Question about selling a boat

[Dutch01]

For those that have sold a boat privately, how do you like to transfer the funds? You hear so much about scams these days, not sure if I should ask for cash (that's a lot of cash to have on me at one time) or certified cheque (can someone counterfeit those???)

Thanks!

[16 Footer]

A bank draft maybe safer. A certified cheque can be faked.

[Garnet]

if you are lucky and both party's deal at same bank you can just transfer money .

Both go to branch in minutes it's done.   

[Dutch01]

36 minutes ago, 16 Footer said:

A bank draft maybe safer. A certified cheque can be faked.

That's kinda what I'm worried about but not sure I could tell a fake bank draft from a real one either ?

If I go cash I'd like to meet at the Police station where they have a place for safe exchange but still a little uneasy about carrying thousands in cash.....

[Dutch01]

1 minute ago, Garnet said:

if you are lucky and both party's deal at same bank you can just transfer money .

Both go to branch in minutes it's done.   

That WOULD be lucky! my fings are crossed ?

[Tom S]

If you bank online you should be able to do an e-transfer even between different banks. Secure and easy for both parties.

[Garnet]

A certified check only means the money is in account at that time.

It doesn't put hold on funds the person can transfer funds else where any time.

Certified check are useless .    

[Fisherman]

Bring along a couple of guys from Woodbridge.

[AKRISONER]

bank draft is how I would do it...

When i just purchased a boat the guy was keeping it for me for a week until I could come and pick it up. That way he knew he had the money and I knew exactly where he lived and his legal name. I guess nothing is perfect? Could you not agree to go to the bank with him to cash the cheque...heck tow the boat to the bank cash the cheque with him there. Then you both part ways into the sunset.

Edited April 5, 2018 by AKRISONER

[chris.brock]

2 hours ago, Tom S said:

If you bank online you should be able to do an e-transfer even between different banks. Secure and easy for both parties.

Definitely an option.

An e-transfer isn't instantaneous though. I bought a snowmobile on a Sunday evening (banks closed) with an e-transfer. I had to wait in my car for over an hour until the email showed up in the seller's inbox.

[BillM]

Cash.  

[Lape0019]

They can all be faked these days. I took a bank draft and had to wait for it to clear as the bank it was from was closed for the day. It came in the next day. Now, I sold my boat to a buddy so I was not too worried.

If it would have been to someone I did not know, he would be coming to the bank with me and would not be hooking my boat up to his tow rig until I had confirmed the money was in my account.

[grimsbylander]

If you're that concerned, meet the guy at his bank while he gets his bank draft. Then take him to the boat and do the deal. 

[Dutch01]

It seems like this should be more simple....I like the idea off going to the guys bank, but even banks can get fooled I guess. I like email transfer but what do you do if it doesn't come through right away like Chris said.....

Looks like cash might still be safest, ironically. I though selling my boat would be hard but I've had a dozen offers already. Who knew "money changing" would be the hard part....

[John Bacon]

1 hour ago, AKRISONER said:

bank draft is how I would do it...

When i just purchased a boat the guy was keeping it for me for a week until I could come and pick it up. That way he knew he had the money and I knew exactly where he lived and his legal name. I guess nothing is perfect? Could you not agree to go to the bank with him to cash the cheque...heck tow the boat to the bank cash the cheque with him there. Then you both part ways into the sunset.

The cheque could still bounce.  Going with him to his bank to get a bank draft is a good idea though.

[OhioFisherman]

A different country, but I sold my boat, a tandem axle utility trailer, and a compact diesel tractor back in 2009 off of craig's list. I asked what I thought was a fair price for each, specified no haggling and cash only, they were all gone in 2 days.

Now if you're selling a boat or something involving a lot of cash going together to the bank might be a better plan.

[Canuck]

2 hours ago, grimsbylander said:

If you're that concerned, meet the guy at his bank while he gets his bank draft. Then take him to the boat and do the deal. 

This is the best route if you do a bank draft.  the bank can verify the draft for you.

You can also have him to an interac eTransfer by email to you if you have on line banking.  Once it is in your account, there can be no scam and he can't pull it back.

[BillM]

E-transfer has a 2k limit.  And there's no way I'd ever use e-transfer as a buyer.   So easy to get scammed.

[jimmer]

Cash only in my books.  I don't care how much it is.

[Tom S]

Or exchange via PayPal, it has a $10K limit on unverified accounts and a formal dispute process if anyone tries something fishy.

[Old Ironmaker]

I want to see cash but if not comfortable go to the guys bank with him and get a cashiers cheque from the teller. I once sold a house and went to my bank with a bag with $195,000.00 in it. It took me 1/2 an hour to count it. That I don't recommend to the faint of heart. I was young then and had 35 lbs more of muscle, but looking back I was an idiot.

[AKRISONER]

49 minutes ago, Old Ironmaker said:

I want to see cash but if not comfortable go to the guys bank with him and get a cashiers cheque from the teller. I once sold a house and went to my bank with a bag with $195,000.00 in it. It took me 1/2 an hour to count it. That I don't recommend to the faint of heart. I was young then and had 35 lbs more of muscle, but looking back I was an idiot.

In the hammer in the 80's carrying around 200 racks without a weapon? you are a mad man. I bet those junkies could smell the fear leaking from your sweat glands lol

[Dutch01]

51 minutes ago, Old Ironmaker said:

I want to see cash but if not comfortable go to the guys bank with him and get a cashiers cheque from the teller. I once sold a house and went to my bank with a bag with $195,000.00 in it. It took me 1/2 an hour to count it. That I don't recommend to the faint of heart. I was young then and had 35 lbs more of muscle, but looking back I was an idiot.

Lmao!

Having >$100K in cash to count is a "problem" I wouldn't complain about having right now!

 

So it sounds like cash exchange (at the  police station is my preference) or his bank and have them verify the draft. 

[John Bacon]

1 hour ago, BillM said:

E-transfer has a 2k limit.  And there's no way I'd ever use e-transfer as a buyer.   So easy to get scammed.

That must be the daily limit on your account.  I have done a couple of email transfers for $3k each.  

[KawarthaAngler]

1 hour ago, Tom S said:

Or exchange via PayPal, it has a $10K limit on unverified accounts and a formal dispute process if anyone tries something fishy.

Going through PayPal is a very bad idea.

Just Google people having trouble with their PayPal accounts and not being able to withdraw money from their PayPal account and into their bank account due to an odd 'tech' problem and to learn just how ineffective their dispute service is.  This happened to me once.  I speak from experience.

PayPal isn't a brick and mortar business you can walk into and help get a problem resolved, unlike your local bank.

Edited April 5, 2018 by TheKawarthaAngler