Selling a tractor; a funny question

[valleydweller1]

Ok, so I'm selling my BX2230 with FEL and rear mower; asking price is a little over $9,000. I've never bought or sold anything for quite that much money cash. How do these deals usually go down? Do folks usually do bank transfers, cashier's checks, or does someone just come in with 93 Franklins in their pocket?

Greg

 

[Treemonkey1000]

Tis a sad thing that this day and age you have to worry about things like that. Myself I would still be a little leary about taking a Cashiers check or personal check. Me being the trust your gut type of person tends to trust people and have gone out on a limb taking checks and things. The guy that I bought the trailer from had sold his truck for some large cash amounts took one of those money marking pens with him. If the person lived close then go to the bank with them or hold the tractor until they come back with cash.
That is my 2cents worth. The tractor I bought from a dealer I just used the good ole plastic card. That wouldn't work in your situation.
Jim

 

[MtnViewRanch]

This is how I handle transactions on used items from a private party where we are the only ones involved. CASH, doesn't matter how much, if I'm buying, I peel off the 100 dollar bills and if I'm selling, the buyer better be doing the same thing or there is no sale.

 

[Ductape]

I'm with Brian, Ca$h is king ! Any time i buy something used, i pay cash. When i sell something, i want cash. Unfortunately...... i know of too many instances where someone recieved a fake check, or one that wasn't worth the paper it was printed on. If they can get a check to give you..... they can get cash to give you. Unfortunately for you as the seller, once your tractor leaves (and you accept a bad check), it turns into a civil matter for you to get your tractor or money back. GOOD LUCK if that check was bad....... they probably aren't going to have much of value for you to take (through civil action).

 

[bjcsc]

Cash only friend...there are too many fake money orders, cashiers checks, and personal checks out there...

 

[gordon21]

Cash only. Preferably given to you at your bank, so you can immediately deposit it. That gives you the safety against loss/theft/robbery. It also gives you confirmation that all the bills are real. If you take a lot of cash and later discover that 8 of the bills were fake, you are out the $800, not the buyer. The bank and the FBI seize them and you do NOT get reimbursed by the bank or FBI.

 

[deereguy]

Last Sunday I drove 3 1/2 hours to buy a John Deere 7000 Corn Planter,gave him a farm (commercial account) check then I wrote down my banks phone # and contact people who would be more than willing to verify funds. He said it wasn't needed but I have to think he appreciated the offer since I was an out-of-towner. If I write someone a check I am willing to give them that info.

 

[Bird]

Six years ago, I sold my 1999 B2710 for $15k. The guy showed up one evening to look at it and would have written a check, but I told him I wanted cash. He was going to have to come back the next day to get it anyway, so he gave me $200 cash to hold it for him (I didn't ask for that and he declined my offer of a receipt). So the next morning when he arrived, he got out of his truck with a thick envelope that he handed to me first thing; mostly hundreds but several fifties.

 

[davitk]

I sold a Suburban recently, my banker said DO NOT accept a cashiers check, they have been a recent target of forgery. Instead, I met the buyer at his bank, after we had struck a deal, and had his banker make out and hand me a check personally. That was a few months ago, thieves are sophisticated and continually changing up. Why not call a loan officer at your bank and ask their advice?

 

[Robert_in_NY]

When I sold my motorcycle the fellow wanted it but didn't have the resources to pay for it all at once. So I held the bike for him and every month he would drop off a couple grand towards the bike. The deal was the money was no refundable as I took it all and put it on the bike payment. The agreement was made and we both held up to our ends. When he made the last payment he loaded the bike and went home. I mailed the final payment in and sent him the lien release when I received it. Just trust your gut and if someone really wants it set up a simple contract stating the terms and have both people sign and date it.

 

[JiminGa]

if at all possible go to the buyers bank and have them draw up a cashiers check as suggested above, lots of nuts in the world today. aside from that Cash at time of sale.

 

[Sniggle]

Cash or gold is easiest.

That said, you can do the sale with a personnel check or cashiers check, AS LONG AS you do not part with the item you are selling until the check has cleared your account and the money is available.

Having a simple sales contract prepared that you and the buyer sign that details the sales transaction should be adequate to alleviate the fears of the buyer that you will deposit the check and run.

This is how I did the purchased of my new to me tractor last month.

Good luck.

 

[chh]

I'd go cash or do like a previous post and meet him at his bank and let his loan officer write you a check. I have taken personal checks on some tractor and equipment sales, but this is a small community and I knew the people I was taking a check from. Your other option is to take a check but not release the tractor untill the check clears. But like my wife says, if they have the money to that they can get cash.

 

[davitk]

I should expand on the cashier's check fraud - apparently, the check is accepted for deposit (looks and feels real), goes into the system and is credited to your account, then several days later is spit out as not legitimate. Gives the thief plenty of time to run!

 

[flusher]

Ok, so I'm selling my BX2230 with FEL and rear mower; asking price is a little over $9,000. I've never bought or sold anything for quite that much money cash. How do these deals usually go down? Do folks usually do bank transfers, cashier's checks, or does someone just come in with 93 Franklins in their pocket?

Greg

When I bought a 1964 MF-135 diesel in July06, the seller accepted my personal check and held the tractor until it cleared. Then he delivered the tractor to my place about 6 miles away. No muss, no fuss.

If he would have demaded cash, we would have gone to my bank and finished the transaction there.

 

[Farmwithjunk]

Over the years I've bought and re-sold, according to my records, 86 tractors. Buy low, sell high. Put 3 kids through college with the proceeds. I never took a bad check. Then again, 2/3rds of the tractors I sold were to "locals" that I knew, and knew where to find them if there would have been a problem. If I didn't know the buyer, certified check, cash, or we would go to the bank and do a wire transfer. Out of state bank? Cash ONLY.

 

[jinman]

Six years ago, I sold my 1999 B2710 for $15k. . . . So the next morning when he arrived, he got out of his truck with a thick envelope that he handed to me first thing; mostly hundreds but several fifties.

Bird, being a former police officer, what would you do if you stopped someone and they had a big envelope of cash on them? Don't banks also have to report deposits of greater than $10,000 cash to the IRS? Cash transactions of that size make me nervous. I like to do it at the bank and have a bank draft or check when I leave. That's just part of the service I expect from a bank.

However, if it is a sale less than $2000 or sometimes more. I'll take a local check with two additional picture IDs.

 

[frank_f15]

Bird, being a former police officer, what would you do if you stopped someone and they had a big envelope of cash on them? Don't banks also have to report deposits of greater than $10,000 cash to the IRS? Cash transactions of that size make me nervous. I like to do it at the bank and have a bank draft or check when I leave. That's just part of the service I expect from a bank.

However, if it is a sale less than $2000 or sometimes more. I'll take a local check with two additional picture IDs.

Excellent question. will be interesting to see the answer and i beleive you are correct on the $10,000 at the bank but not sure.