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Safe payment other than cash?

Old 10-14-2016, 06:41 AM
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Default Safe payment other than cash?

Talking about $10K transaction for boat. Guy seems trustworthy and is retired military. Still need to protect myself. What should I accept other than cash?
Old 10-14-2016, 06:42 AM
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Electronic transfer of funds between banks. Release boat when your bank acknowledges receipt.
Old 10-14-2016, 06:42 AM
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wire transfer
Old 10-14-2016, 06:43 AM
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Western Union money order.
Old 10-14-2016, 06:44 AM
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Accompany buyer to his bank and watch them create a cashiers check in your name. He leaves bank with boat, you leave with check.

Wire transfer as previously recommended is quicker.
Old 10-14-2016, 06:46 AM
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a cashier's check from a bank or credit union.
Old 10-14-2016, 06:47 AM
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Originally Posted by jkp View Post
Accompany buyer to his bank and watch them create a cashiers check in your name. He leaves bank with boat, you leave with check.

Wire transfer as previously recommended is quicker.
Cashiers check can be canceled and barely better than a personal check. I did this with a motorcycle I sold and found that out.
Old 10-14-2016, 06:47 AM
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All good advise
Old 10-14-2016, 06:49 AM
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Originally Posted by jkp View Post
Accompany buyer to his bank and watch them create a cashiers check in your name. He leaves bank with boat, you leave with check.
This is how I prefer to do it. No stress about whether or not the transaction is legit or not.
Old 10-14-2016, 06:58 AM
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EFT would be way to go if wanted to do that.
Old 10-14-2016, 06:59 AM
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Boat and title do not leave until the check clears. Cash is king.
Old 10-14-2016, 07:08 AM
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Wire transfer; your bank can confirm receipt. I would not want to be walking around anywhere with $10K but if he wants to pay cash do it at your bank and deposit it immediately and then sign the title/registration and bill of sale.

One more thing, do more than one original of the bill of sale and keep one for yourself to prove you sold the boat, who you sold it to and what you were paid. I also include D/L numbers and have a third party witness it. This is not required but a good idea.
Old 10-14-2016, 07:36 AM
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I guess I should have said....on a Sunday!!!!
Old 10-14-2016, 07:52 AM
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Originally Posted by TheRealMacGyver View Post
I guess I should have said....on a Sunday!!!!
Cash
Old 10-14-2016, 07:55 AM
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Is he coming to look at the boat, purchase and take it with him on a Sunday? The only way that would happen would be cash in my book. If he wanted to come look at the boat, give you a cashiers check and wait for it to clear is a different story.
Old 10-14-2016, 07:55 AM
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Cash or do it during the week when a wire transfer can be accomplished.
Old 10-14-2016, 08:00 AM
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I sold something on Craigslist not too long ago and instead of cash she sent the money to my telephone number. My bank allows that.. check with yours.

I bought my current boat off Craigslist and I wired the money ahead of time. Once he confirmed the transfer I went and picked the boat up. I guess it was risky, but it worked out. I met him and went for sea trial etc. I felt confident. He needed the money to pay his loan off to get the title.
Old 10-14-2016, 08:01 AM
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I have done this with my last boat. Sold to lady/husband with check, had neighbor (Sheriffs Deputy and notary for some reason) watch the signing of the bill of sale and titles, but I kept the titles in hand until check cleared. Then mailed them the title once cleared. They had the boat I had title, so if check bounced or was a fraud or anything, I could call the boat in stolen at that point and having a deputy as a witness would certainly help.
Old 10-14-2016, 08:08 AM
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No reason he can't wire the money today.
Old 10-14-2016, 08:10 AM
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Wire and wait until it's solid in your bank before releasing title.

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