Lessons Learned: Buying or Selling?
May 09, 2024
With the current glut of used, abandoned, salvaged and “free” power and sail boats that litter our Bay’s marinas, home docks and mooring balls, I thought it might be helpful to relate two stories to help you avoid two common boat buying and selling pitfalls.
Just this past week the Department of Natural Resources contacted a life-long boater who in 2004 had donated her 28’ sailboat to a non-profit group. The boat, still registered in her name, was found stripped of valuables and sunk in the Magothy River. Whatever organization or individual that accepted the “FREE” boat had never bothered to re-register or re-title the vessel. According to Maryland State law, the last known registered owner is responsible for salvage and disposal of the abandoned vessel.
If your plan is to sell, donate or destroy a vessel, ensure that the Department of Natural Resources is notified within 15 days. Notification should include date of the sale, purchaser’s name, address, and the dollar amount of sale and be forwarded to a Licensing and Registration Service Center either in person (by appointment only), by fax, by mail or by emailing customerservice.dnr@maryland.gov. Never just assume that the new owner will re-register the vessel. In this case, the vessel was raised, towed and picked-up for demolition. It cost thousands of dollars out of pocket for this unsuspecting former owner. Avoid this headache by following the DNR notification process when selling your vessel.
Several times a week TowBoatUS local dispatch receives calls from customers asking how much it would cost to tow a boat from one marina to another that is being offered to them for “FREE” but has pre-existing engine issues. We always advise boaters to walk away, or run, from these deals. Sadly, we didn’t get a chance to talk to one of our latest customers before he took ownership of his project boat. He called us in defeat to find out how much it would cost to get the boat towed away and demolished after four years of trying to find the time and money to make the necessary engine repairs. There is no such thing as a free boat, especially one that doesn’t run.
The boat engine is the most important, most valuable part of a boat. If you have to cut corners on your purchase, find a boat that is well-maintained but may require cosmetic repair instead. Also, most marinas will not allow a vessel to be towed into its new slip for the first time which protects the marina from being stuck with a derelict vessel that can’t leave under its own power.
No matter what you buy, be sure the vessel qualifies for marine insurance. Do your research and be patient. The right boat will become available for the right price. Local boat brokers, boat surveyors, mechanics or marine group members can also help. And, of course, we recommend that you become a member of TowBoatUS for any problems that occur out on the water. As always, happy to help.