This was originally listed in this post but moved here for further discussion. In regards to this posting...

quote:

Coach is 28 foot in very good condition. Mileage is 60,000. Motor rebuilt and running well. All mechanicals working well. New vinyl flooring recently installed. New refrigerator. Asking $15000 reduced to $9,500. Prefer cash/cashiers check.

This is being done so that the original thread isn't overwhelmed and that more discussion can continue on an important subject.

For everyone's information, don't look to a chashier's check for safety, get a bank draft. A chashier's check can be canceled just like any other check.

not to steal the tread, but how does a bankdraft work in a private sale?

A bank draft is written on the bank's account and is purchased by a customer who wishes to purchase an item. It is similar but not the same as a registered cheque.

About 8 years ago, I sold a Suburban to someone about 120 miles away in a neighboring state. I agreed to deliver the vehicle, but I was a little skeptical of the person. So we went to their bank and I had them to wire the funds from their bank to my bank. I called my bank and verified the funds were there and then I gave them the title.

I don't trust cashiers checks, certified checks etc...I don't even trust $100 bills without checking them out with a verification marker.

You can't be too careful.

I think it was Ronald Reagan who said,

"TRUST BUT VERIFY"..

K&E

P.S. When you buy something, take $100 bills and a verification marker.....I got my Barth for a fraction of the asking price because I took cash...

Would a Postal Money Order qualify as a fool proof method of paying? I see a few folks getting them when I'm at the post office............

I think there is a $ limit on a money order.

I remember when selling airplanes that I would often execute the title as owner and put it with my banker, asking him or her to release the title to the buyer only when the funds were received by my bank from the subject buyer. At that point it would be credited to my stipulated account. This is probably the "bank draft" method previously discussed.

This method forces good preliminary practices such as buyers' inspections, etc. It also guarantees receipt of funds.

Yes, I had forgot about the "bankdraft" method.

Our company still uses that method to some extent.

We make out a "draft" to our client we are loaning the money to. They take that "draft" and give it to the car dealer. The car dealer then deposits that draft AND the title with their bank. It goes through the banking system to our bank and if the title is OK then our bank honors the draft. Kind of a cumbersome approach but it works....

Here is an article about the bogus listings. sky

Craigslist!!

quote:

Originally posted by Lou:
I remember when selling airplanes that I would often execute the title as owner and put it with my banker, asking him or her to release the title to the buyer only when the funds were received by my bank from the subject buyer. At that point it would be credited to my stipulated account. This is probably the "bank draft" method previously discussed.

This method forces good preliminary practices such as buyers' inspections, etc. It also guarantees receipt of funds.

It's called a "sight draft", and is common in aircraft sales.

ive got a real nce printer will buy anything with my cashirs checks hahahaah

You always see ads demanding cash only, but a favorite way for counterfeiters to offload their printed bucks, is to buy pawn able merchandise with those bogus bucks. Be very careful even taking cash.

The most common counterfeit denomination today is a $20 bill as most people will not try to verify it.