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New User
Posts: 3
Location: Florida | I'm selling my trailer to someone in another state. What's a good procedure for doing this so everyone feels secure? Should I use an escrow account? What have you done? Thanks in advance. |
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Regular
Posts: 78
| When I sold my last one, the buyer was 2 states away. I met her halfway and she gave me a cashiers check. The last one I bought was in upstate New York and I'm in AR. We were able to arrange shipping because they had a driver coming south to pick up something for their farm. I wired the money bank to bank with a signed contract, and the driver brought the title with the trailer. That one was kind of stressful because I knew I was taking a chance, but it went off without a hitch, and the trailer was exactly as advertised. |
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Elite Veteran
Posts: 656
Location: Rayne, LA | T 4 Luck, glad it turned out good. You took "ONE HELL OF A CHANCE" IMO |
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Elite Veteran
Posts: 720
| Cashier's Checks are forged regularly nowadays. The only true money I've seen is cash, or wire funds. I've never used an escrow for trailer but suppose it can work. But I can see where it could lead to a he said, she said problem. COD when the buyer approves it in person is the best way.
Sometimes it just means somebody has to get in a truck and make a trip. Just my opinion. |
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Expert
Posts: 2953
Location: North Carolina | Just a thinking... Anybody see a issue with this ? Seller gets the name of the bank, buyer is getting a cashiers check from. Seller then contacts the bank with check number to verify. When buyer inspects trailer and accepts it, trailer AND title is exchanged for cashiers check.See here for difference between certified / cashiers check : http://www.credittoday.net/public/1480.cfm |
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Expert
Posts: 1989
Location: South Central OK | hoss, I'm not sure you fully appreciate the lengths people can go to with a really nice color printer these days. Calling the bank just means you could be calling a prepaid cell phone answered by their buddy waiting in the truck or local truck stop awaiting their return with goods in tow. Honestly, most people know when money is forged if they pay attention, I'd have to side with cash is king or have a bank to bank (fed wire) done into a dummy acct that can't be reversed. If you deal in cash please acquaint yourself with the local concealed carry laws so that you can protect the hopefully large amount of cash you'll be carrying. If you really like to mess with a crummy buyer have them mail you the check, if it bounces it could be a federal offense because payment was rendered by USPS. Ask your bank ahead of time what rules regard your transactions and how safest to proceed. If you show up with a pile of cash, you might have tipped your hand to the IRS causing a paper trail and taxable event. Spreading out your cash over a few transactions will be flagged in most bank systems now-a-days and it's a federal crime called structuring. Google it and have some fun! Just some tips from a former banker...it's just my opinion so take what you'd like. |
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Expert
Posts: 3853
Location: Vermont | I hate dealing with out of state sales...especially without an attorney... |
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Regular
Posts: 78
| Originally written by cajunmuleman on 2016-02-08 9:55 AM
T 4 Luck, glad it turned out good. You took "ONE HELL OF A CHANCE" IMO
I did and I knew it. I spent a lot of time on the phone chatting, they were fellow farmers, and went with my gut. |
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Expert
Posts: 2953
Location: North Carolina | Huntseat... For sure I would not get the phone number from the buyer. I would go the brick & mortar branch bank. I'm thinking that a cashiers check could be verified by any branch of the issuing bank. Correct ?? I wouldn't trust a check drawn on a bank with a single branch if I were selling interstate. ...I've learned the hard way NOT to give out ANY information to someone calling me. It's a different story if I call them ... |
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Expert
Posts: 1989
Location: South Central OK | Let's say that they use their bank and it's several states away...and no, even most national banks are broke into states. They might not have the ability to look into the records of the issuing state and check on the transaction. Thus a phone call is made, most people get the bank's phone number off the check, which is what I was hinting to in the original post. If you are going to fake a check then put down the number of a buddy that would answer it and "verify funds" and the caller is none the wiser. It's to the point that when I left banking years and years ago, we could not verbally guarantee a check would clear over the phone to anyone, the only way possible to know if a check was good was to present it to the issuing bank in person and negotiate it right then. Scammers (not all) have the ability to fake checks so well that the banks don't even know they aren't legitimate. At our business we don't accept checks, unless I know you personally or we have a very long standing relationship. This trailer sale would be a one time deal with people you have never met and it's a large amount of money. |
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Expert
Posts: 1871
Location: NY | would they realty do that for a horse trailer ?? |
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Expert
Posts: 3853
Location: Vermont | Originally written by loveduffy on 2016-02-12 1:12 PM
would they realty do that for a horse trailer ?? Criminals will do about anything if they think they'll make quick money...:( |
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Extreme Veteran
Posts: 448
Location: Los Angeles, Ca. | You might look at Escrow.Com.....read the section on vehicles. You send money to escrow, seller sends you vehicle,you approve vehicle, escrow releases money |
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New User
Posts: 3
Location: Florida | Set up an escrow account with my lawyer. Buyer wanted to show up with a certified check, and was surprised that I wouldn't do that. Easy transaction. Cost me a few hundred $, but on a $34,000 transaction, it was well worth the peace of mind. |
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Expert
Posts: 1871
Location: NY | wow all that work they should get a job that is right |
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Member
Posts: 8
Location: Wilmington, NC | This recent site launch should help solve the problems associated with buying trailers out of state and handling transactions. There is an escrow service at no cost to the buyer. www.horsetrailerpost.com |
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