Community Forums

sumjoe · 09-26-2021, 06:22 AM

we are about to begin our search for a new to us fiver and truck.
hopefully to a private individual.
looking at spending about 80k combined.

how do you transfer dollars to a person and get your title/rig at the same time?
if i were a seller i would want the money in my account before signing those over....Yet to carry that much cash is nuts.
i will most likely be many hundreds of miles away from my home.

waiting for a check to clear can take a long while sometimes ect.

thanks for your imput.

69Stang · 09-26-2021, 06:30 AM

I did a wire transfer once we had completed the paperwork. We took the MH before the transfer completed and it ended up being rejected due to the seller's bank. Took 3 or 4 tries and was not a pleasant experience.

I've heard you can do an escrow through some companies. No experience with that though.

wolfe10 · 09-26-2021, 06:32 AM

The common procedure is:

Agree on price, with test drive, any inspection, etc complete.

Verify title is in seller's name and it is a clear title. Just ask for a copy of the front and back of the title with him having written VOID across it's face.

Get wire transfer instructions/routing number from seller (seller's bank).

Contact your banker and have that amount wire transferred.

When seller's bank confirms money in his account, he turns over possession and paperwork. If in the same state as where you will register it, common for both of you to go to the state office to transfer title.

Backcountry1 · 09-26-2021, 06:36 AM

Cashiers check. When you do that you actually have already transferred your money to the “check” which is guaranteed by the bank so it’s cleared already.

Teamfoxy · 09-26-2021, 06:41 AM

Johnny Cash and do the transfer at the police station or the registry. Use an escrow service that does real estate transactions. Wire the money to them and they hold it until the title is cleared.

amosnandy · 09-26-2021, 07:00 AM

Quote:

Originally Posted by Backcountry1

Cashiers check. When you do that you actually have already transferred your money to the “check” which is guaranteed by the bank so it’s cleared already.

Agreed. And, if the deal falls through at the last minute, you can return to your bank and cancel the check and get your money back.

Try doing that with a bank to bank wire transfer!

wolfe10 · 09-26-2021, 07:03 AM

Were I a seller (been there, done that) I would NOT accept a Cashier's Check unless I was there at the bank where/when it was issues.

WAY too many counterfeit checks.

TXiceman · 09-26-2021, 08:34 AM

Quote:

Originally Posted by Backcountry1

Cashiers check. When you do that you actually have already transferred your money to the “check” which is guaranteed by the bank so it’s cleared already.

And there are bogus cashier checks out there. The only way we will do a sale is a wire transfer, bank to bank.

Ken

shootist · 09-26-2021, 08:41 AM

I went 2400 miles, stayed in the rv I bought on his property while my check cleared. Gave me time to rig my toad. You can do a bank transfer and it would be a lot faster. I really didn't care about the time. It was more winter and we still had a lot of snow up here.

MSHappyCampers · 09-26-2021, 08:49 AM

If the seller will accept a cashier's check from you then hand you the title, that's the way I would go. If he's smart he will not accept a cashier's check!

If not, I would arrange a direct transfer of funds between your bank and his!

Jkwilson1989 · 09-26-2021, 08:53 AM

Go to your bank. Transfer the money or have a check issued while they are standing with you.

When we bought ours, the seller opened an account at our bank and we transferred the money to them. The sellers completed the title signature and transfer right there at the window. The teller was informed ahead of time of what we were doing so would have been an excellent witness had anything sketchy been tried by either of us during the process.

amosnandy · 09-26-2021, 10:56 AM

Quote:

Originally Posted by wolfe10

Were I a seller (been there, done that) I would NOT accept a Cashier's Check unless I was there at the bank where/when it was issues.

WAY too many counterfeit checks.

You really don’t know how a cashiers check works? Way safer than a wire transfer.

You get the cashiers check, you call the bank it is drawn on, ask to speak to a banker, not a teller, a banker, you verify the check was in fact drawn on that bank, verify the check number. I deal with cashiers checks all the time. Real Estate mostly. Foreign buyers. Yup I have received counterfeit cashiers checks. Five minutes on the phone, a call initiated by me to a number I verify, and I not only can verify it is authentic, I can verify the transaction is complete, I have the check and am depositing it.

Give me your bank routing number and account number and your account will be drained by the time I’m out of town.

NEVER EVER GIVE OUT YOU BANK NUMBERS TO ANYONE.

shootist · 09-26-2021, 11:02 AM

Quote:

Originally Posted by amosnandy

You really don’t know how a cashiers check works? Way safer than a wire transfer.

You get the cashiers check, you call the bank it is drawn on, ask to speak to a banker, not a teller, a banker, you verify the check was in fact drawn on that bank, verify the check number. I deal with cashiers checks all the time. Real Estate mostly. Foreign buyers. Yup I have received counterfeit cashiers checks. Five minutes on the phone, a call initiated by me to a number I verify, and I not only can verify it is authentic, I can verify the transaction is complete, I have the check and am depositing it.

Give me your bank routing number and account number and your account will be drained by the time I’m out of town.

NEVER EVER GIVE OUT YOU BANK NUMBERS TO ANYONE.

And it can still be stopped. I've seen it done.

Hittntheroad · 09-26-2021, 11:19 AM

If you are paying off a loan, be sure to wire the money. My bank sent a certified check to Bank of the West to pay off the loan of a camper I was buying. It took 30 days to clear and another 2 weeks to get the title. Wiring would have paid it off that day.