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Posts: 572
Location: Germantown, WI | I've only sold one boat about 7 years ago, but was on consignment thru dealer I bought new boat thru. I'm thinking of sellong that boat now and upgrading. Trying to figure out how to go about selling current boat.
1. If on consignment, should I expect same 10% fees currently? Will dealer charge me more if I don't buy boat them them? It's a Lund Predator 1810, am I better off going to Lund dealer to deal with them?
2. If I sell on my own , what do I need to do in terms of paperwork, contract, bill of sale, title, etc do I need to do so it goes smoothly? Do I have any obligations to notify DNR about the sale, transfer of boat registration #'s , etc? What do I want to accept as payment? Certified check from a bank? Something else?
I have a nice boat that I think would sell quickly posting it on this site, but a bit nervous handling a $15-20k transaction on my own like that.......
I'm sure I will get a lot of good feedback from all of you guys! |
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Posts: 270
Location: SE WISCONSIN | I've sold my boat all you need to do is have your clear titles and write up a bill of sale. I would definitely try to sell it yourself 1st either on here or Craigslist that is how I sold mine. No need to notify DNR. As far as payment I would meet at your bank and request cash or a wire transfer that is the only way I would do it. If anyone wants to give you a personal check tell them the can come get the boat arter the check clears your account.
Edited by R code 1/8/2017 10:02 PM
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| I bought a boat last year from a private party. My bank is 170 miles away. I stayed with them when I retired because it was where I worked for many years. I wrote him a check, he gave me a note stating the sale would be complete when the check cleared. A couple days later, I went to his home with a copy of the transaction from my online account showing the transfer of funds and he signed off the title. I didn't blame him for wanting to be sure it was a good check. Fortunately, he was a retired business owner, understood banking, etc. He was a little surprised I had kept my accounts with my former employer but as someone who had employed people, he seemed to appreciate my loyalty.
Edited by North of 8 1/8/2017 10:16 PM
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Posts: 1767
Location: Lake Country, Wisconsin | I've sold 5 over the years...definitely sell it yourself, that's too much money to waste
You have no obligations at all besides the bill of sale. I would never take a personal check unless it was for a small fraction. Certified money orders from their bank are the way to go.
Very important to list the boat aggressively in as many places as possible. Also be prepared to treat it like a car sale, your buyer will almost always negotiate and not offer you what you list. Keep that in mind when listing price. Have many pictures ready, know your maintenance records, and hours on the engine. |
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Location: Contrarian Island | I'd agree w the others..sell it yourself ..it's not hard as stated above...cashiers check is also another option... put it on a few sites like this one and craigslist... good luck! |
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Posts: 1638
Location: Minnesota | You will get more if you sell it on your own. I had a nice boat i knew what it was worth talked to the dealer on a trade. They shot me a fair price on a new boat so I took the deal only paid sales tax on the difference not the full price so it worked out good for me didn't have the hassle of trying to sell it. Maybe I just got lucky and they knew of a person who wanted my boat so they gave me a little more. |
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Posts: 1023
| Really good advice here. However, certified checks and money orders are getting forged nowadays too.
So cash or the wait a few days till it clears option are the best way to go. |
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| Landry - 1/9/2017 4:01 PM
Really good advice here. However, certified checks and money orders are getting forged nowadays too.
So cash or the wait a few days till it clears option are the best way to go.
A forged cashier's check can take much longer to surface than a bad personal check. And the bank where you deposited it will take the money back from you. A personal check will either clear or it won't, and it is only a couple days. |
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Posts: 427
| Last boat I sold went like this; Wrote deposit on boat for buyer ($200). Two days later we meet at his bank and completed an online transfer of funds from his account to mine. After transfer I signed the title at the bank. Everyone left happy. |
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Posts: 612
| I advise to try and ask for cash (if not possible wait for the buyers personal check to clear before he can pickup the boat). Insure you have title to transfer over and make out a simple bill of sales for the transaction at hand. This can be done in say word on a computer.
A possible Example of BOS: I "so and so" am selling make, year and model of watercraft to "so and so". Both individuals sign and date the document.
P.S. Never tried here but Craig List works great, for boats, motors etc. Take some nice pictures as mentioned and like when dealing w cars be prepared to wheel and deal a bit. Based on my experience of selling at home.
Edited by NPike 1/9/2017 8:54 PM
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Posts: 410
Location: With my son on the water | Cash works and is easy. But check the bills with an anti counterfeit marker which can be purchased about anywhere for a few dollars. |
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| The only safe way to get money is a wire transfer from and to the bank. Easy and safe for all.
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Posts: 556
| I sold 1 myself 2 years ago-- I stated CASH ONLY---couple of potential buyers seemed put off by this----But I was put off by them wanting to give me a check----3 rd person to look at it had no problem--took a deposit---he came back the next weekend with cash -- signed the papers and on his way. It was a large sum of money---- HE came with a friend to pick it up--I am sure he felt better with a witness---worked fine for me--and I will again ask for CASH AGAIN NEXT TIME.... |
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Posts: 572
Location: Germantown, WI | A lot of good information... I think the wire transfer option sounds pretty safe for all parties!! I assume bank can validate the existence of that $ fairly quickly... for a smooth transcation... that way someone doesn't have to carry around $15-20K in cash, I can see why that would make some people nervous.. |
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Posts: 17
| Make sure you make up a "Bill Of Sale" for the transaction. By this I mean a complete description of the boat, motor and acc., serial number of the boat, mtr. trailer and any other pertinent info regarding the sale. Make sure you get some ID, drivers license address and number is best. On the Bill Of Sale -- "to be sold as is no warranty" unless you've made some other agreement. Make a copy for each of you and make sure each copy is signed by BOTH parties. Remember this is a business transaction even with friends and relatives, consider it good business, protection for all. My two cents. Jim |
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Selling boat on own vs. consignment