Buying from a private seller

Hi guys, I made a search on the forum but didn't find what i was looking for.

I'm expending my search for a used boat. I was looking initially to buy local (New England), but the selection and prices are not there. So now i'm looking further away, and if I make a purchase, I will probably need to get it shipped.

When you buy from a private, how do you do the deal? You fly in and bring 20K$ in cash and hope for the best? Send a cashier's check, and wait the check to clear a week later? Most sellers I've contacted don't want to do wire transfers, and i'm not to sure it's safe with paypal.

Please tell me what you think is the safest way of doing such a transaction. When do you transfer titles, etc..

Thanks!!

Find out where the seller does his banking. Open an account there. Deposit the sales price. When you go to seal the deal, go to the bank together and transfer the money from your account to the seller's.

If the seller does not have a loan on the boat, I would bring a cashiers check and have the seller bring the title for boat/trailer (in TX you have a title for each). If the seller has a loan on the boat, I work with the seller's bank and have the bank send the title directly to you once the loan is paid off. I would not give the seller ANY money until either (1) the title was in my hand or a (2) reputable bank had agreed to send me the title directly (and you had proof of paying the seller/bank off).

Agree with what Shawn said. I closed my boat the same way, just make sure you get all the proper titling documents at the time of the transaction.

Most titles are paperless now days. If the seller does have it financed the bank doesn't have an actual physical title. Just go down to the sellers bank or CU with the money to pay off his loan. Once they process the transaction they will give you a DMV form that you will take down to the DMV to get an actual "pink slip". If the boat is paid for just ask him on how he would like to be paid and plan for it before you take the trip to go look at the boat.

PayPal is safe no doubts. And it's not expensive. You can make transaction in seconds when deal will done. I use this way for years

Thanks for all the input, but it raises a couple questions here.

When you pay with Paypal, the transfer can be traced to it's recipient ? Is the money put on hold, or available instantly? If the money can be hold by Paypal, is it the norm that the sellers asks for the funds to be available to let the boat go?

As for paperless titles, how do you find out if there are liens on a boat? Some states have lien searches, but I found that most of them don't.

I'm asking about Paypal, because I'm not sure to be able to get to the boat in person to see/buy it.

Just speaking from numerous horror stories. Spend the couple hundred for a plane ticket and see it. Pics n people can make even a wreck of a boat look good. You are about to drop 20-40k. 300 for a plane ticket is worth its weight no matter how u look at it.

I've bought some boats as you want to do but I've gotten clear title from seller before deal always (fax or scan). Sorry I've got no advise for paperless titles. Only one maybe ask service or local dealer which were in touch with the boat. One time in Florida I called MasterCraft repo about my next boat and this call helped me.
PayPal about. Money is available instantly. You can call or live chat PayPal for sure. nice service

I've also used the seller's bank to complete transactions. I have the branch manager fax me a copy of the title, and then I call said manager to confirm he has the title in hand. I've done this several times, and they are typically happy to oblige.

Originally Posted by xstarrider

Just speaking from numerous horror stories. Spend the couple hundred for a plane ticket and see it. Pics n people can make even a wreck of a boat look good. You are about to drop 20-40k. 300 for a plane ticket is worth its weight no matter how u look at it.

I could not agree more. I am about to fly to Vegas to look at some boats. I am looking at some boats in Texas as well. Southwest has cheap tickets - I will fly in one day, look at the boats in the rental car and fly back out same day. Here is a fact, there are boats here in Phoenix that look great on craigslist/boat trader. When I went to see them in person, they were horrible to say the least. Even $5-600 is worth it if you get taken on a $40k boat. Just don't be in a hurry when it comes to paying. If everything is in order, you will know and have a good experience. If it doesn't feel right or is too good to be true, then run away.

Do the transfer at his or your bank - make sure the title is transfered right then and there. Just call the bank and set up an appointment. This is more for the seller than the buyer, as a buyer a notarized title in hand is what you are most concerned with.

I'm looking in the 15K$ range for a boat. From platsburgh or burlington, there is not a lot of cheap selection for flights.

I'm wondering how do you figure out if there is a lien on a boat in no titles states, like Tennessee?

Originally Posted by espritv8

I'm wondering how do you figure out if there is a lien on a boat in no titles states, like Tennessee?

I usually ask the person if he owns the boat free and clear or does he have a loan on it. Have you ever bought a used car? Same deal except this floats.

wouldn't you perfect a security interest by filing a UCC-1 with the secretary of state in non-title states? I think you could probably do a UCC search in the name of the debtor. I'd certainly want to confirm that with someone local (like a boat dealer) beforehand though.

I'd be happy to check on a boat for you guys in Central Texas prior to you spending the money to fly out. If it's within 50 miles of Austin, I don't mind...just send me a private message. I do travel some, so it may take me a few days to get to it during those weeks. I've purchased 2 used boats and 4 new Nautiques, so I have some experience in giving you an adequate review.

You have to make sure you can trust the private seller.

When I was boat shopping this past summer, I came across an 03 Wakesetter I liked on E-bay. I was the top bidder, but didn't hit the reserve.

I ended up finding his "dealership" on the internet (I think he simply had a pole barn and repairs boats), and asked him what his bottom dollar price is, and I mentioned i was a cash buyer. He tells me his price cash, and it was close.

Come make a deal time (all over e-mail), the guy expected me to come to his door with basically a brick of cash, and got mad when I wanted to make the transaction at the bank. I told him we can go to a Chase branch, and they can pay him 23k in cash right then and there, but that wasn't good enough...it ended with me saying only an idiot or a drug dealer is going to come to his place with that kind of cash.

For the boat we bought, it was a local private seller (very wealthy guy, had his employee demo the boat), and he took a bank check and had the notarized title ready to go, so we didn't have to do it at the bank. Made it nice and easy.

i always take a cashiers check and drive to wherever the boat is and test drive it along with a bunch of other things i look for in a used boat and if it all checks out i pay then. i will use paypal to put a small deposit on items though.

DO NOT buy a boat unseen or undriven in the water!!!! youre asking for alot of problems.