Cashier's check, wire transfer?

[azucena]

I'm about to sell my dad's travel trailer for $30k. What's the safest way for me to accept funds? Cashier's check? Wire transfer? Other? Help! The buyer is someone I don't know coming from out of state so I don't want to screw this up.

[Anne_in_VA]

I'd go with a cashiers check or cash.  No personal check. 

[azucena]

I had decided on cashier's check but then people at work told me they can be faked too which of course now makes me nervous. Thinking about meeting at the local bank to have it verified or something.

[NoNamePerson]

Is the buyer local? If so, suggest you meet at their bank and have cashiers check drawn up at that time. 

Nevermind just saw out of town speed reading gets me in trouble all the time.

[alabamagal]

Aug 15, 2017 13:34:06 GMT -5 Anne_in_VA said:

I'd go with a cashiers check or cash.  No personal check. 

Not cash.  

Someone you met on the internet is giving you $30k cash, that makes you prime robbery target.

I would do wire transfer.  I think it costs $15 at most banks.

[TheOtherMe]

I second being careful with an out of state buyer.

I would do the wire transfer. 

I was sent a cashier's check by a former friend who decided I was no longer going to a concert with her.  I talked to the bank and they said they can be a scam and the person who sent it could have put a stop payment on it.  So I didn't spend it until the bank let me know it had cleared.  Notice I said former friend.  That was why I didn't trust her.

[CCL]

Can wire transfers ever be reversed?

I think I'd talk to my bank and see what they recommend.

Do you have a power-of-attorney for your dad or, if not, how are going to sign the paperwork for him?

[milee]

Aug 15, 2017 16:10:15 GMT -5 @wxyz said:

When I SEND a wire transfer, especially to someone I dont know, I make sure they are who they say they are.  I do "due diligence" to the paranoid extreme.  There have been some cases of....for example....people claiming to be high end watch dealers and having buyers wire funds to them for a watch.  It than turns out that they are NOT in fact the watch dealer, but someone that has created a similar email address and a fake identity and they trick you into wiring the funds to them.

And don't send or trust wire info you receive by email, either.

The boat builder who I bought my last boat from had their email account hacked last year.  The hackers used the information they found to send erroneous payment instructions to several customers.  Boat builder lost over $100k that people wired into the hacker's accounts thinking they were paying the builder.

[Anne_in_VA]

Aug 15, 2017 14:43:09 GMT -5 alabamagal said:

Aug 15, 2017 13:34:06 GMT -5 Anne_in_VA said:

I'd go with a cashiers check or cash.  No personal check. 

Not cash.  

Someone you met on the internet is giving you $30k cash, that makes you prime robbery target.

I would do wire transfer.  I think it costs $15 at most banks.

I totally missed that it was $30k.  No way I would do that.  Wire transfer is probably better in this case.

[azucena]

A few added wrinkles - the trailer is about an hour away from where I live so I don't have a local bank there. Can I still use the local bank to do a wire transfer from the buyer's account into my account at another bank?

This is a custom designed trailer that apparently does hold it's value like my dad insisted - we're selling for $2k less than he paid 2 yrs ago and part of that is because the mattress isn't useable. So the option of a local buyer isn't feasible. I have it posted on a the travel trailer's website classifieds. Local people keep making offers of $5-7k. Meanwhile online it's been something of a feeding frenzy where I have 15 different interested buyers from across the country. Working my way through the list. Someone also cross posted it to facebook where it had 100 comments within 24 hours, but I'm ignoring that for now. I really just want to be finished with the whole thing - I don't have time to keep fielding questions and helping my brother deal with the estate.

My brother is the executor and has the small estate affidavit which allows him to sell it. I'm helping with the logistics because my brother is even more introverted than I am. I've seen posts here over the years about how much of a pain closing an estate can be - those folks aren't kidding. Besides the trailer, the other hold up is getting all the medical bills reconciled and finalized complicated by 3 hospitals in the last 6 months of his life. One has been a major pain. I get HIPPAA but we just want to pay his final bills.

[alabamagal]

1)  Get in contact with a banker at your local branch.  Tell them "I need help with a wire transfer of $30k".  With that amount of money coming into your bank, they will be glad to help you.  Get a name and a direct phone number for that person.

2)  Go to the sellers location and have them set up the wire transfer to your account.  You will have to give the person at the bank your banking information.  It should take about 15 minutes

3) Call the person at your bank and verify that the money is transferred.  Wire transfers show up immediately.  Your bank can confirm that the money was received.

4) Keep a copy of bill of sale, title transfer paperwork and a copy of the buyers drivers license for documentation.

[Tiny]

I'd opt for a wire transfer... will a bank even create a cashier's check for 30K??

I'd call YOUR bank and ask how a wire transfer will work for you - the recipient.    How long does a wire transfer take to "clear"? (IE does the wire transfer happen the day before from the sending bank and the receiving bank confirms it the next morning)?    How do YOU get notified when the funds are in your account?

I'd talk to the BUYER and suggest they do the same at their bank: How long does a wire transfer take? Is there a cutoff time?

How much does it cost?  How will they know if it goes thru?

The only time I've done an out of state wire transfer was when I bought the "Shack in the Sun".   I had to do the wire transfer of the downpayment (ALOT less than 30K) the day before. My bank did wire transfers ONCE a day - and the cut off was 11:00am for the paperwork to be filled out. The Transfer occurred in the afternoon.  The next day - the closing date - the seller's bank (or who ever was in charge) confirmed the downpayment money was in the account and the closing  proceeded without problem.   (I did all of my part from my state and the seller did all of their part from their state. there was no gathering of both sides for the closing.)

When I did the "instate" purchase of a house (for 'cash') - I had to do the wire transfer the day before the closing.  At the closing me the buyer and the seller and our lawyers got together and went over all the contracts, made a couple of minor changes, signed some stuff, and then sat around and waited for the notification (an admin person came into the closing meeting and said the money was there) of payment.  Signed a couple of more things. and then the keys were handed over and it was done.

ADDED:  the charge for the wire transfer was $25 in each case.