How would you transact high dollar item sales?

[Fermion]

Ok, so we have been decluttering and selling a few smaller items on craigslist, but the amounts are small (sub $200) and transactions are cash.

I dusted off the pinball machines, changed a few bulbs, and wow are they gorgeous. My jaw dropped when I checked the current selling prices (The Addams Family and Twilight Zone are selling for $4,000 to $7,000!, Haunted House I haven not found many for sale to get a price range)

What would you do if selling something for that kind of money? It isn't very easy to drag a pinball machine into a bank to do the transaction. I would think someone showing up with $5,000 in $20's would make both the buyer and seller nervous, maybe for different reasons.

 

[braumeister]

Just make it plain that you'll only accept a certified check?

 

[pb4uski]

I recently sold a boat on craigslist. I got a $500 deposit that was the buyer's personal check and then asked for a cashier's check for the balance.

 

[Texas Proud]

Well they can get $100 bills...

But, as other have said, certified checks... (but then again, some have been faked)...


It might cost you money, but you can set up a paypal account and have them send the money to you before releasing the item... I bought a boat doing that...

 

[emerytura]

You can ask buyer to pay with Money Orders, they are as good as cash. They can be purchase at Post Office, Quick Check, Seven Eleven or Western Union.

 

[bmcgonig]

I sold a piano for 17k and got it it $100 bills. If they can't or don't want to carry that much cash then meet them at their bank and witness them getting the cashiers check.


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[frayne]

I've done many a craigslist deal for five figures in cash with no problems.

 

[Fermion]

Is actual counterfeit cash a rarity?

It would seem very risky for someone to try and pay for such a large, easy to track item such as a famous pinball with counterfeit bills.

 

[athena53]

Is actual counterfeit cash a rarity?

It would seem very risky for someone to try and pay for such a large, easy to track item such as a famous pinball with counterfeit bills.

I think the bigger risk is someone handing over the money, packing the item in their vehicle, then demanding the cash back at gunpoint. Apparently it's happened. My own experience with Craigslist has been listing just about everything but the kitchen sink under Free Stuff, putting it at the end of the driveway, and watching it disappear.

 

[braumeister]

Last time I sold a car, the buyer wanted it right away, so he asked me to meet him at his bank. He got a bank check from the teller, handed it to me, and I handed him the title and keys. Quick, efficient and safe.

 

[Walt34]

When I sold my motorcycle and boat both buyers paid in $100 bills.

But frankly I would have preferred meeting in the bank and watch them get a certified check. I wouldn't take one otherwise because they are easy to counterfeit and every bank has a different look to it. How would you know what to look for?

 

[dallas27]

I just ask to photocopy their id when i take checks. No good thief wants you to have their picture.


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[Lisa99]

Cashier's checks can be faked. There is a big scam on Craigslist with them right now.

I'd either set up a PayPal account or ask the buyer to wire the money to my acct. Once the money is confirmed to be in the account I'd delivery the product.

Or they could pay cash, whichever way is best for both parties.

 

[ownyourfuture]

Last time I sold a car, the buyer wanted it right away, so he asked me to meet him at his bank. He got a bank check from the teller, handed it to me, and I handed him the title and keys. Quick, efficient and safe.

If possible, this one makes the most sense.

 

[REWahoo]

If possible, this one makes the most sense.

+1, definitely the preferred way to make the exchange and one I've used whenever possible.

I sold my boat to an out-of town buyer making this option impractical. I insisted on knowing in advance what bank he would be drawing the cashier's check from. I called the bank the morning prior to him coming to get the boat and spoke to a bank officer who confirmed the individual had an account at that branch and had purchased a cashier's check in the amount specified. I also took photos of him, his driver's licence and car/plates.

Not perfect, but I felt it was reasonably secure. The check cleared...

 

[Al in Ohio]

You can ask buyer to pay with Money Orders, they are as good as cash. They can be purchase at Post Office, Quick Check, Seven Eleven or Western Union.

Post office money orders are more easily and often counterfeited than cash or just about anything else. They rank one spot sbove a personal check on my list. Learn how to identify legit cash. Thats best. Next is certified bank check.


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[Koolau]

Depending upon local laws, you might try to hire an off-duty police officer to be your security and to advise you on the appropriate measures to take at time of sale (ID, car tags, etc.) YMMV

 

[Texas Proud]

One of the things you have to remember is that if you are talking a boat or a car, they would have to register it... so if the check bounces you can call LE and get them involved... or call the state to see what you can do to not have the title transferred...


I will say, this does not always work... I did sell a car for cash and the guy failed to title it in his name... I had to send in a form to the state telling them that I no longer owned the car... two years later the guy sent a letter asking if I would get a new title and transfer it to him... seems he lost it and just did not care....

 

[utrecht]

Back in the day (like 6 months ago) when I was still working, I worked several cases where people were getting robbed after answering Craigslist ads. It doesn't matter if you are the buyer or seller. If you are buying or selling an expensive item you either have lots of cash on you or you have an valuable item with you. I caught several of these crooks while working undercover and either answering ads myself or posting ads and hoping the crook would answer my ad. Smart phones are one of the most dangerous items to be buying and selling.

For a transaction of any size at all, I would insist it be done at the bank or at a police station. It may seem like overkill, but you can bet the other person is just as nervous about getting robbed as you are. If the person wont meet you at one of those two places, I would be very suspicious.

 

[calmloki]

Just bought the third in a series of used BMW wagons from Bend, a 2 1/2 hour drive away. Paid cash because by the time we got there it was to be after 5 and the banks closed. Worked ok, nobody has thumped me on the head yet.

I've took $400 in counterfeit hundreds as rent payments once. They got mixed in with the pile and I couldn't prove who gave them to me, but I did discuss the matter with the person I was pretty sure passed them. I didn't get any more.

 

[fishnfool]

I've sold a lot of items and never had a problem taking cash. Usually $100 bills for higher priced items. Sold a 1930 model A 5 window coupe on CL last year. Buyer came with car trailer and $7k in crisp bills from the bank.

 

[jimbee]

I've used PayPal for this in amounts up to a couple of thousand dollars. The buyer can use a smart phone to make the transfer on the spot.

 

[Evie]

I dusted off the pinball machines, changed a few bulbs, and wow are they gorgeous. My jaw dropped when I checked the current selling prices (The Addams Family and Twilight Zone are selling for $4,000 to $7,000!

I'm sad you don't live near me! I <3 Addam's Family so much!! I've always wanted to buy one, but have never pulled the trigger...

That said, I second the vote for cash only or meet at their bank and *then* get cash! I'd be too worried about getting either a counterfeit cashier's check or some other unforeseen circumstance.



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[jetpack]

A new trend around here is conducting craigslist transactions in Police HQ parking lots. (some officially sanction this) No thief is going to rob you there, right?

 

[Lakedog]

I've done many a craigslist deal for five figures in cash with no problems.

+1
Have sold several boats in the 10k to 15k range for cash with no issues but took a certified check for the RV which sold for a much higher price. Although I did check with the buyer's bank to confirm the check, I didn't expect an issue as he traveled from Alaska (to Alabama) to pick it up.