How Hard Is It To Sell Your Own Boat?

[brownoarsman]

Darn! Maybe just a couple of roadies from the liquor store's singles cabinet then.

Selling a boat privately, at my price point (I'd be happy to get $6k), I think the most I can hope for is an offer, a deposit would be a stretch! I didn't put one down when I bought her privately, and never asked for one on any of the cars I've sold before letting people drive them either. I don't know if I even want the responsibility of having to hold and return one!


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[Cheechako]

Yeah, whole different world at that price point! easier though...

[Palarran]

My suggestion Miss Catana, since you have so much time, is to try to sell it yourself. Your boat is pretty special and if someone wants a Catana they will research it. If your website is properly built, when they type "Catana for sale" it will pop up in the first two pages of listings.

For me, I knew what boat I wanted, how many were for sale, how much, where, and had examined all the photos you could find not only on Yachtworld but on private sites also. It was a slam dunk for both the buyer and seller broker because the boat I bought was "sold" when I made the first call. If you had been the seller, it would have been the same. But you do have to price the boat correctly and if you want to sell it faster, probably at a 10% discount. But you may have to accept that with a broker anyway.

As for the paperwork, I guess my experience was different because even though there were brokers involved I still had to hire a document company to arrange it all. I think it cost about $1500 but they insured that there was clear title on the boat from the Marshall Islands and that the boat would be correctly registered in the BVI. So the broker really didn't help in that regard.

If you only had a year to sell though and really needed it gone, I'd suggest a broker.

[markpierce]

It's easy if you have a desirable and affordable boat. I received many unsolicited offers for my last boat, a Bluewater Blackwatch pocket cutter.

[achil]

Originally Posted by Cheechako

It is not illegal to cancel a check in the US... if you have not received anything for it.... besides, it's not active until the date, thus the post dating it idea. Post dating is frowned upon these days though.

I think you had better check with your bank on this. Around my neck-of-the-woods if the check gets deposited the funds will be paid, whether you post date it or not. Can you imagine the time it would take to check the date on every check that comes through the bank and then hold it until the date you have have on it! That is the reason to have it deposited in an escrow account until the deal is done.

[mainesail]

Hi, Sorry to have to correct you.

Though in practice, banks generally just process a check upon deposit, especially electronic deposits, they are legally bound to act upon the check only on or after the check's date-it is in fact a contract. The same is true with signatures-in practice they just process them-for the reasons stated, but they are legally obliged to verify the signature of every check. So, in the case of forgery, they eat it, or perhaps their insurance does, because its so much cheaper to just process every check rapidly and get dinged for a bad one once in a while-or in this case a post dated one. That's the way things are in Maine anyway.

Cheers

Originally Posted by achil

I think you had better check with your bank on this. Around my neck-of-the-woods if the check gets deposited the funds will be paid, whether you post date it or not. Can you imagine the time it would take to check the date on every check that comes through the bank and then hold it until the date you have have on it! That is the reason to have it deposited in an escrow account until the deal is done.

[achil]

Originally Posted by mainesail

Hi, Sorry to have to correct you.

Though in practice, banks generally just process a check upon deposit, especially electronic deposits, they are legally bound to act upon the check only on or after the check's date-it is in fact a contract. The same is true with signatures-in practice they just process them-for the reasons stated, but they are legally obliged to verify the signature of every check. So, in the case of forgery, they eat it, or perhaps their insurance does, because its so much cheaper to just process every check rapidly and get dinged for a bad one once in a while-or in this case a post dated one. That's the way things are in Maine anyway.

Cheers

That's why I suggested to check with your own bank. If a bank did in fact honor your post date, your check would be worthless to the seller. I can write a check for $1,000.000. and post date it waiting for my state lottery to pay me off; of course I haven't won yet, but I know I will by the time the post date comes around.

[ChrisTinaBruce]

Originally Posted by The Miss

How hard is it to sell your own boat?
Cheers

the Miss
Miss Catana

I just ran across your blog about a week ago and fell in love with Miss Catana...what an amazing vessel.

I am not sure if I will be ready by 2017 as my goal is 2018 but who knows. I will reach out if my schedule speeds up.

Chris

[RokNRich]

Originally Posted by brownoarsman

I'm about to sell my own boat, and was thinking of making it a requirement for sea trials (versus just inspecting) that the prospective buyer bring a six pack. A small <$10 hurdle to clear out the tire kickers and if no sale, still a good way to spend the day Not sure if it sends the wrong message though.

Originally Posted by Cheechako

haha, not worth a six pac! Of course sea trials only done after deposit and agreement on a price etc.

Ha...I've sold my last two powerboats that way, prospective buyer brings the food and drinks and a fresh $100 bill. If they buy the boat, the $100 is taken off the price. I spent a couple of "free" days on the lake this way....

[ka4wja]

Miss,
In general, with owners that sail/cruise/voyage, NOBODY knows their boat better than they do! And, nobody can do a better job of "selling" / "explaining" their boat, than they can do...

I purchased my current boat (a 1999 Catalina 470) in 2004, in a direct private sale, with no broker, no agent, no attorney...the price was $275,000 USD cash...
I gave a $25,000 deposit on a "handshake deal", contingent on the boat passing (to my satisfaction) the survey and sea trail (which I attended and sailed)....
[the seller, never deposited this $25k, until the day of our closing, a few weeks later...he just kept it in his desk at work!.... No BS, true story!]
A few weeks later, we did the "closing" at the seller's bank, where I handed him a check and he handed me the clean USCG documentation, etc....it took all of about 10 minutes....took longer to go over ever little detail on-board (about 4 hours)....


For specifics answers to your questions, have a look here in red...(be advised my personal experience buying/selling in the US....internationally, would be a bit more difficult, but do-able!)

Originally Posted by The Miss

How hard is it to sell your own boat?
If you know your boat, and can read the on-line ads, it's not hard at all!!

Are buyers interested in buying expensive boats direct from the owner?
YES!!
Absolutely!
(those that can afford a few hundred thousand dollar cash purchase appreciate saving money!!....and those that own/sail their own boat "know" the boat much better than a broker/agent!!)

Have others done it before and how did you find the experience?
See above...

Is there a third party you can involve that doesn't want 10% if a mediating party is needed?
I majored in Physics, but drew up my first business contract at the age of 22....and have successfully run my business for > 30 years now....anyone that can write up a simple (2 - 3 paragraph) contract doesn't need anyone else involved...
(again, this is US-based experience/advice...)

Is selling to an international market so difficult as suggested by agent?
No, not that I'm aware of...
Besides, your potential buyers will also surely be US, UK.EU, Aus, or NZ....(and even the French buyers will read/write in English, so except for a few possible outliers, you should have no language issues...)
And, as long as you follow a standard sale/purchase contract outline (that's legal in your country and/or country of sale/purchase), you should be fine!

Can others tell me of if you have sold or attempted to sell your boat on your own and decided that it is not worth it and paying agent 10%.
See above....
In my opinion, it is not worth the 10%!

Wouldn't it be better to negotiate without having to pay an agent's cost?
Yes...

Our buying agent from Multihull Solutions Australia who we have always trusted, has cautioned that it is a difficult process fraught with dangers and one he has advised against.
He may just be looking out for your interests, but remember he also has a financial incentive to have you use him as a broker/agent...

I hope this helps..

Fair winds..

John

[rabbi]

Originally Posted by The Miss

How hard is it to sell your own boat?

We have a Catana 42 and although we aren't ready to sell just yet we have an end plan to sell before we have to go back to work early 2017.

With the world wide web, a website and plenty of background in marketing and sales I thought I would be able to have good crack. At least I will be honest and passionate about the boat.

My questions is it possible, and worth having a go at. Or could it actually harm our long term efforts.

A few questions that I consider.

Are buyers interested in buying expensive boats direct from the owner?
Have others done it before and how did you find the experience?
Is there a third party you can involve that doesn't want 10% if a mediating party is needed?
Is selling to an international market so difficult as suggested by agent?
Can others tell me of if you have sold or attempted to sell your boat on your own and decided that it is not worth it and paying agent 10%.

Wouldn't it be better to negotiate without having to pay an agent's cost?

Our buying agent from Multihull Solutions Australia who we have always trusted, has cautioned that it is a difficult process fraught with dangers and one he has advised against.

I am very keen to know what others have experienced and any advice will be read with great interest.



Cheers

the Miss
Miss Catana

First, its a completely different story if selling a 20k boat kr a 400k boat.

That said, i'd sggest to go ahead and just try it. We used apolloduck.com to sell our last boat, a Lagoon in the 200k price range. Had plenty of tire kickers but alsosome serious interest. We had the contact with the final buyer within 2 week of listing, and received 95% of our asking. But our asking wasn't bloated. On the other hand the sale was done with 3 months delivery timeframe so we could end our cruise according to our plans.

The US base buyers brought in a yacht lawyer who did the escrow of deposit and purchase price and paperwork, the contract looked fair for both parties and pretty much standard.
I think he charged 1 or 2 percent for this service.
Overall a pleasant deal. So yes, its possible.