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Ebay Boat Selling Question

Old 03-08-2009, 09:03 AM
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Default Ebay Boat Selling Question

My boat is currently listed on Ebay with No Reserve. I set the starting price at the minimum I'd accept.

There is no loan on the boat and I have the Title in my possession. I'll take a $500 deposit through Paypal, but I don't want to pay the 2.9% fee on the balance. What specific steps would you guys suggest here? If taking a certified check, can I call the issuing bank to confirm it is valid? Any other suggestions? In the big picture, it's not a huge sum, probably around $7,000 (hull & trailer only).
Old 03-08-2009, 09:13 AM
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Take a CC, gold, any wampum you can stuff into your bank...just one little rule. NO WAY do you let the boat off of your property until the funds clear.

If a buyer balks at that simple rule, he's welcome to bring cash to you. Good luck with your sale. Also, use craigslist for your area. I get 5X more hits from that than from eBay...and its free.

P.S. calling an issuing bank is not anything that I would trust to be good. A CC can be cancelled a minute after you've made that call, so wait until funds have cleared YOUR bank in order to be dead sure of the transaction.
Old 03-08-2009, 10:20 AM
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Originally Posted by bamaboy473 View Post
Take a CC, gold, any wampum you can stuff into your bank...just one little rule. NO WAY do you let the boat off of your property until the funds clear.

If a buyer balks at that simple rule, he's welcome to bring cash to you. Good luck with your sale. Also, use craigslist for your area. I get 5X more hits from that than from eBay...and its free.

P.S. calling an issuing bank is not anything that I would trust to be good. A CC can be cancelled a minute after you've made that call, so wait until funds have cleared YOUR bank in order to be dead sure of the transaction.
Excellent point about the CC, i know someone that recieved a bad one for $15,000.00. If the buyer can't wait for the check to clear, move on.
Old 03-08-2009, 11:34 AM
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My experience says get a check that you can take to a local bank and cash without recourse back to you. When you have cash in hand they get the boat.

My 2 yuan
Old 03-08-2009, 01:04 PM
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have them pick up the boat while all banks are still open.go to his bank and get the cash then hand him the title.for what its worth you can cancell a pay-pal payment just as fast.




as far as craig's list this is what I get everytime I list anything over a 100 buck's.this was for a $200 item i have on there now.never have i had one from E-Bay with over 1000 transactions






Thank for the prompt response my secretary will process and mail a
certified draft to cover the cost as am completely satisfied with
it.I will need the details of whom & where to mail the payment
1.Name to be on the check
2.Home address
3.Mobile #
Please note 'United Parcel Service' do not deliver to P.O.Box
addresses and i will not be mailing a draft to one.My mover will be
coming over for the pick up right only after the payment as been
delivered.Kindly delete the posting as am totally committed to buying
from you to save cost,..Here is my relay phone # is (210) 209-8524 am
deaf and will receive your phone messages via email ,regards
Old 03-08-2009, 02:07 PM
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for every guy that's had a problem with craigslist, there's a guy that's had a problem with eBay.
There are no absolutes in the selling business. Use what you're comfortable with and just remember what your old uncle Henry used to say, "Cash on the barrelhead is how I like to do business with people."
Old 03-08-2009, 02:55 PM
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Originally Posted by bamaboy473 View Post
... wait until funds have cleared YOUR bank in order to be dead sure of the transaction.

That can be a little bit weird. A bank now has, I think, 30-days to "un-clear" the funds they previous "cleared". If you deposit a cashiers check into your bank, it clears in a day or two, and then two weeks later you get a letter from your bank saying the check was a fraud and you are responsible for making good on the funds the bank gave you in good faith. It is real, it happens.

I would only sell local or accept a cashier check issued from a local bank, or a bank like Citibank or BofA that has a local branch -- take that cashiers check to the local branch of the issuing bank where they can verify its authenticity and turn it into cash. Only then would I let the boat go.
Old 03-08-2009, 03:01 PM
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Originally Posted by Eyeball View Post
That can be a little bit weird. A bank now has, I think, 30-days to "un-clear" the funds they previous "cleared". If you deposit a cashiers check into your bank, it clears in a day or two, and then two weeks later you get a letter from your bank saying the check was a fraud and you are responsible for making good on the funds the bank gave you in good faith. It is real, it happens.

I would only sell local or accept a cashier check issued from a local bank, or a bank like Citibank or BofA that has a local branch -- take that cashiers check to the local branch of the issuing bank where they can verify its authenticity and turn it into cash. Only then would I let the boat go.
Beat me too it

It's not easy getting paid anymore, but a bank check is not a sure fire way of not getting screwed, even if you got the cash from the bank!

You can usually tell when something is up. Like,..."very good of u too make deel wit me" RUN...
Old 03-08-2009, 03:29 PM
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Well, that's interesting information that a bank can "un-clear" funds.

OK, how about we deposit into another bank account at another bank, then when the funds clear (the first time) I withdraw the cash; leaving a couple of bucks in the account.

If the funds then "un-clear", its the bank's problem, isn't it?
Old 03-08-2009, 03:41 PM
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Originally Posted by bamaboy473 View Post
Well, that's interesting information that a bank can "un-clear" funds.

OK, how about we deposit into another bank account at another bank, then when the funds clear (the first time) I withdraw the cash; leaving a couple of bucks in the account.

If the funds then "un-clear", its the bank's problem, isn't it?
Rick;
You gonna open an account in someone elses name??? To think they are not going to go after whoever opens that account...Besides, your plan shows some type of premeditation to screw someone. I'm no lawyer, but your going to be out more than the amount of the check.

Back to the drawing board I think..
Old 03-08-2009, 04:35 PM
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I appreciate all the responses. We'll see what happens, but first choice will be to cash a check at the buyer's bank the day of pickup. Seems foolproof. The problem is getting it done during the week, although some banks are open Saturday. It's too bad there are so many scammers out there.

9 watchers, no bids.
Old 03-08-2009, 05:33 PM
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There must be some brokers on this site. How do they insure the transaction is legit. I do not know anyone personally that has been duped in a large transaction such as a boat or car sale but you hear more and more of this sort of thing happening through the internet.
Old 03-08-2009, 05:42 PM
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Whats wrong with wire transfer? It costs a few bucks, but I do this all the time. I paid for my new boat this way, paid the transporters, I get paid this way sometimes as well.

Ofcourse, the banks could probably "reverse" the wire transfer same as the bank check..
Old 03-08-2009, 06:05 PM
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The only problem with a wire transfer is keeping your account number confidential. I guess if you spoke directly to the buyer's bank it would be OK, assuming it is really the bank you are speaking to! We've all gotten so paranoid. I guess the buyer who brings a pocketfull of cash could come back and rob you too!
Old 03-08-2009, 06:10 PM
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Originally Posted by Sprockets View Post
The only problem with a wire transfer is keeping your account number confidential. I guess if you spoke directly to the buyer's bank it would be OK, assuming it is really the bank you are speaking to! We've all gotten so paranoid. I guess the buyer who brings a pocketfull of cash could come back and rob you too!
My credit union cahrges $5 for a new account. If you're worried the seller could do something with the banks routing number, start a new account, xfer the money to your primary acount, then cancel the account you just started.

I've sold a boat and 2 cars and was paid via wire transfer, and haven't had a problem.

And I agree with the suggestion to advertise on Craigslist..especially for boats. Historically, boats don't move for a very high price on Ebay.
Old 03-08-2009, 07:12 PM
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For that amount of money, cash.
Old 03-08-2009, 07:42 PM
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how much cash are u allowed to carry?

Matt
Old 03-08-2009, 07:56 PM
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Originally Posted by Mike Boehler View Post
Rick;
You gonna open an account in someone elses name??? To think they are not going to go after whoever opens that account...Besides, your plan shows some type of premeditation to screw someone. I'm no lawyer, but your going to be out more than the amount of the check.

Back to the drawing board I think..
Mike, you headed down a different path on that post. Why would you open an account in somebody else's name??

I have accounts at several different banks. If I deposit a check into one of the low-balance accounts and then withdraw the funds after they have cleared, what "screwing" am I planning, in your mind? If the bank makes a decision to allow funds, then reverses itself, that's going to be a problem, because I've already released the boat to the owner...so my doing that is to prevent getting screwed by the bank, IMHO.

Granted that the best way to avoid this is to have the guy bring cash, but I want to be as accomodating as I can be with a buyer, so the other bank account serves a purpose when a buyer wants to pay by check (as in a business check).

Hope that clears things up a bit more.
Old 03-09-2009, 01:44 AM
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Originally Posted by bamaboy473 View Post
Mike, you headed down a different path on that post. Why would you open an account in somebody else's name??

I have accounts at several different banks. If I deposit a check into one of the low-balance accounts and then withdraw the funds after they have cleared, what "screwing" am I planning, in your mind? If the bank makes a decision to allow funds, then reverses itself, that's going to be a problem, because I've already released the boat to the owner...so my doing that is to prevent getting screwed by the bank, IMHO.

Granted that the best way to avoid this is to have the guy bring cash, but I want to be as accomodating as I can be with a buyer, so the other bank account serves a purpose when a buyer wants to pay by check (as in a business check).

Hope that clears things up a bit more.
I gotcha now, I was picturing you walking in with big glasses and fake nose to open an account

I don't know banking laws, but I don't think the bank would take getting screwed by the buyers bad check lying down. I just think they would come after you even if you don't have the cash in the account. I would. This has become a REAL problem selling things. Selling local is best but your cutting your market so severely most don't want to do it.
Old 03-09-2009, 02:01 AM
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eBay's commissions change a lot on big ticket items. Once you get to cars and boats, they are substaintially less. eBya will charge a final value fee if it is paid in cah, double coupons or bottole caps. Paypal fees remain constant and that's where direct payment will help

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