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What is the safest check?

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Old 01-11-2009 | 09:40 PM
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Default What is the safest check?

Other than going to the bank with a buyer for all cash, what is the safest form of payment?

Planning on taking a 20% deposit on a boat and hauling it almost 900 miles and then exchanging titles and a check.

Whats the safest check to accept - cashiers? bank draft?

I dont foresee any issues at all, but its alot of money and need to be covered.
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Old 01-11-2009 | 09:50 PM
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Certified chaeck from bank is usually good, if you are that worried you need to make sure you know who you are dealing with, address, Name, SS#, Have a written sales agreement. Basically enough information so if teh funds bounce you can track them and the property down.

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Old 01-11-2009 | 09:50 PM
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Moneyorder is like cash just on paper and only the person who its made out to can cash it.
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Old 01-11-2009 | 09:54 PM
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Wire transfer is safe and fast. You can verify the funds are in your account before he takes possession of the boat. This is how I bought my boat last fall. I traveled 1300 miles to pick it up. Naturally, the seller was leary of a check. Once I was happy with the boat, I gave the go ahead for the wire transfer. We went together to his bank to sign the title and get the bill of sale notarized.

Last edited by Plum_Crazy; 01-11-2009 at 09:58 PM.
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Old 01-11-2009 | 09:56 PM
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Originally Posted by Plum_Crazy
Wire transfer is safe and fast. You can verify the funds are in your account before he takes possession of the boat.
,,,i quess the future is here.LOL
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Old 01-11-2009 | 10:20 PM
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Originally Posted by CPB
Thats What I Would Do Is A Wire Transfer... But A Cashiers Check Or Money Order Are As Good As Cash. I Have Done All Of These And Had No Problem At All,,,
NO NO Casier Check NO Money Order, I can print them all day long on a good printer and you would never now the difference.
Electronic transfer the only way!!!!
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Old 01-11-2009 | 10:29 PM
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I like the wire transfer the best because you know the money is there.
While a Cashiers check or Money order is probably good, the banks won't guarantee anything until the check clears.
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Old 01-11-2009 | 11:28 PM
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I have had cashiers checks, bank drafts, and personal checks all go bad on me related to vehicle sales. The only 2 safe options are cash counted/scanned by the bank or wire transfer.
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Old 01-11-2009 | 11:34 PM
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Wire transfers can be reversed. All checks can have holds put on them or stop pays. Cash is king, but if yu have the cashiers check drawn on a bank that you use, it can be verified.

Nothing is guaranteed except cash. I have made a lot of transactions on faith. I guess we all have.

Escow services will work, they just usually have a fee involved.

Just take the deposit and don't deliver until it has posted.
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Old 01-11-2009 | 11:47 PM
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All ways of doing it have positives and negatives for the both seller and buyer.

In my last 2 transactions, I was a buyer and seller.
Buyer gave cashiers check and a chunk of cash to seller. Buyer took boat with a purchase contract/bill of sale. Seller sent the title after the cashiers check cleared the bank.
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