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08-28-2017, 04:33 PM
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#1
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Junior Member
Join Date: Apr 2017
Posts: 23
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Escrow or Not?
I may be selling my RV to someone out-of-state from my residence. Has anyone used an escrow service before? If so, which one? If not, what is the best way to get a deposit and balance due? Which type of check is best?
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08-28-2017, 04:36 PM
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#2
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Senior Member
Join Date: Jan 2016
Location: Braselton, Georgia
Posts: 1,287
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I would be very cautious about taking a check. I don't care how good it looks. The only way I would take a check is to go with the buyer to his bank and watch the bank issue the cashier's check made out to me. Bank wire transfers are also very efficient and pretty safe.
__________________
2016 Winnebago 2201DS Champagne
2015 Ford F-150 XLT FX4 5.0
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08-28-2017, 04:48 PM
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#3
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Senior Member
Join Date: Jul 2012
Posts: 2,565
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X2 on a wire transfer.
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08-28-2017, 04:59 PM
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#4
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Junior Member
Join Date: Apr 2017
Posts: 23
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X2?
What is it?
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08-28-2017, 05:02 PM
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#5
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Registered User
Join Date: Aug 2014
Location: western NC mountains!
Posts: 4,106
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you can also make yourself feel better by asking for a deposit, in person, in cash, when they come to see the vehicle, then the balance while they follow you at your bank - a wire transfer from their account to yours - confirmed by the bank. Then sign over the title, or a title transfer form if it is financed, notarized by the bank.
your bank can serve as your 'free' escrow service - let them help you.
do NOT take a personal check unless you are prepared to sit on the RV until it has cleared not only YOUR bank, but also THEIRS, which can take a week.
also, do NOT take a bank Cashier's check, as those have been forged before, UNLESS, as above, the customer can wait until it has cleared their bank.
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08-28-2017, 05:03 PM
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#6
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Senior Member
Winnebago Owners Club Solo Rvers Club
Join Date: May 2015
Posts: 1,831
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A wire transfer can be made from one bank account to another bank account , and would be the most fraud proof method, if the seller uses a real time gross settlement (RTGS) system based wire transfer. RTGS systems provide the quickest availability of funds because they provide immediate "real-time" and final "irrevocable" settlement by posting the gross (complete) entry against electronic accounts of the wire transfer system operator. Once your bank confirms they got the RTGS wire transfer, its a done deal !
If buyer does not want to risk giving you the funds well before you give him the title and keys to the RV, a second choice would be a cashier’s check - a check guaranteed by a bank, drawn from its own funds and signed by a cashier or teller. Generally will have good security features such as several watermarks and two signatures. It’s a safe way to make a large payment on a purchase. The most important difference from a regular check is that the bank guarantees its payment, not the purchaser. You should be able to google the bank's name and then direct call to confirm that the check is real and not a forged cashier's check.
I would never let the buyer try to give you cash - all kinds of IRS implications when you try to deposit more than $ 10,000 in cash into the bank, credit union, or S&L.
__________________
Randy - Manhattan, Kansas
2015 Vista 27N
2020 Ford Escape Hybrid
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08-28-2017, 05:20 PM
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#7
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by powercat_ras
A wire transfer can be made from one bank account to another bank account, and would be the most fraud proof method, if the seller uses a real time gross settlement (RTGS) system based wire transfer. RTGS systems provide the quickest availability of funds because they provide immediate "real-time" and final "irrevocable" settlement by posting the gross (complete) entry against electronic accounts of the wire transfer system operator. Once your bank confirms they got the RTGS wire transfer, its a done deal !
If buyer does not want to risk giving you the funds well before you give him the title and keys to the RV, a second choice would be a cashier’s check - a check guaranteed by a bank, drawn from its own funds and signed by a cashier or teller. Generally will have good security features such as several watermarks and two signatures. It’s a safe way to make a large payment on a purchase. The most important difference from a regular check is that the bank guarantees its payment, not the purchaser. You should be able to google the bank's name and then direct call to confirm that the check is real and not a forged cashier's check.
I would never let the buyer try to give you cash - all kinds of IRS implications when you try to deposit more than $ 10,000 in cash into the bank, credit union, or S&L.
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Cashiers check is one of the least secure now, very easy to forge them plus the money can be taken back even after the check is written. It's no longer safe to deal with cashiers checks!
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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08-28-2017, 05:21 PM
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#8
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by burtcooper
What is it?
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X2 means they agree with the post either just above or they quoted it.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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08-28-2017, 05:57 PM
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#9
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Senior Member
Monaco Owners Club
Join Date: Dec 2011
Location: Knoxville, TN
Posts: 726
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My last motorcycle purchase, a Goldwing for $12,500, was paid for via a PayPal deposit of 500. After flying up and looking over the purchase we drove over to a branch of my bank and I transferred the rest via a cashiers check. We could have done a wire transfer on the spot. She was happy and I was tickled to get a 3 YO bike with less than 10,000 miles. Rode it home from New York to Tennessee the next day.
__________________
John Price
2016 Denali 289RK w/a Hensley Arrow Hitch
2015 Dodge Ram 2500 Cummings
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08-28-2017, 06:02 PM
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#10
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Senior Member
Join Date: Jan 2016
Location: Braselton, Georgia
Posts: 1,287
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In my previous working life, I worked a lot of white collar cases (fraud). Scenario: Badguy goes to bank and gets a legitimate cashier's check for $5.00. Goes home and using transmission fluid, removes the ink for the value and reprints the value of your asking price. He then presents the check to you. You call the bank and give the bank the check number and account number. They verify it is one of their checks. They did not or would not verify the amount over the phone. You sign over the title. Badguy drives off in your vehicle and sells the vehicle with the open title to nearest person for cash. Often a shady used car dealer. You put cashier's check in your account and find out 7-10 days later that check has been returned as altered/forged. Many jurisdictions will not even consider your vehicle as stolen because you signed over the title. There are people out there making their living doing these scams. They travel all over the country working Craigs List and the Auto Trader magazines.
__________________
2016 Winnebago 2201DS Champagne
2015 Ford F-150 XLT FX4 5.0
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08-28-2017, 06:17 PM
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#11
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Senior Member
Join Date: Jul 2017
Location: Central Kalifornia
Posts: 588
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Just bought a rare original paint '58 Harley from a guy. I inspected and test road it in Ohio at a vintage meet. Went home to Ca and after a week decided to buy it. Spent a couple hours with him at meet and was straight shooter.
Sent him a cashiers check for 26k, it cleared in one week and he said it is yours come get it. He is in Pa. Found specialty cycle firm to ship and it is almost here.
Got title in mail today actually.
You likely will sleep better if using escrow firm. I did have a little concern......
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Take me on and you take on the whole trailer park!
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08-28-2017, 07:51 PM
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#12
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Moderator Emeritus
Monaco Owners Club Texas Boomers Club
Join Date: Nov 2015
Location: Central Texas
Posts: 13,426
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Every time I've heard escrow service mentioned by a seller, its turned out to be a scam. The last few big ticket items I've bought or sold we went to my bank when I bought and the buyers bank when I sold and did the transaction there. The seller gets a check cut by the bank and the buyer gets the title.
__________________
Dennis and Katherine
2000 Monaco Dynasty
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08-28-2017, 09:38 PM
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#13
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Senior Member
Join Date: May 2012
Posts: 976
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Cashiers checks are no problem. I simply call their bank and ask if the check is real. Have never had a problem as long as you verify the check is real and what amount it was issued for. Another way is make sure there is a branch of the bank the check is issued from you can go to and cash the check before you release the MH. Cashiers checks are probably the most forged form of purchase, but with proper precautions are still a safe way to transfer cash.
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