How to verify a cashier's check is legit

[SecondCor521]

It's probably too late since you're talking about a transaction tomorrow, but...what you could do is have the buyer open a checking account at a bank that has branches in both your town and his, deposit the boat money in said checking account at his local branch, then issue a cashier's check on that checking account. You can then verify with employees at your local branch. Even better if it's a bank you do business with where you can talk to people you trust.

2Cor521

[rmark]

In Oklahoma, the title is notarized after the sale, so I've both received and delivered titles several days later. And I've always given or received a bill of sale, which is legally binding.

[CyclingInvestor]

I have bought and sold maybe 4 cars and 4 motorcycles over the last few
decades. Always cash on both ends. I would never even have considered
a cashiers check (prices were about $1k to $4k).

[calmloki]

Dang. you guys are hard core. I go on faith and what my belly gauge says a bunch. I get burned some. When I bought my rental truck BMW touring about 200 miles from here I took cash. Country boy.

[youbet]

Quote:

Originally Posted by REWahoo! (Yes, I realize I sound paranoid….)

I think I would feel that way too. You don't say so explicitly, but you imply that you haven't talked to the buyer. I'd be puzzled at someone who would make a significant purchase from me without extensive conversations about the goods. Is buyer assuming the third party picking up the boat will do an inspection and call the deal off if the boat is not 100% what the ad stated? When someone is buying something from you and being suspiciously trusting, I'd worry.

[nwsteve]

One other option is to find which bank in your town is a correspondent bank with the issuing bank. Meet at the bank and deliver title with instruction to send to bank issuing cashier check when funds are considered "good" by your bank.
Also when talking with the issuing bank, I encourage you talk with the bank manager directly--adds one more level of assurance. In fact you could ask him/her for name of bank he would prefer for your local contact.
Good Luck
nwsteve

[Rich_by_the_Bay]

Are there commercial escrow services for this type of transaction? It's cost might be worth it to avoid all the aggravation. I did a quick web check and there are quite a few, but I didn't bother to review them in detail to see if they were approrpriate.

[REWahoo]

Quote:

Originally Posted by youbet You don't say so explicitly, but you imply that you haven't talked to the buyer. I'd be puzzled at someone who would make a significant purchase from me without extensive conversations about the goods.

I've had multiple phone conversations with him and exchanged multiple emails. I've sent photos of the boat from every angle he's requested, and given him a history of all the work I've done on the boat.

Quote:

Originally Posted by youbet Is buyer assuming the third party picking up the boat will do an inspection and call the deal off if the boat is not 100% what the ad stated? When someone is buying something from you and being suspiciously trusting, I'd worry.

He has asked for the right to back out of the deal if his delivery guy sees anything amiss on the boat.

Actually, I haven't seen anything about this whole deal that would make me suspicious. I've run a reverse number check on his phone and it shows he's calling from where he says he is. He said his wife works at a specific bank and I have verified that. He's given me his name and address for the title transfer and I have verified someone by that name and address does reside there. I have also confirmed that someone with the same name as the bank employee/spouse resides at that address. He even has a side business that I've done some checking on and found nothing amiss.

But there could always be something wrong, right?

[Rich_by_the_Bay]

Quote:

Originally Posted by REWahoo! But there could always be something wrong, right?

You'll be fine. You know how and where to find this guy if he gets weird on you. Sell it "as is" and you are good to go

[Jarhead*]

Quote:

Originally Posted by REWahoo! I'm thinking about buying a motorhome. Or an annuity. Or taking up cow pasture pool. But I suppose I should wait until the check clears first, right?

You're so serious today!

Stick with the boat in place of playing golf if cost is a big item.

Saluki and Ha had the right idea.

Cash should work fine. If you were forced to walk through "Watts" or areas of NYC at night, carrying $6,500.00 cash, probably not a good idea, but for a guy to drive to your property, what's the problem?

Actually, this thread, and the answers to it are reminding me of a bumper-sticker, "Help me please, the paranoids are after me".

In any case, congratulations on selling your boat. (I've sold a few in my time, and always a happy occassion).

[youbet]

Quote:

Originally Posted by REWahoo! Actually, I haven't seen anything about this whole deal that would make me suspicious.

Nothing is ever 100%, but with the checking you've already done and the fact your gut is telling you all is OK after talking extensively to the buyer, it sounds like your risk is minimal.

[JustCurious]

Quote:

Originally Posted by Jarhead* Actually, this thread, and the answers to it are reminding me of a bumper-sticker, "Help me please, the paranoids are after me".

Even if you are paranoid, that doesn't mean that people are not really out to get you.

[calmloki]

Quote:

Originally Posted by Jarhead* ... In any case, congratulations on selling your boat. (I've sold a few in my time, and always a happy occassion).

Best 2 moments in boat ownership: when you buy it and when you sell it.

[BigMoneyJim]

Quote:

Originally Posted by calmloki Best 2 moments in boat ownership: when you buy it and when you sell it.

It's also pretty good when the boat towing you back to shore after a breakdown is one of those rich guy's boats that has several hot women sunbathing on the deck. (But usually it's the lake patrol that comes to tow you...blech.)

[Coach]

Quote:

Originally Posted by REWahoo! I just called the bank and asked to speak to someone who could confirm a cashier's check for me. I was transferred to a lady who identified herself with a name that appears on the bank's website as an administrative assistant at the bank (not the buyer's spouse). I explained that I was expecting to receive a cashier's check from their bank and asked what I should do to verify it was good. She said once I had the check I could call her and she could confirm it for me. Everything sounded on the up and up and passed my sniff test. I'm leaning towards taking the check if everything checks out tomorrow. Tell me I'm not crazy.

Sounds pretty solid to me. You're not crazy.

Coach

[SteveR]

I sold my snowmobile last fall. I advertised it in Craigslist. One of the phone calls I received on it was a guy who knew a lot about the unit, more than me if fact. We set up a meeting where he could see it. The snowmobile was located at my cabin which was a very hard place to find without very detailed directions and even then one could easily take the wrong road (not well marked) and get lost forever. So we agreed I would meet him at the freeway entrance and I would escort him to the cabin so he could see the unit.

I arrived a few minutes late due to traffic. The interested party was already there. Sitting in his truck. I got out and he did too. I was a bit taken aback as he was a midget and was sitting on a booster seat in his truck. It turns out he had a proxy call and talk with me about the snowmobile as he said he had very little knowledge about them. He saw the unit and made me an offer which a agreed to and he pulled out a fist full of $100 bills and paid me in cash. I transfered title to him and he drove off with the snowmobile.

You never know who you are really dealing with until you meet them and see the green.

I also sold my ATVs and took a certified check for them. No problems with the deal.

That said, I did have my 9mm under the seat of the truck.

[Bikerdude]

Quote:

Originally Posted by rmark I'd call the bank to verify the check is from there, give a written bill of sale with the boat, and deliver the title later in the week after its been notarized. That way you have money, buyer has boat, and ownership doesn't transfer until title is delivered.

I agree. Cashiers checks are basically worthless as are any paper promissory notes as they can all be forged. I have bought and sold items with just a personal check. On the bill of sale it states "title will be delivered upon the deposit of funds issued by ck#xxx". When it clears the title is mailed. I have never had a problem with that.

[cute fuzzy bunny]

Quote:

Originally Posted by REWahoo! I'm thinking about buying a motorhome. Or an annuity. Or taking up cow pasture pool.

Split it three ways and do 'em all.

Dont wait for the check to clear, just do it!

[TromboneAl]

I remember getting cash for our Toyota Celica. Adjusted for inflation, the selling price was $4,700.

Here's the funny part. The guy comes to look at the car, and we take it on a test drive. Although the car had always been fine, at the end of the test drive, substantial amounts of steam were coming out from under the hood. I was sure he'd say "forget it," but instead he just pulls out wads of bills and pays. Seemed suspicious.

Something may have been fishy, because months later we got some parking tickets for that car, but we explained that we'd sold it, and that was that.

[ERD50]

Isn't there a lot of fake cash going around too? If you accept it, and the bank detects a fake, you are SOL, as I understand it. Just a tax write-off.

-ERD50