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Posts: 5874
| The bank payoff cetainly isn't the bible. Here's what would happen if I called the bank.
Me: "What is the payoff on my boat loan"
Bank: "Uhm, Mr. Sheppard, you don't have a note on your boat."
Me: "Oh, then I guess that I shouldn't sell it for nothing.
If your boat is worth $32K, and you owe $28K on the note, why wouldn't you try to sell it for the $32K, or at least something between what you owe, and what it is worth. I'd wait a couple months for a couple grand.
My last boat was on the market for 3 months. Lots of calls and lookers, but no offers. I also had a few say I was asking too much for it. Well I originally asked $18,900, and sold it for $17,900. That was the first offer I got, and accepted. One of the early callers called back, and when I told him what I sold it for, he said he would have paid that. I just said then he should have made an offer.
The price will be what the market will bear. If you feel the boat is worth a certain amount, then list it at that, or slightly above, and encourage offers. Only you can decide ultimately if you will accept a low offer or not. The best way to get an idea is look at the pricing on a lot of similar boats. There's plenty out there to get a good idea. | |
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