Give me my boat

cls10105

I am so frigging frustrated about my new to me boat. They bank sends me the papers last Friday with all the closing documents. So i spend half a day Saturday filling them out. In them it says i need to pay my down payment and have prove and i need the dock slip and they need all this info. So i did, and Monday rolls calling the transit company setting up the move because at this point it wont take long. So Monday afternoon i get a voicemail from the finance company saying i need to call them asap. So i did and they even know the man selling me the boat has the title it has lien on it and it is not his boat. And i said i just gave man 12k dollars because it was in the closing documents to do so. But dont worry just yet they said we are trying to fix this...

randy56

Some banks have too many rule's, the bigger the bank, the bigger the rule's. Not to late to change. It will post pone the purchase, a while. Now if they do come through, they will act like they are doing you a big favor. I feel your pain and frustration. 

Liberty44140

Well, the bank should have had the all clear from the title company before telling you to give him $12k so they definitely made an error here, but I would be questioning the integrity of the guy selling the boat. He knew about the lien and he should have disclosed it to you or your lender. What else is he hiding? 

cls10105

I dont get it. How long should i give it before moving on. Now the stupid marina gave my number to the tech and he has a boat at the same dock we picked and they have a friend thats wants are spot so they are calling wanting us to give up the spot we picked. I haven't even moved in the marina and worried about pissing the mechanic off. And they gave my number out. This has been horrific so far.

Stodge

I had a similar situation.  I bought from a broker.  I didn't know he did not have the title, just the purchase agreement from the seller.  The seller ended up having triple by-pass and was in no shape to have a visitor get paperwork from him.  But the broker was sure all was well.  So we close.  Next day I go to the marina where the boat is stored and start cleaning her out, re-doing the registration numbers (which had been in the wrong place), removing the name (which was where the 342 decal had been) and bottom painting.  Then the broker shows up and says I have to leave.  The (adult) children of the seller said I had to get off of "their" boat. 

Much anxiety followed, but after a week the broker got the title and I got the registration and the deal was "done".

Hang in and try not to go ballistic on too many people. 

raybo3

I have never heard of a bank saying you need a dock slip. What if you did not plan on using the boat next year? IMO that is stepping over the line......... Just say'n

TonyG13

@raybo3 - My guess is they want an idea of where the boat will be kept for possible future repo purposes. Not that it matters if you move it without telling them...

cls10105

@raybo3. It was just a document it asked for where you where storing your boat in the summer and the winter. I guess not necessarily a boat slip. 

raybo3

cls10105 said:

@raybo3. It was just a document it asked for where you where storing your boat in the summer and the winter. I guess not necessarily a boat slip. 

Ahh got it......... 

randy56

Just wright the check, problem solved.