Frequently Asked Questions
DOES OFF THE HOOK OFFER FINANCING?
Yes! We have partnered up with Azure Funding, the #1 lender in marine financing.
WHAT IF THERE IS A LIEN ON MY BOAT?
Before we purchase or broker a vessel, we confirm that there are no existing liens. If you are unable to pay off the remainder of the lien prior to selling the vessel to us, we will pay off the entire remainder of the loan assuming that value is less than or equal to our offering price. If the loan payoff is less than our offering price, we were the rest of the offer to your personal account.
WILL YOU WORK WITH ME EVEN IF I LIVE IN____________?
Yes! We work with clients, brokerages, and other companies all over the country and even in other parts of the world. We maintain relationships with surveyors and transporters all over the country to help us access each individual client and their needs.
Please give us a call if you have any concerns with the location of your boat or any shipping needs.
HOW SOON WILL I RECEIVE PAYMENT?
Once all required paperwork has been signed and notarized, we typically have payment wired to your account the same day. Wires can only be sent M-F and will be received same-day if sent before 3:30 pm.
DOES OFF THE HOOK OFFER SHIPPING?
Off the Hook Yachts is happy to help with the shipping of any vessel. Our team has an established network of shippers across the United States that we use regularly. We will work with you to make the shipping process as easy as possible.
We require the signing of a Boat Transport Agreement. Which simply states that shippers are sub-contractors and the company is not responsible for any incidents. This is in regards to timing, shipping, and/or damage arising from the shipping process. Your broker or closing specialist will email you the required documentation.
HOW ARE WHOLESALE OFFERS DETERMINED?
Our offers consider market value, true retail, repairs, shipping, and other expenses which arise during the resale process. Our wholesale offers typically fall around 80% of market value. While there are many factors involved, we are quick to close and work to make the selling process as easy as possible.
SHOULD I BROKER OR WHOLESALE MY BOAT?
If you are looking for top dollar, but a slightly longer process, brokering is your best option. If you are ready to sell quickly and want to cut all expenses associated with owning your vessel, wholesaling is best.
HOW CAN I SAVE ON TAXES BY TRADING MY BOAT?
In nearly every state you can save taxes by trading in your boat. Off the Hook Yachts offers a special service for customers who have their next boat picked out but need to trade theirs in order to move forward. We will help facilitate your transaction to show your boat as a trade-in, so you receive the tax benefits, at no additional charge.
I.e. if you found your next boat and the seller wants $100,000 for it, and we can offer you $50,000 for yours, OTHYS will buy the boat for $100,000, sell it to you for $100,000, and then take yours in on trade for $50,000. So you get taxed on $50,000 instead of the full $100,000! This saves thousands and makes wholesaling even more appealing under most circumstances.
WHAT IF MY STATE REQUIRES SEPARATE PAPERWORK FOR MOTORS/TRAILERS? WILL I GET TAXED ON THOSE ITEMS TWICE AFTER THEY ARE INCLUDED IN THE SALE PRICE?
No. Depending on the requirements of your state, we will provide you with the necessary bill(s) of sale or documentation that will reflect each item individually (i.e., Hull, Trailer, Engines) so that you pay taxes once on each when you go to register them.
Let us know if there are any other questions our team of yacht brokers can answer.