase Hunter 450 passage

Quote:
Originally Posted by Strider1234 View Post
Thank you, very informative. The boat is documented and I see no liens listed on the back side. However could someone like the IRS claim a Lein if the present owner is behind in taxes say? The boat is located in a private slip and has no need to be moved?
I nearly purchased a documented vessel a few years ago. As part of my due diligence, I called the National Documentation Center, gave them the doc#, and they told me that there were no liens on the boat. Obviously a verbal notice may not be good enough for a bank's financing, but it can sure help you out in determining whether you should move forward or run for the hills.

Phone Numbers:

Toll Free: (800) 799-8362
Main: (304) 271-2400
Hours: 7:30 a.m. to 5:00 p.m
(Eastern Standard Time)
07-05-2012 09:28 PM
tommays
Re: Help on purchase Hunter 450 passage

My son is a lawyer (prosecutor) and its a much kind different of law

Its intentionally complicated compared to a state registered vessel as the whole point of documentation is to make the boats ownership more secure
07-05-2012 05:57 PM
Strider1234
Re: Help on purchase Hunter 450 passage

Thank you, very informative. The boat is documented and I see no liens listed on the back side. However could someone like the IRS claim a Lein if the present owner is behind in taxes say? The boat is located in a private slip and has no need to be moved?
07-05-2012 01:06 PM
tommays
Re: Help on purchase Hunter 450 passage

What are some examples of debts and liabilities that may be secured by a maritime lien on a vessel?

Charges for goods and services rendered to the vessel (referred to as "necessaries"), such as moorage, fuel and other consumables, maintenance, repairs, and some types of insurance premiums; towage; seamenís wages; salvage; liability to repair dock and collision damage; liability to compensate for personal injury and boating accidents; and maintenance, cure and unearned wages owed to former crewmen.


Does anything special have to be done to create a maritime lien?

The filing of appropriate documents with the National Vessel Documentation Center is needed to create a preferred ship mortgage lien. All other liens arise spontaneously upon the provision of goods or services to the vessel or other maritime property, or upon the commission of the accident or other event that gives rise to a liability secured by the lien. Since there is no need to file, there is no reliable means of discovering all liens that may exist against a vessel. Liens not of record are called "secret liens

What is the procedure for collecting on a maritime lien?

A maritime lien may only be foreclosed, or "executed," by the filing of an admiralty action in federal court by one or more lien claimants. The vessel is then arrested by a deputy marshal, and held in custody pending further developments. The custodian is usually a private vendor, because the marshalís charges for custody are prohibitive. Other lien claimants may enter the action. If any of the lien claimants prove entitlement to foreclose and payment, then the court will order the vessel sold, usually at public auction conducted by the marshal. Successful lien claimants will then be paid from sale proceeds in order of priority. Any remaining balance may be paid to the owner. Visit the Vessel Arrest Information page in this site for additional information.

Regrettably, vessels usually bring less, and often much less, than their fair market value at a foreclosure sale. But a lien claimant may be able to purchase the vessel using the credit of its claim, avoiding any outlay of additional
07-04-2012 08:16 PM
KIVALO
Re: Help on purchase Hunter 450 passage

Quote:
Originally Posted by Strider1234 View Post
I made the offer. Now it is a waiting game until the landlord gets clear title. Hopefully , he won't suddenly gain insite to it,'s true value. He doesn't need the $ and seems to just want it gone off his dock. He said that he considered an auction but" who would bother to come". ! I hole hartedly agreed.
Something to consider... Are you sure the landlord doesn't already have insight? After all it took on water and was pumped out & sea cocks shut. Perhaps more should have been done to ensure the water damage was properly mitigated?? Just a thought. Good luck with project!

Brad
s/v KIVALO
07-04-2012 06:37 PM
Strider1234
Re: Help on purchase Hunter 450 passage

Whole hartedly - sorry for misspell , darn phone.
07-04-2012 06:29 PM
Strider1234
Re: Help on purchase Hunter 450 passage

I made the offer. Now it is a waiting game until the landlord gets clear title. Hopefully , he won't suddenly gain insite to it,'s true value. He doesn't need the $ and seems to just want it gone off his dock. He said that he considered an auction but" who would bother to come". ! I hole hartedly agreed.
07-04-2012 06:28 PM
tommays
Re: Help on purchase Hunter 450 passage

Well IF they get the boat AND keep in mind it is in a living persons NAME around here there would have to be and auction with the excess going to the owner of record

There are clean ones going for 120,000


AND Ya gotta kind of get inside and see what it did to things like the motor/transmission as your into a 20,000 dollar + item just on the one issue and it sits DEEP below the floor boards
07-04-2012 06:22 PM
ebs001
Re: Help on purchase Hunter 450 passage

You are looking at a boat that would cost as much as $200K used for $9K. I think you should pass. Your kidding, right? Cash in your IRA. Refurbish what's required and sell the Hunter. You could afford to take the year or two off from what you'll realize in profit.
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