Smart and dumb ways to handle $ when selling my rv

[tomseeley]

I'm working on selling my rv. I may have a serious buyer. I've heard about payment scams, problems with cashiers check that bounce weeks after the seller thinks they've cleared and the $ is in your bank, etc. I've heard that setting up an escrow acct could work. I've heard "drive your rig to the buyer's bank with the buyer and stand there while the buyer's bank hands you the selling price in cash"! Sounds a bit extreme but maybe that'd be worth it.

So what ARE some good and dumb ways for seller and buyer to seal the deal when it's time to do that?

I need all the advice I can get, please! And thx in advance.

Tom

[Dick_B]

Isn't wire transfer the same as direct deposit eg. Social Security payment therefore quite safe?

[ThomBoles]

I bought a coach this past year. I was expecting to go to my bank and withdraw cash. Little did I know that you have to "order" money in advance if you want to walk out with it. I ended up getting a bank check then the seller and I agreed that we would meet once the deposit into his bank was complete to transfer title. He did provide me with a signed receipt but we'd also met a few times before the transaction and were comfortable that each other were on the up and up.

[ksg5000]

Agree - wire transfer the way to go. Talk to your bank to learn how it works - that will give you info to explain to the buyer how easy it is to accomplish. No big deal.

[JALLEN4]

There is no question phony bank checks, cashiers checks, and even counterfeit cash is possible. It is also possible to stop payment on a cashiers check without possession of the check. I have been a victim of each of these things in my years as a dealer. The only method that I never had a bad result from was wire transfer. This is considered so safe now that in Ohio the law is that all funds must be wired in a real estate transaction. It is simple to do and the only down side is that many people simply have no experience doing it. Your bank will be happy to assist and educate you in the process.

[Scottiemom]

When we purchased our current toad last fall from a dealer, we wanted the title to take with us. They would not do that unless we paid CASH MONEY. No cashier's check, no wire transfer, etc. I was told that you can actually stop payment on a bank check. I did not know that. Even the bank manager told me the dealership would take a bank check. The dealership said NO. So we got cash and took it directly to the dealership.

Next time I won't do that, but it worked this time.

That said, I would go to the buyer's bank and make the deal, either cash or a wire transfer.

Dale

[Ralph_Cramden]

jkwilson wrote:

clarkster wrote:
I had this same discussion with my daughter in law bank branch manager.
Once a cashier's check has been cut, the account from which it has been written from is immediately (electronically) debited from that account.

You (account holder) cannot just call the bank and tell them to cancel that check.

The uncashed check must be returned to the bank by the account holder before any consideration is made to credit back those funds.

They draw a check then make 5 forgeries. Not a safe way to go.

They open an account and deposit funds, so they can draw a cashiers / bank check which is made out by the bank, including the payee's name, then make 5 forgeries changing the payee name in the process?

All it takes is a call to the bank issuing said check to verify it. That is unless they also have a plant working at the bank or are able to intercept your call somehow to the bank.

The paranoia here leaves me SMH:S

[bucky]

I would go so far to say that if you receive large amounts of cash at your home on a day the banks aren't open you may need to stay up until the banks open. And well armed. Home invasions are not usually random.

[Dutch_12078]

shepfly wrote:
Have your buyer do a wire transfer from his bank to yours. I set this up before I went to pickup MH, then called my bank to do the transfer after I decieded to purchase. Sellers Bank received transfer and instructions to call seller that funds were deposited in his acct. Whole transaction took maybe 20 minutes and is very secure. I carried no funds on my person and neither did seller. Dave

X2... Definitely my preferred payment method with an unknown buyer or seller.

[jkwilson]

3oaks wrote:

jkwilson wrote:
Bank checks are worthless. They can be forged pretty easily. Go to the buyers bank and have them get a check while you are there or open your own account and have the money transferred.

A bit extreme, I would say. Particularly if the buyer is from "out of state" and the buyer's account is with their local bank or C.U. There are other secure alternatives. Years back, I had no problem with selling my TT to a buyer from Texas who came all the way to PA to purchase it.

There are no secure methods to do this other than going to their bank. If you believe so, you are a victim in waiting.

[jkwilson]

clarkster wrote:
I had this same discussion with my daughter in law bank branch manager.
Once a cashier's check has been cut, the account from which it has been written from is immediately (electronically) debited from that account.

You (account holder) cannot just call the bank and tell them to cancel that check.

The uncashed check must be returned to the bank by the account holder before any consideration is made to credit back those funds.

They draw a check then make 5 forgeries. Not a safe way to go.

[shepfly]

Have your buyer do a wire transfer from his bank to yours. I set this up before I went to pickup MH, then called my bank to do the transfer after I decieded to purchase. Sellers Bank received transfer and instructions to call seller that funds were deposited in his acct. Whole transaction took maybe 20 minutes and is very secure. I carried no funds on my person and neither did seller. Dave

[DownTheAvenue]

clarkster wrote:
I had this same discussion with my daughter in law bank branch manager.
Once a cashier's check has been cut, the account from which it has been written from is immediately (electronically) debited from that account.

You (account holder) cannot just call the bank and tell them to cancel that check.

The uncashed check must be returned to the bank by the account holder before any consideration is made to credit back those funds.

Yes, but the buyer could present a an altered or forged bank check. The best solution is to meet at the buyer's bank and get your money directly from the bank.

[clarkster]

I had this same discussion with my daughter in law bank branch manager.
Once a cashier's check has been cut, the account from which it has been written from is immediately (electronically) debited from that account.

You (account holder) cannot just call the bank and tell them to cancel that check.

The uncashed check must be returned to the bank by the account holder before any consideration is made to credit back those funds.

[3oaks]

jkwilson wrote:
Bank checks are worthless. They can be forged pretty easily. Go to the buyers bank and have them get a check while you are there or open your own account and have the money transferred.

A bit extreme, I would say. Particularly if the buyer is from "out of state" and the buyer's account is with their local bank or C.U. There are other secure alternatives. Years back, I had no problem with selling my TT to a buyer from Texas who came all the way to PA to purchase it.

[jkwilson]

Bank checks are worthless. They can be forged pretty easily. Go to the buyers bank and have them get a check while you are there or open your own account and have the money transferred.