Selling an RV/payment

[mountaintravele]

I will be selling my RV a few months later and need to understand how I can safely receive a payment. I want to sell to a private party.
It's going to be selling for 40-45K.
Receiving bank wire won't work for me.
I will ask buyer to give me cashier's check of a bank that has local, branch, I think. I want to be able to go to the branch in person and cash the check and also first verify that the check is good, before I sign the title over.
Had anyone done a sale like this? What are the steps with cashier's check handling to make sure one won't get defrauded?

[valhalla360]

ktmrfs wrote:

If the OP cashed the check and gets cash it will still be reported to the feds
And unless the OP is putting the money in a mattress a bank/credit union/brokerage etc. will also be reporting the transaction.

So instead of ONE transaction being reported, two will be reported.

Less headache to use a transfer between accounts

Not only will it be reported...it will show up as suspicious.

[valhalla360]

ktmrfs wrote:
show up at a bank with more than 10K cash to deposit into an account and you will need to provide plenty of identity to deposit the cash. and the deposit will be reported to at the very least the feds. Part of the money laundering problem. doing multiple small transactions won't get around it unless they are well spaced out.

Last time I sold a motorcycle it was for cash, about 5K and even though the bank tellers knew me, and it was under the 10K limit I still had to answer a bunch of questions, have my ID photocopied and sign some documentation to deposit the money into my account.

From the fed's

When a cash deposit of $10,000 or more is made, the bank or financial institution is required to file a form reporting this. This form reports any transaction or series of related transactions in which the total sum is $10,000 or more. So, two related cash deposits of $5,000 or more also have to be reported.

And whomever provides you with the cash will need to go through the same process since withdrawls above 10K also must be reported to the feds. Again it's cumulative withdrawls over a period of time, so breaking them up likely won't get around it.

Not just cash transactions, any deposit of $10k or more or per the terminology...structured deposits (ie: putting in 2 - $5k deposits gets reported.

So long as you have the paperwork showing the sales transaction and it's all legitimate and presuming you haven't been involved in tax fraud, drug sales or other red flag transactions...not a big deal that they report it to the feds.

[valhalla360]

mountaintraveler wrote:

rk911 wrote:
when you cash the check do not walk out of the bank with all that money. have the bank issue you a cashier's check that you'll take to your bank to deposit.

No, I don't want to deal with banks. My question was about cash transaction. Walking out is fine, as soon as the buyer isn't shady. I will not sell to a shady buyer, have pretty good spidey sense about people. Just want to make sure I won't be given fake cash, so won't sell to cash directly one on one. Banks parking lots are pretty safe, and I'd drive around to lose anyone who might be trailing me (I've been around some dangerous places in this world, know the procedure)

Sold a boat a few years ago and the buyer wanted to do the deal in cash (actual cash). After some back and forth, walked away from the deal as it was too suspicious.

Playing Rambo is just silly.

[valhalla360]

JRscooby wrote:

valhalla360 wrote:
Title gets signed off...when your bank confirms the money is in your account with no way to claw it back. Go to your bank and ask what they will accept with those conditions.

Years back I sold a trailer. The buyer had a cashiers check. Went to my bank, had them verify the check was good by calling bank where buyer got loan. Deposited check, had bank notaries stamp signature. At same time, same buyer bought another trailer from friend, same deal.
As turns out, I was lucky. I was selling because did not need the trailer. Friend was selling because needed money. Couple weeks later, he had checks bouncing, and I got notice of balance reduction.
Turns out buyer had used a good copy machine, cashed the real checks. Friend called sheriff of buyer's home county, was told civil matter, friend would have to sue.
And when you talk of cashing check, that has risks. There is chance you will meet bad actors. Some will take cash illegally, others take cash, make you pay lawyer to get it back. (Look at CAF laws)

So, you/he didn't confirm that the money couldn't be clawed back.

[valhalla360]

mountaintraveler wrote:

valhalla360 wrote:
Title gets signed off...when your bank confirms the money is in your account with no way to claw it back. Go to your bank and ask what they will accept with those conditions.

I don't understand what you mean.

I will need to cash the cashier's check in a local bank branch that issued the check, not my bank but whatever bank issued the cashier's check.

I guess what's suggested above, to meet in the branch of that bank and handle entire transaction there.

Yeah, if you walk out with $40k in cash, they won't be able to claw it back...of course, I would be heading straight to my bank to deposit it.

[ktmrfs]

way2roll wrote:
Banks make this process so simple and safe I can't imagine why you wouldn't want to use the processes in place. If you have an account at a bank, not only do they have notary's on hand to complete title transfer, they can also facilitate a safe and easy funds transfer to complete the sale. They verify funds from the buyers account, complete the transfer and validate it's in your account. Zero risk. Easy and has all the safeguards in place. While it is true that transactions over $10k require a SAR (suspicious activity report) it's transparent to the customer and further mitigates risk if the bank is actually the one doing it. Some people prefer the drama of cloak and dagger scenarios, but this type of transaction happens every day at every bank and it's the safest and easiest way to handle it. Get a buyer, call your bank and make an appointment for the both of you and let them handle it. Handling cash and cashier's checks is a much riskier method and way more of a hassle - And you still need a notary for title transfer - and the bank will now file 2 SARS. Because the truth is, that method is more suspicious. Let your bank help you, it's a service they provide for free.

The fact that the OP is adamantly against wire transfers and not having the bank handle the transaction is actually more suspicious. As a buyer I wouldn't ever handle a transaction like this if the bank didn't handle it.

very similar to my experiences for sales or purchases I've "closed" with a Bank or Credit Union. About 10 minutes and I'm out the door with either the vehicle and title in my hand, or the money in my account.

And while cash transactions of >10K trigger a SAR, I'm not sure a transfer between accounts does. If it does it is WAY less intrusive than cash transactions and completely transparent to me.

Personally, if I was the buyer I wouldn't even think to do a cash sale, I'd insist it be at a bank or CU and bank transfer between accounts.

[rhagfo]

way2roll wrote:
Banks make this process so simple and safe I can't imagine why you wouldn't want to use the processes in place. If you have an account at a bank, not only do they have notary's on hand to complete title transfer, they can also facilitate a safe and easy funds transfer to complete the sale. They verify funds from the buyers account, complete the transfer and validate it's in your account. Zero risk. Easy and has all the safeguards in place. While it is true that transactions over $10k require a SAR (suspicious activity report) it's transparent to the customer and further mitigates risk if the bank is actually the one doing it. Some people prefer the drama of cloak and dagger scenarios, but this type of transaction happens every day at every bank and it's the safest and easiest way to handle it. Get a buyer, call your bank and make an appointment for the both of you and let them handle it. Handling cash and cashier's checks is a much riskier method and way more of a hassle - And you still need a notary for title transfer - and the bank will now file 2 SARS. Because the truth is, that method is more suspicious. Let your bank help you, it's a service they provide for free.

The fact that the OP is adamantly against wire transfers and not having the bank handle the transaction is actually more suspicious. As a buyer I wouldn't ever handle a transaction like this if the bank didn't handle it.

Agree 100%!
Done this at a bank before so easy and safe!

[way2roll]

Banks make this process so simple and safe I can't imagine why you wouldn't want to use the processes in place. If you have an account at a bank, not only do they have notary's on hand to complete title transfer, they can also facilitate a safe and easy funds transfer to complete the sale. They verify funds from the buyers account, complete the transfer and validate it's in your account. Zero risk. Easy and has all the safeguards in place. While it is true that transactions over $10k require a SAR (suspicious activity report) it's transparent to the customer and further mitigates risk if the bank is actually the one doing it. Some people prefer the drama of cloak and dagger scenarios, but this type of transaction happens every day at every bank and it's the safest and easiest way to handle it. Get a buyer, call your bank and make an appointment for the both of you and let them handle it. Handling cash and cashier's checks is a much riskier method and way more of a hassle - And you still need a notary for title transfer - and the bank will now file 2 SARS. Because the truth is, that method is more suspicious. Let your bank help you, it's a service they provide for free.

The fact that the OP is adamantly against wire transfers and not having the bank handle the transaction is actually more suspicious. As a buyer I wouldn't ever handle a transaction like this if the bank didn't handle it.

[Scottiemom]

Not only can cashier's check be counterfeited, but you can stop payment on them up to 10 days after it's issued. Not many people know that, but it is true.

If I had to do it this way, I would go to the buyer's bank and have the bank draw the cashier's check right then and there and then cash it. But a stop payment could still be issued.

Dale

[nickthehunter]

RetiredRealtorRick wrote:
…Obviously there's some key information we're not being provided here.

Maybe he’s selling all his possessions and taking all his money in cash and moving somewhere where he feels the economy is more to his liking. Not sure why his reasoning is important to anyone answering his query. Maybe he doesn’t want his wife to know. Maybe He knows something he doesn’t care to share.

[RetiredRealtorR]

I'm real curious why "it's just wires are not acceptable in this case" --- clearly wiring funds is the easiest and safest way to handle such a transaction. Obviously there's some key information we're not being provided here.

[JRscooby]

mountaintraveler wrote:

rk911 wrote:
when you cash the check do not walk out of the bank with all that money. have the bank issue you a cashier's check that you'll take to your bank to deposit.

No, I don't want to deal with banks. My question was about cash transaction. Walking out is fine, as soon as the buyer isn't shady. I will not sell to a shady buyer, have pretty good spidey sense about people. Just want to make sure I won't be given fake cash, so won't sell to cash directly one on one. Banks parking lots are pretty safe, and I'd drive around to lose anyone who might be trailing me (I've been around some dangerous places in this world, know the procedure)

I think I would start to look real close at any deal where the seller did not want to deal with bank. A seller can be pretty shady too.

The fact is the safest and fastest, when dealing with that much money is wire transfer.

[stripit]

If you walk into most banks and try to get anywhere near that amount of cash they are probably going to tell you they don't have it. Has to be ordered and that is on their next delivery, in most places once a week. Been there done that. Tried to pay for a Class C with almost 40 grand cash out of my account. Hit 4 different branches as each one would only give me about 4 or 5 grand. Ended up giving the seller about 24 grand in cash and a bank check for the balance. This was the same bank he used, and after he called to verify I was telling the truth he was OK with this transaction. Best of luck to you

[Grit_dog]

OP if you’re limiting yourself to no wires, no cash, and no cashiers check received, then I’m on the fence aboot who’s shady.
And some of you need to get a different bank. Now I’ve never pulled out more than like $35k in cash nor have I deposited more than that but the only issue with withdrawing that much cash is making sure they have it on hand. Over $10-15k and sometimes I’ve had to hit up multiple branches if on short notice.
And the whole questioning thing about large deposits? Yes seems the teller always has to get a mgr for that (large wd as well) and they generally seem to ask what it’s for (in a curios non assuming sort of way). Sometimes I’ll tell ‘em in generic terms sometimes I’ll tell ‘em it’s nunya.
As far as being skeptical aboot counterfeit money? Lol. If your spidey sense can pick up a shady buyer, you ought to know the smell and feel and security measures included in a Benjamin Franklin….
Sometimes I’ve had sellers say they’re ok with me bringing a cashiers check. But generally buy and sell with stacks of green. (The one lady who brought me $20k in a grocery bag, including 20s 10s 5s and I think some 1s! I insisted on counting it and gave her back over $1000….lol)
But based on your significantly limited acceptable forms of transaction, left them at their bank. Get the cashiers check from them, verify funds in their account that the check was written on (the bank will doo it with the account holders permission) and walk out with the check and go cash it at your bank….or theirs if they have the scratch on hand.

PS OP, if you think somehow depositing the $ into your account will somehow be construed as income (the only reservation I can think of) it won’t.

This is just a weird set of limitations that wouldn’t even require a question if but not for being wiggy about it.

[Walaby]

ktmrfs wrote:

Walaby wrote:
OP has stated he's not going to transfer or deposit in his bank.

He wants to meet purchaser at a branch of the PURCHASERS bank, have the bank make the withdrawal and he walks out of the bank with the cash.

Not necessarily how I would do it, but Im not him.

I sold a 66 Fairlane to an out of state purchaser for 7K.

Purchaser sent me a cashiers check and also paid for a transport company to pick the car up. I told purchaser no picking up car until cashiers check cleared my bank. It took three days for bank to release the funds into my account. Once cleared, transport company showed up, all good.

Mike

If the OP cashed the check and gets cash it will still be reported to the feds
And unless the OP is putting the money in a mattress a bank/credit union/brokerage etc. will also be reporting the transaction.

So instead of ONE transaction being reported, two will be reported.

Less headache to use a transfer between accounts

Totally agree.

Just saying he's not interested in bank transfer.

Mike