Cashiers checks for payment of boat sale

[marcortez]

I have sold one of my two boats and have received 2/3rds of the price.

I can either get the balance via a bank wire transfer or a cashier's check.

My question is:....can a cashier's check be "revoked" by the buyer before I have a chance to deposit it?

Reason I am asking is because by the time I get this cashier's check in hand and deposited.....it will be about 2 weeks.

Can an unscrupulous buyer rush to his issuing bank and "cancel" that cashier's check before it's deposited?

If I accept a wire transfer to my account, the buyer is going to have to wait until I can verify the funds are deposited to my account before he drives off into the sunset with my boat in tow.
No telling how long that would take, and he is coming 700 miles to where the boat is, and should be prepared to wait until the funds are verified right?

 

[Rocky_Road]

Re: Cashiers checks for payment of boat sale

I don't think that a 'real' one can be...but giving the times, how do you know if it is "real"?

Tough one...but I tend to trust people, and I would probably take it. Maybe a photocopy of the buyer's driver's license wouldn't be too prudent?

Happy boating!

 

[Bifflefan]

Re: Cashiers checks for payment of boat sale

I have sold one of my two boats and have received 2/3rds of the price.

I can either get the balance via a bank wire transfer or a cashier's check.

My question is:....can a cashier's check be "revoked" by the buyer before I have a chance to deposit it?

Reason I am asking is because by the time I get this cashier's check in hand and deposited.....it will be about 2 weeks.

Can an unscrupulous buyer rush to his issuing bank and "cancel" that cashier's check before it's deposited?

If I accept a wire transfer to my account, the buyer is going to have to wait until I can verify the funds are deposited to my account before he drives off into the sunset with my boat in tow.
No telling how long that would take, and he is coming 700 miles to where the boat is, and should be prepared to wait until the funds are verified right?

Yes he can screwed you with a cashier's check.
If he is coming 700 miles, tell him to stop and cash it on the way. Or tell him to wait until he can bring the cash.
Wire transfer is better but I think you need to give him your bank info and i wouldnt do that either.

Also cashier's checks can be faked.

If you take him and the check to your bank, they may be able to verify the funds and also put a hold on them until it clears then you should be fine.

Tell him to bring cash.

 

[RAT Attack]

Re: Cashiers checks for payment of boat sale

I agree with CASH!
If he was getting a cashiers check from his bank anyway, then just take the cash out of the bank & let that be that.

 

[insearch]

Re: Cashiers checks for payment of boat sale

Something fishy

You didn't mention how you were paid for the 2/3 hopefully it was cash

Depending on where and how the cashier's check was drawn it can take a few weeks to verify. Which means no money. talk to your bank.

I don't like bank transfers, the first one being that you will pay the transfer fee, that comes off the top of the transfer amount. Other then that, you are giving way too much information to someone you don't know.

I suggest you open a temporary bank account with his bank, give him the account number and have him deposit the full amount to that account, It will cast less then the bank transfer, since it is a temporary account you can close it when you have the full verified amount, meaning when the bank allows you to withdraw all of the money, in the form of a cashiers check (if it a large amount) and close your account.

If he deposits a cashiers check from someplace other then the bank he deposits in, it can take several weeks to verify. This how the Nigerian scams work, they send a seemingly perfect check, you give them cash or goods and find out a month or so later the check is no good

Keep the title and the boat until you get all of the money.

 

[Isaacm1986]

Re: Cashiers checks for payment of boat sale

I agree with CASH!
If he was getting a cashiers check from his bank anyway, then just take the cash out of the bank & let that be that.

I aggree. For s cashiers check, he has to go to the bank and basically hand the cashier cash (or take the funds out of his account) to get the check. So why not tell him to bring cash. Cashiers checks are easily faked, and hard to tell the fake ones from the real ones. My motto is Cash only when I sell things.

 

[dingbat]

Re: Cashiers checks for payment of boat sale

I agree with CASH!
If he was getting a cashiers check from his bank anyway, then just take the cash out of the bank & let that be that.

Trust is a two way street.

As the buyer, would you feel comfortable driving 700 miles to met someone you never met with them knowing full well that your showing up with cash in your pocket?

People are robed all the time in this scenario. We had a guy shot and killed a couple of weeks ago doing the same thing. The people got $250 off the dead body.

 

[insearch]

Re: Cashiers checks for payment of boat sale

I have sold one of my two boats and have received 2/3rds of the price.

He said that he already has 2/3 rds the price, whatever amount that is

He didn't say how he got it whether it was cash, check etc...

Still sound curious to me, when the guy comes to pick up the boat, go to his bank and withdraw the cash, put in your hands, if it is a lot of money, buy a cashiers check from the bank then take it to your bank.

I can see the next one coming, my bank is the only Podunk Bank in the US and has no other branches.

Again, the buyer can open a temporary account in a national bank like B of A make a cash deposit, and withdraw it when he comes to pick up the boat.

 

[badbird]

Re: Cashiers checks for payment of boat sale

if you already have 2/3 of your money like you say then you should take the check, I doubt that someone is looking to rip you off would have already paid the majority of the boat

just my .02 Ron

 

[hungupthespikes]

Re: Cashiers checks for payment of boat sale

I like the money transfer. Your banker and his banker. money is transfered the day before and has a hold till you and the buyer go to your bank and get it released. Take your title or bill of sale and have it notarized at the same time. That way everyone is happy. You have the money and they own the boat with the paperwork they need to get it registered. If they are not happy with the boat, they get a bank draft or cash and you keep the boat.
If thing turn ugly later on the bank will verify the facts.

yea, it cost a little money but only the bankers have the account numbers and they are bonded. It just makes sence to let the pros handle the money.

 

[marcortez]

Re: Cashiers checks for payment of boat sale

if you already have 2/3 of your money like you say then you should take the check, I doubt that someone is looking to rip you off would have already paid the majority of the boat

just my .02 Ron

I agree with you.....

The partial payment was made via a cashier's check. No problems.

The fly in the ointment is that I live in Baja California Sur, Mexico......700 miles from the border with San Diego, CA.

The buyer is...and I don't blame him, leary of hauling a wad full of cash in his pocket to Mexico.

This is someone with whom I have met before, fished with here on the boat for a sea trial, and he personally has handed off the cashier's check to me.

From what I can gather, once a cashier's check has been issued, the only way a bank will cancel it is if the person who obtained the check, returns it.
Otherwise, people could just cancel a cashier's check on a whim, as one could do with a personal check, with a "stop payment" order.

Millions of businesses who deal in cashier's checks for payment would be SOL.
I seriously doubt that is going to happen.

 

[wbc1957]

Re: Cashiers checks for payment of boat sale

I buy and sell items using Paypal. It's a nice secure method when the other party is hundreds of thousands of miles away.

 

[lncoop]

Re: Cashiers checks for payment of boat sale

People cheat each other all the time and we just have to make judgment calls. It sounds to me like the guy's legit based on what you've said. Given the circumstances I'd probably just go ahead and take the check.

 

[dirtyoldman]

Re: Cashiers checks for payment of boat sale

Cashiers checks can be faked, but cashiers checks that are not fake are as good as cash. If it's from a reputable bank and you can check on it by calling them and asking.

I recently did something pretty stupid. I sold a 2006 GMC pickup for $22,000. I told the guy that I wanted to meet him at his bank and then we would go back to my place. What I didn't realize was that he could have stolen the money from me at any point after we left the bank. It was supremely stupid because he knew I had the cash. I hadn't considered that.

Anyway, wire transfers are good. You get an account number for your bank (not yours) and they wire to that account, and then your bank transfers to your account. The only problem is that you deal on the bank's time, and it may be a few hours while you are standing with the title.

Next time, I will meet at his bank and have a ride or transfer using his bank directly to mine before leaving the lobby. A cashiers check from his bank that you watch them write up would be fine also. It's not from him, it's from the bank. He can't cancel it.

 

[seabob4]

Re: Cashiers checks for payment of boat sale

Take the check. It's a guy you know, and I don't blame him not wanting to bring a bunch of cash 700 miles south of the border...

 

[jkust]

Re: Cashiers checks for payment of boat sale

A cashiers check can be easily created. You would need to cash it and wait for it to clear. The last vehicle I sold I insisted on cash. The buyer asked that I give him the car and I hold the title and he'd send me the cash which of course sounded like a scam. The buyer ended up driving several hours each way two times to get the transaction done and showed up with an envelope of cash. If he wants it bad enough he will bring cash as inconvenient as it is.
Now when I bought my boat I paid cash but didn't want to carry around 20k in bills. The previous owner from whom I bought the boat is the president of U.S. Bank so you'd think he'd know better. I ended up bringing a cashiers check to him, he gave me the boat and I went on my way. Interestingly enough he called me the next day when he realized that my bank created the cashiers check in such a way that it required he and I sign it. Apparently that is unusual. I ended having to meet him and sign the check. My point is he gave me the boat and was left with a worthless cashiers check had I not signed it. We're both local and we both trusted eachother.

 

[BigB9000]

Re: Cashiers checks for payment of boat sale

other problem is, he already got you trusting him 2/3rd of the way, chances are you will let your guard down for the 1/3.

I believe people are generally nice people, but when it comes to money, nobody can be trusted.

I'm guessing this isn't pocket change like the $200 boats I buy is.

As a buyer, I wouldn't bring cash if it was anything over $1,000
I would go to my bank and get a cashier check (not a money order) for the funds. They take the money out of your account right then and there. there is no way to bounce it, and canceling is is a HUGE pain in the app.
I do this to pay my rent.

You could get said check, and have him meet you at your bank, cash it right then and there.

 

[BigB9000]

Re: Cashiers checks for payment of boat sale

The buyer asked that I give him the car and I hold the title

Ohhhhhh yeah. You don't need a title to register a car. most of my cars, trucks, boats, and toys didn't come with titles.

that my bank created the cashiers check in such a way that it required he and I sign it...I ended having to meet him and sign the check. My point is he gave me the boat and was left with a worthless cashiers chec

I would have told him to forge it for me.

 

[JB]

Re: Cashiers checks for payment of boat sale

Forged and counterfeit cashier's checks are one of the most popular frauds going.

Have him go with you to your bank to deposit and verify the CC.

 

[roscoe]

Re: Cashiers checks for payment of boat sale

3 ways to do this easily and safely.


1- cash

2- US Postal Money Order

3- He can PayPal it to you if he has an account. He can even do it from your computer after he gets to your house to do final inspection.


I recently ran across a deal while 200 miles from home.
Agreed on a price, borrowed my sisters laptop, transferred $1500 to him.