Ready to make offer

[markwarren66]

Hi - <br /><br />I'm looking at a 2002 Wellcraft 190 with 49 hours. I have inspected the boat in person, and the condition is like-new. It has minimal wear and tear, as it was not used much. <br /><br />The boat is owned by a private-party, so I want to use an escrow service, www.escrow.com, to handle the transaction. I pay them, I pick up the boat, I test the boat, they pay the seller, everyone's happy. It costs $130, which I'll pay to ensure a smooth transaction. <br /><br />Has anyone bought/sold a boat through escrow? I haven't made an offer yet, but I won't buy the boat without the ability to test it. With the inspection period, I can take it on the water and have a mechanic look it over. <br /><br />I'm curious if anyone has any feedback on the private-party transaction. <br /><br />Thanks

 

[arks]

Re: Ready to make offer

I've used escrow services for online purchases, but never for a boat or car. They do serve a valuable purpose for both involved parties. <br />Some tips (BTW, I'm NOT a lawyer and just giving my opinion):<br />-Make sure the seller is OK with it up front. <br />-Put all your requirements IN WRITING for all to sign before sending money. It will be a binding document in the event of a suit. Be perfectly clear what you want and how long you need before releasing the escrow. Be reasonable. Negotiations may be necessary to come to an agreement. It's better to hash it out now than to argue later.<br />-Get a rider on your insurance policy to cover your test period. Your agent will need the HIN# found on the stern. <br />Good luck!

 

[tommays]

Re: Ready to make offer

Generaly a seller should not have a problem allowing you to have a mechanic inspect it and with a deposit take you on a sea trial<br /><br /><br />I would NEVER just let somebody take off with my boat to play around with it with out me there <br /><br />Just WAY to much liability involved with you trailering it around and useing it<br /><br />tommays

 

[arks]

Re: Ready to make offer

Here's the way escrow services work: <br /><br />-A sale is agreed to and verified funds sent to the service. If the seller has a brain he'll insist on a deposit.<br />-The escrow service then notifies the seller that they have the funds. <br />-The seller releases the item to the buyer subject to whatever terms they agree upon. This is where a title transfer would normally take place. Legally it's sold. <br />-After receiving the item and verifying it is as represented, the funds are released to the seller.<br /><br /><br />I don't see a problem with this scenario as long as they both agree to the same terms in writing. If a problem is found, the (pre-negotiated) terms need to be very specific as far as a remedy. Nothing should be left open to question.

 

[markwarren66]

Re: Ready to make offer

Thanks for the replies. The boat appears to be in top condition, inside and out. Plan A is that the owner takes me out on the boat, I get it inspected, and we're done - no escrow service needed. I don't expect to find any problems, but I want to do my due diligence. The owner is landlocked and busy - I don't know if he'll committ to taking me on a sea trial. Rather than call the deal off, I think an escrow is a good backup plan. <br /><br />As a side note, what type of offer do you think is fair considering the following:<br /><br />NADA Average Retail = $17,325<br />Asking in classifieds = $16,500<br />Boat was on e-bay, and the owner listed the opening bid at $14,900....the boat did not receive any bids. <br /><br />I was considering an offer of $14,500, willing to settle in the $15,500 range if necessary. I think the owner is motivated to unload the boat. He hasn't even used it this year. <br /><br />Do you think that's a fair offering?

 

[roscoe]

Re: Ready to make offer

Offer a grand or 2 less than you are willing to pay.<br /><br />ONLY buy it if you can sea trial the boat. Period. . <br />No sea trial, no sale.<br /><br />Negotiate a price, do the sea trial, buy it for the agreed upon price or walk away.

 

[Tail_Gunner]

Re: Ready to make offer

<br /><br /> 1. If you have inspected the boat and your are completely confident of it character, then this is a very simple thing.<br /><br /> 2. Have a cashier's check in hand for $10,000 and $4000.00 in cash.<br /><br /> <br /> 3.Prior to going to deal find out who has the title him or the bank, if the bank has the title make arrangement's or the time and tell him you are going to try and buy the boat and if successful we need to go right to the bank.<br /><br /> 4 Go to his house or resturant or "His or Her's" place of choice. ( you may just want to meet at the bank)<br /><br /> 5. Put down $13,000 and shattup...........<br /><br /> 6. Remeber your buying he's selling make it fun for both focus on this he get's a lot of cash now and you get a great boat. Make it fun...<br /> <br /><br /> 7. But before all that, go shopping and get your list of things your gong to need to fill out the purchase.......ski's, life jackets, anchor's etc...etc...etc. Now whet do that? Just remeber all the thing's you want and every time you go further than $13,000 you know what you are giving up.....

 

[markwarren66]

Re: Ready to make offer

I agreed on a deal today. $15k contingent upon my approval during a sea trial this Saturday. I'm very happy with this deal. I'll pay a bit more for a boat in real good condition. <br /><br />So, if all goes well Saturday, I'll have my first boat!<br /><br />Now I just need to figure out how to fit it AND the truck in the garage...

 

[mattttt25]

Re: Ready to make offer

congrats. enjoy the boat.<br /><br />btw, the negotiating advice you received is pretty poor. the goal of negotiating is to arrive at a fair and reasonable price for both parties. if the boat was priced properly (which it sounds like it was), you were/are smart to offer that or something very close. the world is full of novice negotiators- we hear about people lowballing and thinking they got a great deal, when in reality, the seller was simply pricing it too high.

 

[Nos4r2]

Re: Ready to make offer

I find the best way of negotiating is to find something realistically priced then play poor and turn up with cash.<br /><br />I just bought a $3000 car for £2000 by sticking a wad of cash in front of the guy and saying 'thats all I've got apart from fuel money to get it home. Take it or leave it'