Tractor sale gone sour.

Bird · May 25, 2003

( Anymore I will only take cash )

It's a shame that it has to be that way, and I don't really like to carry large sums of cash, but when I sold my tractor, I told the guy I couldn't let the tractor leave until I had the cash, so he brought a bank bag with the cash. /forums/images/graemlins/laugh.gif

Gary_in_Indiana · May 25, 2003

wire transfers. This is just like cash. So far I haven't heard of any scams this way. 

I actually know of someone who accepted a wire transfer only to have it 'reversed' on them. The sender was a major customer and board member at the sending institution. I'm with John Miller III on this one. I'll take cash.

Mrwurm · May 25, 2003

Brent, I do a bit of buying and selling on ebay myself. Mostly stuff around $10 to $30. Once in a while I buy or sell stuff up to about $500. Mostly I have good luck, but I always base my payment terms on the risk I am willing to assume. If I sell something for $10 I will usually ship it before I receive any payment. There is quite a lot of risk in this practice, but I can chance it for $10. I only got burned once. For larger items I have taken paypal and for some its been cash. I use the same principal that I use when lending money to family. Never extend more than I can afford to lose.

cowboydoc · May 25, 2003

Reversing a wire transfer is actually bank fraud. I have checked this with every state and they have told me that one can't be reversed unless there was fraud and even then it's extremely difficult. Once the money is wired it is your bank your bank has to approve the reversal as well. I bank at a small town bank and I know that would never happen with them. If you are in doubt as soon as you verify the funds withdraw them.

frank_f15 · May 25, 2003

i was stung only once! not for a great $$$ but it ticked me off! /forums/images/graemlins/mad.gif trying to be a nice guy don't work anymore! recently wanted to sell a car, guy came over and WE took it for a drive, he said ok, and gave me a check, i told him to wait, went into the house and got a picture of the car, gave that to him and told him when his check cleared he would get the real car. shame to have to do businness that way but u never know. for private deals i will ONLY accept cash, don't care how much it is! call me jaded, but to many times of people getting ripped. off. OFF MY SOAP BOX NOW

Mrwurm · May 25, 2003

Yeah Frank, and how about this one. When did a deposit start to mean nothing for the seller? A buyer can come out, agree to a deal, and then offer up a deposit for you to hold the item untill they come up with the full amount. Quite often, the guy changes his mind, and wants (and gets) his deposit back. So, from a sellers perspective, why take one at all?? I tell buyers that if they want to give me a deposit to hold a deal, that the deposit is non-refundable. It costs money and time to offer an item for sale. If I hold it for them and then they back out, I have to start all over again. Any thoughts ?

BillG_in_TX · May 25, 2003

ACH (automated clearing house) transactions, as opposed to wire transfers, can be reversed. Direct deposit of payroll is one example of an ACH transaction. In my business, we generate a lot of debit and credit ACH transactions, and on occasion, we have to correct one. On one occasion, my customer's bank reversed the debit that I had generated to pay their invoice.

I have never heard of a wire transfer being reversed, but make sure that's what it is, and not an ACH.

frank_f15 · May 25, 2003

JERRY; when i want to sell something, and someone gives me a deposit, it is ALWAYS NON REFUNDABLE. it protects me from missing a sale of the item. when i accept a deposit for an item, i give the person a receipt for the dep. stating when he has to pay in full and the dep. is not refundable. if they don't like those terms, they can go elsewhere.

r0GuE · May 25, 2003

I do a fair amount of eBay.
Here's how I do it. U.S. Postal Money Orders.
I cash it when I go to the post office. When I have the CASH, I send the product.

As for wire money transfers, I have heard of using an intermediate bank to have "them" wire the $$ to. Then wire it from there to your bank.

I have found eBay to be an attrocios place to do bussiness on when it comes to big dollar items. eBay is basically a garage sale. In Genral - Nobody shopping eBay has much loot. Tire kickers and gypsies.
I have an 88 BMW that I had almost talked myself in to listing on eBay. This post has changed my mind. I will trade it on Saturday for my Odyssey. Whatever they give me will at least be real $$$ and I'll save some sales tax.

cowboydoc · May 26, 2003

I sure wouldn't give a deposit back. I run into this with breeding horses and cattle. Even though it states right in the breeding contract absolutely no refunds and stating the booking fee is non-refundable everybody thinks their case is different.