How can I be sure the check will be good?

[RandyT]

Most people don't know that a certified check, or a cashiers check from a bank can still be canceled. I would ask for cash, or a wire transfer of funds to your account. Last certified check I deposited, my bank put a 10 day hold on it; they are frequently fraudulent.

Personal checks also, but they can also do a charge back just like it was a credit card transaction. So they can take the funds back even after it clears the bank.

 

[Complete Turf Care]

Thanks for all the replies. I like the idea of going to their bank and getting a check, or cash.

I have sold a few items to strangers, but never for this large amount, and I've always taken cash.
Sometimes, I feel that I can be a pretty good judge of someone's credit worthiness by looking at the vehicle they drive, how they dress, what questions they ask, along with a few other indicators.

Is anyone here interested in a Bobcat 322 mini excavator?

 

[Midniteoyl]

Is anyone here interested in a Bobcat 322 mini excavator?

Sure. I'll send a guy down with a check to pick it up..

 

[Steppenwolfe]

Thanks for all the replies. I like the idea of going to their bank and getting a check, or cash.

I have sold a few items to strangers, but never for this large amount, and I've always taken cash.
Sometimes, I feel that I can be a pretty good judge of someone's credit worthiness by looking at the vehicle they drive, how they dress, what questions they ask, along with a few other indicators.

That's part of the con...

 

[4570Man]

Honestly no offense meant to the OP but come on this should be common sense. I’m kind of in disbelief…lol.

That might sound like a good idea but not always possible. The last machine I sold went to Michigan and I’m in TN. Was the buyer going to mail me a check and let me cash it before he even sees the machine and hope it exists when he gets here? Probably not. Is he going to drive down with a check and come back to get it later? Probably not. Am I going to drive to Michigan to meet at his bank? Definitely not. He brought me about half the amount in cash and a cashiers check for the rest. I had insurance on the machine so I wasn’t that worried. The chance of someone bringing me $40,000 cash was about zero so the options I had were to take the check or to trade it at the dealer for $6,000 less then I ended up selling for.

 

[5030]

Simple answer...CASH ONLY

 

[paulfun9]

Negotiate your price before he comes to look at it, and require a certified check from his bank; just as an auto dealer or real estate sale. There's no way that I would take a check for that amount. I also wouldn't take a money order; it's too easy to fake those.

The safest way would be a wire transfer. It will take a little longer and would have to be when the bank is open, but you would have it in your account before the item leaves.

Those pens to check for fake money will show that newsprint is legal tender.

Yep my wife treated some paper with a couple different things from around the house and sure enough she got the desired reaction from the pen. Ever since I just about bust out laughing when they use one to check my payment knowing full well how useless they are.

 

[steelhauler34]

That might sound like a good idea but not always possible. The last machine I sold went to Michigan and I’m in TN. Was the buyer going to mail me a check and let me cash it before he even sees the machine and hope it exists when he gets here? Probably not. Is he going to drive down with a check and come back to get it later? Probably not. Am I going to drive to Michigan to meet at his bank? Definitely not. He brought me about half the amount in cash and a cashiers check for the rest. I had insurance on the machine so I wasn’t that worried. The chance of someone bringing me $40,000 cash was about zero so the options I had were to take the check or to trade it at the dealer for $6,000 less then I ended up selling for.

Or sell it local. I wouldn’t have done all that. The seller has all the cards. Send check and wait or no machine. I just sold a skid steer the buyers drove three hours with 24k cash. No way it would have left without all funds first. I would just find another buyer.

 

[oosik]

I've sold two implements. Each for around $1500. I told the buyers - cash only. It was no problem for the buyers in either deal.

And, NO, I do not have one of those "cash sniffing" pens. Neither does my local bank. OR, at least, they did not use it when I deposited 31 - $100 bills.

 

[Richard]

If you're both in the same area.... it's possible you might use the same bank. Aside from that, once you finalize the deal, (presuming you both live in same area), simply go with him to HIS bank and let them either cash his check for you or hand you a cashiers check.

I'm not worried about receiving a personal check BUT, I'd certainly put some effort into it to make sure it's good.

Even if you call the bank to verify funds, he "could" call them later and put a stop payment on it.

If he withdraws around $3,000 (if I recall correctly) in CASH, his bank is required to file a report on him letting the IRS (if I recall) know that he's done this. If YOU deposit that as cash, then you also get a report sent in on you.

Nothing necessarily bad.... it's just being documented by big brother. (so take the cash and use it for gas/food expenses while leaving your paycheck in your account in lieu of YOU writing a check/debit card)

 

[Richard]

Just saw you're in different areas

 

[sixdogs]

There have been a number of threads on this and bottom line is that many things can be counterfeited and payment can be stopped on cashier checks, bank drafts, etc. Wire transfers can be reversed. If it matters, I understand the cash/check business and have stopped and reversed things and was no big deal.

Most people are honest but some aren't and I'm not taking on the added risk of figuring out who's who, especially when it's an internet transaction and you'll never find the people again. My job is to deliver the product and the buyer's job is to deliver good, meaning negotiable funds.


When I sell something these days, first choice is cash. Second place is to open an account at a branch of the bank I deal with. Then we go into my branch and you do a cash transfer from your account to mine. The buyer removes the cash from his act and I deposit in mine.

Third place is to wait two days after you give me a cashier's check or bank draft. In the mix is the escrow acct at an attorney or postal money orders since they can be verified on the net.


Now, if you want to know the value of that $10,000, just try to borrow it from someone on the street and give them a cashiers check for the $$.

 

[zzvyb6]

10 piles of $1,000 in bundles of 100s is not that thick. And even those could have quite a few fake ones in the packets. Drivers licenses are issued by states to anyone who wants to vote more than once in the same election. Meet at the bank. Wait for the clearance. We have now have more crooks in the tent than honest citizens.

 

[Richard]

If you receive cash..... you can go to the bank and they have that money counter. My understanding is it will scan each bill and (should) stop on any that are fake so they could filter that for you.

 

[dh206]

There's a new(ish) service called escrow.com that is designed for exactly this kind of transaction.
buyer sends money to 3rd party escrow. Seller sends buyer the item with a built-in evaluation/return period (I think it's configurable), and then escrow releases money to the seller. It's kind of like Paypal but with counter-party protections and positive feedback. Paypal can be misused/cheated and doesn't have a revert capability if used independently.

 

[sixdogs]

If you receive cash..... you can go to the bank and they have that money counter. My understanding is it will scan each bill and (should) stop on any that are fake so they could filter that for you.

Plus, the responsibility that the cash is good now falls on the bank. I've met at the teller's window before for the buyer to give the teller the cash to be counted and then given to me as clear and counted. Couple minute transaction.

 

[Sigarms]

Do like the dealerships.

Every time I buy at a dealer it’s:

- cashier check
- drivers license (photo ID) with address
- call bank and verify cashiers check from that person and amount is valid

Although $10000 in cash is only 100 $100 bills. That is not overly cumbersome.

MoKelly

+1 on what I would do.

However, I'd never travel with a large amount of cash on me.

Look up "Civil Forfeiture".

 

[k5pat]

I had a buyer come 100 miles with 13 $100 bills to purchase some shop equipment. I assumed the cash was good, however later found out that two of
the $100 bills were fake. When you hold them up to the light the picture of Ben Franklin is imbedded in the paper. Those two were not. I called the buyer
and he claimed ignorance so I was out $200 from the sale. I'm lucky that only two were fake.
I later sold a Generac generator for $950 and the lady came 100 miles to pick it up with cash. This time I held the $100 bills up to the light and they were good so I let the
generator go. No problems with that sale.
I sold a gun and told the buyer to send a postal money order. I had no problems with that.

 

[artf]

Cash is King! Certified Checks issued by a bank can be stopped and are not guarantees of payment. Wire Transfer would be my second choice.

 

[ruffdog]

I had a buyer come 100 miles with 13 $100 bills to purchase some shop equipment. I assumed the cash was good, however later found out that two of
the $100 bills were fake. When you hold them up to the light the picture of Ben Franklin is imbedded in the paper. Those two were not. I called the buyer
and he claimed ignorance so I was out $200 from the sale. I'm lucky that only two were fake.

If I had the person's phone number, I wouldn't be "out" the money. The buyer is guilty of passing counterfeit money and the feds should be called. Also, it is up to the buyer to make good on the purchase with real money.