How would you handle someone that wants to take the bike for a test drive? I am a bit leery of doing this...what if they crash???
Here's the problem with these services. The cash is in their custody. Once the buyer rides the bike and takes it, all they have to do is file a claim and the money is put on hold transfer. Buyer now has your bike at his home and garage, the escrow has your money on hold. Arbitration is usually part of the dispute process. The buyer has your bike, you have no money still. Guess what can happen in 30 days of arbitration. The buyer switches out your low miles parts with his 40,000 miles on the bike he already really had at home. Now you agree to take the bike back to resolve the issue and buyer gets his money and 35000 miles better parts than the ones he had.There are escrow services for vehicle sales. I've never used one, but hear that they can help bridge a deficit in trust.
The key is that I first qualify them as buyers. I have no time for lookers. I may occasionally miss out on an emotional sale to a looker, but I will avoid so much more hassle.
How do you deal with out of state buyers?The key is that I first qualify them as buyers. I have no time for lookers. I may occasionally miss out on an emotional sale to a looker, but I will avoid so much more hassle.
I do all aspects of the sale short of fulfillment prior to them ever coming and seeing my bike/car. They agree that they are coming with cash to buy it at a set price, period. The in-person meeting is purely to verify that everything I've represented is true and to transfer cash/title. No one comes to my place without this explicit understanding. I tell lots of people to get lost that say they want to come to look at it.
The buyer of my K1300S lived 300 miles away. Since my service was almost due, I agreed to having it done at the dealership and having him call the mechanic/advisor on its condition. The cost of the service was added to the price. Once he spoke to the dealer who assured him that the bike was pristine and meticulously kept/maintained, he came down with cash and a trailer. No test ride needed.How do you deal with out of state buyers?
bank will accept any amount of cash up to a certain extent.. i have deposited well over 15k before.. they do a CTR (Cash Transfer Report) and banks do this alllllll the time. The IRS gets hundreds of thousands of these and simply file them. They do not start concern over it till the bank see's you depositing this amount of cash "often" then they file a SAR ( Suspicious Activity Report). Those are the ones that they investigate (meaning they watch your bank account for activity). If something looks fishing they move in. So, one bike or car sale for a large sum of cash does not trigger problems.. its multiple in short amount of time that does. Unless you have a business account and license to sell cars or motorcycles. BTW, banks report anyting over 4300 in a 30 days time to the IRS they just don't tell anyone! Instead they claim they only do it if it's over 10k.I'm struggling with the "cash" part of this. Are buyers coming to you with physical cash in hand? I'm trying to picture $10,000-15,000 in paper money...then how you get your bank to accept it (deposits over $10,000 are by law reported to the Feds). Why not wire transfer??
There are circumstances under which a cashiers check will ultimately fail to clear even when otherwise legitimate. Be careful. I like cash.Most of the time, when amounts start getting over 10k then it's a cashiers check.
You can easily verify the check with the issueing Bank but a cashiers check is the banks check, the money is already taken from the customer's account.
As a buyer I certainly am not going to carry 15-20k "cash" to a strangers house/location.
You can also meet at the local police station if you ever feel uncomfortable to do the transaction
I believe that is how the "Prince in Nigeria needs help getting money out of the country" scam works. Remember a few years ago reading how it works. They send the victim/target a cashier's check. They tell the victim/target to keep certain amount of money for himself/herself and send the rest to the Prince. The bank accepts the cashier's check as currency/legit and makes the funds immediately available. Victim gets money, prince gets money. It also takes a while for the cashier's check to clear (and/or for the bank to realize the cashier's check was not good). A few weeks later, the cashier's check bounces and the bank wants its money back. Leaving the victim responsible for the full amount of the check and possibly facing federal charges. In the article I read, the victim was a minister. He ended up spending time in prison because even though he was the victim, at the same time he felt there was something fishy going on, but could not resist the temptation of the extra cash and could not pay back the money he owed the bank.What circumstance would a cashiers check fail? Unless the issuing bank runs out of money or goes out of business in the day or 2 since the check was issued (which I am pretty sure has never happened in the USA) the cashiers check is as good as cash. Period.
I would like some documented examples of cashiers checks failing because false information like this makes it harder for someone like me to make a purchase with one.
If the check is fake, that's a different story all together and that is why you should verify the check with the issuing bank if there are any doubts. But once that check is printed it's guaranteed by the bank and not the person.
However I do agree on the rest of what you are saying.