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Old 05-04-2021, 12:21 AM   #1
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Transfer of Funds on Out of State Sale?

Selling our AS to an out of state buyer and need to make sure that my selling funds are “good” before releasing Title and AS to buyer.

What method is the safest way to do this for me as the seller? Certified, Cashier check? Bank transfer?

So many scams out there that I want to avoid!
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Old 05-04-2021, 03:36 AM   #2
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We sold our MH to an out of state buyer before buying our AS a couple of years ago. When the buyers inspected the unit & were happy, they did a wire transfer from our kitchen. Apparently, there are a lot of fake cashiers checks out there now. Banks put a hold on any check, including certifed or cashiers for several days or more. We did take a personal check for the deposit but that had time to clear before we handed over the title.
Also, make sure you do a bill of sale that you both sign.
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Old 05-04-2021, 04:44 AM   #3
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I just bought an Airstream the way you're talking about. I live in Wisconsin and the new-to-me trailer was in North Carolina.

The way we handled it was this...

We did a preliminary negotiation, and then I sent a deposit to the seller to hold it until I could get there and do a final inspection to verify what he had said. In the meantime, I opened a bank account at a bank which was local to both of us. In this case we used PNC. I put enough money in that new account to cover the remaining balance on the deal plus a few extra dollars to keep the account free.

Once I got to the seller's location, I did a walk-around inspection. Everything was fine and all that was left was the payment. We both drove to the local PNC branch where he was able to see the teller write the cashier's check directly to him, so there was no worry that I was bringing a forged/phone check.

Just one example of a way to make this work across the country.
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Old 05-09-2021, 11:01 AM   #4
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Wired funds are best.

Pat
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Old 05-09-2021, 11:22 AM   #5
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I did a transfer of funds, sight unseen across the US...it was exactly like advertised...
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Old 05-09-2021, 12:12 PM   #6
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Quote:
Originally Posted by pmclemore;
wired funds are best.

Pat


^^^^^ x2
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Old 05-09-2021, 12:17 PM   #7
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Just curious what's the cost of a wired transfer from a bank. Is there a charge from each bank or is it just from the originating bank?

Jack
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Old 05-09-2021, 05:11 PM   #8
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We paid $30 recently thru s credit union.
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Old 05-09-2021, 05:38 PM   #9
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When I sold my 75 a few years back, the funds went to my bank from the buyers. There were no fees paid by me. The buyer paid fees, but I do not know the amount.
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Old 05-09-2021, 07:19 PM   #10
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As former fraud and compliance officer for $2B credit union there are only 3 safe methods of getting paid..
1. Cash in hand (real $100 bills...)
2. Wire transfer that is confirmed to be in your account by your Financial Institution
3. Cashier's Check you walk into a bank branch or CU and receive in person.. If buyer banks at national bank (BofA, Wells, Chase, etc..), then meeting them or visiting at a local branch and having a cashier/official check issued in branch is only secure form of check payment..



Any fraudster with an obsolete copy of Quickbooks and a Laser Printer can make up a fake cashier's check in a few minutes, which is why all banks now put same hold on as they do for personal checks. even if hold expires and check is dishonored 2 weeks later, bank will charge you back for the funds, if you have taken out or moved the $$...
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Old 05-09-2021, 07:32 PM   #11
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Quote:
Originally Posted by pmclemore View Post
Wired funds are best.

Pat
Agree. This is how real estate is sold.
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Old 05-09-2021, 07:52 PM   #12
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Wire transfer and nothing else.
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Old 05-09-2021, 08:18 PM   #13
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You might look into paying for an escrow service.

Cashier's checks are not foolproof, and have often been counterfeited. Do you know what a cashier's check from XYZ National Bank looks like?

As to cash, I used to be in the business where I could spot counterfeit currency from across the room. Today, I seldom use cash, even for small purchasess. I typically withdraw a few hundred dollars in mad money prior to a trip, then come home with all of it. I don't know what a hundred dollar bill looks like, and would be hard-pressed to differentiate good from bad.

You might get lucky, even if buyer and seller live in different parts of the country, you might have accounts at the same bank, or could open accounts at the same bank (albeit different branches). Intra-bank transfer of funds is easy, typically no cost, simply a matter of presenting your debit/credit cards and advising the bank what service you want performed.

Happy sales.
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Old 05-09-2021, 09:49 PM   #14
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Again, wire transfer. The cost of the transaction is non-consequential. As per previous post this is how real estate transactions are handled.
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Old 05-10-2021, 12:17 AM   #15
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ACH transfer (wire) is best.

Second best is goto the buyers bank together and WATCH them buy the cashier's check. I would suggest you do NOT accept a cashiers check otherwise, as sadly, they can also be faked these days.

You could also use PayPal as it has both buyer and seller protection. However, double check if there is a limit to the protection, and keep all of the evidence that you delivered the goods on your end in case the buyer tries to make a (false) claim that you never delivered goods.

DO NOT accept: Venmo, Zelle.
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