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11/06/08, 08:28 AM
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Waste of bandwidth
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Join Date: May 2003
Location: OK
Posts: 10,618
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Need advice: selling expensive item through classified
I went around to tractor dealers yesterday and the pretty much low-balled the price on a tractor that I'm trying to sell. So, I'm going to have to advertise it in a metro newspaper classifieds.
How do I take the payment in such a way that I'll be protected?
The price will be in the neighborhood of $15,000. I don't want to risk being ripped off. But, at the same time, I don't want to complicate things so much that I will scare off a buyer.
Help!
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11/06/08, 08:34 AM
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Northern Indiana
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Join Date: Mar 2008
Location: Indiana
Posts: 386
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Cash or certified check. I wouldn't accept anything else unless you agree they can't pick it up until their personal check clears.
__________________
Some things are just worth waiting for
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11/06/08, 04:04 PM
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Join Date: Sep 2003
Location: Whiskey Flats(Ft. Worth) , Tx
Posts: 8,749
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Quote:
Originally Posted by Oggie
I went around to tractor dealers yesterday and the pretty much low-balled the price on a tractor that I'm trying to sell. So, I'm going to have to advertise it in a metro newspaper classifieds.
How do I take the payment in such a way that I'll be protected?
The price will be in the neighborhood of $15,000. I don't want to risk being ripped off. But, at the same time, I don't want to complicate things so much that I will scare off a buyer.
Help!
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................Yep , Cash it is and bring your drug sniffing Fido cause most 100's have been used for drug transactions . , fordy
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11/06/08, 04:24 PM
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Join Date: May 2003
Location: Zone 7
Posts: 10,560
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If they want to pay by check ask if the check is on a bank in your area. Then go with them to the bank and let them cash the check and pay you. Then return to your place and let them have the tractor. Put on the receipt "sold as is where is" . Wish them good luck and tell them when the hit the road at the end of your drive it is theirs.
PS..... I just found out recently that a certified check can have a stop payment placed on it
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Agmantoo
If they can do it,
you know you can!
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11/06/08, 04:28 PM
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Join Date: Oct 2008
Location: Vermont
Posts: 274
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I would get cash too, but there are escrow companies that specialized in these deals. A friend bought a truck on ebay this way. Escrow.com I think it was. Money goes into escrow, seller ships, buyer inspects and releases money.
Went smooth for him.
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11/06/08, 04:38 PM
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Join Date: May 2002
Posts: 3,773
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Cash or bank check. If you take a bank check I would be at the buyers bank to pickup the check and move it directly to my bank.
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Gary in Central Ohio
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11/06/08, 04:42 PM
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Join Date: Sep 2003
Location: Whiskey Flats(Ft. Worth) , Tx
Posts: 8,749
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Quote:
Originally Posted by Oggie
I went around to tractor dealers yesterday and the pretty much low-balled the price on a tractor that I'm trying to sell. So, I'm going to have to advertise it in a metro newspaper classifieds.
How do I take the payment in such a way that I'll be protected?
The price will be in the neighborhood of $15,000. I don't want to risk being ripped off. But, at the same time, I don't want to complicate things so much that I will scare off a buyer.
Help!
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.............Also , be cognizant , that any formalized transaction thru an intermediary like a broker\agent where a single check is issued for $10,000 or greater has too be reported to the IRS ! If , the purchaser is local and wants to give a check , simply go with them too their bank while they cash "their" check and then pay you on the spot . What the individual does with their cash is NONE of the banks business . , fordy 
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11/06/08, 05:30 PM
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In Remembrance
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Join Date: Sep 2006
Location: SW Mo.
Posts: 1,625
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Just be aware that if you are stopped by law enforcement with a bunch of cash you will probably lose it, or at least lose the use of it for some time until you go to court and convince the judge that you are not a drug dealer. Yeah, sucks I know but that is just how far paranoia has gone. If you go with the buyer to his bank you can have him cash his check, and you can purchase a bank check or MO right there. Keep the receipt so he can not stop payment.
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11/07/08, 07:29 AM
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Join Date: Jun 2002
Location: West Central Minnesota
Posts: 1,565
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Cash. Period.
My credit union now places a minimum 10 day hold on ALL money orders, and cashier's checks because of the high rate of fraudulent paper in circulation.
I dealt in cash a lot before I retired. I had a business account at a neighborhood bank but refused to write checks on that account due to the high per-transaction cost. Instead, I deposited my checks, waited until they cleared, then took out cash which I carried to my credit union (30 miles away) for deposit into my personal account. I usually transferred $10-20,000 at a time.
I never worried about the $10k reporting threshold because all of my transactions were legal. The government already knew I had the $$$ since the IRS received copies of my 1099's.
If you are doing something illegal I don't have any advice for you
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11/07/08, 08:58 AM
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Registered User
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Join Date: Jul 2008
Location: Michigan
Posts: 14
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Don't get your hopes up
One problem with selling a newer tractor or vehicle is that the dealers have a couple of advantages, in that low cost financing is availible, and warranty on purchases. It's really hard to sell against this.
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11/07/08, 09:35 AM
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Join Date: Dec 2002
Location: East TN
Posts: 6,977
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On expensive items I finalize the deal inside the bank, what better place. This eliminates any money transportation or cashing check problems.
__________________
"Education is the ability to listen to almost anything without losing your temper or your self confidence"
Robert Frost
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11/07/08, 09:37 AM
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Banned
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Join Date: Feb 2008
Posts: 1,627
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Quote:
Originally Posted by shelleydar
Cash or certified check. I wouldn't accept anything else unless you agree they can't pick it up until their personal check clears.
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cash works best, there's no waiting period to spend it and it is good almost anywhere
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