#972098 - 01/26/17 02:19 PM
Buying a boat from a private party.
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Returning Adult
Registered: 04/07/06
Posts: 289
Loc: Bellingham, WA
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How does one handle the large amount of cash when buying from a private party? $30k is a lot of cash to carry and gettIng a cashier check for that amount, I've had the bank withold a large portion of it for about a week.
How have you who've bought recently handled the transaction?
Thanks.
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#972099 - 01/26/17 02:29 PM
Re: Buying a boat from a private party.
[Re: fever]
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River Nutrients
Registered: 03/07/00
Posts: 3009
Loc: Lynnwood, WA
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I recently sold my sled and the buyer had banded Benjamins, 10 to the pack. Most (if not all) sellers want cash... not a cashier's check. Just get a manila envelope to put the 30 bundles in... don't go flashing it around and I'm sure you'll be fine.
_________________________
A day late and a dollar short...
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#972108 - 01/26/17 04:10 PM
Re: Buying a boat from a private party.
[Re: fever]
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Returning Adult
Registered: 04/07/06
Posts: 289
Loc: Bellingham, WA
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Well thirty bundles of ten hundies sounds a lot more discreet, now that you say it that way.
Was picturing thirty grand like a Breaking Bad scene.
And you're right about the cashiers check. I would hold the boat until it cleared if I was selling.
Thanks
Edited by fever (01/26/17 04:12 PM)
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#972110 - 01/26/17 05:22 PM
Re: Buying a boat from a private party.
[Re: fever]
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Ornamental Rice Bowl
Registered: 11/24/03
Posts: 12767
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I was a trusting SOB and took a cashiers check from the guy that bought my old boat.
It cleared with any hassles, but yeah... I coulda been burned.
_________________________
"Let every angler who loves to fish think what it would mean to him to find the fish were gone." (Zane Grey) "If you don't kill them, they will spawn." (Carcassman) The Keen Eye MDLong Live the Kings!
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#972123 - 01/26/17 07:19 PM
Re: Buying a boat from a private party.
[Re: fever]
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Repeat Spawner
Registered: 07/01/04
Posts: 1303
Loc: North Creek
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Be prepared to argue with your bank manager when you go withdraw $30K in cash.
_________________________
. . . and God said unto them, Be fruitful, and multiply, and have dominion over the fish of the sea . . .
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#972135 - 01/27/17 06:38 AM
Re: Buying a boat from a private party.
[Re: fever]
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Returning Adult
Registered: 01/21/00
Posts: 270
Loc: Bellingham,WA
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How about just meeting the guy at HIS bank and have them make you out a bank cashier check or even better set up a wire at his bank and once it clears release the boat? Also make out a good bill of sale receipt signed by both parties stating that if for any reason the payment is rejected you will immediately retain possession and all costs associated with obtaining the boat back will be paid by the buyer. Make sure to copy his drivers license, confirm his address is accurate and do a quick internet search on his name is see if anything "funny" pops up. In other words, cover your ass.
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#972136 - 01/27/17 07:09 AM
Re: Buying a boat from a private party.
[Re: fever]
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Shooting Instructor for hire
Registered: 10/26/10
Posts: 7260
Loc: Snohomish, WA
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Wire transfer or certified check. No title transfer until the payment clears. It's easy and quick if you work with both banks in advance (less than 24 hours). Don't go the cash route. It can actually cause more problems than its worth. If you do decide to go the cash route, $30k doesn't take up much physical space. It's just (3) of stacks of high society.
_________________________
“If the military were fighting for our freedom, they would be storming Capitol Hill”. – FleaFlickr02
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#972142 - 01/27/17 08:09 AM
Re: Buying a boat from a private party.
[Re: fever]
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Three Time Spawner
Registered: 03/08/99
Posts: 1844
Loc: Wenatchee, WA
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Haven't had any trouble with decent amounts of cash from my local bank. I just call ahead a day or two to make sure they set some aside specifically.
I sold a boat last year and the guy had a cashiers check for 28K. We went to his bank (Chase) and they handed me a nice stack of hundo's within 15 minutes.
_________________________
..."the clock looked at me just like the devil in disguise"...
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#972172 - 01/27/17 04:14 PM
Re: Buying a boat from a private party.
[Re: fever]
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River Nutrients
Registered: 04/25/00
Posts: 5078
Loc: East of Aberdeen, West of Mont...
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I like "cash" both when selling and when buying, always with a "bill of sale".
Bill of Sale, examples can be found on the internet....find one you like, scan to your computer, then its handy for many kinds of sales/purchases.
Good luck!!!!!
$30,000 wouldn't take that big of bag!!!!!
_________________________
"Worse day sport fishing, still better than the best day working"
"I thought growing older, would take longer"
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#972251 - 01/30/17 12:40 PM
Re: Buying a boat from a private party.
[Re: fever]
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Juvenile at Sea
Registered: 08/12/05
Posts: 210
Loc: The Boardwalk, on the way to S...
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#972255 - 01/30/17 02:27 PM
Re: Buying a boat from a private party.
[Re: fever]
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Spawner
Registered: 04/04/00
Posts: 763
Loc: LAKEWOOD,WA,USA
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I like the way my kid bought his. Both party's drive to buyers bank, (seller with boat in tow). Moneys payed in bank paperwork signed and boat and trailer were moved to sons tow rig, quick, clean, safe.
That's the only way I would buy or sell an expensive item anymore.
_________________________
Everyone's superman behind the keyboard
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#972257 - 01/30/17 05:08 PM
Re: Buying a boat from a private party.
[Re: BW]
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Returning Adult
Registered: 04/07/06
Posts: 289
Loc: Bellingham, WA
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I like the way my kid bought his. Both party's drive to buyers bank, (seller with boat in tow). Moneys payed in bank paperwork signed and boat and trailer were moved to sons tow rig, quick, clean, safe.
That's the only way I would buy or sell an expensive item anymore.
That's an elegant solution. I remember buying my first boat, after the test ride and settling on a price, I went to my bank anyway for the cash. Then back to his place. Why not both go together? Thanks!
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#972258 - 01/30/17 06:22 PM
Re: Buying a boat from a private party.
[Re: BW]
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River Nutrients
Registered: 03/08/99
Posts: 3513
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I like the way my kid bought his. Both party's drive to buyers bank, (seller with boat in tow). Moneys payed in bank paperwork signed and boat and trailer were moved to sons tow rig, quick, clean, safe.
That's the only way I would buy or sell an expensive item anymore. On purchases that involve too much cash on hand this seems like the way to go. That said, everything I've ever sold, from driftboats to dirtbikes hasn't been over $5,000. Cash in hand is what I've required and had no issues with.
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