Selling car, Question about transaction

[00redGT]

Hi all. I've been on here before talking about selling my '00 GT for a 67-69 Mustang. Well, I have a potential buyer coming over tomorrow. I asked about how he would pay for the vehicle. I told him that if he paid with a personal check, then I'd have to wait a few days until the check cleared before I signed over the title. He said no problem, because he would pay with cash.

That raised a flag to me...should I be concerned about counterfeit money? It's not that often I know of people going places with $11k+ on hand, regardless of intent.

My thought was this. Since we'd have to have the title notorized anyway, might as well head over to my bank and have the buyer purchase a cashiers check and hand it to me while notorizing the transer on the title. That way, if there's any problem with the cash, then it's on the bank at that point.

I'm probably being way to hyper-sensitive about this, but when $11k+ is on the line, I'm going to be sensitive. However, he did say that he wanted to come over earlier in the day to check out the vehicle. So, if he wanted to purchase it, then we could take care of it tomorrow and not wait around on it. Thinking a little more about it...he's probably figuring in bank time to withdraw cash and hand it to me before banks close tomorrow. Hell, if he withdraws the cash in front of me, this is all mute.

This is awesome and sad for me. I really hope my car sells, but I've put a lot of time into caring for it and tweaking it. Nonetheless, it is the first big step towards getting my 60's Mustang!

Any thoughts? Thanks

 

[justford]

I usually pay cash or with a Bank Cashier's check.

 

[Az Pete]

In todays world, I don't blame you for being cautious. Do as you are palnning. Either see him withdraw the cash, or get a cashiers check so YOU are not driving around with that much cash in your pocket.

 

[Capt Dan]

You could always buy one of those pens that they use to check money.

money marker

 

[00redGT]

Thanks...thought about the pen, but when I talked to my bank, they said that it doesn't work.

Anyway, the guy decided he LOVED my car and gave me an offer right where I wanted it to be. We went over to my bank to take care of the deposit and notary issues with signing the title over. I don't think if there was something fishy going on that he'd be willing to go in a place with a bunch of cameras in it.

So, crap...now I'm without my beloved Mustang. However, now the fun begins to find a 67-69 model.

 

[mustangdave]

The guy I bought my daily driver from freaked out when I handed him $9000 cash. I didn't know until then that they don't make $1,000 bills anymore so it was a giant stack of $100 bills. He was nervous as hell counting it at the DMV wondering if he would get robbed before he got to the bank.

 

[00redGT]

Yeah, handeling a stack of 100's that thick was new to me. I make a decent income, but I never have much more than $20 on me...maybe $50 or a $100 if we're going out to have some fun...but not a stack of $100's. That's why we went straight to my bank.

All is good and the search is on!