Purchase Question Need help

[i_build]

I found a boat that I really like and the owner is out of state but the boat and trailer is registered in my state FL. He allowed me to inspect the boat with his neighbor present and then after getting to know me he actually gave me access to the storage for me to come back the following day and check on some other issues just on my own. He is willing to let me take the boat home with a small deposit... however he wants me to send the balance to him before he send the paperwork. I understand that from his perspective he doesn't know me that well... and from my perspective I do not know him very well... but he is showing me trust by allowing me to take the boat and trailer home... so I kind of feel like taking a risk... but I am not sure. I 100% know that he owns the boat and trailer out right. Other than having a signed agreement that outlines the steps above is there any reasonable alternative to make both sides feel more comfortable and the transaction more secure? Something short of spending big bucks on legal steps the boat is a little over 5K and needs work. Please let me know if you have an idea. Thanks.

 

[racerone]

Just make sure you do not do any work on it till you own it outright.-----Be a shame to do the work and have him claim it back.

 

[roscoe]

Do you know the seller personally?
How do you know he has a clean title? No liens ???

Why can't he send the paperwork to the neighbor, or his banker. and deliver it to you when you pay and pick up the boat.

There is a reason you transfer paperwork at time of sale.

What happens if he dies, has a stroke, or his wife files for divorce after you send the money.

 

[dwco5051]

Why can't he send the paperwork to the neighbor, or his banker. and deliver it to you when you pay and pick up the boat

Even better have him give the neighbor a limited power of attorney to handle selling the boat. A simple one page notarized document that he could type up himself. Then you and the neighbor go to where ever you have to go to in FL and do the paperwork transfer.

 

[i_build]

I hear you about a neighbor but the neighbor that he had let me in to look at the boat the first time gave me a couple hours and left me an earful about how he was doing a favor for the seller and basically told me to deal directly with the seller myself. The guy is 73 years old and moved up north for health reasons and I basically negotiated a big drop in price cause he told me he really didn't have anyone in FL, the kicker is that he is in NJ where all my family is along with my brothers who are NYPD. I confirmed his address, confirmed he is the owner via DMV and there are no liens. I spent about an hour talking to him today and he is pretty much in the same position I am in... he is in a long term marriage... and a caregiver to his wife (my wife is a double organ transplant) so I know how it is to need that money. When he first talked to me he didnt share anything but he told me that he needed to get a minimum amount out of the sale for medical reasons. So I drafted a bill of sale... stating I give him a minimum deposit 1K... and take the boat and trailer home... and I said if after 4 weeks if he hasn't got the paperwork... the deal is off. I will let the boat sit in my driveway till then.. I will send my brother or sister over to get the paperwork before I pay the balance. Once they see the paperwork I will pay the balance... worse case scenario we get caught up in something legal for my deposit back.... best and most likely case I feel... the deal is done and I get a boat that I paid about 50% of the going price for. It's a risk but I dont feel like missing out on... and TBH I think when you dedicate your life to being a caregiver somehow you get blessed through all of the hardships and what's odd is that it has always seemed to be someone else that has that same lifestyle... None the less it is done the deposit has been sent... I will update this thread and let everyone know whether I got Beat or whether I got Blessed. Thanks for your input...

 

[i_build]

Deleted**** wrong post

 

[i_build]

FYI I did get the title and he even sent me the Garmin Chart plotter side scan unit.