During the sale of bike...Best method of exchange?

[kurious kat]

I am currently selling my bike and I have posted on Craigslist. I have had a couple people see the bike and 1 possible serious buyer. As it is I have had to sift through numerous fraudulent emails getting to the "real"" inquiries.

I am a little worried about receiving a fraudulent bank check or something of the sort. What is standard practice for the exchange? Do I hold the bike until the check clears? Do I go to the bank with him/her to get a bank check? Any other ideas? I do not know what is too much when it comes to caution.

I personally understand the dilemma but would not want someone else to have 5k of my money (while the check clears) without me having the bike in my possession.

HELP!!

[daspope]

cash only, or have them get a money order with you there.

[kurious kat]

I guess I will see which way the buyer feels more comfortable with. Also the bank holds the title on the bike. Will they automatically mail it to me after the loan is payed off or do I have to request it? (sorry for the dumb questions, this is the first vehicle I have sold)

Thanks for the reply.

[daspope]

Not sure about that part, I've only sold vehicles that were paid off... most recently my boat I will miss my boat...

[kurious kat]

wish I HAD a boat that I could miss someday =)

[daspope]

I am really missing it now that its summer

[AzCyco]

I'm telling you from experience. ONLY take CASH.. If the guy wants yer bike bad enough, make HIM go to the bank and get cash.. It's not that hard to ask for 5K in cash, just as simple as it is to ask for a MO..

I sold a MX bike a few years back, guy SWORE to me his MO was good, and I took it.. Turns out it was fake. I (kinda)lost 2500.. But we did find him on the bike. As I know just about EVERYONE here in AZ on a dirtbike.. lol.. Friends spoted my bike in the desert.. Needless to say, the bike is sitting over at my moms house.. Wont go into details, but the kid kinda has a limp now..

cash only my friend. IF yer going to take his check.. Goto the bank, make sure it clears, clears into yer account. get a reciept from the bank.. THEN and ONLY then sign over the pink..

I've bought cars, well tons of cars/truck.. I pay cash. Plus w/ cash you can hagle the price down, too.. I even paid cash for my new(new then) 96 chevy truck.. Gave the guy 18K in cash.. they freaked. wouldnt take it, too much $$ to keep at the dealership.. So I had to go get a MO from my bank.. Ha.. dealershps are so lame.. idiots..



my 2c...

[hellcamp]

Yup, cash only. If the guy was uncomfortable handling large amounts of cash, I'd be willing to go to the bank and make the transfer right there. Direct transfer into your account if you have an account at the same bank.

[EisBlade]

If someone can write a check for x-amount then he can surely stop by the bank to withdraw that amount w/o problems. Put the burden on them to get the cash. Cash Only - cuz it's the best way to do business!

[mharrison]

If you want to see the check clear, go to HIS bank, not yours. If you go to your bank, it will clear at your bank....until it comes back as an NSF, then you'll be overdrawn if you have withdrawn/spent the money from your account.

My .02 cents as a banker!

[newriderva]

Cash only. Banking laws make checks, money orders, and cashier's checks too risky (there's a delay between them being cashed and the fraud being detected, and you're the one left holding the bag + possible criminal penalties).

As someone above stated, if a person can write a check or give you a money order for $5,000, then that means they have the $5,000 in the bank. Unless they're trying to rip you off, they should have no problem going to the bank and getting cash.

I personally never, ever, ever accept anything but cash from someone I don't know in a transaction of this type. Ever.

But since most people don't trust you as a seller more than you trust them as a buyer (and aren't going to wander into the sale with a pocket of cash), there's got to be a little trust in terms of holding a small cash deposit for a couple of hours while they go to the bank and get the cash.

And never deal with anyone who isn't local. Ever. Unless you receive an envelope full of cash through the mail (or a wire transfer). Again, no money orders, no cashier's checks etc.

Serious buyers will have the ability to get cash. Time wasters and con artists don't, and even if it's a nice little old lady, make her get cash.

(Also write up a bill of sale, have it signed by everyone involved, and give the buyer a receipt.)

The bottom line is that if you keep the transaction formal, documented, in cash and in person, you will never get ripped off. Once you let any one of those things slide, you're running the risk of being taken advantage of.

[Black_peter]

When buying I use cash anyway because then you make a deal and pay on the spot. Not later giving the seller to think it over...
However last time I bought a car the owner wanted a check (?!?!) not cash. So we went to the bank together and I got the cashiers check. Good thing too because my bank checked out the paper work and it wasn't kosher. (the guy's father was on the title..)..

[steves]

Postal Money order is also a very safe way to go as well.

[FASHER]

I guess I will see which way the buyer feels more comfortable with. Also the bank holds the title on the bike. Will they automatically mail it to me after the loan is payed off or do I have to request it? (sorry for the dumb questions, this is the first vehicle I have sold)

Thanks for the reply.

If your buyer is paying with cash, and the bank that holds your title is local, I recommend settling the transaction at your bank. You get a lot of bang for you buck. You can:

--Deposit the loot (if you have luck like me, $5K is a lot of cash to have in your pocket)
--Pay off the loan on the spot.
--Immediately get your title in hand
--Then you can sign the title over to the buyer on the spot <----This is a BIG plus!! I passed on several good Katana deals because the seller was going to have to "mail me the title"
--If your bank has a notary on site, as many do. you may even be able to get a signature and/or stamp to notarize your bill of sale.

I'm with the others here, I'd do CASH only if possible. I guess you could take a check or money order, but the bike wouldn't move an inch until the payment cleared.

Good luck with your sale.

[rwcreigh]

cash only, or have them get a money order with you there.

+10000 maybe take him to a notery and sign somthing about the title