wapiticountry
Mountain West
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PA12DRVR wrote:wapiticountry wrote:PA12DRVR wrote:Interesting thread.
If the OP is by chance still observing, one way to avoid 99.99% of the hassle / risk of banks / cashier's checks / cash reporting would be to have a title company (or the escrow department of banks that still offer the service) simply undertake an escrow service: will add a few days to the transaction time, but eliminates risk and (IMNSHO) lots of hassle.
Don’t think there are Escrow companies that pay out $45,000 in cash. They wire or use cashiers checks. For some reason the poster wants to instantly have a big stack of greenbacks, nothing else.
Actually, the OP (who hasn't been back near as I can tell) said: "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?"
Escrow avoids fraud and the seller could take the Title Co's check to the local bank and cash that if they wanted cash...but that would of course trigger the scrutiny of the regulators The title company I have used for multiple transactions wires the proceeds to my account. They are not a bank so they cannot issue a cashier’s check. They also state that any cashiers check used to pay for a purchase are held for a substantial period of time ( I don’t remember if it is seven or ten days) which is why they request all transactions be wire transfers so as to not delay a closing. I have also gotten some checks from them months later after the property’s taxes were finalized and those checks were just plain company checks, not any kind of cashiers or certified instrument. And even if they did get a cashiers check, a non customer of the bank it was drawn ion would have a very difficult time getting $45,000 in cash. Due both to the risks of fraud, forgery etc. and the fact branches just don’t keep that much cash on hand.
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wapiticountry
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Scottiemom wrote:There is at least one escrow company that would do it. My son used them with a sticky situation buying a jet ski for $12,000. The sticky part was the son co-owned the jetski with his dad whose name was on the title and there was a lien. The dad was in on the deal, wasn't shady or anything and the dad and son both cooperated. So my son used an on-line escrow service to handle it. No money was delivered until the title was released and transferred cleanly, then the money was paid. When I bought my new moho from a private individual, he suggested I look into it. I did and they would have handled the transaction, which was over $100,000. But in the end, my investment account wired the money to the seller's bank. They owned it free and clear with a good title, so that worked best.
Dale This seller adamantly refuses to accept a wire transfer as payment. Therefore that transaction wouldn’t work for him.
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Grit dog
Black Diamond, WA
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^But it doesn’t matter. OP is long gone and is either overtly and uncontrollably paranoid, a crook, has dimentia, or on some good drugs.
None of those bode well for taking advice from strangers even though he asked.
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold
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ol Bombero-JC
USA
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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?
I read a few of the (logical) ways to handle - what should be a very simple transaction.
It appears you are making that "simple" transaction into something very complicated!
As a "mountain traveler" - I wish you all the luck making mountains out of mole hills.
My two cents: Open a savings account at a branch of the buyers bank.
Complete the sale at that bank - buyer moves the $$ from his account
to yours. (The bank can verify the funds).
Then you can Get the cash whenever you are ready - from *your* personal account.
![[emoticon]](http://www.coastresorts.com/sharedcontent/cfb/images/smile.gif "smile")
~
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Bluedog
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There has been a lot of advice on this subject on this forum.
Trouble is all talk is about a transaction between 2 parties that live in the same town 2 miles from each other. Things get complicated when distance enters the picture.
Go to the bank together to handle the money; then to the DMV to handle the title.
What procedure is feasible when the banks are 100 miles apart and the DMV is at the county seat 40 miles away in the opposite direction?
Solution?????
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Grit dog
Black Diamond, WA
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^And assuming one or both parties don’t bank with a popular national bank chain I assume?
(Hand raised) pick me! Easy answer.
USE YOUR BANKS. Done this more than once. You each share banking contacts and buyer approves a wire to the sellers account. And the seller verifies receipt of funds from their banker before handing over the keys.
Piece of cake. Just requires both parties to not be idgits.
And never lived in a state where the dmv had anything to do with the actual transaction. That’s the buyers problem after the sale. And why the buyer gets a signed title and bill of sale.
In the case of a lien on the title, refer to the previous answer. Use the banks.
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charlestonsouthern
Summerville, SC
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After reading all this proposed transaction mess instead of a very reasonable and simple transaction, it sounds like what we really have here is a seller who does NOT have his or her title paperwork in order. You can imagine the rest of the story. I’ll give you a hint—the buyer does not come out well in the end.
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Grit dog
Black Diamond, WA
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Yup, the seller is a dink….that was established early on.
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Bluedog
Colorado
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This subject has been covered quite often. Most suggestions have been how to conduct the transaction between 2 people living in the the same town 2 miles from each other and their banks 3 blocks apart. Do everything together is the theme. Easy!
What do you do in my case where the buyer is 100 miles from the seller and the DMV is 40 miles at the county seat in the opposite direction?
Not so easy!
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charlestonsouthern
Summerville, SC
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Bluedog, you certainly have a distance logistics problem! With the RV paperwork in order and a “meeting of the minds” between buyer and seller on the purchase price, I know you two can work out the distance problem; however, it will take you two a couple of days of your time to do it. By the way, I love your state!
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