- Joined
- Sep 23, 2002
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- 10265
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Suprised you put yourself through all that without a survey!
Have you told us what you are looking at yet?
Have you told us what you are looking at yet?
Buying a Boat that has a Lien?
- Thread starter JoLin
- Start date
LOL- this evolved out of my simple question to the seller- "you have the title for the boat on hand?" At that point I wanted to make sure I had a plan together before I spent money on a short haul and survey. Did the sea trial this past Tuesday. She runs nice.
Anyway, the boat itself isn't anything very unique...
1997 Four Winns 278 Vista. Twin Volvo FI 4.3's with SX drives. Not a big leap from my Chris*Craft, but the few extra feet and extra foot of beam mean that we can stand up in the head, the forward v-berth is long enough to lie in, and I can get in and out of the mid-berth without being a contortionist. Also has a booth-type dinette area that I don't have to break down to use the forward berth.
It's big enough for the 2 of us. We both work full-time, so our sleepouts are usually one-nighters.
The Chris*Crsft is a nice boat, but as we got more into boating and sleeping aboard, we realized that everything in it was just a little too compact.
Hi, all- I completed the purchase last night. Here's how it went:
The seller contacted his bank and got all the info required for a bankwire to pay the lien (lienholder's full name and address as it appears on the loan, bank's address and routing number). I called them too and verified it all.
I had a survey performed last Monday. The boat checked out more or less as expected. The next morning (last Tuesday), the seller had to fax a letter to his bank requesting the payoff amount as of that day. He called me with it and I initiated the wire transfer from my PC.
After I keyed all the info, I had to contact my bank (Citi) before I could complete it. They verified all my personal info, asked for a contact phone number, then explained that my bankwire request was now 'in queue' with all other fed wire requests. Though it should go out that day (this was at 11:00 AM), there wasn't any guarantee that it would.
About an hour later I got another call from a Citi rep who asked me some security questions, then hit a button somewhere and informed me that the wire was on its way (good thing I was at my desk!). I logged into my account and saw that the amount (plus a fee of $18.75) had been debited from my account.
Seller's bank confirmed payment Wednesday morning (I called them). They mailed the lien release, and the seller received it on Saturday. I paid him the rest of his money last night in exchange for the title and lien release. I'll register and insure the boat this week, and plan to take posession this coming weekend.
Whew!
The seller contacted his bank and got all the info required for a bankwire to pay the lien (lienholder's full name and address as it appears on the loan, bank's address and routing number). I called them too and verified it all.
I had a survey performed last Monday. The boat checked out more or less as expected. The next morning (last Tuesday), the seller had to fax a letter to his bank requesting the payoff amount as of that day. He called me with it and I initiated the wire transfer from my PC.
After I keyed all the info, I had to contact my bank (Citi) before I could complete it. They verified all my personal info, asked for a contact phone number, then explained that my bankwire request was now 'in queue' with all other fed wire requests. Though it should go out that day (this was at 11:00 AM), there wasn't any guarantee that it would.
About an hour later I got another call from a Citi rep who asked me some security questions, then hit a button somewhere and informed me that the wire was on its way (good thing I was at my desk!). I logged into my account and saw that the amount (plus a fee of $18.75) had been debited from my account.
Seller's bank confirmed payment Wednesday morning (I called them). They mailed the lien release, and the seller received it on Saturday. I paid him the rest of his money last night in exchange for the title and lien release. I'll register and insure the boat this week, and plan to take posession this coming weekend.
Whew!