Selling a Rib

[Lofty]

Whats the best way to complete the money stage of selling a rib by private sale? Cash, cheque, bankers draft? And when do you let the Rib out of your sight - once the money is in your account?

Your thoughts would be appreciated.

[Nos4r2]

I paid for mine by taking the owner to the bank with me and getting them to raise a bank draft in his presence. It's far safer than Cash.

[Richard B]

That's a reasonable way of doing it, Nos.

Cash... maybe.... if you can guarantee that is's not dodgy and you're not drawn into a money laundering scam. And consider how long will it take you to count if the purchaser turns up whith small notes?

Cheque... never..... unless you wait for it to clear before handing over the boat.

Bankers draft.... see above. Be aware that they are not as good as cash, despite heresay. they can bounce, and banks/building societies are targeted for theft of books of there. Beware. Hence Nos's suggestion is safe.

Electronic transfer is good. I mean CHAPS or BACS, not PayPal!

[Tim M]

Cash or go with them to the bank and get a bankers draft.

[RIVA]

be careful of the cash ?

[codprawn]

Yes forged notes do exist. Also all the stupid money laundering laws - the War on Terror was the excuse - in practice it was to spy on US!!!

The best way to check for forged notes is to look at the silver strip. Most forgeries have the strip printed at the same time so they are nice and silver. On the real note the silver strip is inserted first so you get ink bleeding over the strip - just a quick glance and you can see if there is ink on the strip in places. Very few people know this one - much quicker and easier than other forms of detection!!!

[donutsina911]

Originally Posted by RIVA

be careful of the cash ?

[randski]

Originally Posted by Richard B

That's a reasonable way of doing it, Nos.

Cash... maybe.... if you can guarantee that is's not dodgy and you're not drawn into a money laundering scam. And consider how long will it take you to count if the purchaser turns up whith small notes?

Cheque... never..... unless you wait for it to clear before handing over the boat.

Bankers draft.... see above. Be aware that they are not as good as cash, despite heresay. they can bounce, and banks/building societies are targeted for theft of books of there. Beware. Hence Nos's suggestion is safe.

Electronic transfer is good. I mean CHAPS or BACS, not PayPal!

Sold my Rib last week, money transfered by CHAPS, safe simple & recommend by the bank.

[Lofty]

The safest option certainly seems to take the purchaser to the bank with you, and to then pay via CHAPS or even cash.

If they pay by cash at the bank, it is then up to the bank to check for forged notes - and you don't give your bank details over.

[Sarah G]

Have to concur, when we bought Braveheart, bank manager said safest way was by bank transfer - didn't have to be chaps as this costs money, but even standard internet bank transfer is tracked.