Money transaction when selling a RV question
When selling a trailer what is the best way to make the money transaction? I am thinking of cash only at a bank. What is the safest way? I just bought a new one and I will be selling my old one ...
Forum Discussion
Not vehicle related, but I work at a title company and we require wires for all cash transactions. Too much fraud these days when it comes to cashier's checks.
The only issue with a wire is making sure the wire instructions the buyer is using are actually the correct ones. We have to send ours through encrypted emails, especially when it's a gmail or hotmail or whatever generic email address, because the scammers create fake email addresses and pretend to be a party to the transaction and say "oh hey, I gave you the wrong instructions before, here are the correct ones" and before you know it, you've wired the money to some other account and they move the money from those accounts right quick, so it's very difficult to get it back. So, we often request the buyer call us right before the wire is sent to re-verify the instructions. This just happened recently at one of our other branches. The scammers hacked the agent's email address and sent the buyer "new" instructions, and she wired $225,000 to a fraudulent account. Needless to say that transaction did not close.
The only issue with a wire is making sure the wire instructions the buyer is using are actually the correct ones. We have to send ours through encrypted emails, especially when it's a gmail or hotmail or whatever generic email address, because the scammers create fake email addresses and pretend to be a party to the transaction and say "oh hey, I gave you the wrong instructions before, here are the correct ones" and before you know it, you've wired the money to some other account and they move the money from those accounts right quick, so it's very difficult to get it back. So, we often request the buyer call us right before the wire is sent to re-verify the instructions. This just happened recently at one of our other branches. The scammers hacked the agent's email address and sent the buyer "new" instructions, and she wired $225,000 to a fraudulent account. Needless to say that transaction did not close.
