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Hello,

A few years ago I sold a boat in a private transaction. The buyer was local, so I told him a certified check was fine. Then he and I went to his bank, I deposited the check and had the money wired to my bank. That worked well and I would do it again.

My last boat transactions involved brokers. It was easy b/c they handled all of the money issues. I wired money to the selling broker for the boat I bought, and when i sold my boat the broker sent me the money.

Barry
 

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I wouldn't do cash. There is a chance of getting pulled over by the cops and forfeiting the money via civilian asset forfeiture laws. Yea, the cop just takes the dough. Checks...NO, ACH, wire yes. We did a wire transfer when we bought our boat. Just make sure, like double sure you have the numbers right. I was tempted to transfer a dollar as a test.

OP, get back to us when the buyer says he sent you too much money and ask you to refund the difference in Wal Mart gift cards to be sent via Fed Ex overnight.
I accepted cash for my last boat sale. I meet the buyer a in the lobby of my bank branch office with all the paperwork. He signed the Bill of Sale and gave me an envelop of cash. I took the envelop to a cashier, who feed the money through a machine and gave me back a receipt for the cash deposited to my account. As the receipt was for for the correct amount, I signed the paperwork and the title, and left with my copy.
 

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The last one I bought, the guy wanted cash, but I wanted a paper trail. We went to my bank together. I then found out that the amount was larger than the bank would cash in a single day. I had two cashier's checks made out to the seller. One he cashed on the spot. The other he took to his bank & deposited. Since he saw the teller hand me the checks, he knew that they were real & actually from the bank. When the bank issues a cashier's check, the money is removed from your account immediately, not when the check is sent back into the bank for payment. The seller handed over the title as I handed him the checks. It was all done under the security cameras in the bank. We each got a picture of the other guy's driver's license. I don't think that either of us was at undue risk from doing it that way.

If someone wanted to pay me in Gold &/or Silver coins, I would also consider that possibility. But that option is not for everyone. Authentication becomes a issue if you are not an experienced collector who knows what he is looking at.

When taking large amounts of cash (or gold), the potential for theft must also be considered. A boat price worth of cash is enough to get mugged for, at a minimum. That risk is very real.
 

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I find it an odd thought exercise to not want to confirm and accept a certified check from a potential fraudster, but rather be willing to give them your bank account number instead, for a wire or ach. They’d already have a significant amount of personal information from the purchase contract.
 

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I sold a smaller sailboat, I think for 5-6K a few years back locally. I vetted the buyer extensively. Knew where he lived, his house assessment, his alumni association, charity associations, 5K run times, college, where he worked, etc. etc. It's amazing and frightening what you can learn about someone on the internet. Knew him so well before we gave him the boat with the trailer to tow away, took a personal check. Worked out. But he was local and it was easier.
 

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I find it an odd thought exercise to not want to confirm and accept a certified check from a potential fraudster, but rather be willing to give them your bank account number instead, for a wire or ach. They'd already have a significant amount of personal information from the purchase contract.
Sure, you've shared a bunch of personal information and they could take that banking information to create fraudulent drafts on your account. You take that risk every time your write a check. But if they do, the Bank is on the hook if they don't catch the fraudulent activity. If you accept and deposit a fraudulent check yourself, it's all on you.
 

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I'm in the process of buying a boat through a broker and I've had a WTF moment when I received an email instructing me 8n a tactless manner I might add, they only want wire transfer I've never done wire transfer so it was a learning experience plus my money is in Wells Fargo but I wired the deposit and it went well but wiring the full amount of the payment after survey acceptance and settlement.. makes me a bit nervous... But I'm finding it works way better than I thought because being old school I'm used to going to the bank seeing real people using real money real time shaking hands.
 

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Sure, you've shared a bunch of personal information and they could take that banking information to create fraudulent drafts on your account. You take that risk every time your write a check. But if they do, the Bank is on the hook if they don't catch the fraudulent activity. If you accept and deposit a fraudulent check yourself, it's all on you.
It's funny, but I'll bet I hand write 2 checks per year now and find it annoying. Even when my digital banking account sends a check to a vendor, it doesn't have my account number on it anymore. It has some generic number at the bank.

The Bank is only on the hook for fraudulent items in a personal account, if you notify them timely. It's not a blanket guarantee. If a business account, the owner is expected to identify fraud daily.

I don't ever use my debit card on the internet, nor do I ever sign up for vendors who will draft my checking account to be paid. I want no one to know how to access my assets, even if I could eventually recover them. I use only credit cards and pay them off once per month. Much safer, IMO.
 

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All very interesting. When I sold my last boat, I was paid in cash. It wasn't a ton of money ($1500 I think), so I had no problem counting and depositing it. And I paid for the bulk of new boat with a cashier's check (the deposit was a personal check). By the time we closed, I knew the PO a little bit and was satisfied he was an honest man, and we had no problems with transaction.

I did once sell a car and took $8000 in cash. That was a royal pain. The guy was in town selling Christmas trees, and had been paid in 5's, 10's and 20's. So that's what I got. Eight grand worth. Took me quite awhile to count it all. Never again.
 

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Last time I sold a vehicle they paid in cash. He handed me a wad of twenty dollar bills. Guess he didn't expect me to count them cause he shorted me $200.00. He did hand the missing money over.
 

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I've never had a problem with PayPal, even on international purchases. From a diesel engine for our genset, to a few dollars worth of parts, I've always felt the transaction was secure.
For extremely large transactions involving boats I always use a broker as they have an escrow account. Money is in there, but can't be touched until the seller signs the boat over to the new buyer.
 
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It's funny, but I'll bet I hand write 2 checks per year now and find it annoying. Even when my digital banking account sends a check to a vendor, it doesn't have my account number on it anymore. It has some generic number at the bank.

The Bank is only on the hook for fraudulent items in a personal account, if you notify them timely. It's not a blanket guarantee. If a business account, the owner is expected to identify fraud daily.

I don't ever use my debit card on the internet, nor do I ever sign up for vendors who will draft my checking account to be paid. I want no one to know how to access my assets, even if I could eventually recover them. I use only credit cards and pay them off once per month. Much safer, IMO.
I'm the same way; I spend more time looking for my checkbook than actually writing checks, also probably (maybe) 2 per year. I pay for everything I possibly can on credit cards, other bills via billpay, debit card is ATM use only, and the bill-paying checking never has more than a month's expenses in it. Wire transfers (5-6/year) go in and out of a savings account held open with a minimum balance.
 

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For extremely large transactions involving boats I always use a broker as they have an escrow account.
Agreed. Escrow is the only way to go for larger transactions. If uncomfortable with the amount of money in this thread, they aren't very expensive and often the same companies that can be paid to do your title work.

I too have allowed brokers to hold pretty large sums and it's all worked out. However, I'm not certain how formal their escrow accounts are and if they are bonded and insured, nor what would happen to those escrows if a bankruptcy or larceny occurred, during escrow. Creepy thought.
 
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