[Brown 123]

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

 

[CalebD]

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.

 

[Brown 123]

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.

 

[grampianvoyager]

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.

 

[christian.hess]

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

 

[christian.hess]

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

 

[azguy]

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....

 

[Minnewaska]

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.

 

[christian.hess]

"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...

 

[MarkofSeaLife]

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.

 

[Minnewaska]

If handshakes were trustworthy, then why would you need to send a deposit?

 

[aeventyr60]

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.

He must not want to sell the boat very badly.

 

[christian.hess]

If handshakes were trustworthy, then why would you need to send a deposit?

cause like the OP in this thread we were dealing with distances...and a deposit in good faith is like a step forward in the possibilty of doing business

I was completely ok with depositing this money...

man

so dissapointing

so now all handshakes are a thing of the past?

the op was looking for experience with these sort of deals and of course everyone wants to say just how dumb he is for even trying

sad sad sad

op id be happy to offer any help or advice with things you can do in these types of situations if it is of any help

by pm if you like

cheers

 

[christian.hess]

He must not want to sell the boat very badly.

thats something I found awkward...

as a seller you really try, likewise as a buyer you make the effort to go see the boat even if distances are involved...

 

[Minnewaska]

....so now all handshakes are a thing of the past?

I hope not. I will agree that most people today are still trustworthy. However, those that have stolen from me, and there have been a few that even worked for me, have done so without any indication. One was the Mother of two young kids, working hard, professional, 9-5 type.

However, I think we're on different waves lengths here. If the OP is just going to see the boat, what offer are they going to make with this handshake/deposit. Is it "I'm buying your boat period, just hold it for me" or is it "I like your boat and if it checks out, I will buy it"?

If it's a done deal, then a deposit and contract are absolutely appropriate. If they buyer is just trying to stay at the head of the line and still needs to determine if they are really buying (ie. survey or whatever), the deposit means nothing that a handshake doesn't mean.

Separate from our handshake discussion, I always provide this caution to the prospective buyer. Never fall in love with your boat until after you own it!! There are thousands out there to choose from.

 

[jameswilson29]

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

A sale of personal property may be made subject to the terms of a written contract, according to the law of the jurisdiction, usually the state where the property is located, or where the contract is formed, or where the parties specify. A check may include or create terms of a contract, which might be accepted upon endorsement or deposit. In fact, in some jurisdictions, a sale of personal property may not be enforceable without a written contract.

No one can properly advise you as to the effect of particular language on a check without knowing all the facts of the transaction and the particular laws of the applicable jurisdiction. So your friend in the Bahamas is full of ca ca.

There is more idiotic advice floated from supposed expert "friends" on this forum, than any other source.

Yes, you should have a written contract.
Yes, you should negotiate terms.
Yes, a buyer should make a sea trial and survey contingencies to the contract.

No, you should not buy a boat sight unseen.
No, you should not travel 8 hours to see a $5K boat.
No, you should not travel 8 hours to see a boat without extensive recent photographs, written representations of condition by the seller, and some knowledge and/or assurances about the authority and genuineness of the seller.

Newsflash: There are some dishonest scammers out there. How valuable is your time? How trusting and/or gullible are you?

No, you should never act like a desperate, foolish buyer by believing any particular deal is worth a great deal of expense and inconvenience.

Don't start out the negotiating process falling all over yourself and telegraphing your ignorance or desperation.

 

[UnionPacific]

I think your daft.
Have you never heard of paypal? We we bought our yacht, for far more then $5000 I made a tiny deposit to hold the boat before we drove 250 miles on long island to go see it. Making it by paypal protects you from a lemon, or a shady deal. If you send him a check, send me one too. I have the boat you want, whatever it is.

 

[christian.hess]

I hope not. I will agree that most people today are still trustworthy. However, those that have stolen from me, and there have been a few that even worked for me, have done so without any indication. One was the Mother of two young kids, working hard, professional, 9-5 type.

However, I think we're on different waves lengths here. If the OP is just going to see the boat, what offer are they going to make with this handshake/deposit. Is it "I'm buying your boat period, just hold it for me" or is it "I like your boat and if it checks out, I will buy it"?

If it's a done deal, then a deposit and contract are absolutely appropriate. If they buyer is just trying to stay at the head of the line and still needs to determine if they are really buying (ie. survey or whatever), the deposit means nothing that a handshake doesn't mean.

Separate from our handshake discussion, I always provide this caution to the prospective buyer. Never fall in love with your boat until after you own it!! There are thousands out there to choose from.

I see we are talking slightly different things...

yes as a buyer you sometimes get or fall in love, its part of the reason one thinks sending a little money in "good faith" will give you a little advantage however when all is said and done...all the money speaks and this was disclosed...if someone comes up cash in hand before me then my deposit isnt valuable in that regard

however the reasoning at least for me was the distance...I basically offered to buy the boat, send deposit(after looking over many many pictures, even a survey) and then when there, physically we did the checking out of the boat and test sail etc...

it all worked out, having said that its not the norm

but those that are in places where sailboat arent common you often have to do things liike this and travel long distances...

someone in dakota who wants a boat in maine will often find him or herslef asking these types of questions and doing things like this

obviously if you are in san francisco looking to deposit some money for a boat in sausalito

you arent thinking well

cheers

 

[christian.hess]

A sale of personal property may be made subject to the terms of a written contract, according to the law of the jurisdiction, usually the state where the property is located, or where the contract is formed, or where the parties specify. A check may include or create terms of a contract, which might be accepted upon endorsement or deposit. In fact, in some jurisdictions, a sale of personal property may not be enforceable without a written contract.

No one can properly advise you as to the effect of particular language on a check without knowing all the facts of the transaction and the particular laws of the applicable jurisdiction. So your friend in the Bahamas is full of ca ca.

There is more idiotic advice floated from supposed expert "friends" on this forum, than any other source.

Yes, you should have a written contract.
Yes, you should negotiate terms.
Yes, a buyer should make a sea trial and survey contingencies to the contract.

No, you should not buy a boat sight unseen.
No, you should not travel 8 hours to see a $5K boat.
No, you should not travel 8 hours to see a boat without extensive recent photographs, written representations of condition by the seller, and some knowledge and/or assurances about the authority and genuineness of the seller.

Newsflash: There are some dishonest scammers out there. How valuable is your time? How trusting and/or gullible are you?

No, you should never act like a desperate, foolish buyer by believing any particular deal is worth a great deal of expense and inconvenience.

Don't start out the negotiating process falling all over yourself and telegraphing your ignorance or desperation.

so all people live close by to boats all over the world?

interesting

not trying to argue it just seems weird one would think that everyone has access to thousands of boats to chose from around the world which simply isnt so

close to them

its not an objective way to offer advice
there is an old saying out there

those things that are worth it require the effort to acheive them...

its not like someone knocks on your door offering best deals on sailboats out there is it?

just seems weird that there is so much do this and do that out there attitudes when something "out of the norm" pops up

its just weird to me

btw...

I had my boat for sale last year, project boat for sale in el salvador etc...

you think locals are the ones that were interested? no

people from costa rica, mostly the states, a guy in panama etc...

I decided to tackle the project instead

 

[Ulladh]

Don't forget to check if the seller has title to the boat, or is authorized by the title holder to sell the boat. Also check for any outstanding liens against the boat, or unpaid yard storage fees.

Handshake deals may be OK, but verify details before exchanging cash.