Sold a bike... getting nervous about the buyer

[motion]

I sold one of my race bikes, a Yamaha TZ250 to a guy in Georgia. He is FedEx'ing me a cashier's check for the entire amount, $7,250. I will receive it Thursday... I have no idea why he didn't send it overnight. His "assistant", a woman with screaming kids in the background, is currently researching shipping companies for the bike and spares. Her stated preference is for a shipping company that will come to my house and pick the bike up directly from me.

A few things are starting to make me nervous. She's asked me a couple of questions that are frankly, stupid, given what he is buying from me. The 4 day FedEx thing is weird. Why not send it overnight? He's trying to lock up the deal. I would think a little more haste would be in order.

My concern is that the cashier's check might be a dummy, and that it may take a bit of time to clear my bank. In the meantime, the purchaser may want to arrange shipping as soon as possible after I receive the cashier's check. I'm thinking of contacting them and insisting that they do a wire transfer. Possibly that isn't necessary... will a bank know right away if the cashier's check is good or not? Trying to be careful here... a lot of scams out there.

[on-ramp]

my bank always tells me to wait a full 10 days for any check, be it a Cashier's or a Money Order.

It's a lot of money so I would wait.

[JavaBrewer]

Richard - follow your gut dude.

[Dottore]

Nervous? Ship when check clears - and not before.

[daepp]

All checks - even Cashiers Checks, can have a stop payment placed upon them. Be very careful!

[daepp]

You CAN call the maker bank and see if they actually issed the item, and if there's any stops against it.

[Hugh R]

Show me the Money!! Wait till it clears. No one would fault you for that, and if the buyer does, be very, very suspicious.

[stomachmonkey]

Don't be afraid to push back.

The bike belongs to you. It does not transfer ownership until the funds have cleared.

If he does not like it tell him to have a nice day.

He is not the only buyer out there.

Patience does have a monetary value.

Scott

[the]

If it's from a bank, I'd take it to your local branch and have them verify it. There are so many security features on cashier's checks these days, it would be very difficult to counterfit one. And, I think they can check their computer system to verify it was issued, as daepp says.

You may be able to get that bank to cash it on the spot for you. If they do that, you walk out with cash and are ok.

But if you deposit it in your account, even if the check is valid, you aren't 100% in the clear until the check is presented by your bank to his bank, and clears. That happens quite a bit faster these days than it did in the old days.

If you are nervous, I would not release the bike and the title until your bank confirms the funds have irrevocably cleared.

[speeder]

I just went through a mini-drama w/ a lost cashiers check, (it was for my rent, I was out of town). What I learned is that a CC can be *stop paymented*, but it is not possible once it has been cashed. If you can verify w/ the maker (bank) that it is authentic and cash it, you are in the clear.

You notice that I said "cash it", not deposit it in your bank. That would be stupid these days. If by chance it was fake or no good for any reason, your bank would charge you back for it. That is how every Nigerian scam victim gets it.

When you get the check, call the bank that it is issued from and verify the check #, amount, and purchaser's name. Do not simply call some phone# printed on the check, (think about this one), w/o verifying the # w/ a google of the # and the name of the bank. Good luck, if you follow these steps you should be fine. And motorcycles NEVER leave until paid for in cash, meaning you have cashed the check.

[motion]

I was under the impression that even if you cashed a check or cashier's check, and it later bounced, they just deduct the amount from your balance? I can cash the thing no problem. Maybe I'll ask my bank. Waiting 10 days or getting a wire transfer sounds like the safe bet.

Guess I'm a little gun-shy today. I won and paid for a helmet on eBay this morning. Got it for a hunsky off of normal selling prices. The seller then emails me telling me that he dropped the helmet and broke the shield, so he refunded me my money via paypal. Says he's going to replace the shield and relist it. Won't sell it to me. Thought about bbqing him with negative feedback, but then he'll just go ahead and do the same thing to me. Grrrrrrrrrrr

[the]

Originally posted by motion
I was under the impression that even if you cashed a check or cashier's check, and it later bounced, they just deduct the amount from your balance?

yes, that's true. but your bank will present the check to his bank. once his bank honors the check (i.e. pays your bank) you are in the clear.

[motion]

And if his bank doesn't honor the check, then you lose, correct? So cashing it is really just a temporary benefit?

[krichard]

Get a wire transfer, don't waste time with a cashier's check. My wife's best friend got taken selling her car. The buyer sent her a cashier's check and she shipped the car. Check bounced about two weeks after she deposited it. Cars gone and she has no cash. She still hasn't recovered the car.

[MotoSook]

Waiting for the check to clear is a simply matter and should be expected by the buyer. If he wires it, it'll cost him maybe $20. Offer to pay that fee as a gesture to soften any offense. No one should be offended these days when asked for a check to clear.

[the]

Originally posted by motion
And if his bank doesn't honor the check, then you lose, correct? So cashing it is really just a temporary benefit?

Yes.

Cashing it isn't even a "temporary benefit." It's not really a "benefit" at all, it's really better viewed as simply the first step in the process.

[Joeaksa]

Originally posted by motion
I was under the impression that even if you cashed a check or cashier's check, and it later bounced, they just deduct the amount from your balance? I can cash the thing no problem. Maybe I'll ask my bank. Waiting 10 days or getting a wire transfer sounds like the safe bet.

Guess I'm a little gun-shy today. I won and paid for a helmet on eBay this morning. Got it for a hunsky off of normal selling prices. The seller then emails me telling me that he dropped the helmet and broke the shield, so he refunded me my money via paypal. Says he's going to replace the shield and relist it. Won't sell it to me. Thought about bbqing him with negative feedback, but then he'll just go ahead and do the same thing to me. Grrrrrrrrrrr

DO NOT buy a helmet that has been dropped! Once dropped it develops small cracks in the shell that cannot be seen or fixed, even at the factory. Bell and other makers recommend that after any helmet has been dropped that it be replaced. Please, you are trusting your life with a helmet so do not scrimp on this.

Agree with the above comments. Have a very good friend who got caught up in a scam like this. He deposited a cashiers check in the bank, waited 10 days and withdrew the funds. Twelve days after deposit they notified him that the check was not good and charged him for it.

Talk to your bank and explain the situation. Tell them that when there is NO chance of the check returning for them to notify you and then and only then ship the bike. If he really needs the bike sooner he can wire transfer or pay pal the funds.

JA

[Porsche-O-Phile]

A used helmet in general is worthless. I've only ever bought mine new, from off-the-shelf.

Sign at local motorcycle shop (pretty much sums it up):

Got a $5 head? Here, buy this used $5 helmet (helmet hanging next to it).

[David]

It's not racing season, so I don't see why the guy would have a problem with waiting unless there's something sinister going on.

[dhoward]

Originally posted by Joeaksa
DO NOT buy a helmet that has been dropped! Once dropped it develops small cracks in the shell that cannot be seen or fixed, even at the factory. Bell and other makers recommend that after any helmet has been dropped that it be replaced. Please, you are trusting your life with a helmet so do not scrimp on this.
Snipped...
JA

+1.
Dropped helemet should not be used on your melon.