Would you accept a Cashier Check for payment?

[Rzrbrn]

This is a very timely post, thank you. I am getting ready to sell my Casita, and am wondering how to handle the transaction. I have not sold many things during the course of my lifetime, and when I did it was for cash. However, I do not expect anyone to carry large sums of cash, especially because of civil asset forfeiture laws, which are enforced in TN.

So what to do? About 2 years ago I tried to buy a used diesel motor home. Drove from TN to MT. Had everything arranged. That is, we contacted our S&L, they found a bank they could do business with in MT, but not the same bank as the seller. Our S&L could not do a direct bank to sellers bank wire transfer. So we transferred the money to the affiliated bank in MT. Contacted the sellers bank (also in MT) first by telephone, then after we got there in person to verify everything. His banker then said I could give them the money via certified check but I would have to wait 4 or 5 business days for the certified check to clear then they would give me the title. In other words, I give them the money and I set there with nothing to show for it for 4 or 5 days.

We were ready to go through with the deal but as it turned out the seller misrepresented the coach and it was in less than acceptable condition: Large hole in the AC, search light on the roof knocked off, and the coach sitting outside in 6" of snow.
So we declined to buy. I suppose the moral of the story is either side can decline to participate in the transaction; until the contract is signed.

[k corbin]

If you are in doubt about secure ways to accept or send payments talk to your personal banker. They can arrange the transaction for you. Stick to professional sources for your advice, too much money is involved to trust in what strangers say to you.

[Civilguy]

We have probably ten banks and credit union branches located within a fifteen-minute drive. I've sold several cars and trailers by going to one of these to complete the transaction.

One time our credit union was able to "see" that the buyer had plenty of funds in their account at a different credit union. So, I accepted a personal check from the buyer which was immediately credited to my account as we stood there.

Another time we went to a local branch of the buyer's national bank and I was handed a cashiers check which they made up on the spot.

I would prefer not be handed a large amount of cash. I did accept almost $3K in cash one time, but in that case I had already vetted the buyer and had decided I was not likely to be "coincidentally" robbed by their hidden accomplice ten minutes later.

Every transaction is different. I do a lot of screening when folks respond to Craigslist ads. I operate through the craigslist message system, using a "disposable" and innocuous gmail address in case the Craigslist system were to reveal my email address.

Some of the folks who respond, particularly for older, lower-priced cars provide cookie-cutter replies that don't come across well, like "All cash, where are you?". I've also seen quite a few respond to an ad with "Will you accept xxx dollars?" before they have seen anything more than the ad. I suspect a lot of these just want to immediately resell as we tend to price our older cars pretty low.

Sometimes I force them to elaborate a bit so I can get a sense for their interest and decide if I want to meet them. Others I just ignore, including all of the lowballers.

[Raspy]

I've sold a number of cars, motorcycles and stuff on craigslist. There are always the low-ball offers. When I quiz them on what the ad said, in response to their questions, they often can't tell me. They may not know it was a quad for sale, instead of a motorcycle, or the brand of truck, for instance. It's annoying to put up with that, but the process does work with the right people.

So often they say, will you take $____ cash? I say, what do you think I was expecting to get? Chickens, or cows, or rocks? Or I ask, what is the price in the ad? If they can't answer, I hang up.

I've found that for buying something and using a text message, it goes a long way to say Hi. Then say thanks at the end of your offer and add your name. When I get a no-name, curt text, I usually delete it. And I've gotten some really good deals by being patient and sending a couple of friendly texts. Things like nice wheels and tires for my truck, or a $25. beautiful grandfathers clock with multiple chime songs and phases of the moon, in perfect condition.

It takes so little effort to be polite and friendly. Of course, you might not know I can do that from my responses here.

[Kai in Seattle]

We had funds in a regional bank and took the seller TO the bank in his town and withdrew the money for him right there. Didn't travel with cash, no potentially faked cashier's checks. We were straight with him.

BEST
"K"

[Civilguy]

Originally Posted by Raspy

It takes so little effort to be polite and friendly. Of course, you might not know I can do that from my responses here.

Naw, but I can tell you are really, really trying.

Keep practicing and almost certainly one day your efforts will pay off!

[Frederick L. Simson]

Originally Posted by Glenn Baglo

Any chance site team could change "except" to "accept" in the title?

Done. (Pun appreciated)

[Civilguy]

Originally Posted by Frederick L. Simson

Done. (Pun appreciated)

I can accept that.

But what if the OP meant "expect"?

[Glenn Baglo]

I feel so much better now.

[Jann Todd]

Originally Posted by trainman

When selling long distance and the buyer wants to bring a Cashiers Check for payment, would you except it and release the trailer and title to them. I guess what I'm asking in today's world with everything that can happen and go wrong, including scams, dishonest people trying to take advantage of the situation, would you accept a Cashiers Check for payment My personal thought if I were the buyer I would not want to do anything without inspection of the trailer, that is put my eyeballs on it, then I would decide from there. My personal thought is for the buyer to bring cash ($20,000, or give a personal check, or Cashiers Check and when it clears my bank they can pick it up. So what is the proper way you would handle the situation to protect your interest. I also do not want to give them the trailer and when the check, or Cashier Check clears send them the title and paperwork. It's not that I don't trust buyers, but I want to do business in a business type manor, that works for both parties and I don't want to have to drive 500 miles looking for a trailer I can't find if something goes wrong. Your thoughts.

trainman

Just do a bank to bank transfer. That way you have the money, he gets the trailer and title. No danger to anyone.

[Jon in AZ]

This is very relevant for me right now. I'm in the process of selling my mom's Class B motorhome after deciding it is too much to take care of at this season in our lives. It's still fairly new, so the amount of money involved will be substantial, way more than I've ever handled as a seller or a buyer!

I sat down with a banker this morning. It was surprisingly un-enlightening.

Door #1 is a cashier's check, and when I mentioned the issues we have already raised here, she acknowledged everything that's been said. She suggested that I accompany the buyer to their bank while the check is issued, transfer title, and then deposit it immediately in my bank.

Door #2 is a wire transfer. Again, since the transfer has to be initiated at the buyer's bank, I would have to meet the buyer there so that ownership documents could be transferred at the same time the transaction is made. The seller gets access to your bank account number (which also happens every time you write a check, as she pointed out).

I also looked into PayPal, call it Door #3. It looks like the fee is 2.9%.

Seems like there are no easy or obvious solutions unless buyer and seller happen to use the same bank. I live in a rural area, so local banking options are limited. I'm leaning toward Door #2, but listening to all the comments carefully.

[IMEd]

I would accept a cashiers check from an Ethiopian Prince but from no one else.

[thrifty bill]

I've met the buyer at their bank as well. I have also wired funds from my bank to the seller on one I bought. Fake cashier checks have become common. And with the best cashier check fakes, initially your bank will think it is good, only to find out a week or two later its a fake.

Google Cashier check fraud. Of course, most are legit. Its sad we have to assume fraud, but its the world we live in.

[Kai in Seattle]

Ed Colorado: I, too, would accept that cashier's check from the Ethiopian Prince, but only for over 3.8 million and only with a wire transfer of firstborns, of course. And only until this weekend. Since I am apparently such a great guy and all. And deserve it.

[redbarron55]

As a secret Nigerian Prince I have $10,000,000 in blocked funds that to get access to I need to transfer to a US Fiberglass RVer. All you need to get a 10% handling fee is to accept the $10,000,000 cashier's check and send me a check and your bank transfer permission to send me the money after it is deposited into your account of over $10,000 plus the ten million.
Guaranteed to be legit, I promise!

[Kai in Seattle]

JD, Nigerian Prince, where's the firstborn, huh? Huh? Required to initiate wire transfer...!


"K's" Legal Team

[trainman]

Well since I posted this post to start with I just wanted to let everyone know what happened. I had a out of town call on our Casita, sale from Craigslist ad, the person was very nice and was pretty sure he want the trailer, but it was a 500 trip for him, he said that's ok. He asked how I wanted to be paid, cashier check or cash, he said no problem either way because there is a bank in your city and it is the same that I use in my city. He inspected the trailer which it was in perfect shape, we went to his bank and I got the funds, couldn't be much easier then that. We are both professional people and it's nice to deal in that way and everything goes as it should. I personally don't put up with any BS on selling or buying, if it's not sounding correct then it's probably not. Studies say that most people are honest, it's just those few you have to watch out for.

trainman

[Rzrbrn]

Yes things should be very easy if both buyer and seller use the same bank or at least banks that work together. My S&L will only work with affiliate banks, which are few and far between. They simply would not transfer money to the sellers bank. I did not expect this in our day and age.

[Kai in Seattle]

Thank you for letting us know! Same banks make for easy money transfers! Glad you had a good sale.

BEST
"K"

[Roger H]

I am shocked at the lack of understanding of cashier's checks in this day and age. If the check is legitimate, the funds have already been transfered from the buyer's account to the bank's account at the time the check is drawn.

We have amazing technology these days. All you need to do is ask the buyer to take a photo of the check and text it to you. You can call the bank upon which it is drawn and verify that it's legitimate before the buyer ever leaves home. If you're still uneasy, take it AND the title to YOUR bank, have YOUR bank verify the funds when you deposit it, and sign the title there.

Yes there are scams. Yes, you need to do your due-diligence. Cashier's checks are still the safest, easiest, and least expensive way to pay for RVs. I've got an out-of-state buyer who gave me a $1500 cash deposit on my $19,000 van, and will bring the remainder of the funds in a cashier's check in a week or so to take the van home. No issues at all.