Certified funds

[Donna in tahlequah]

We have an offer on our Elite II after having it on the market for a month…..The buyer has set a date to pick up the trailer for said price in certified funds…..what measure should we take to assure this on the up and up?…Do we release the title with the purchase? Do we deposit the funds prior to release?……Would love to hear from some members.

[geokeg]

From my perspective that is an easy one.  The buyer shows up with the right amount of $100 bills, you count em, sign over the title, and the deal is done.

[Cameron]

a certified check is another name for a bank check which is legit, but i don't know what certified funds are. i wouldn't release the title until you take the check to your bank and confirm that it's real. have them meet you at the bank, they give you the check, you deposit it, you give them the title and a bill of sale, then go with them to where they can hook up the trailer and drive away.

[rideandfly]

When we purchased our Ollie, had our bank to wire funds to the sellers bank account. Last time I sold an airplane the buyer wired money to my bank account. You can open an additional bank account and use it once, close it after the transaction so your not giving out your normally used account number. Wiring money with a bank is a small fee compared to the value of an Ollie.

Sold a motorcycle last year for much less than the value of an Ollie and the buyer had to take out a loan from his bank and they made a certified check to me. Before the buyer came to pick up the motorcycle, I had him to send me a copy of the certified check,  I looked up his bank on internet and called them with all of the check information to be sure it was a legitimate check before accepting it. 

My favorite way of doing business is with a bank wire. 

[John E Davies]

It is easy for a scammer to falsify a certified check, I would use an escrow company. The buyer pays the company, when the funds clear, they notify the seller, you deliver the trailer and sign the title, the escrow company pays you. Somebody has to pay a fee, I think it is usually the buyer but I could be mistaken. You could certainly agree to split the fee. It is like having PayPal being the go-between in an eBay transaction. It protects both parties from all kinds of bad things... at a price. (An eBay seller pays a nearly 10% fee for most items, which is a burden for me as a seller.) I don’t know the fee structure for an escrow company.

https://www.google.com/amp/s/www.escrow.com/buy/how-to-buy-a-rv-trailer%3famp=true

$100 bills is certainly an option, but those can be faked to, and I personally would be scared to be walking around with $50k+ in cash money….

John Davies

Spokane WA

[rideandfly]

Like John says, Scammers will make fake certified checks. Lets say the seller accepts the check putting it into their bank account. When the bank finds it's a fake check (days later), the bank takes the funds back out of your account when the fake check bounces. The vehicle title is already signed over to the scammer, too. 

When a cash deal is done, I do it at my Bank and let the bank notarize a Bill of Sale and title transfer depositing the cash directly into my account, the Bank can check the bills during the transaction. 

I like to do all of my DMV vehicle transactions at the Bank, notarizing the transaction, seller & buyer have to provide the notary personal identification. Like to be sure funds are in my account when transaction is made, too.  Also like the Bank's video surveillance of all in house transactions.

[SeaDawg]

Pretty much all major (real estate,  vehicle transfer, etc ) transactions are done via wire transfer. It takes a tiny bit more trouble, but bank checks/cashiers checks are old school, easily forged, and unacceptable. 

Call your bank rep, for best advice.

[dewdev]

When I bought my Ollie last December, I wired the funds into the sellers account. A few hours later the seller verified that the funds were in his account and then signed the title over to me. Pretty and safe transaction. 

[Ralph Mawyer]

" the buyer had to take out a loan from his bank and they made a certified check to me. Before the buyer came to pick up the motorcycle, I had him to send me a copy of the certified check,  I looked up his bank on internet and called them with all of the check information to be sure it was a legitimate check before accepting it. "

 

This is what my seller did when I bought their 2020 last spring.  We had a pretty good email thread going and had done due diligence on each other over the net. Plus, I was motivated to lock it down since buyers were lined up behind me.

That said, wired funds are the most common/safest solution, but need to work around bank hours and transition time between depositing and posting, particularly if they want to do final inspection of the trailer prior to releasing funds, i.e., inspect Mon AM, contact buyer's bank to wire funds, funds post in the PM, then trailer released. I'd plan on two days.

[taylor.coyote]

When I purchased my Ollie, the owner delivered the trailer to my town. We went to my bank together and the bank issued a check to him. 

[Donna in tahlequah]

My thanks to all ….wired money it will be……

 

[2008RN]

When We purchased our Oli in April 2021, The owner of the Oliver brought it to the bank and The bank wired the money to his account.  The bill of sale was notarized, and then the old owner delivered it to our house ( We did have a truck to tow it).  That day we found a good deal on a low mile diesel F250 and paid in $100 bills. Had the bills still in the wrappers and the receipt from the bank from pulling out the funds. 

[Donna in tahlequah]

The interested party wanting a quick sale with a certified check all of a sudden found another Oliver he liked more…..once I asked for money by wire!