Selling a tractor; a funny question

[JiminGa]

if at all possible go to the buyers bank and have them draw up a cashiers check as suggested above, lots of nuts in the world today. aside from that Cash at time of sale.

 

[Sniggle]

Cash or gold is easiest.

That said, you can do the sale with a personnel check or cashiers check, AS LONG AS you do not part with the item you are selling until the check has cleared your account and the money is available.

Having a simple sales contract prepared that you and the buyer sign that details the sales transaction should be adequate to alleviate the fears of the buyer that you will deposit the check and run.

This is how I did the purchased of my new to me tractor last month.

Good luck.

 

[chh]

I'd go cash or do like a previous post and meet him at his bank and let his loan officer write you a check. I have taken personal checks on some tractor and equipment sales, but this is a small community and I knew the people I was taking a check from. Your other option is to take a check but not release the tractor untill the check clears. But like my wife says, if they have the money to that they can get cash.

 

[davitk]

I should expand on the cashier's check fraud - apparently, the check is accepted for deposit (looks and feels real), goes into the system and is credited to your account, then several days later is spit out as not legitimate. Gives the thief plenty of time to run!

 

[flusher]

Ok, so I'm selling my BX2230 with FEL and rear mower; asking price is a little over $9,000. I've never bought or sold anything for quite that much money cash. How do these deals usually go down? Do folks usually do bank transfers, cashier's checks, or does someone just come in with 93 Franklins in their pocket?

Greg

When I bought a 1964 MF-135 diesel in July06, the seller accepted my personal check and held the tractor until it cleared. Then he delivered the tractor to my place about 6 miles away. No muss, no fuss.

If he would have demaded cash, we would have gone to my bank and finished the transaction there.

 

[Farmwithjunk]

Over the years I've bought and re-sold, according to my records, 86 tractors. Buy low, sell high. Put 3 kids through college with the proceeds. I never took a bad check. Then again, 2/3rds of the tractors I sold were to "locals" that I knew, and knew where to find them if there would have been a problem. If I didn't know the buyer, certified check, cash, or we would go to the bank and do a wire transfer. Out of state bank? Cash ONLY.

 

[jinman]

Six years ago, I sold my 1999 B2710 for $15k. . . . So the next morning when he arrived, he got out of his truck with a thick envelope that he handed to me first thing; mostly hundreds but several fifties.

Bird, being a former police officer, what would you do if you stopped someone and they had a big envelope of cash on them? Don't banks also have to report deposits of greater than $10,000 cash to the IRS? Cash transactions of that size make me nervous. I like to do it at the bank and have a bank draft or check when I leave. That's just part of the service I expect from a bank.

However, if it is a sale less than $2000 or sometimes more. I'll take a local check with two additional picture IDs.

 

[frank_f15]

Bird, being a former police officer, what would you do if you stopped someone and they had a big envelope of cash on them? Don't banks also have to report deposits of greater than $10,000 cash to the IRS? Cash transactions of that size make me nervous. I like to do it at the bank and have a bank draft or check when I leave. That's just part of the service I expect from a bank.

However, if it is a sale less than $2000 or sometimes more. I'll take a local check with two additional picture IDs.

Excellent question. will be interesting to see the answer and i beleive you are correct on the $10,000 at the bank but not sure.

 

[mjarrels]

I'm aways scared when carrying a large amount of cash... If stopped by police and it is found you will be guilty of being involved with drugs... most bills will have small traces of durgs on them from previous transactions and you will loose it and never see it again. Police departments can now use confiscated evidence to fund their departments and you will always be on the loosing end... JMHO.

mark

 

[valleydweller1]

I'm aways scared when carrying a large amount of cash... If stopped by police and it is found you will be guilty of being involved with drugs... most bills will have small traces of durgs on them from previous transactions and you will loose it and never see it again. Police departments can now use confiscated evidence to fund their departments and you will always be on the loosing end... JMHO.

mark

It sounds like you're scared of a lot of things Mark. If you're stopped by the police, don't have the cash out in the open. If they ask to search your car, say no; that's your right. If they don't like that then they can make you wait until they get a warrant, but they'll have to have a reason before a judge will give them one.

I've been pulled over many many times in my life and haven't ever had an officer ask to search my vehicle.

So the consensus is cash or go directly to the bank then?

Greg