Buying off CL and the buyer wants cash

[3Ts]

or might meet at the buyers bank to get a cashiers check but the check would ride back home with me, it wouldn't be left out of my sight.

Be careful with cashiers checks as well. I had one that I deposited, but by the time it reached his bank, he'd put a "stop payment" on it! I didn't think that could be done with a cashiers check, so I don't accept those anymore either.

 

[spitter]

CASH is KING !!!:drink:

 

[SirMaxwell]

I'm talking about something your interested in off CL or FB Marketplace that's maybe 150+ miles away and they want cash. We'll say an asking price of $10K+ I've been looking into replacing my camper with a used one and dealers around here have nothing I want.
I have been telling the sellers up front that I'm not carrying that kind of cash to meet a stranger. There's also a possibility of legal issues if any have seen the YT video from a lawyer. The rules here want us to avoid legal discussion so I will leave it at that. So far all have been unprepared for me asking that question but have entertained the alternatives. One kid said he would accept a cashiers check. Another would take a personal check after I suggested we draw up a bill of sale and they hold title and camper until it clears their bank. The most recent one was he suggested a bank transfer which I'm cool with since my CU charges a nominal fee and I could take trailer home that day since it was over 300 miles away. If a seller said pound sand, that's their choice. The one kid that wanted a cashiers check (surprised me) was because we would have to go to the bank to pay off his loan and get the title. I'm curious how others approach this.

Personally I use Escrow.com for any transaction over a couple K (10K/10K/15K/12K/). If seller is unwilling, no worries, always a better deal somewhere. Having a legit third party insure the transaction makes it much cleaner. It is still a "CASH" deal, and I always go into any deal as if its cash.

 

[Aquamoose]

I accepted cash from a buyer for a 750 ATV I was selling. While fast counting, I snagged one bill quickly and determined it to be counterfeit. Buyer was rightly puzzled on how I could spot a bad bill that fast.

Worked as a “super counter” for the most famous amusement park counting 7-10 million cash all day really hones the skill of spotting the fakes on the fly.

Buyer was a very honest guy and substituted the bad bill. I advised him to recall where he got the bill and surrender the bill & info to the police or Secret Service.

The entire time, I had a legit ccw for some insurance.

 

[oosik]

I never though about what I would do if counterfeit money were involved. First off, I don't think I would recognize it. Secondly, I've never heard of or seen a "money pen". Third - if you are dealing with the actual counterfeiter - using a money pen would seem to be a rather risky situation. I don't think there is much of that type activity around our small college/farming town. Either that or those involved are pretty tight lipped.

However - like a whole lot of other things, I could be very surprised to find it's a somewhat common occurrance.

 

[4get gto]

I never though about what I would do if counterfeit money were involved. First off, I don't think I would recognize it. Secondly, I've never heard of or seen a "money pen". Third - if you are dealing with the actual counterfeiter - using a money pen would seem to be a rather risky situation. I don't think there is much of that type activity around our small college/farming town. Either that or those involved are pretty tight lipped.

However - like a whole lot of other things, I could be very surprised to find it's a somewhat common occurrance.

I never thought much about a money pen either... But they're available at Amazon they get pretty good reviews.

 

[Shaneard]

I never thought much about a money pen either... But they're available at Amazon they get pretty good reviews.

You can buy them at Staples as well, they are called "counterfeit pens".

 

[TSO]

Just something to keep in mind about a cashier's check. From my experience, even once the bank confirms that it's legit, they will only give you a certain portion of the money immediately deposited into your account, the rest will be held for up to 10 days until the check actually clears. The last one I had received was a check for 15K, I was only able to get the first 5k immediately and the other 10k was held until the check cleared. During that transaction, I met the buyer at the bank and we brought his cashier's check into the bank together.

Another option is a payment app, there are several out there now which allow direct Bank transfers. The one I use is Zelle. It's easy to set up the app/account and it links directly to your bank account. Once you set the account up you can transfer money from one person to another through the app. It goes directly into the bank account. I don't know if there is a ceiling on the amount you can transfer, all the ones I have done have been under 1K, but check into it and see if you can do as high as 10K. That way you don't have to carry any cash, and the money goes straight into the buyer's bank account. You guys can stand there with your phones and it should show that he received the money within a couple minutes.

 

[Shaneard]

I sold a skidsteer a few years ago to a guy a couple hours away. He brought some cash and a cashiers check. I was leery of the check, my wife called the bank from the number on the check about it and they said it was legit (it was on a Saturday) it all worked out good.

I also know a guy who took a cashier check on a truck, his bank said it was good and a couple days later turns out it was a fake. They still haven't found his truck or the guy who scammed him, that was about a year ago.

 

[dougtrr2]

I drove from western Iowa to Indianapolis to buy a piece of woodworking equipment. I took $700 cash and was stunned when I handed him the envelope and he just put it in his pocket. I told him I would feel better if he counted it. He did, but it really surprised me. Granted we were both members on an old woodworking machine site and it is a pretty close knit community. But for $700 I am going to verify.

Doug in SW IA