Cash Buyer

[lakelandterrier]

I have sudden interest from an individual wanting to buy my current rib offering cash.

They have only seen pictures of it, but apparantly have had the same boat before.

What is protocol for ensuring this transaction will work safely?

I don't want to see the boat disappear without ensuring I have been properly paid (e.g. being passed funny money).

If I were the buyer I'd not want to hand over several £K without getting something tangible.

We both have travel some distance to where the boat is kept.

Is there anything I can do to ensure the genuiness of the offer, or am I being too suspicious?

Would a solution be to retain the keys & post them off to the indivdual's home address once the cash was credited to my account in the bank?

Roll on the new larger boat in March!

LT

[Channel Ribs]

I think you are right to be cautious.

Perhaps do the sale in the usual staged way?

1) Buyer makes an offer and includes and conditions.

2) You accept the (sometimes modified) offer and set a handover date.

3) Buyer sends a deposit. They may want some paperwork to protect their rights to the boat at this point.

4) Buyer pays the money into your account, perhaps one set up just for the purpose if you are really cautious.

5) Once you are satisfied the bank has credited you, hand over the keys and bill of sale.

Steps 4 and 5 should happen straight away, but if you make it clear that the buyer takes responsibility for the funds clearing into the account you should be on a solid footing.

Sadly we live in a decreasingly cash-friendly society, banks don't like cash which is crazy since that is what they were invented for.

[Polwart]

Originally Posted by lakelandterrier

I have sudden interest from an individual wanting to buy my current rib offering cash.

They have only seen pictures of it, but apparantly have had the same boat before.

What is protocol for ensuring this transaction will work safely?

I don't want to see the boat disappear without ensuring I have been properly paid (e.g. being passed funny money).

If I were the buyer I'd not want to hand over several £K without getting something tangible.

We both have travel some distance to where the boat is kept.

Is there anything I can do to ensure the genuiness of the offer, or am I being too suspicious?

Would a solution be to retain the keys & post them off to the indivdual's home address once the cash was credited to my account in the bank?

Roll on the new larger boat in March!

LT

If I handed you cash I would expect to drive away with the boat and any keys, I'd certainly not let you keep the keys knowing my home address! In reality boat keys do little for security (so this wouldn't help you anyway, and you'd have no way of knowing if his address was real) - but it would raise my alarm bells as a buyer.

If there is some concern the cash could be counterfeit, or you could get robbed on the way to the bank then why not move the boat so it is outside a branch of the bank for the final transaction. Go inside pay money into your account, hand over keys he takes boat. If you told me as a buyer that this is what you wanted to do I would be comfortable with that.

Banks are funny about large cash transactions (>£10k) for money laundering reasons so would be best to talk to the bank about what they require (e.g. extra ID).

However if he knows you have a long drive he may be a chancer. Meet you there having indicated a price of X to you. Then says, actually i've only managed to get X-Y will you accept that instead.

[willk]

Do the deal for cash. Bring a mate along. He sits in the motor and counts/checks the cash while you keep matey talking. Once you get the OK, hand over the keys and then and only then hook up the rib to matey's transport. Job done.

If matey wants to cut a new deal and it's because of some obvious fault, I'd deal a bit - but not if he's taking the p1ss.

As for the cash, it's a wee rib for sale, not 10 kees of Columbia's Finest. Chill, it's just money - it won't go off or spontaneously combust... but maybe don't bring small dogs and squeaky toys, eh?

[Channel Ribs]

Originally Posted by willk

As for the cash, it's a wee rib for sale, not 10 kees of Columbia's Finest. Chill, it's just money - it won't go off or spontaneously combust... but maybe don't bring small dogs and squeaky toys, eh?

As Polwart said, banks are really not liking the cash thing these days. Even as a business customer I have trouble getting them to take anything sizeable.

Given concerns about funny-money I still think it makes sense for the buyer to deposit the cash. Though it is more relevant here where we have to stay up to date on notes in Euros, Sterling, Guernsey and Jersey money.

[BogMonster]

I'd be wary of large sums of cash these days. It's most likely either stolen or forged, and how good are you at spotting forged notes? I wouldn't be sure I could. Bank transfer or nothing IMO, small cash deposit OK but suitcasefuls - buyer beware.

No doubt there are a few "honest geezers" around who only use cash but I bet the balance of probability favours something dodgy!

[Downhilldai]

He's probably offering cash on the assumption that 'money talks'

[willk]

I'd be wary of dodgy money too - which is why I'd check it - specially if the notes were all new (wouldn't like that at all) but it's not the best way to unload dodgy money - where you know the seller will check it and you have to stand there...

The other side of this deal is why would the buyer trust you with his money? (to your bank account) - good grief, you might be a criminal!

My workplace lodges tens of thousands of euro/pounds in cash every week - the bank always seems happy enough to get it.

I say again, cash, it's just money - honey

[willk]

Originally Posted by Downhilldai

He's probably offering cash on the assumption that 'money talks'

I hear your's says "hold me forever"

[Downhilldai]

Originally Posted by willk

I hear your's says "hold me forever"

"Let me out, I'm not serving a life sentence"