Unusual Boat Sell Proposal

[CarlF]

Originally Posted by Statistical

or just walk away. If the OP wanted to get into the mess that is chartering he could do it without this "buyer" (using that term loosely because buyer usually implies someone who has the means to buy).

I would walk away. And the odds of this working out isn't great.

But I assume the OP has been unsuccessful getting his price the conventional way and is willing to entertain something different.

[paul.devalier]

Wouldn't do it. What's your incentive vs the risks?
If money is no object, then that's fine - gamble 50%.
But what happens if the boat ends up washed up on a beach?
Figure out your worst case. Figure out your best case.
Make the call.
But if there is no market for your boat such that you are considering an exotic arrangement, why not discount your boat's price by the present value of that future 50% payment. Just that is a better option.

[Rightbrainer]

Unless you've always wanted to be a silent partner in a one-man chartering business with a complete stranger, take a pass. If it's really an attractive business proposition, he should be able to raise his own money and buy your boat for cash.

He could be the most sincere guy in all of Greece, but businesses run into problems and your payments would be the first casualties.

[more]

Originally Posted by lestersails

I think a lien on his house is more attractive. The boat disappears, the house has to be sold, and you get your security. (Real estate lawyers feel free to tell me I'm wrong here).[/I].

this is not USA this is greec.Our goverment not stupid in EU and arange sold his house give you money and pay rent to this poor greek men.

no in mostly europe lien stay in paper and you if have only 1 house and live in this house you still live in this house(goverment not stupid) only you cant sale house and run.court somtime sale this house but with not free from peopel and stuf .and you must find similar house for tenats for free,and tenats must acept

[pbmaise]

There are a few good reasons for the OP to enter into an agreement such as this:

#1 The vessel is a problem vessel that doesn't attract a conventional buyer.

#2 The vessel is located in a problem area where a conventional buyer is not likely to come.

#3 The deposit amount covers all the seller could expect from a conventional buyer given the situation 1 & 2.

#4 The extra payment expect near the end of the contract is all gravy over and above what a conventional buyer is willing to pay.

[505isLife]

A couple of thoughts:
This is a risk/reward decision. Is the buyer offering enough of a premium over market to make this worth messing with? If you lose the boat, and

The deposit is not enough to take possession of the boat. If they can put down 50% that might be enough to talk about.

Get some quality advice on how you actually repossess a boat if they don't pay.
1) if it's still in Greece
2) if its sailed away.

You are betting on the character, integrity and business talent of the buyer. There are people I'd be comfortable with a version of this deal, and many folks I wouldn't. The only way you are happy with this deal is if the buyer does what they say. It's important to know the legal options, but once you're trying to legally enforce a contract, you're just trying to limit your loss.

I'm not worried that it's not a bankable loan. Most small businesses are to small and to risky to get bank financing. But that puts the onus on you to evaluate the risk/reward.

You're not getting paid for an extended time in this deal, so your comparison is to keep carrying the boat until you find a cash buyer. If the carrying costs are large, consider discounting the boat until it moves.

I find it helpful to think through what my next best options look like.

Wish you all the best.