Safe method of financial transaction at sale time

[golfknut]

We have our present rig up for sale and am preparing for the eventual sale.
I'm looking into a safe method of completing the financial transaction at the time of sale. The present state of things in this world makes for a lot of headaches when dealing in financial areas.

I won't trust any type of check and the sale price is too high to expect cash.

I am thinking about a direct bank to bank transfer of funds.
My credit union said the buyer would have to set that up at his bank and then I would have to provide that bank the routing number and my account number. It's a bit scary to me to have to provide that information to a strange, probably out of state bank. But I guess that information is on every check we write.

Is this a safe method?
Any other safe methods?

[wolfe10]

rgatijnet1 wrote:

Not sure about all banks, but my bank will not wire funds based on a phone call from me. I have since visited them and set up a method where this can be accomplished, which took filing the necessary paperwork. I now have a special verification code that I can use to initiate a wire transfer.

Ya, I suspect this varies by bank and even by branch. Have known our local banker for many years and many "higher end" transactions. Yes, I give them a heads up if headed out to look at a motorhome or boat. But, after that, it is just a phone call away.

I would not expect (or want) to be able to call up a different branch of our same bank and expect an over the phone transfer.

Like in most businesses, personal contact counts.

[rgatijnet1]

wolfe10 wrote:
Still see nothing wrong with this procedure:

Verify RV is what you want and that clear title is in seller's name.

Arrange for a sale/delivery date. Have seller's bank give you drafting instructions so you can wire transfer money to him. If only a few days, likely no deposit is needed. Face it, the deposit is because you don't think a deal will go through.

On closing date, reinspect RV (is as agreed). Call your bank and have them wire funds to the seller's account. When seller's bank conforms money has arrived, finish necessary paperwork to transfer ownership and take physical possession.

Everyone is protected throughout the process. Only fee is what the bank charges to wire funds.

Not sure about all banks, but my bank will not wire funds based on a phone call from me. I have since visited them and set up a method where this can be accomplished, which took filing the necessary paperwork. I now have a special verification code that I can use to initiate a wire transfer.

[DiskDoctr]

We'll be selling a hybrid later this week. Simple transaction for any buyers. We can take a cashier's check to our bank and handle it. We're not afraid. Simple 😉

[wolfe10]

Still see nothing wrong with this procedure:

Verify RV is what you want and that clear title is in seller's name.

Arrange for a sale/delivery date. Have seller's bank give you drafting instructions so you can wire transfer money to him. If only a few days, likely no deposit is needed. Face it, the deposit is because you don't think a deal will go through.

On closing date, reinspect RV (is as agreed). Call your bank and have them wire funds to the seller's account. When seller's bank conforms money has arrived, finish necessary paperwork to transfer ownership and take physical possession.

Everyone is protected throughout the process. Only fee is what the bank charges to wire funds.

[VetPartTimer]

hoosiermark wrote:
Treat it the same as the sale of real estate. Hire a closing attorney/company to handle the transaction and prepare a bill of sale (along with the title) showing the terms-as is where is, no responsibility if something breaks, no warranty, etc. Let the closing agent take care of the money, it can be wired into their account just like a real estate deal. Then the agent can give you a check to deposit into your account. easy and simple. It may cost you a few hundred dollars but could save you thousands.

So what companies/attorneys do these escrows?

The various big banks said they do not. I couldn't find an escrow attorney. Real Estate escrow companies?

I like this idea, just need to be able to find someone reputable that does this for RVs and Boats.


Thanks!

[RVER]

Cerified and Bank Checks are no longer that safe. I would say talk to YOUR bank, they will advise you exactly how to do it for your safety. I have a friend who got stiffed with a "bank check" so.......

[DiskDoctr]

westernrvparkowner wrote:
Your logic falls off when you realize that one of the oldest scams around is for the scammer to get a legitimate cashier's check and then make duplicates. The issuing bank will rightly confirm the check information over the phone since they do not realize the scammer has presented duplicates to multiple sellers.
RVs, on the other hand, are bad targets for such scams. Unlike popular auto makes and models or items such as jewelry, they are hard to quickly dispose of. It would be very, very rare for a RV to be the target of such a scam. But I still would vote for wire transfer since BOTH ends of the transaction would involve banks which are pretty dang responsible and reliable and have done tens of thousands of similar transactions.

Actually the banks I use require the payee's name to be printed on the check when they issue it. Unless you are going to give a copied check to more than one "harvey mcFly" ...LOL.

Additionally, when a bank calls to confirm the check, the transfer of funds is completed at closing time for the day (ours was 3pm, I think?)

In PA, stopping payment on a valid check without a valid reason is FRAUD and likely a FELONY due to the likely amount. Considering the buyer has to provide actual funds to get the check issued, they would need to show proper ID and have a valid account at the bank.

Multiple regulated people would have to make mistakes in order for a duplicate Bank's cashier's check to be copied to a different party and/or have the funds stopped without serious risk of a confirmed person being charged with a felony.

Fraudulent and un-confirmed copied checks seem to be what you are describing. Any bank will confirm the check and funds when it is presented- especially if you request it.

I don't see where any appreciable risk is in the transaction. By equivalence, one could claim lava might hit the branch between the time your check is actioned and the settlement for the day, all while sun spots knock out the satellite communications and Russian hackers knocked out the bank's network connections.

"Possible" does not always correlate to "probable" or make a blip on the Risk Assessment Analysis 😉

[rgatijnet1]

It is not just that a cashier's check can be duplicated but a transaction with a legitimate cashier's check can be reversed. A payment through wire transfer CANNOT be reversed if the amount transferred was correct.

[westernrvparkow]

DiskDoctr wrote:

dons2346 wrote:

golfknut wrote:
We received an offer from an out of state buyer and he says he can provide us a certified bank check.

Is that a safe avenue?
Better than or different than a cashier's check?

Yup, and I bet he will have his driver come pick the coach up. Am I correct?

One of the oldest scams on the books. The driver gets the coach and you get a worthless piece of paper

This comment is unnecessarily alarmist 😞

1. Out of state, setup payment and title and transport details ahead of time. Smart.

2. Certified bank check for sure. Once the deal is made, both parties go to seller's bank together to verify and deposit the check. Banks CALL each other to confirm. Simple (they know they just issued it in the past day or so)

3. Visit notary if the bank doesn't offer automotive notary services and complete the title transfer, plates, etc.

4. Done. Go camping 🙂

Remember, the sellers don't want to waste their time traveling long distances. It is common and appropriate to ask for additional pics, details, questions, make telephone contact, etc. They are committed and serious buyers, so be honest and prepared to do all the business at once.

Been there, done that. All those steps take time, plan most of a day as an "investment" into your new camper.

It amazes me how many people think banks are dumb or will lie to you when they verify and confirm another bank's certified check :R

Your logic falls off when you realize that one of the oldest scams around is for the scammer to get a legitimate cashier's check and then make duplicates. The issuing bank will rightly confirm the check information over the phone since they do not realize the scammer has presented duplicates to multiple sellers.
RVs, on the other hand, are bad targets for such scams. Unlike popular auto makes and models or items such as jewelry, they are hard to quickly dispose of. It would be very, very rare for a RV to be the target of such a scam. But I still would vote for wire transfer since BOTH ends of the transaction would involve banks which are pretty dang responsible and reliable and have done tens of thousands of similar transactions.

[full_mosey]

Safer. How about risk free to both parties?

The seller places the RV in a bonded warehouse.

Banks know how to clear funds. The seller's bank holds the title and the warehouse release documents. When the distant buyer's agent comes for the RV, they inspect the RV and then present payment at the bank. The bank clears the payment, pays the seller, and then the buyer gets the release documents.

Whoever shows up at the warehouse with the release gets the RV.

Buyer and seller cannot lose. Everyone is given all the trust they deserve. A scammer cannot agree to this method.

HTH;
John

[FunTwoDrv]

As noted in rgatijnet1's comment, as a seller my recommendation is to require a wire transfer into either a new account or your bank's holding account. Once the funds are confirmed, provide the buyer with the title(not before!).
I've seen every form of check counterfeited. Your experience may be different but, you asked for the safest form of payment.
A few comments seem to be from the buyer's perspective. That's fine but as the seller, you have to be comfortable with the transaction method... wire transfer may be your safest. Cash is great, but I have found myself counting and marking stacks of bills to be a bit of a pain.
Good luck,
Gary

[10forty2]

Another vote for wire transfer. We did that when we purchased a boat from a private seller. We informed our bank that we wanted to transfer the money and he informed his bank that it would be receiving the money and what account to put it into. Smooth and safe transaction.

[DiskDoctr]

time2roll wrote:
Alarmist? Fairly common post actually.

I see you posted while I was answering another post with more details (see above) 😉

[DiskDoctr]

time2roll wrote:

golfknut wrote:
We received an offer from an out of state buyer and he says he can provide us a certified bank check.

Is that a safe avenue?
Better than or different than a cashier's check?

Sight unseen? That is a big red flag.

I don't see a flag 😉

A bank's check can be re-deposited if the buyer decides not to buy the camper. Only thing he will lose is the check fee.

It is VERY common to work out a rough price range before long distance travel, with final price to be determined after looking at it, inspecting, haggling, etc.

We have taken cashier's check for 80% with cash to make up whatever amount the final number lands at and handle notary fees, etc.

We have ALWAYS discussed the full method of payment and transaction and schedule for ALL parties on the title (husband and wife both available?), notary location and hours, title details, etc.

We also ASK if they are comfortable or if they have any other questions before we schedule our trip.

We also exchange cell numbers/text and text them when we leave (after decent am hours of course), when we pass an agreed upon waypoint (accounts for travel time, traffic, etc). Also helps with any directions or delays.

Our last camper had an outstanding bank loan, but we met them at their bank, we all went to the Mgr's office where we presented our check and cash, the sellers wrote a check (drafted on that branch) for the balance, and the bank notarized and guaranteed the sale.

We did have to wait about 2 weeks or so for their bank and state to issue the title so we could get our plates and such. No big deal 😉