mountaintraveler
mountains
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I will be selling my RV a few months later and need to understand how I can safely receive a payment. I want to sell to a private party.
It's going to be selling for 40-45K.
Receiving bank wire won't work for me.
I will ask buyer to give me cashier's check of a bank that has local, branch, I think. I want to be able to go to the branch in person and cash the check and also first verify that the check is good, before I sign the title over.
Had anyone done a sale like this? What are the steps with cashier's check handling to make sure one won't get defrauded?
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rk911
DuPage County
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mountaintraveler wrote:I will be selling my RV a few months later and need to understand how I can safely receive a payment. I want to sell to a private party.
It's going to be selling for 40-45K.
Receiving bank wire won't work for me.
I will ask buyer to give me cashier's check of a bank that has local, branch, I think. I want to be able to go to the branch in person and cash the check and also first verify that the check is good, before I sign the title over.
Had anyone done a sale like this? What are the steps with cashier's check handling to make sure one won't get defrauded?
why is a wire txfr no good. very safe. otherwise meet at a branch of the bank the check is drawn from to verify authenticity.
* This post was
edited 07/28/23 03:05pm by rk911 *
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valhalla360
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Title gets signed off...when your bank confirms the money is in your account with no way to claw it back. Go to your bank and ask what they will accept with those conditions.
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mountaintraveler
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valhalla360 wrote:Title gets signed off...when your bank confirms the money is in your account with no way to claw it back. Go to your bank and ask what they will accept with those conditions.
I don't understand what you mean.
I will need to cash the cashier's check in a local bank branch that issued the check, not my bank but whatever bank issued the cashier's check.
I guess what's suggested above, to meet in the branch of that bank and handle entire transaction there.
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mountaintraveler
mountains
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rk911 wrote:mountaintraveler wrote:I will be selling my RV a few months later and need to understand how I can safely receive a payment. I want to sell to a private party.
It's going to be selling for 40-45K.
Receiving bank wire won't work for me.
I will ask buyer to give me cashier's check of a bank that has local, branch, I think. I want to be able to go to the branch in person and cash the check and also first verify that the check is good, before I sign the title over.
Had anyone done a sale like this? What are the steps with cashier's check handling to make sure one won't get defrauded?
why is a wire txfr no good. very safe. otherwise meet at a branch of the bank the check is drawn from to verify authenticity.
OK, makes sense to meet at the branch, then I walk to the window, have them verify the check, then I sign the title and I walk back to the window and cash the check. (I'm not interested in wires, I understand how wires work very well, it's just wires are not acceptable in this case)
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JRscooby
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valhalla360 wrote:Title gets signed off...when your bank confirms the money is in your account with no way to claw it back. Go to your bank and ask what they will accept with those conditions.
Years back I sold a trailer. The buyer had a cashiers check. Went to my bank, had them verify the check was good by calling bank where buyer got loan. Deposited check, had bank notaries stamp signature. At same time, same buyer bought another trailer from friend, same deal.
As turns out, I was lucky. I was selling because did not need the trailer. Friend was selling because needed money. Couple weeks later, he had checks bouncing, and I got notice of balance reduction.
Turns out buyer had used a good copy machine, cashed the real checks. Friend called sheriff of buyer's home county, was told civil matter, friend would have to sue.
And when you talk of cashing check, that has risks. There is chance you will meet bad actors. Some will take cash illegally, others take cash, make you pay lawyer to get it back. (Look at CAF laws)
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rk911
DuPage County
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when you cash the check do not walk out of the bank with all that money. have the bank issue you a cashier's check that you'll take to your bank to deposit.
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mountaintraveler
mountains
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rk911 wrote:when you cash the check do not walk out of the bank with all that money. have the bank issue you a cashier's check that you'll take to your bank to deposit.
No, I don't want to deal with banks. My question was about cash transaction. Walking out is fine, as soon as the buyer isn't shady. I will not sell to a shady buyer, have pretty good spidey sense about people. Just want to make sure I won't be given fake cash, so won't sell to cash directly one on one. Banks parking lots are pretty safe, and I'd drive around to lose anyone who might be trailing me (I've been around some dangerous places in this world, know the procedure)
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ktmrfs
Portland, Oregon
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same as when I bought my last used car from a private party. We went to a branch of the sellers bank. I wrote her a check, teller then verified funds and transferred the amount from my banks bank account to her bank account. Took all of a few minutes.
Now be aware that a transaction of the amount the OP is talking about is not usually an "instant" transfer. Banks are allowed several days for amounts this large. so if you just verify the check, then go to deposit it in your bank, there is time for the other party to try to stop payment. If both of you have the same bank, it's easy peasy for the bank to do the transfer as you wait. Otherwise go to your bank and have them do the transfer BEFORE you sign the title.
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Tyler0215
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I think you will have to deal with a bank. Not too many buyers are going to show up at your door with a Walmart bag full of cash.
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