How can I be sure the check will be good?

[Complete Turf Care]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

 

[Quickster2]

For a personal check (least desirable) I would go to the bank. For a cashier's check 50:50 go to the bank or not. I also make a copy of the buyer's drivers license. For cash buy a cheap counterfeit detector pen.

 

[Jstpssng]

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.

 

[plowhog]

how can I be sure the check is good?

Require a cashier's check and call the bank to verify it is valid before you release the equipment.

The problem with a regular check is it can be good when you accept it but the buyer can stop payment on it later. If it's a cashier's check-- it is from the bank to you and the bank won't be stopping payment on it.

 

[Frankenkubota]

another place where cyber currency and block chain would solve the problem.

 

[MoKelly]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

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

 

[hube2]

Cash or cashier's check only. If the buyer has no other choice then I would hold the equipment until the check cleared.

 

[JJZ 109]

As others have suggested, you hold onto the equipment until you know the check is good. I currently have a boat for sale. A potential local buyer was going to write a check, but the understanding was that I kept the boat and the title until such time as the check cleared.
Then he ended up trying to lowball his original offer so it didn't happen anyway.

 

[steelhauler34]

As others have suggested, you hold onto the equipment until you know the check is good. I currently have a boat for sale. A potential local buyer was going to write a check, but the understanding was that I kept the boat and the title until such time as the check cleared.
Then he ended up trying to lowball his original offer so it didn't happen anyway.

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

 

[JJZ 109]

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

Maybe. But some folks might not be that experienced in buying & selling used items with individuals, as opposed to dealers.

 

[sandman2234]

Require a cashier's check and call the bank to verify it is valid before you release the equipment.

The problem with a regular check is it can be good when you accept it but the buyer can stop payment on it later. If it's a cashier's check-- it is from the bank to you and the bank won't be stopping payment on it.

I have actually had a "cashier's check" stopped by a bank. It wasn't made out to me, made payable to an entity that I had some of their stuff, that got damaged by a neighbors dog. The neighbor wrote me a check, then had second thoughts. I beat them to the bank to get it exchanged for certified funds and they pulled some strings and got it stopped payment. The judge in small claims court ruled against me, so I paid for the items and dropped it. The neighbor didn't, and became a royal pain to live next door to. We finally moved, but in the end I won, because I rented the place out, which became a pain for them. It was great to be a slum lord!
David from jax

 

[Rebeldad1]

I dont take checks. Tell them up front... cash only.

If they can write a check they can go to their bank and get cash.

havnt lost a sale yet from this

 

[EddieWalker]

Last time I sold a house, the Title Company said that they where getting so many fake Certified Checks that they hold them just like a personal check. If you are getting cash from the house you just sold, it will take a week or two for them to issue that check.

The only two options that I know of are cash, or both of you going to the bank together if you want to sell it that day and have them take it that day.

Keeping it there until the check clears is a good option that I never thought of, but like that others on here suggested it. That would work to.

 

[Steppenwolfe]

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.

 

[Jstpssng]

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.

I knew that about a Cashier's check, but not for certified. The Title company for the last two real estate transactions I did would only accept Certified checks...

Come to think of it though, it's pretty easy to recover their losses as land doesn't tend to be very mobile.

 

[Midniteoyl]

Can I go with the buyer to my bank and find out? Is there another way?

If you are meeting the buyer, go to *their* bank. Your bank has no way to tell if the check is good until it it clears their bank. This is why they usually put a 5-15 day hold on large checks anyways.

 

[Rdrcr]

I accepted a personal check when I sold my B2601 tractor. More than double the OP’s amount.

I simply told the buyer the tractor will remain in my possession until the check cleared my account. The check cleared in two days and he came and picked up his new tractor.

Mike

 

[Jstpssng]

As a businessman, the OP also likely has the ability to run a credit check on the prospective buyer. It may not be perfect, but at least can give an idea of who he's selling to.

 

[Root Cause]

certified checks can be more easily printed than counterfeit money.
The transaction takes place at their bank and have them create the check while you wait.
If a title is involved then everyone walks away with what they wanted.

 

[ruffdog]

Maybe. But some folks might not be that experienced in buying & selling used items with individuals, as opposed to dealers.

Dealers have more protections to recover losses too....it is called a purchase contract and it has fine print. I have taken personal checks before and WE go to THEIR bank before releasing the item. Cash is king.