Questions about selling

[AJack]

I'm currently selling my 2018 SX240. I showed the buyer this morning and he gave a $1,000 deposit. He plans to pay the rest with a bank transfer and a check. I still have the boat, when do I physically give him the boat? Do I wait until funds clears and shows up in my account? Do I hold the title until the funds are received?

I have never sold anything this large to a private buyer, always to companies.

 

[Babin Farms]

The check is where I would be worried. CASH is KING! I personally would not let the boat leave until the check clears and you have all of the $$ in hand. Too many shady people out there anymore.

 

[anmut]

I would do the deal at your bank or credit union. They can run a check on the check to verify funds. You may ask them for their advice. Cash is king, but as I've found out in past deals, most banks don't stock tens of thousands of dollars in cash. I needed 12k out once and it took them three days. Pretty damn scary if you think about it... also transporting that much cash gives you a big case of pucker.

 

[Sidarousmg]

ask for a certified check from a bank, good as cash

 

[AJack]

Understood cash is king, but I don't want to be carrying that much cash on me. I work with money, so I completely understand that it takes coordination as banks do not carry much in their vault. Would it be a technique to hold the title until the funds clear?

 

[Julian]

ask for a certified check from a bank, good as cash

Do the transaction at your bank, and make them arrive with a certified check. The bank can then confirm the validity of the certified check (they can be forged) and you are covered.

 

[Julian]

The other benefit of doing it at your bank.....you can have the sales transaction notarized for free at your bank....makes it even more "official".....but make sure you document the sale.

 

[AJack]

I clarified with the individual for a certified check.

 

[Dean P]

Sorry to hear you're selling. Are you moving? COVID thing?

Certified check and a copy/picture of their driver's license and you should be good.

 

[AJack]

Military move up into northern NY, with an immediate 12-month trip to the middle east. I have a picture of his driver's license.

Sorry to hear you're selling. Are you moving? COVID thing?

Certified check and a copy/picture of their driver's license and you should be good.

 

[biglar155]

Military move up into northern NY, with an immediate 12-month trip to the middle east. I have a picture of his driver's license.

Well, THANK YOU for your service!

Good luck with the sale.

 

[Chevyguy2021]

WIRE ONLY!
Certified checks/official checks can be fake and wont return until 2-3 business days later.
I would open a new savings account and give the seller that account number to wire the funds into for the sale of the boat.
Safest way to do it, I work for a bank. lol

 

[AJack]

He's now pulling cash out of ATMs.

 

[Chevyguy2021]

He's now pulling cash out of ATMs.

Huh? He wont be able to get much out....

 

[Scottintexas]

He's now pulling cash out of ATMs.

Huh? He wont be able to get much out....

My spidey senses are tingling,

I agree with Chevyguy, it's to easy to electronically transfer money now, show him you have a clear title, when he transfers the money (or gives you cash at you bank) sign the title over and give him the boat,

Even though I bought a car from a member of this site with a bank check, we had a relationship and mutual friends. You don't know this guy at all and you don't want to deal with issues on top of the pending move/deployment,

.

 

[Dean P]

Military move up into northern NY, with an immediate 12-month trip to the middle east. I have a picture of his driver's license.

Good luck, thank you and stay safe...

Did you like your stay here in Tampa? Would you move back? My son just moved to Rochester. I look forward to going up there.

 

[Elliott]

WIRE ONLY!
Certified checks/official checks can be fake and wont return until 2-3 business days later.
I would open a new savings account and give the seller that account number to wire the funds into for the sale of the boat.
Safest way to do it, I work for a bank. lol

As the poster correctly stated, bank checks are not the safest form of payment. Although people use the terms interchangeably, a bank check and a certified check are not the same thing. I doubt that any bank will issue a certified check for non-commercial transactions.

In terms of a bank check / cashiers check, there is always the possibility of it being fake (which can take days to determine), and you can stop payment on a bank / cashiers check just like a regular check.

If you do not use a wire transfer, you should go to his bank to do the transaction. You are there while his bank issues you the bank check.

 

[AJack]

He's going to multiple ATMs. We spoke and he agreed that once I see the funds in my account he'll bring the cash he's collected from ATMs to retrieve the boat and title. Is there still a way I could get scammed or is this pretty safe? As stated earlier, I have a copy of his driver's license and $1,000 in cash.

My spidey senses are tingling,

I agree with Chevyguy, it's to easy to electronically transfer money now, show him you have a clear title, when he transfers the money (or gives you cash at you bank) sign the title over and give him the boat,

Even though I bought a car from a member of this site with a bank check, we had a relationship and mutual friends. You don't know this guy at all and you don't want to deal with issues on top of the pending move/deployment,

.

 

[AJack]

I really enjoyed Tampa... so much that I'm thinking about coming back here to retire after my stint up in NY (2 years).

Good luck, thank you and stay safe...

Did you like your stay here in Tampa? Would you move back? My son just moved to Rochester. I look forward to going up there.

 

[Scottintexas]

I guess I'm just confused, if he's electronically transferring some of the money why isn't he transferring all of it ??

when people start making it complicated I start asking myself why,

The fact that he left you 1k cash certainly is a good sign but is it just the bait to get you hooked,

I wouldn't let the boat or the title go until I had cash (and now you have to make sure it's not counterfeit, maybe give it to your teller with the question of it's authenticity) and the money in the bank,

even if he transferred all but $2k and gave that to you cash and it turned out counterfeit, he may get looked into from the feds but you'll never be made good on it and you'll carry that hurt for a long time, I'd rather be the jerk and set the terms, if he's inconvenienced it better than you being shafted,


.