How can I be sure the check will be good?

[Complete Turf Care]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

 

[Quickster2]

For a personal check (least desirable) I would go to the bank. For a cashier's check 50:50 go to the bank or not. I also make a copy of the buyer's drivers license. For cash buy a cheap counterfeit detector pen.

 

[Jstpssng]

Negotiate your price before he comes to look at it, and require a certified check from his bank; just as an auto dealer or real estate sale. There's no way that I would take a check for that amount. I also wouldn't take a money order; it's too easy to fake those.

The safest way would be a wire transfer. It will take a little longer and would have to be when the bank is open, but you would have it in your account before the item leaves.

Those pens to check for fake money will show that newsprint is legal tender.

 

[plowhog]

how can I be sure the check is good?

Require a cashier's check and call the bank to verify it is valid before you release the equipment.

The problem with a regular check is it can be good when you accept it but the buyer can stop payment on it later. If it's a cashier's check-- it is from the bank to you and the bank won't be stopping payment on it.

 

[Frankenkubota]

another place where cyber currency and block chain would solve the problem.

 

[MoKelly]

I'm probably going to sell a piece of equipment for around $10,000. If the buyer wants to pay with a check, how can I be sure the check is good?

Of course I would prefer cash, but I know that when I buy something, I prefer to pay with a check.

Can I go with the buyer to my bank and find out? Is there another way?

Do like the dealerships.

Every time I buy at a dealer it’s:

- cashier check
- drivers license (photo ID) with address
- call bank and verify cashiers check from that person and amount is valid

Although $10000 in cash is only 100 $100 bills. That is not overly cumbersome.

MoKelly

 

[hube2]

Cash or cashier's check only. If the buyer has no other choice then I would hold the equipment until the check cleared.

 

[JJZ 109]

As others have suggested, you hold onto the equipment until you know the check is good. I currently have a boat for sale. A potential local buyer was going to write a check, but the understanding was that I kept the boat and the title until such time as the check cleared.
Then he ended up trying to lowball his original offer so it didn't happen anyway.

 

[steelhauler34]

As others have suggested, you hold onto the equipment until you know the check is good. I currently have a boat for sale. A potential local buyer was going to write a check, but the understanding was that I kept the boat and the title until such time as the check cleared.
Then he ended up trying to lowball his original offer so it didn't happen anyway.

Honestly no offense meant to the OP but come on this should be common sense. I’m kind of in disbelief…lol.

 

[JJZ 109]

Honestly no offense meant to the OP but come on this should be common sense. I’m kind of in disbelief…lol.

Maybe. But some folks might not be that experienced in buying & selling used items with individuals, as opposed to dealers.