Personal check and money order questions when selling something for more than 10k
I plan on selling a project car with no title for more than 10k. I don't mind accepting personal checks, cashier's checks, etc, but obviously this opens me up to scammers.
What's the best way to go about this? Should I just say that I accept these forms of payment, but I'm going to hold onto the car until the check clears? Is it possible to go to their bank and verify that the funds are in the account? Would a wire transfer be easiest?
A sale like this seems tricky and I don't know the easiest way to go about this.
Posted Jan 9, 2020, 2:44 AM UTC
12
I would NEVER accept a personal check.
I would only accept a cashiers check if it's from a local bank and I can verify the authenticity.
The best is when they bank locally and you can meet them at the bank, both walk up to the teller window, then watch the withdraw happen. You can take either cash or a cashiers check, this way.
Don't trust "holding the car" until the check clears. Even fraudulent checks can clear and not come back as fraudulent for a couple weeks.
Why do you not have a title? I'd apply for a replacement title so you can have that. It'll make selling the vehicle much easier.
It's a tube frame kit car that's incomplete. It has documents of builder authenticity to be presented when the car is complete so that it can eventually be titled.
Thanks for the advice.