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#12094673 - 02/14/17 08:38 PM Buying a boat with bank lien?
ChubbyChaser Offline
Outdoorsman

Registered: 05/13/16
Posts: 33
Looking to buy a boat that the owner has not paid off loan yet. What is the proper procedure/steps to handle a transaction as such. The boat is located a couple hours from me, so I would like to avoid multiple trips. Ideally, I would like to be able to test drive then buy same day if it checks out.

Any advice would be appreciated!

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#12095141 - 02/15/17 07:52 AM Re: Buying a boat with bank lien? [Re: ChubbyChaser]
ChubbyChaser Offline
Outdoorsman

Registered: 05/13/16
Posts: 33
Bump

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#12095326 - 02/15/17 09:26 AM Re: Buying a boat with bank lien? [Re: ChubbyChaser]
Ol Man River Offline
Extreme Angler

Registered: 06/16/11
Posts: 1293
Loc: Orange, Texas
I've done that a couple times and here is what I did....

*I asked the seller if the bank was a local bank?
*He said it was...
*I had a cashiers check for the agreed purchase price with me when I did the test drive...
*We went to bank after test drive and met with bank rep.
*I paid the agreed amount to bank rep who used the funds to pay off the seller's loan balance.
*All transfer paperwork was completed and signed at bank.
*I walked out with paperwork needed to transfer boat, motor, and trailer into my name and the title to the boat and motor.

This was several years ago, so based on my memory...

*If you are getting a loan for the boat, your financial institution can wait until you call them to wire funds to seller's bank.
*You call your bank after the on-water test...

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#12095367 - 02/15/17 09:44 AM Re: Buying a boat with bank lien? [Re: Ol Man River]
ChubbyChaser Offline
Outdoorsman

Registered: 05/13/16
Posts: 33
Originally Posted By: Ol Man River
I've done that a couple times and here is what I did....

*I asked the seller if the bank was a local bank?
*He said it was...
*I had a cashiers check for the agreed purchase price with me when I did the test drive...
*We went to bank after test drive and met with bank rep.
*I paid the agreed amount to bank rep who used the funds to pay off the seller's loan balance.
*All transfer paperwork was completed and signed at bank.
*I walked out with paperwork needed to transfer boat, motor, and trailer into my name and the title to the boat and motor.

This was several years ago, so based on my memory...

*If you are getting a loan for the boat, your financial institution can wait until you call them to wire funds to seller's bank.
*You call your bank after the on-water test...


Based on my research that seems to be the typical practice.....

Did the seller have to schedule an appointment with lender or did you all just walk in and completed the transaction?

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#12095553 - 02/15/17 11:20 AM Re: Buying a boat with bank lien? [Re: ChubbyChaser]
Ol Man River Offline
Extreme Angler

Registered: 06/16/11
Posts: 1293
Loc: Orange, Texas
[quote=Did the seller have to schedule an appointment with lender or did you all just walk in and completed the transaction? [/quote]

Done it both ways but if helps when seller makes appointment with his lender. They already have the paperwork ready when you arrive.

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#12098691 - 02/17/17 06:01 AM Re: Buying a boat with bank lien? [Re: ChubbyChaser]
Okie Poke Offline
TFF Guru

Registered: 02/28/04
Posts: 15049
Loc: Flower Mound, TX
I did it in 2015 and it was a pain in the butt. The seller still owed $32K and I was buying it at $28K. Seller lived in San Antonio and lien was at a Kansas City savings and loan. The seller had to pay his $4K up front before I wired the remainder owed to the S&L. He finally did and then I paid the bank the $28K. They had the titles all screwed up, had no title for the motor, S&L said they never had one. Had to straighten that out with TPW&D, and after all the hassles involved with the transaction, I doubt I will ever buy another boat that doesn't have a clear title in the seller's hand.
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#12101517 - 02/19/17 10:59 AM Re: Buying a boat with bank lien? [Re: ChubbyChaser]
Bob Landry Online   content
Extreme Angler

Registered: 08/10/11
Posts: 2240
Loc: Austin, Tx
You should never buy one without a clear title to everything. There are too many righteous deals out there to have to put up with any hassle.
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#12104808 - 02/21/17 10:17 AM Re: Buying a boat with bank lien? [Re: Bob Landry]
Ol Man River Offline
Extreme Angler

Registered: 06/16/11
Posts: 1293
Loc: Orange, Texas
Originally Posted By: Bob Landry
You should never buy one without a clear title to everything. There are too many righteous deals out there to have to put up with any hassle.


People buy boats and autos everyday from folks who have a lien. The key is involving the financial institution that hold the title. It's not difficult, just takes some time, but worth it to avoid any surprises.

Another thing to look for is if the seller has a "clear title" confirm it is in the seller's name.

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