Selling to Long Distance Party with Transport Company Involved

[Jim Bennett]

Originally Posted by advenas

Don't do it. It's my understanding cashiers checks can be cancelled up to several days later and wire transfers can be reversed for I think 24 hours.

I would not do this unless the buyer will be there in person or someone else can bring you cash. Scams like this involving transportation companies are very common. Look on-line for scams involving cashiers checks, paypal and wire transfers.

Not worried in the least. I have used bank draft's many times. Once the draft is drawn, the transaction is actually complete. The draft is pretty much the same as cash. It is what my bank recommends I do with large sums of money.

How can I cancel a bank draft that I have purchased? | Investopedia

[advenas]

He's braver than I am......I pray it works ok and it's all good. Can't stand scammers or thievery of any kind.

[Jim Bennett]

Originally Posted by advenas

He's braver than I am......I pray it works ok and it's all good. Can't stand scammers or thievery of any kind.

Me either, and I have dealt with them both buying and selling. Even selling this truck I had two scam calls. I have also seen some pretty complex scams from sellers too. Not my first dance at the party.

[rotateclockwise]

It's sad that a man's word doesn't mean what it used to. Though, there are good guys out there.

The transfer went fine and funds have been received, verified, and moved. It was pretty easy. Both banks spoke before the transfer. The risk was on the buyers end.

[Marry]

Originally Posted by Jim Bennett

This is the first I have not had a 3/4 or 1 ton diesel in 25 years.

Semi-retirement Jim?

[KarenH]

Originally Posted by Jim Bennett

...after I tow my daughters trailer to her house that is.

And I'm still anxiously awaiting the pics of that restored trailer.

[Viajante]

Originally Posted by rotateclockwise

The transfer went fine and funds have been received, verified, and moved. It was pretty easy. Both banks spoke before the transfer. The risk was on the buyers end.

You picked a good way to receive the funds. You also bring up a good point: the buyer had the risk.

Looking at the transaction in reverse, would you wire money to someone on the promise of receiving a trailer?

[rotateclockwise]

Originally Posted by Viajante

Looking at the transaction in reverse, would you wire money to someone on the promise of receiving a trailer?

Probably not. We did speak on the phone a bit and were able to research each other online. He took a risk to have a dream with his wife and I'm happy to help him receive a great trailer.

[Jim Bennett]

Originally Posted by Marry

Semi-retirement Jim?

Alternate working setup, with a move towards semi-retirement.

Originally Posted by KarenH

And I'm still anxiously awaiting the pics of that restored trailer.

I now need my daughter to finish up a few things, like two cushions and curtains, then I will take some final photos. It looks pretty good.

[Fox hunt]

I bought from someone on this forum so I could go back and see the build of the trailer his previous posts etc as he could see mine so it seemed much safer. i am a little worried about selling my trailer now so I'm following this I don't want to get scammed some good ideas here thank you

[Donna D.]

My only true experience is selling several sticks 'n bricks homes and motor vehicles. I know plenty of hot rodders that have sold their vehicles through long distance buyers and those vehicles cost a 'el of a lot more money than any Escape trailer. They went through a Title company, money went into an Escrow account. The Title company made certain funds were valid and then, and only then was the title for a vehicle handed over to the buyer. Because it was always a "cash" buy based on a clear title, doing a title search for liens-against-the-property wasn't an issue and the cost for providing the service was cheap.

[float5]

There are quite a few sellers who have found that cashier's checks received were bad, I think even after the bank said they were good, and even weeks later. There are people who will not accept cashier's checks due to that. Wiring seems to be better.

[Greg A]

We have sold quite a few trailers and are involved in selling and buying these daily and this is a tough issue. We're very similar to JB that we only do the transaction in a bank preferably ours. This means no Sunday or sometimes even Saturday sales closings, bank must be open to complete purchase of our trailer.

Lots of counterfeit $100 bills floating around so I ask the bank to verify the bills which they have an auto scanner to do that if it's cash. So even cash isn't necessarily safe these days.

We try and see if they have the same bank as us and then you simply go to our branch and everyone gives their acct info and they move the money from their account to ours, then we notarize the title.

We will accept a bank check but only if it is drawn right in their bank in front of us.

Probably nothing is 100% without risk but we've found the three approaches above have put us in the safest arena.

[float5]

Yes, going to the bank is the best way if you can, having contact with both banks and having the banks say that it is all good.

Our Escape was stored in a small town with neither of our banks, with the buyer coming from another region. We had said that the wire might take a day or longer. I believe it was done in a few hours. He took the trailer the next day.

[NCBill]

Last sale closed at the bank. Cash to the teller, who counted and verified, title to buyer and notarized. Smooth.

Long distance or not, at some point, there is a meet up to take possession of the trailer. So at that point, it is local.

I bought my truck in Chattanooga, 3 1/2 hours away (similar price to a used Escape). Took cash with me. Bank explained if I got pulled over with that much cash, the police can seize it as a possible drug deal. So don't speed! Met at sellers bank, bank notarized documents and it was done.