How can I be sure the check will be good?

[fried1765]

How many mattresses do you own?

MoKelly

If we were to journey to... "a hilltop"...., perhaps we could find that out?

 

[Frankenkubota]

What is 'block chain'?

think of block chain as a universal, anonymous real time auditing program, an "app". Bit coin is simply money, like cash. People called " miners" use specialized computers all over the world to audit and confirm every transaction on a block chain. The miners earn fractional bit coins for doing this. keeps everybody honest. interesting side note is the auditing process or the "mining" has become such a huge electric power user that many miners are looking into buying old power plants. Quantum computing will fix the power usage problem.

a good application for block chain would be medical records. Amazing to me when i go to doc (almost never,) they still use fax and have many middle aged women walking around with clip boards asking me for the 5th time if im allergic to anything. Medical records are still in the dark ages. Block chain would fix that.

with bit coin, every transaction ever made that used a specific bit coin is on record. it would be on the bit coin block chain. you can trace the ownership from inception.

the real benefit of block chain is it takes out the many many middle men who both slow the process and milk the transaction for as much as they can get, think of that $15 charge to do wire transfer etc etc. it's also anonymous.

The transaction is between the buyer and seller and no one else.

Block chain is accounting, bit coin is cash.

I guess, like all things, block chain can be compromised but i trust the block chain more than i do a personal check or counterfeited money or the govt.

Ive read many companies and some govt are putting their records on block chain.

 

[Tinhack]

This was for a $23,000 Meyer spreader. He wouldn’t do cash, and I couldnt blame him. $23k is a lot to carry 400 miles.

I would not carry that much cash. I'm nervous carrying $500 or so when buying stuff.

I can just about guaranty if you're caught with that much cash in a traffic stop, you'll loose it. On top of that, you may have to prove the money was NOT intended for drugs. Innocent until proven guilty doesn't work with cash. And you may not be able to get it back for years. Most states have confiscation laws.

Keep full documentation about the purchase including the seller's info. Police are trained for just this sort of occurrence. Most of the money goes straight to the department. They love new equipment purchased with drug money.

 

[Fuddy1952]

So what would one do selling to an out of state buyer, several hours away, who wants to use a check?
Heres what I did. This was for a $23,000 Meyer spreader. He wouldn’t do cash, and I couldnt blame him. $23k is a lot to carry 400 miles.
I told him, I would take his banks certified check, IF he would have his bank send me a letter attesting that the buyer had sufficient funds to cover their $23,000 check. Not only did the bank comply, but the bank branch manager called me to verify they were a customer in good standing and even though they were a good customer, there was no way they could stop the funds once the check was written to my business.

So what would one do selling to an out of state buyer, several hours away, who wants to use a check?
He still has to get the equipment. That's when money transfer happens. That's why everything worked out on phone beforehand.
If his bank has a branch near you that will work, otherwise a certified check cashed at a local bank.
The seller wants to avoid waiting check to clear, NSF, stopping payment, etc.

 

[kpsp50]

Take the check make him wait the 7 days to clear the bank when the check clears before he picks up the equipment

 

[PILOON]

I sold a vehicle during the height of Covid.
Talking of a $8000. sale.
Buyer did some cash but the bulk was by wire transfer.
LOL, had to go to my wife's acct as mine had been too inactive from lack of use.
I let him drive away but kept my insurance* active until he was able to do a transfer some six weeks later.
Yes, LOL, wife wrote me a check for the transfer amount.

* being the legal owner until actual transfer I'd have been liable for any accidents
I thought I handled that transaction quite well.

 

[hube2]

* being the legal owner until actual transfer I'd have been liable for any accidents

Here, if someone wants to drive away with a car in a private sale they need to bring plates to put on the car. Rarely do the plates get transferred. Even in cases where the plates are transferred the new owner must have proof of insurance before the car can be transfered into their name. There is no way on earth that I would let someone drive away in a vehicle that was still registered to me and under my insurance. I wouldn't even do this if they were a relative or my most trusted friend, not that I do business with friends and relatives, but you get the point.

 

[4570Man]

Here, if someone wants to drive away with a car in a private sale they need to bring plates to put on the car. Rarely do the plates get transferred. Even in cases where the plates are transferred the new owner must have proof of insurance before the car can be transfered into their name. There is no way on earth that I would let someone drive away in a vehicle that was still registered to me and under my insurance. I wouldn't even do this if they were a relative or my most trusted friend, not that I do business with friends and relatives, but you get the point.

How are they going to bring plates? The court house won’t give you plates until you register the title.

 

[lman]

How are they going to bring plates? The court house won’t give you plates until you register the title.

The buyer can temporarily use plates from another car that they own.

 

[4570Man]

The buyer can temporarily use plates from another car that they own.

That doesn’t legally change anything. It might reduce the chance of getting pulled over but that’s all.