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Guarenteed Money from the Sale of an Item

J

Jiles

Well-known Member
I have a tractor for sale. A lot of people are offended when you require cash for the sale of an item.
When I sell this item, I need the money immediately to purchase another tractor. If I were to accept a check--which I won't---there is a period of days until the check clears both banks. :(
What is a safe way to sell an item and have the money immediately? :)
 
Jiles------Walmart has some way now that they scan your check and clear it asap. I doubt that we can do that , but until then, cash is the only way.
 
You can ask for a bank letter of credit or a bank
cashiers check. But no, cash is the only "safe" way
and even that can be counterfeit. I don't understand
the big hurry. Don't you have credit? If it were me,
I'd take a check and write a check for the 2nd
tractor. My bank would hold the bag til it got
straightened out if there was a miss-up
 
Green Cash is the only way. I recently sold a tractor for cash. The guy was highly offended and gave me a ration of crap when I wouldn't take his check. He was afraid of carring that much cash, so the excuse went.
I ran him off.

He came back the next day with the cash it was only then I found out that he was a sheriff deputy from a niehboring county. He showed up in uniform with gun,tazer and all. I then gave him a ration of the same crap he gave me on how he knows how easy it is to get screwed, and if he's afraid to carry cash what a poor excuse for law enforcement he was. We ended up both being civil and doing the deal.

I don't believe I'll go over to Montgomery County any time soon.
 
If you won't accept a check, the buyer can go into your local bank and cash a check. Then, bring you the cash..

On an expensive tractor, why not have his banker get in touch with your banker.. (hope that works)
 
CASH well DUH.....When a person leaves my farm with say an auto plus the title in hand I sure want MORE then the equivalent of a promissory note, a check that can be bad or have payment stopped, or even a cashiers check that can also be stopped WHICH IS WHY YOU GOTTA GET THE COLD HARD CASH IN HAND......

If you loose a sale cuz the buyer cant or wont deliver the cash, well at least you still have your property now dont ya

John T
 
I always go with a bank cashiers check, and then call the bank that wrote it and make sure all is legit.

I don't like carrying all that cash either, whether I am the seller or the buyer.
 
(quoted from post at 09:59:42 03/30/11) Dean,, you didn't know this guy, but how in the dickins do you know for sure he didn't steal that uniform??? (joke of the day-grin)
Click to expand...

Show of hands here, who hasn't taken a police cruiser for a drive a time or two. Back or front seat, I won't judge.
 
serious buyer will have the cash on him

good old bargaining tool - wave wad of cash under the seller nose and start walking away
 
(quoted from post at 17:51:30 03/30/11) CASH well DUH.....When a person leaves my farm with say an auto plus the title in hand I sure want MORE then the equivalent of a promissory note, a check that can be bad or have payment stopped, or even a cashiers check that can also be stopped WHICH IS WHY YOU GOTTA GET THE COLD HARD CASH IN HAND......

If you loose a sale cuz the buyer cant or wont deliver the cash, well at least you still have your property now dont ya

John T
Click to expand...
Agree--I am 65 years old and have received Bad Checks--insufficient funds--and had Stop Payment on a few checks. It makes you "gun shy". In this day and time--you can trust very few straingers! Thats why I hate to sell anything!
 
Probably not a good idea- your bank would "hold the bag" just long enough to determine the check was no good- then it would deduct the funds from your account, thereby passing "the bag" on to you.
 
Favorite man always was Benjamin Franklin. When I buy or sell, he always gets the job done.
 
Also remember that the bank has to report cash transactions to the IRS for amounts over $10,000. I don't know if your deal will exceed that limit.

If the transaction was done by means other than cash, it would not be reported.
 
been in the back once (fireworks charge)
twenty mumble years ago I took the light bar from a Sheriff's car. Had it for two weeks before someone squeeled.
 
Maybe you need to change banks; locally, if you're a good customer and 'good' for the money, the money is IMMEDIATELY available. Obviously, if the check turns out not to be good, you have to make it right. Of course, if you're a known deadbeat or don't have a good reputation, they'll put a 'hold' on the check 'til it clears.
 
CASH IS STILL KING !!!! There is no other Way .Any Kind of CHECK Is Traceable .If you paid Cash for the item They Should Pay CASH TO.Remember Our Old FRIENDS Called the IRS They Sure Want There Cut of the $$$$
 
I have bought and sold a couple tractors.Ran into the same thing, Dont know why ? How hard is it to get the cash from your bank before you pick it up. I always take cash when Im buying.(sometimes cash talks) I guess if they want it bad enough they will have to play by the sellers rules and bring greenbacks.
 
Dead Presidents only..Won't even take a bank check as payment can be stopped on those also.Don't ask me how I know.

Vito
 
Paypal and cash are both pretty safe, but cash is always best. I also
take post office money orders when I'm shipping a part to someone,
but then I have time to look over carefully and take it to the post
office to cash when I ship.
Zach
 
I agree with the cash in hand deal..but can someone explain to me why so many places now are not taking cash?Ive even been to motels where they wont take cash for a room.fear of being robbed maybe?
 
(quoted from post at 18:44:58 03/30/11) I agree with the cash in hand deal..but can someone explain to me why so many places now are not taking cash?Ive even been to motels where they wont take cash for a room.fear of being robbed maybe?
Click to expand...
I THINK there is a kickback from credit cards????
 
A motel wants a credit card so when you steal the TV they can put it on your card. I read an interview regarding motel theft, with a motel owner and he said people will even try to steal the bed. They had it happened only the bed got hung up in the doorway so the theives gave up and ran. Jim
 
I think the reason some motels don't take cash is because they want your credit card number in case there was damage to the room. We had a gift certificate to a hotel once and they wanted a credit card number or a $100 cash deposit. Think they even wanted a copy of drivers liscense. They didn't get that! Some places in the "bad" part of town might not want the cash because of robberies.
 
Those people that are offended when you ask for cash either don't have the funds to buy the tractor and in my opinion not legitimate.
 
you will still get more replies past mine. if you look on a bill, it says "IN GOD WE TRUST", i tell people the same saying and add "all others pay cash". i buy in cash to private parties and expect the same in return. e.g.-had a unit to sell, offered to deliver, 75 miles away, loaded ready to go, called, said on my way, they asked will you take a check. "WHAT"? told to call when they cash check. never heard no more from them!~
 
I would only accept cash. There's too much hassle with a check. If they want it they'll come up with the cash. Hal
 
Remember......Benjamin wasn't ever president, and I still like him a whole lot! I do get your drift though. Cash only.
 
On the other hand, a check is a pretty good piece to prove payment down the road, should any questions arise about the transaction.

You know my check is good the same way I know your merchandise is good.
 
What is a safe way to sell an item and have the money immediately? :)




-------------------------------------------------

The best way is to have them hand you the cash before they load it.

If the seller complains that it's too big of a hassle to get cash out of their bank before picking it up ask them how its any less of a hassle for you to bring the check to the bank to deposit it?
 
Another problem I have encountered is that the [b:d557c95eaa]LARGE MAJORITY[/b:d557c95eaa] of people Think a [b:d557c95eaa]CHECK IS CASH[/b:d557c95eaa] :?: :?: To me--it is just a piece of paper stating they have the money.
 
I had to pay cash for my tractor and mower a few weeks ago.
Purchases like that, I'd ask for cash. Thing about cash, once you
hand it over or receive it, the deal is done and there's no worry.


For those that are offended for having to pay cash. Oh well. Shop
elsewhere.
 
(quoted from post at 09:24:33 03/30/11) I have a tractor for sale. A lot of people are offended when you require cash for the sale of an item.
When I sell this item, I need the money immediately to purchase another tractor. If I were to accept a check--which I won't---there is a period of days until the check clears both banks. :(
What is a safe way to sell an item and have the money immediately? :)
Click to expand...
I don't know why they would be offended, I would be surprised if they didn't demand cash. I expect the seller , who does not know me from Adam, will demand cash before I drive away with his stuff and I feel the same way when I am the seller. I have never ran into buyers who had a problem with this. It is foolish to take checks from people you don't know and is even risky if you do know them, so I don't unless it's someone I have known well for a long time.
Otherwise, I guess if they wanted to pay me with a check, I could give them a picture of the tractor until the check clears so we stay on equal footing :D .
 
Federal bank regulations force banks to report cash transactions over 10000 to the IRS.By law your supposed to file a 1099 for cash transactions over 500 bucks.
 
CASH ONLY.......Or Cashiers check (certified with bank officer signature) Local banks only to confirm that money is really there, so you would go with the buyer to the bank and "cash" his cashiers check before giving him the keys to the tractor.
 

CASH talks: Checks Walk:
Unless you know the person you are dealing with
real well:
Do your home work on the person you are dealing with OK.If you dont he will win you will lose:
Dont let it happen to you,
GOOD LUCK,
JR FRYE, SAID THAT
 

CASH talks: Checks Walk:
Unless you know the person you are dealing with
real well:
Do your home work on the person you are dealing with OK.If you dont he will win you will lose:
Dont let it happen to you,
GOOD LUCK,
JR FRYE, SAID THAT
 
Last fall I bought a truck from a guy that I had never seen before. I took my son the mechanic with me, and after we'd looked at it, I told him I wanted to think about it on the 40 mile drive home, then I'd call him from home and let him know what I'd decided. When I called and said I'd take it, I also asked if he wanted cash. He said, "No - a check will be fine".

Paul
 
Cash up front is the norm for private party sales unless you know the buyer well. Any serious buyer should already know that.

If you are in a bind and don't have any other people interested, you could agree to take a 20% or 25% non-refundabe cash deposit to hold the item for X many days. That weeds out the tire kickers fast too. Serious buyers can always get the cash quickly.
 
What is this "cash" thing everyone is referring to?

I use my check/debit card for nearly everything, the bulk of my money is theoretical and never seen in physical form.

Seriously though, I've seen ads that say "no delivery of merchandise until check clears"

That's probably a good policy.
 
A few years ago, I sold a Ford Backhoe for $9K. The man was inspecting the machine and asked me what my "Cash" price was. I stated-- "that is my cash price, I am not in the financing business". He laughed and stated he would only buy with a check and I could keep the machine until the check cleared. He wanted me to give him a call ASAP that he needed the machine. I wrote two bill of sales--one for me and one for him-- and he went back down to the truck parked on the road. I noticed that he was pulling an empty trailer. I went down and asked him where he lived and it was about 50 miles away.
I told him to just load the machine to save him a return trip and he asked if I was sure.
He even gave me a $20.00 tip for my trusting him.
Super nice guy and I had no trouble with the check :D
 
cash is green and untraceable.when it comes to antiques and private sales most are done with green backs. even the larger sales.
 
what do you guys mean when you say check clears bank.anytime i go to bank to cash check they hand me the money.i have never had to wait.Also what do you do if you are buying something for like 30 grand? you going to pay cash for that?I always pay with a check and if they dont like it then i dont buy it and that has only happened once.
 
Bought several Oliver crawlers & tractors off of eBay. I would
always ask if owner would take a deposit and cash upon
pickup. This way if the item wasn't as described I would like
deposit back but would walk away and just let it go. I have
been blessed because it has worked out well. Both parties
were happy and met some nice people through out the
country. As a buyer I would take cash because i would like
the same consideration when I sell something.
 
Bought several Oliver crawlers & tractors off of eBay. I would
always ask if owner would take a deposit and cash upon
pickup. This way if the item wasn't as described I would like
deposit back but would walk away and just let it go. I have
been blessed because it has worked out well. Both parties
were happy and met some nice people through out the
country. As a buyer I would take cash because i would like
the same consideration when I sell something.
 
I trust people. For 39 years I"ve bought items across this State and beyond, and NO one ever questioned my check. A few commented that I have an honest face. Maybe it helps to not look like a careless bum. I wouldn"t mind carrying a reasonable amount of cash, but wouldn"t do it for an expensive, late model tractor. Cashiers check or wait for clearance is ok....I want the check for a receipt. Only times I had trouble with a check I received was from an Army buddy in CA, and a neighbor a mile away. After two years, I told the buddy I was coming to see him, and wanted the rubber check in green cash. The neighbor, I settled by being paid with a collector tractor.
 
If it turns out the check is bad, your bank may call you several days later and say it was "returned" and you're then on the hook for repaying the bank the money they gave you.
 
I'll only take cash from strangers when I'm selling something. When I advertise something for sale I always post CASH ONLY, never been a problem as any interested buyer knows ahead of time that he better bring cash if he intends to leave with the item.
 
I'm a victim of check fraud. Someone is going around cashing fake checks with my bank account number. I get calls each week about new incidnences. He apparently even has a driver license with my name, but the dob and dl number is wrong. So.. my advise to you, is a check can be very very iffy at best.

so far my bank has sent all of the bad checks back and I am not out a red cent. But a lot of good merchants are out and my name is taking a beating.
 
What you want is a wire transfer between banks. You give him the routing number to your bank (it is different than the leading number on your account.
He then makes the arrangements from his end and he sets up an arrangement for the bank officer to expect a phone call at a certain time and date.

He calls in and says go or no go. If go, you call your bank in 20 minutes or so and they can verify the receipt of the money in your account.

Both of you need well established relationships with the bank.

$20-$50.
 
I'll take a check for something provided the buyer's bank is local and open at the time of the deal. Once you cash the check at their bank, it's the same as if the buyer gave you cash.
In God I trust, all others pay cash.
There's no way I'll ever mess with PayPal ever again. Made the mistake of linking my checking account to a PayPal account once. Someone cleaned it out. Fortunately my bank valued my business and reversed all the fraudulent charges.
 
I never expect a seller to take a check, so I always get the cash before I go to buy any tractor or part. I expect a buyer to do the same. I did sell an antique car once at a swap meet/car show- made the deal including delivery 4 hours away. Buyer handed me $500 down on a handshake, and off he went. I had the car, title, and his cash. Of course I delivered the car the following weekend and he paid me the rest, but I would have never done what he did.
 
Only if the check is from a bank in the same Federal
Reserve District. If you deposit a check from a different district, from an unknown (to your bank)
individual, and/or for an amount over $2,500, after written notification, your bank may hold funds for up to 10 days before they are available for your use.
 
John T,
A couple of years ago a friend of mine sold a nice 1946 Ford to a guy at a car show for $14,000. The guy paid him in one hundred bills. He said that after he walked away from the guy with his bulging pocket he wondered if someone was going to knock him over the head for the cash. It all turned out OK though.
 
Sounds like a bunch of you better call your bank and ask some questions.

The only check that can NOT have a stopped payment placed against it and that is a federal bank draft. Not all banks can issue a Federal bank draft so call ahead.

A certified or cashiers check can have the amount stopped payment for 5% of the face value.

So I could pay you with a certified/cashiers check then stop by the bank and put a stop payment on the check before you could cash the check.

Personal/business checks are worse than that and cheaper too get a stop payment on.

You have to think like a thief to catch one as my banker told me one time.

I just got ripped on Gunbroker for a revolver I just bought. It was missing some parts plus got banged around in the shipping case. The seller didn't want to make it right so I lost several hundred dollars on the deal. That's my fault for sending a USPS money order. Never again.

T_Bone
 
Dont worry about it, make it clear in the sale description cash only, no exceptions. Dont tell them why, that makes it personal. Make it policy.

With that said, there may be buyers who wont bite. I probably would with an individual but with gas stations, if they require prepay then they dont need my business.
 
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