Community Forums

Sky_Boss · 10-01-2012, 12:46 PM

OK,

I listed my MH for sale and all excited someone is going to give me my asking price.

What am I thinking? LOL

So...

I have a clean title and no liens. I could sell it today if someone, "Show Me the Money." What is the best and quickest way to transfer funds? I doubt they are going to bring a briefcase full of money. LOL

Are there ways to transfer funds quickly, and safely so we can close the deal and they can drive off into the sunset?

Thanks in advance.

BCooke · 10-01-2012, 12:58 PM

Good question. I may need to know this winter.

If they bring a briefcase of money keep an eye out for guns and make sure there is no white powder on the bills.

topdownman · 10-01-2012, 01:01 PM

The only way IMHO, is a wire transfer. You can't take cashiers or certified checks anymore, and who wants a huge pile of cash?

Wire transfer is direct bank to bank and you don't release your account information to the buyer. Simple and easy.

Max Hubrich · 10-01-2012, 01:11 PM

What's wrong with a cashiers check?

You mean if you walked into a dealership with a cashiers check they wouldn't take it for a cash sale?

I haven't heard anything about this good or bad-

MSHappyCampers · 10-01-2012, 01:22 PM

Quote:

Originally Posted by Max Hubrich

What's wrong with a cashiers check?

You mean if you walked into a dealership with a cashiers check they wouldn't take it for a cash sale?

I haven't heard anything about this good or bad-

Max, I've got a 5th wheel for sale on Craigslist now and they caution users NOT to accept bank checks or money orders. There are tons of scammers out there sending fakes.

jzick · 10-01-2012, 01:32 PM

We just sold a motorhome via private sale. The buyer and I met at our bank and the buyer transferred funds to my account (with my bank's help). When the bank said the money was mine - I could withdraw any or all I signed the title over. We were also cautioned by our bank not to accept cashier's checks, bank money orders, or other paper. I did not ask why, just did what they said.

ethelred69 · 10-01-2012, 01:50 PM

When we recently purchased our motorhome from a private party we jointly arranged through our banks the procedure for a wire transfer. We did our final walk-through, phoned our bank to wire the money, their bank phoned him when the money had been received (about 20 minutes later), and then we received the title from the selling party. It worked great.

If we had taken a certified check or cashiers check, the other party's bank said that they would not release the title because they would have to wait until they had the funds. They have had too many problems with fake checks. If we had done that they were only going to give us a copy of the title and I wouldn't agree to that.

I think the wire transfer fee was about $25 but it was well worth it.

Keith

topdownman · 10-01-2012, 02:11 PM

I bought an RV at an out-of-state dealer and the ONLY way they would do the deal was via wire-transfer. Not even a certified bank check from the credit union would do (we financed the motorhome).

topdownman · 10-01-2012, 02:12 PM

They might, but you won't leave with a motorhome until they are absolutely sure its cleared their bank.

Quote:

Originally Posted by Max Hubrich

What's wrong with a cashiers check?

You mean if you walked into a dealership with a cashiers check they wouldn't take it for a cash sale?

I haven't heard anything about this good or bad-

Sky_Boss · 10-01-2012, 02:15 PM

Quote:

Originally Posted by ethelred69

When we recently purchased our motorhome from a private party we jointly arranged through our banks the procedure for a wire transfer. We did our final walk-through, phoned our bank to wire the money, their bank phoned him when the money had been received (about 20 minutes later), and then we received the title from the selling party. It worked great.

If we had taken a certified check or cashiers check, the other party's bank said that they would not release the title because they would have to wait until they had the funds. They have had too many problems with fake checks. If we had done that they were only going to give us a copy of the title and I wouldn't agree to that.

I think the wire transfer fee was about $25 but it was well worth it.

Keith

Based on this and a couple other responses I was able to call my bank and get the low down. As one that will be receiving the cash, it is fairly easy. It sounds like the process for my bank will be closer to 2 hours since they have an intermediary service that does the processing. I now have the required information ready to go.

Thanks!

Now...all I need is a buyer!

Bondad · 10-01-2012, 03:51 PM

I bought a motor home on ebay last week and the seller requested a cashiers check. I never said a word and sent the check but I was thinking he's stupid to trust a cashiers check.

Personally I would require a wire or a meet and greet at THEIR bank and get the cashiers check from their bank's teller.

I used to sell on ebay and received more than one bogus cashiers check and money order. Luckily I caught ever one of them. But that's only because I had been warned about them and every transaction seemed a little fishy. Usually no phone number and strange wording or phrases in the emails they sent were the red flags/ I'm sure you've all seen the emails that are just a little "off" with their wording.

Gotta be careful these days. These scam artists are everywhere and happy to take your money!

Dunner · 10-01-2012, 04:12 PM

The body shop I use only takes cashier checks. No personal checks, no CC, and I'm not sure if they even take cash.

UsualSuspect · 10-01-2012, 04:18 PM

Quote:

Originally Posted by jzick

We just sold a motorhome via private sale. The buyer and I met at our bank and the buyer transferred funds to my account (with my bank's help). When the bank said the money was mine - I could withdraw any or all I signed the title over. We were also cautioned by our bank not to accept cashier's checks, bank money orders, or other paper. I did not ask why, just did what they said.

This is what I did. I met the buyer at my bank, we walked inside and the money was transferred and verified by my bank.

TXiceman · 10-01-2012, 04:30 PM

cashiers checks and bank drafts are easily forged today and a few days later you find out there is no money and the bank takes the money back it has in your account. The only way to do this is a bank to bank transfer. If the buyer does not want to deal with bank to bank transfer...let him walk. They do charge the one transferring the funds a small fee...something like $20.00 the last time we did a transfer. If the amount is over $10k, there is a bit of a delay as the transfer has to be reported ans sent through the Feds.

Ken