How To Handle Buyer's Cashier's Check For Large Amount

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dabigboy

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I've bought two airplanes with certified checks from the bank. I'm much more comfortable with that than toting around thousands of dollars, especially with the police's occasional propensity for robbing people. It comes down to what people are comfortable with, and yes a quick call to the buyer's bank should clear anything up. Safer and easier than cash, IMO. As a buyer, I would be annoyed (and slightly insulted) at a seller insisting on cash, but it would not break the deal.

Matt
 

1shott

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This will turn away many legit buyers. Too much risk walking around (even for a few hours) with $20K in cash.

I disagree, I see a lot of folks on a daily basis, a lot of them repeat customers, who carry that much around in cash. Its nothing to them to pull out a stack of bills and peel em off.

Best I have seen is over $100,000 in a plastic grocery bag. That one did have me going wtf?.

You would be surprised at how much cash a lot of folks carry on a daily basis.
 

GC7

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I disagree, I see a lot of folks on a daily basis, a lot of them repeat customers, who carry that much around in cash. Its nothing to them to pull out a stack of bills and peel em off.

Best I have seen is over $100,000 in a plastic grocery bag. That one did have me going wtf?.

You would be surprised at how much cash a lot of folks carry on a daily basis.

Is this you?!

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swampratt

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During the June Tax sales in Oklahoma there are millions in cash in 1 room many times in the pockets of potential buyers.
50K cash has been in my pockets for a house purchase and I was not worried a bit.

I like cash.
But going to his bank if fine also or call his and your bank and verify.
 

-Pjackso

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1 Be at the buyers bank when issuing cashiers check.
2 Ask the bank teller if the buyer has sufficient funds for purchase of $X dollars. (With buyer/seller both present)
3 Do transaction at bank.

1-3 At this point, the bank has verified the account has enough money, and you witnessed the cashier's check. Would you have reason to doubt the bank teller?

If your still worried about the cashier's check:
4 Redeem cashier's check at bank for cash in hand. (Or just do the cash transaction at the bank)
5 Then (using cash) ask bank to issue new cashier's check made out to you.

4-5 You have fully removed the money from his account (via cash), and issued a new bank cashier's check to you.
 

SlugSlinger

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The last large purchase I made was done at the sellers bank. He wanted partial cash and the remaining in a certified check.

We sat down and completed the transaction with a bank representative. The transaction included signing a bill of sale and the title, both being notorized.

Normally, only the seller needs to fill out the title and have it notorized (if there are no lenders involved). Newer Oklahoma titles have a removable form the seller fills out and sends to the state to show the vehicle was sold. This is to protect the seller in the case that the buyer never transfers the title.
 

red dirt shootist

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I disagree, I see a lot of folks on a daily basis, a lot of them repeat customers, who carry that much around in cash. Its nothing to them to pull out a stack of bills and peel em off.

Best I have seen is over $100,000 in a plastic grocery bag. That one did have me going wtf?.

You would be surprised at how much cash a lot of folks carry on a daily basis.
I'm one of those people, I usually carry large amounts of cash, sometimes twenty or even twenty five dollars. So if I feel like stopping for coffee and a donut, I got it covered, as long as it's simple, not one of those fancy ones.
 

Bravo1413

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I believe the best way is to meet at his bank and get a cashiers check. That way the funds are verified. IF, you could get cash, would you really want to walk around with $20k in cash until you can get to your bank.
 

alnpar

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I am preparing to sell an Rv and the guy is from OKC (I live in OKC) and I don't want to offend him but he is going to get a cashier's check from his bank for over $20,000 and I plan on having my bank verify that the check is good before I surrender the title on the RV. I went through this once before and the buyer took offense when I asked him if I could see the check and call to make sure it was valid. I'm not giving something valued at over 20K away but I want to treat the buyer with respect and dignity as I would want to be treated. These days you can't trust even your ex-wife... How would you handle the situation?
CASH & CARRY ONLY!
 

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