How best to secure funds in trailer sale

[2KC Seattle]

Hi Escape folks - we're going to be selling our wonderful Escape trailer next month and, as we've seen these can go fast, we're seeking advice on the best form of payment to safely secure the sale of the trailer. We'd love to be totally trusting but, short of asking for all cash, we'd also hate to let it go after receiving a personal check and then find it might bounce. Any advice from some of you wiser financial folks is much appreciated.
Thanks,
- King and Kathy Cushman

[cpaharley2008]

Just hold onto the title until the funds clear and then send to the new owner.

[Kountrykamper]

My bank told me they get a couple fake cashiers checks each month. I had our buyer bring cash and we went to the bank and completed the transaction there.

I also gave them a option to go to a branch of their bank and cut me a cashiers check there so I could see the bank cut it.

Unfortunately you have to be so cautious these days. Both buyer and seller.

[Donna D.]

Direct transfer from their bank to your account.

[tractors1]

Originally Posted by Donna D.

Direct transfer from their bank to your account.

Yuppers!

[Kountrykamper]

Originally Posted by Donna D.

Direct transfer from their bank to your account.

But that can put the buyer at risk and takes a day to clear still. You have to do something fair for both.

I hate selling things these days.

[tractors1]

Originally Posted by Kountrykamper

But that can put the buyer at risk and takes a day to clear still. You have to do something fair for both.

I hate selling things these days.

Fair for both is to exchange the title and bill of sale at a branch of the sellers bank once the bank confirms the money has been deposited from the buyers account to the sellers account. Pretty simple and straightforward.

Took about 5 mins when I bought my Casita used.

[kootenaigirl]

I have had good luck with a wire transfer, that was what my bank recommended.

[Greg A]

We go to the bank and have it wired from their account to ours. If it is same bank it is instantaneous. Cash I'll only take at our bank and they run it for counterfeit, lots of funny money floating around especially 100 dollar bills. You need a notary to do the title and bill of sale properly anyway, so no problem doing it all at our bank.

[Donna D.]

Originally Posted by Kountrykamper

But that can put the buyer at risk and takes a day to clear still. You have to do something fair for both.

I hate selling things these days.

I bought some cars this way. My banker was on the phone to their banker and when the teller said... all clear, money is deposited. We were done. Once everything was setup, took about 10 minutes.

[Kountrykamper]

Wire transfer is easy if you are somewhere that the buyer has a branch of their bank in that city. Our small town bank would not transfer from the buyer unless they had a account there. Cash at the bank worked for us, bank counted it out and deposited it in our account. Handed them the title, no notary need here.

Bottom line is get you money before you let them take the trailer.

[2KC Seattle]

Wow, as always, the Escape Forum is wonderfully helpful in providing good ideas on how to best work the sale - at least 5 or 6 solid options!! Sounds like the most sure plan is to keep title and trailer until funds are formally and officially transferred and deposited. This will be so useful for us next month when we put our trailer on the market.
Thanks to all of you for taking the time to offer such good advice.
All the best to you all!!!
- King and Kathy Cushman

[StarvingHyena]

OK one more ... slight variation:

I spotted a new to me Tow Vehicle that I thought I wanted on Craigslist. I live in Alaska and it was in Wash. State. I phoned the owner a few times and it still sounded good. There was a branch of my bank in the sellers town so I looked up their phone number and asked the banker if they were going to be open on a Saturday - Yes and if they would have that much cash on hand for withdrawal. I explained that I intended to buy a truck but hadn't been able to see it yet. The Banker thanked me for calling ahead and said they would keep that much in the safe in an envelope with my name on it. If I wanted to buy, then they would withdraw that much from my account and give it to me in cash.

After a truck inspection, I still wanted it so the seller came to that branch of my bank with me, bringing the title. At the bank I asked for a conference room for privacy. The banker brought me the cash. The seller signed over the Title and I counted out and gave him the cash. Deal done - no anxiety. Cash = truth. We both left the bank happy and I drove him to his bank for deposit and then home. Left with my new truck. A no fee transaction and very easy

I wouldn't buy a house this way cause the stack of 100's would be too great. Fun to imagine though.

Tom

[fudge_brownie]

Sometimes the buyer is not present for the transaction and you are shipping the trailer. Then it is time to look into www.escrow.com. Designed and used a great deal at eBay Motors, it is for those situations when you are shipping to the buyer. The buyer must accept the vehicle within 72 hours, if not the return shipping is taken out of his escrow.

I have registered and set everything up but the buyer could not or would not accept the shipper he had chosen (for good cause). So the deal was not finalized. I was impressed with the entire operation.

[Donna D.]

Originally Posted by StarvingHyena

I wouldn't buy a house this way cause the stack of 100's would be too great. Fun to imagine though.

Tom

TRUTH.

But, you brought up a good point. You can use a Title Company for more than a sticks 'n bricks home. Fees are based on the total amount. If you're anxiety ridden, a $50 (or so) fee may be warranted. And even that fee can be negotiated.

[Bill and Earline]

Here's what I've done twice in the last year, as the buyer:

Take a cashier's check, issued by my bank, payable to the seller.
Once the vehicle appears acceptable at the seller's location, go to the seller's bank.
Their banker calls my bank to verify the cashier's check and that it would be honored.
The seller's bank receives the cashier's check and deposits the money in the bank account of the seller. They do that, the seller signs over the title and it's done.
No fees. No danger of cash or driving each other around.

Doing all that on Tuesday, again.
Bill

[2KC Seattle]

Creative and sound approach - Thanks.
- King Cushman

[steve dunham]

When we sold our Scamp , we went to the purchasers bank .
I then received a cashiers check from his bank for my trailer and then we transferred the trailer title. We don't do electronic banking , we prefer to deal with our bank directly.
Their is an issue with counterfeit cashiers checks and we have encountered people / businesses who deal in cash only.

[2KC Seattle]

Hi Steve - good advice, thanks so much.
- King