Private Sale, Online Escrow Account?

[Plant_Lady]

Has anyone had any experience using an online service for an escrow account?   Not using a solicitor or brokerage, just putting a deposit down pending survey?  Mitigating a bit of the risk for a private sale...

[Alan de Enfield]

No.

 

But I guess its up to what the seller will accept rather than what you want to do.

Plenty of buyers, not many good boats. Seller has the power to choose who he sells to.

 

In the current market he is just as likely to get someone turning up with the cash saying they don't want a survey and driving it away.

 

In the good old days (more boats than buyers) the fact you were prepared to spend £1000 on a survey meant the seller realised you were serious so no deposits needed.

Now you can give a deposit and still have the boat sold 'from underneath you'.

Edited November 17, 2020 by Alan de Enfield

[Plant_Lady]

4 minutes ago, Alan de Enfield said:

what the seller will accept rather than what you want to do.

Valid point, seems to be a recurring theme.

[ditchcrawler]

The old fashion way would be a pile of £20 cut in half, that way they are no use to ether party until the halves come back together

[Kudzucraft]

Not buying a boat but I have bought cameras  using an Escrow service and it worked really well. As the buyer I paid the fee. Not sure if a boat would be any different but if the buyer is good with it, it could be a good option.

[LadyG]

21 hours ago, Kudzucraft said:

Not buying a boat but I have bought cameras  using an Escrow service and it worked really well. As the buyer I paid the fee. Not sure if a boat would be any different but if the buyer is good with it, it could be a good option.

I've no idea what this means,

[dor]

42 minutes ago, LadyG said:

I've no idea what this means,

Try Googling “escrow “ perhaps?

[LadyG]

18 minutes ago, dor said:

Try Googling “escrow “ perhaps?

I think it is a bit like 'trick or treat', and 'wellness', and 'woke', words I don.t want in my vocabulary because  I prefer the English language.

Edited November 18, 2020 by LadyG

[Plant_Lady]

14 minutes ago, dor said:

Try Googling “escrow “ perhaps?

Transpact.com is what sold me.  Private sale, protected deposit... Trying to get the seller on board with it proving challenging, but worth an attempt.  

 

On 17/11/2020 at 11:16, ditchcrawler said:

The old fashion way would be a pile of £20 cut in half, that way they are no use to ether party until the halves come back together

Loved this idea.  Until having to cellotape it back together, I assume that becomes the buyer's responsibility too.   One day I shall be the seller and bask in the glory and power of it all.  Although I must say I am in negotiations with a charming soul, I hope it works out, more fun than my minimal experiences with brokers.

[Alan de Enfield]

25 minutes ago, dor said:

Try Googling “escrow “ perhaps?