Sold my boat, acceptable payment question????
 

I took a deposit on my Sunsation in Jan, deposit check cleared OK, and now the boat is about to come out of storage and we made plans to pick up/ deliver on the 21st. He's traveling from TN and I live in MI. Buyer wants to bring a certified check for the balance...how easy are they counterfitable??? Talked to my bank that carries the loan and they said it would take 2 days for it to clear (even if they verified funds) Should I request the check a few days in advance? to make sure it clears? The contract I provided to the buyer states "seller will NOT release boat until all funds have cleared and buyer is released from ALL liability of monies owed"

Buyer seems like a stand up guy, but I'm just trying to cover my a$$..........

Buyer also saw the ad here, and I sold it 3 days after placing the ad......THANKS OSO!!!!!!!!!!!!!!!!!!!!

Thanks in advance ................Jason

Have the money wired.

Done deal

I would hold the title and regristration if it were me, once it clears mail it them out. You could also ask for the check in advance, if I were the buyer I would not go for that especially if I had not yet seen the boat in person

If I was to get boned on the $$$ but still had the title and registration how easy would it be to recover the boat??? leangthy court battle??????

My best friends call me CA$H!

Have the money wired to your account...its fast and safe.....when it hits your account its yours......hold the reg and title till that happens....if the wire is done before 12 noon MON-THURS ( Friday wires are bad news and post Mondays in MOST cases ) it is usually in your account by that afternoon...it might not post for you you to see online but you can call your bank and they can see if it is in your ledger waiting to be posted.

Do the above even if its a certified check. Also photo copy the check, their drivers license, and put it in writting that the buyer gave you that check and what type, have them sign the paper. Some banks (mine does this) certified means the bank is certifying the check's sig is the account holder's, not that they have those funds in the account. Problem is most people assume the check is good for that amount. My bank calls those cashier's check's, so most times its an honest mistake on the buyers behalf.

I sold a car on ebay, another car related forum had a member that was ripped off by the same buyer confusing certified meant the funds are there. A week or two latter a friend of my Moms sold her deceased husbands motor home. The buyer we discovered was ripping people off in this manner as well. Lucky for my Mom's friend, have a relative in the RCMP and she helped set up a sting. Thieves know and are taking advantage of people's assumptions. So you are right to ask questions........

When the buyer of my car did'nt agree to putting it in writting that he'll give me certified funds check as payment, I canceled the sale. Would not have known the dif between cert. and cashiers check without a forum like this.

Getting it in writting and other picture evidence gives the Police more to go on for a fraud case and makes it a heck of alot easier to repo your stolen property, in case it does happen. An honest person should understand your caution...

Yep. Even bring out the little pen that the carryouts use to make sure it's legit.

Thanks for the replies, I think I'm going to have him send me the check and give it to the bank beforehand to verify and clear but not actually deposit until we meet at the bank, until then I'll hold the title and registration, that way I know I'm getting payment and he knows the titles clear. Based on the above posts I'm going to request another contract including a photo ID and a copy of the check.....does this seem OK????/

get the money

I just got off the phone with the new owner and my bank...cashiers check made out by a 5/3 branch where he's at including loan# and HIN to a 5/3 branch where I'm at! Bank says foolproof and guaranteed!!!!! Hooray! New boat here I come.............................................. .........

You can stop payment on a certified check , be careful. Have the money wired!

if the money is wired you are safe period.

CASH only. In God I trust all others pay cash.

Can a buyer stop payment on wired funds? I thought I remember another thread about scams and revoking a wire transfer after two days???

EXACTLY....DO NOT MESS AROUND WITH CHECKS.....CERTIFIED or NOT.....We warned you here on OSO.

NOPE...once it is in your account as available funds...its yours........thats why it takes time for the wires to clear the fed res who will back them...if they screw up its their problem not yours......wires cost money and thats what you pay for....peace of mind.

Of course but 50k or more could be a bit much to tote around unless your a SOPRANO :D

Use a bag no problem.

Yep - I learned the hard way!

atache case works great ,it holds cash and the glock or mac 10 and extra ammo