Topic: Cash transaction outside of ebay opinions on paper work etc.

[greenjeans]

You may have seen my sandcast for sale on ebay, here or CL.   Anyway, I have a guy from California that has offered 15k for it.  Wow.
He will either wire the money to my bank today or wire it to his driver in Houston who will then drive through and pick it up and pay me in cash.

Any opinions on this ?     I'm not 100% against a wire transfer.   However, if the driver, who is familiar with this gentleman can inspect the bike personally
before taking possession of the bike.   Somehow I think that would make everyone feel better/safer ?

I've also been advised to open a separate bank account specifically for this transaction - if it is a wire transfer.   Any opinion on that ?
I just want to make 100% sure that when I get the money and the bike is gone, I still have the money.

As far as paper work, what sort of receipt should I give ?     Anybody have a link to something that would work for both parties ?

Any suggestions are appreciated.   I've usually just sold face to face.  This experience is a bit nerve-racking at best.

[tomkimberly]

Cash is real cash, not to easy an forge cashiers check. If offered a check or money order of any kind, do not let them have the bike, tell them it will be available for pick-up after the check (or money order) clears, meaning 3 - 4 weeks.

+1 on the new bank account to deal with the transaction.

Tom

[Duke McDukiedook]

Sounds like a potential 419 scam. Cash is king.

[CycleRanger]

You may have seen my sandcast for sale on ebay, here or CL.   Anyway, I have a guy from California that has offered 15k for it.  Wow.
He will either wire the money to my bank today or wire it to his driver in Houston who will then drive through and pick it up and pay me in cash.

Any opinions on this ?     I'm not 100% against a wire transfer.   However, if the driver, who is familiar with this gentleman can inspect the bike personally
before taking possession of the bike.   Somehow I think that would make everyone feel better/safer ?

I've also been advised to open a separate bank account specifically for this transaction - if it is a wire transfer.   Any opinion on that ?
I just want to make 100% sure that when I get the money and the bike is gone, I still have the money.

As far as paper work, what sort of receipt should I give ?     Anybody have a link to something that would work for both parties ?

Any suggestions are appreciated.   I've usually just sold face to face.  This experience is a bit nerve-racking at best.

Cash is always king and preferred, however a wire transfer from his bank to yours should be perfectly safe and shouldn't require a separate account.
Receipt should just be the signed title and a bill of sale stating the bike is being sold as-is, just like selling any other vehicle.

[Jerry Rxman Griffin aka MuthaF'er]

Talk to your bank's manager, not a teller, about the safety of wire transfers. C notes are great as long as they are real. This dude isn't from Nigeria is he? Sorry couldn't resist.

[BobbyR]

If I were you cash sounds fine with this warning. If you take cash you stand a good chance of being robbed after the sale.
If I were you I would have one or two people with you, preferably armed. Make it clear and show you all are going directly to the Bank so that they do not believe the money is in your home.

[754]

  Be careful, having someone with you  is a good plan, and put the money in the bank right away.. If the buyers name is Dom..run like hell...away from the deal

Sometimes as a show of faith, I have done this..
 list something for sale, no pics...like CB750 parts or broken CB 750 cases..with a BIN. They buy it right away... now you have a small measure of feedback

[CBGhia]

Wire transfers are the most secure way to move money.  You shouldn't need a new account for that, but it does not hurt to open a new free checking account just to receive it.

[greenjeans]

Thought about the robbery thing.....   I've told the seller that I'd prefer to handle the physical exchange at my bank.

Hopefully, that way, everyone feels safer.  Cameras everywhere.   They (the bank)  can inspect the cash to make sure it is real etc. etc.

I have never answered this many phone calls or emails in my life....glad when this is over.

[kmb69]

Just sent you a PM with my contact info. Keith

[CycleRanger]

Wow, you guys are sure paranoid.

[Duke McDukiedook]

Nah, we just don't like being marks.

[greenjeans]

Probably am a bit paranoid.   The buyer seems to have good scores & feedback on ebay.   Did a quick google search - everything seems to be on the up and up so far.    Still, I won't believe it until the cash is safely deposited into my account.

[Bailgang]

If you go the cash route then make sure the "cash" genuinely is cash. I know of someone who sold his Camaro with the buyer paying in cash. The next day when he was at the bank to deposit the cash he quickly found himself surrounded by police because it turns out it was all counterfeit.

[tweakin]

If the guy can do a cashiers check, it is just as easy to bring cash.  If he insists on doing a cashiers check, hold the bike until the casiers check clears.  If the buyer is legit, this should not be a problem.  Great bike, too bad you are selling it.

[CycleRanger]

If the guy can do a cashiers check, it is just as easy to bring cash.

Actually, it's not any more.  Many banks require 24 hours notice now to get that much cash and any cash transaction of more than 10,000 has to be reported to the IRS. 
http://www.irs.gov/businesses/small/article/0,,id=148821,00.html

However, cashiers checks are now so frequently forged that most banks will automatically hold the money until the check clears.
That's why a bank-to-bank wire transfer is the safest way to go.

[BobbyR]

Wow, you guys are sure paranoid.

I know new car dealers that will not take cash for that reason. Some have sold cars for cash, plates issued and a hour or two later guys come in with guns. They have the car and their money back. 

[Stev-o]

I would be very cautious too.  A cashiers check can be safe, ask him to get it a local [to him] branch of your bank, if possible. I have done this and there is no wait for check to clear.
Whatever you do, do not release the title until those funds are secured.
Good Luck.

[grcamna2]

I would be very cautious too.  A cashiers check can be safe, ask him to get it a local [to him] branch of your bank, if possible. I have done this and there is no wait for check to clear.
Whatever you do, do not release the title until those funds are secured.
Good Luck.

+1 

[Terry in Australia]

Ah, good to see that nothing's changed in the United States of Paranoia, ha ha! But seriously, the smartest way is a direct bank transfer, and the buyer doesn't collect the bike until you confirm with your bank that the funds are in your account, and not going anywhere. Cheers, Terry.

[rb550four]

I'd do the bank route too. Some titles require a notory republic upon transaction, some states require both parties ,some accept  a notorized  seller ... depends. Use the safety of the bank and ask the notory( bank employee usually) if they would verify that this is non counterfit cash.

[Duke McDukiedook]

Where is this notory republic??? Is it next to Absurdistan? 

Damn tootin' Terry, as stated above, we don't like to be made for marks.

[Stev-o]

Notary Republic is next to the Banana Republic!

[Terry in Australia]

Damn tootin' Terry, as stated above, we don't like to be made for marks.

No worries mate, I've been buying and selling bikes on a fairly regular basis over the last 30 years or so and I've never been ripped off, so I guess I don't get the paranoia thing. Out of interest, how often have you, or anyone you know, been ripped off by a con man? (Vacuum cleaner salesmen, Televangelists and Governments excluded, of course...........)