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I sold a 26ft boat in July to a guy for $5500. He gave me a…

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I sold a 26ft boat...
I sold a 26ft boat in July to a guy for $5500. He gave me a $500 deposit and was suppose to have the balance a week later. For like the next 5 weeks he kept bringing me money for a total of $4000, balance being $1500. I gave him the keys so he could get inside the boat to clean and do things plus the electronics for the boat. 2 months go by and I have not heard from him and then it was time to pull boat out of the water as it was docked and I do not have a trailer. Tried calling and texting him with no response for a month so I pay to change the ignition so I can drive boat to the lift so they can pull boat out, I also pay to have it winterized. I have been texting and calling about every 2 weeks with no response to date. I really need money as that was 1 reason for selling. I will also have to pay for storage once spring hits. I have a guy who is willing to pay me the balance plus the extras I paid for.
Submitted: 2 years ago.Category: Consumer Protection Law
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2/25/2016
Consumer Protection Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Consumer Protection Law
Satisfied Customers: 16,971
Experience: Experienced Licensed Attorney
Verified

Hello. My name is***** am a US licensed attorney and I will be happy to answer your question.
I am sorry to hear about this unfortunate situation.
Please note, I cannot comment on your specific situation, as this services is only limited to general information and for any legal advice / legal service you should contact your local attorney.

Did you execute any type of a written agreement with the buyer?

When was the last time you had contact with the buyer?

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Customer reply replied 2 years ago
9/20/2015 is the last response per our text messages. He also owned a hospitality staffing agency and when I called all the numbers I could find for it, they were all disconnected. No I had it listed on craigslist and was a verbal agreement.
Consumer Protection Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago

Thank you for your follow up.

Do you have buyer's full name and did you attempt to find him?

How did the buyer make his payments?

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Customer reply replied 2 years ago
I have his first and last name. I have googled him, text him, left voice mails stating even if you don't have the rest of the money please contact me so we can work this out. I tried contacting his employment. I looked in the obituaries. All he told me was he was from east side of Cleveland. I have spent numerous hours on the internet looking for him multiple times. He paid cash for some of the payments and I think he did a cashiers check or money order for one of them
Consumer Protection Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago

Thank you for your follow up.

Did he provide you with any type of mailing address?

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Customer reply replied 2 years ago
No. Just name and he discussed his profession. That's how I found his business.
Consumer Protection Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago

Thank you for your follow up.

Did the buyer pay for any repairs / improvements for the boat?

What is the market value of the boat and how much do you think about selling it for to another buyer?

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Customer reply replied 2 years ago
No repairs or improvements were made. Market value is $3500 to $6000. Was going to sell it for $2000. Its cost me almost a $1000 to have the new ignition put in and to have the inside and outside plus the engine to be winterized as these were suppose to be the new owners expenses. He also has in his possesion a brand new boat gps unit that's was $900 plus the stereo face plate which was $450 plus the old gps unit which was $600. I still have the title in my name.
Consumer Protection Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago

Thank you for your follow up.

While I cannot comment on your specific case, generally, if the buyer failed to make payments according to the verbal agreement, then the buyer can be held in breach of the agreement, however, without the written agreement outlining the terms of the purchase transaction, the buyer would be entitled to the return of any money paid for the boat, minus and expenses, such as storage / winterizing, that the seller incurred due to the buyers failure to complete the transaction, so it is important to try to sell the boat at its market price.

I wish you the best of luck!

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Customer reply replied 2 years ago
I cant sell it for fair market value as he has all the electronics to go with the boat. So that just drastically reduced the value as it would cost me approx. $1500 to replace the stuff, plus the extra $1000 for the ignition and winterization is $2500. So that plus selling for $2000 would be $4500. In a just a little over a month I will be incurring storage fees to. So if I sold it for $2000 would that be fair market?
Consumer Protection Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago

Thank you for your follow up.

Generally, it is important to understand that the buyer who defaulted on the boat purchase would be entitled to a return of any money pos for the boat, minus actual damages or cost of any equipment that the buyer had removed from the boat and has possession of.

I wish you the best of luck!

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Consumer Protection Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago

Please let me know if you have any related follow up questions?

If not, please positively rate and accept my answer, so I can be compensated for my work.

Thank you.

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