how to accept payment when selling boat

[gride300]

if i sell my boat to someone who has not seen it in person how much of a refundable deposit should i require and if they do decide to buy it how should i accept payment on delivery? i was thinking cashier's check for both. i would more than likely deliver it free of charge.

[GCSuper]

Couple of hundred bucks is all that's needed for a deposit. As to the cashiers check, they are more likley to be fake than a check. It's best to meet them at a bank to transfer funds. Be sure to hold title until all checks have cleared the bank.

[captainbrad1]

I've sold several boats to individuals and a cashier's check is just fine. Make a copy of the buyers driver's license and the signed title. I have always requested a $1,000 deposit just to make sure they're serious.

[ClemsonDave]

If you do a refundable deposit, draw up something simple that will be the reasons for them not to complete the purchase. The last thing you want is to go through all this effort just to have them back out because of something like a pin head size chip or something. Make it a non-refundable except for certain agreed upon criteria.

The last one I did, he sent me wire transfer of half the money when I delivered the boat. Once I got the other half, I sent him the title.

[gride300]

thanks. those are things i had not thought about.

[east tx skier]

When I sold my last boat, I was delivering for free over a sizable distance. I required a written, signed purchase agreement, a $1,000 nonrefundable deposit, and payment in full before I left the driveway. My reasoning on the last condition was that I was not about allow for the opportunity for any price negotiation 1,500 miles from my house. The buyer was offered the opportunity to inspect and test drive the boat before the sale was finalized, but, due to the distance between Texas and Canada, he declined.

All of the funds were wired. I'm sure my sale requirements scared off a few prospective buyers. But it was less for me to worry about and, hopefully, the purchase agreement instilled some confidence in the buyer.

I spoke to the guy a couple of weeks ago and, nearly three years later, he still has the boat and loves it.

[steve-o]

Cashier's Checks can be verified over the phone by the bank that issued it for legitimacy.

They are as good as cash when depositing at a bank. A cashier's check is a check from the bank. The person that holds it paid the bank money, the bank took the money and wrote a check to whoever on their name.

[maxpower220]

I used PayPal for the deposit when I sold my last boat and motorcycle. It is fast, easy, and the funds are there. Yes, I understand the 3% fee, but the ease is/was worth it to me. Also, it is not that much money if your deposit is $500 or less. Larger amounts, I would do something different.
I have taken cashier's checks in the past also. You can get a copy faxed to you, then you can call the bank to verify funds. I have made calls and banks are alway helpful.