Selling Process

Taxus812 · **Joined:** Mon Jul 29, 2013 3:34 pm **Posts:** 46

Ok im going to sound green but I have to ask this.

We are moving out of state and I decided to sell and buy something when I get settled. That said I need to sell my current boat.
The boat is ready for the season and is 100% drop in and go. I'm including a lot of other stuff as well and it will be below NADA guide pricing for this area.

I never sold a boat before so I was wondering what the traditional personal sale process is like. I know only want a bank check and since I have a lean there would be a waiting period before they could take it.

I can still sell via consignment in a local marine shop where they manage the survey, water trial, inquiry's etc. That is $230 for the survey and listing plus 15% of the price. Very tempting but that's a loss of $1500 for a $10,000 boat.

ric · **Posted:** Tue Apr 07, 2015 12:08 pm

The only way to safely sell a boat with a lien is to sell it consignment since that company will handle the transaction safely. I've done business with Marine Max here in FL and I was very happy. You could try Pop Yachts. Selling consignment can be good because you normally get more money, and the % taken off the top usually brings down what you receive in hand equal to what you would have made selling private.

Selling something with a lien requires the buying party to give you blind trust that you're going to take their money, pay off the boat, and give them the title in 2-4 weeks when it clears. What's stopping you from taking the money, moving, and never coming back? Nothing.

I will personally NEVER buy anything that has a lien on it. Not worth the headache.

Also selling with someone like Pop Yachts there's a chance it will sell overseas. They don't give a crap about waiting for the title to clear.

Jdpber · **Posted:** Tue Apr 07, 2015 12:12 pm

i bought my tahoe with a lien. we did the transaction at the back holding the lien and title. i paid dude. he paid off the note and 10 minutes later i had a stamped clean title. sent off for title transfer and in a week i had a title in my name in hand. VERY PAINLESS.

ric · **Posted:** Tue Apr 07, 2015 12:13 pm

Jdpber wrote:

i bought my tahoe with a lien. we did the transaction at the back holding the lien and title. i paid dude. he paid off the note and 10 minutes later i had a stamped clean title. sent off for title transfer and in a week i had a title in my name in hand. VERY PAINLESS.

That's only if the local bank/CU holds the title. If you financed through a national company it's normally 2-4 weeks.

GottWhat · **Posted:** Tue Apr 07, 2015 12:14 pm

I would list it on Craigslist. Use other comparable boats on Craigslist as well as NADA to set a price. Take lots of photos of a clean boat, no personal belongings in it and especially no people.

You can accept cash even if you have a lien but I would suggest doing cash sales at a bank for safety. If your loan is through a local bank, that would be even easier. If you live in a state where the bank holds on to the title, ask the bank where the title is and how long it will take to get it after payoff. If you hold on the title, have the bank sign off on the lien.

If your bank is not local (like mine), request a payoff amount. Have the buyer make two checks, one written to the bank for the payoff amount and the difference written to you. If buyer is paying with cash, have a local bank make a certified check for the payoff amount. Make copies of the checks and driver's licenses. Buyer would then go with the seller to the post office (FedEx or UPS) and send the payoff check overnight or 2-day priority to the bank. Buyer and seller should complete two copies of the bill of sale so you both have records (include the tracking number for the check you are sending to the bank).

Seller would give the buyer the boat and the seller calls buyer when the title comes back lien free in a week or two or if buyer has the title, the bank can fax/email/mail a lien release letter. Sign over the title and then everything is done.

I have done it this way multiple times as a seller with no problems.

fi.na.tine · **Posted:** Tue Apr 07, 2015 12:21 pm

You can sell it on your own just like a car. List it on craigslist, use lots of pictures, and set up a new gmail account with google voice. Use that # for people to contact you - that way your cell phone # is not on the internet and you can screen calls via the new #. Put all your musts on there. Let the buyer know there is a lien on it and find out the payoff. You may also want to find out if the loan is assumable, that way the buyer can just deal with the bank. Take people who are truly interested in a ride. Do all your money deals at the bank since they hold your loan. Make sure you transfer the title and license - the bank will help, and do not forget the same for the trailer if you need to do so.

Taxus812 · **Joined:** Mon Jul 29, 2013 3:34 pm **Posts:** 46

Thanks guys !

It sold in 3 days. (and I had a waiting list). I got my asking price and the bank emailed a release of lien when the bank check cleared. CT does not title boats but instead does it electronically via the registration. That made it even easier.

FYI there is a mandatory 7 business day hold on bank checks over 5k

Process went as follows
Buyer looked at boat put down deposit but due to heavy rain agreed to water test next day.
Buyer came back with bank check (local bank)
Created CT bill of sale (marked as-is) signed ownership over with registration (we don't title in CT this is how it is done), made copies and buyer got boat
Bank emailed release of lien when check cleared
Buyer registered boat

thanks again

www.iFourWinns.com

Selling Process

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