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Cash or Transfer?

BIG MIKE

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When selling a bigger ticket item say 90k. Is cash always king or would you have it wired over?

I have a potential buyer for my 5th wheel and he asked if I’ll “Will you take cash”
 

Marios Metalworks

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Look up IRS form 8300. Are you going to take the cash and deposit into a financial instituion right away?

Inline with what @Javajoe said; I prefer cash and to use a 3rd party to count and verify it's genuine. Meeting at a bank also has the added benefit of providing some level of security.
 

bldrinker

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Cash

call your bank and let them know you are selling a large ticket item and would like to arrange for them to count it. Make sure they don’t require you deposit the funds.
 

Done-it-again

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Are you paying off a note or own it outright? If paying off the note then do the transaction at the bank who carries it.
Pay off the unit and deposit the rest.
 

BIG MIKE

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Are you paying off a note or own it outright? If paying off the note then do the transaction at the bank who carries it.
Pay off the unit and deposit the rest.
I own it outright. And I would just put it away for a rainy day or until the market comes down on river homes.
 

2Driver

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Who’s walking around with that kind of cash and where would it have come from? worst case I’d do it at the bank and verify the notes. I wouldn’t want some stranger knowing I had 90K at home.

If you bank at the same place they can do a direct deposit. I know people that opened an account just to do that.
Wires are great but the other party has your account number and routing number but that’s on a check anyway.

I had one of my larger wires for funding a hard money loan go missing for over a day. Both banks pointed the finger at the other ie “not our problem, it’s on their end” both told me. There is no insurance and proving liability is nearly impossible. I was numb for a day until it popped in and no one could explain it or where it was during that time period.
 
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bonesfab

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I sold two cars to a farmer with a veggie stand on the corner. He brought 100k in 5's, 10's, 20's and a few 50's and 100's. He also brought a bill counter as it took for ever to count even with that. But cash is king and wire transfer are safe from what I know and have experienced. Had another guy bring me a bank check for another car and we went to the bank it was drawn from and made them cash it and issue me a check from the local branch. If his own bank wasn't going to honor it, I sure as hell wasn't
 

stephenkatsea

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Ask where your buyer banks. Last big ticket item we sold the out of our area buyer used the same major bank as us. Went together down to our local branch. They verified a sufficient amount was in his non local account, did the direct transfer into our account and we were done and out of there in about 10 minutes.
 

Taboma

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Ask where your buyer banks. Last big ticket item we sold the out of our area buyer used the same major bank as us. Went together down to our local branch. They verified a sufficient amount was in his non local account, did the direct transfer into our account and we were done and out of there in about 10 minutes.
So you each went to your respective local branches ? Sorry, the " Together " threw me a bit.
 

ChumpChange

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So you each went to your respective local branches ? Sorry, the " Together " threw me a bit.
They both bank at the same major bank although different branches. So let’s call it Wells Fargo. Fortunately branches don’t mean anything anymore. So they walked into the local Wells Fargo and the buyer withdrew the funds and transferred it directly into the sellers account. Fortunately they had the same bank. Super easy.
 

WhatExit?

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Unless you're going to take the cash home...the best, safest and smartest option is wire transfer or ACH payment
 

84miller

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Call the bank you are intending to deposit the funds and ask for the best way to process the transfer without incurring any residual problems...
 

sirbob

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Wire

Small ticket intems (5-15k) cash.

90k wire
 

EmpirE231

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I just sold my Motorhome for a little more than that. Took 10k cash deposit, and the rest in a cashiers check. Didn’t release title or the Motorhome until the funds cleared.
 

DLC

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Wire it ! Millions and millions of wires happen daily! Open a savings account and wire it into that new account after you get the funds move it into a different account, move it out of your old and closed savings account you just opened…

With that much cash from the buyer a “suspicious activity report” SAR will be made, due to the unusual transaction, it may mean nothing but if the little cousin is a dealer it could be a problem…..

Talk to your bank! Cover your bases on your end.
 

Rondog4405

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Cash of course or have it wired and watch it hit your account.
 

CarolynandBob

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Wire or go to their bank with them and have them get you a cashiers check.
 

nameisbond

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Wire........................ They are easy, do them all the time.
 

bldrinker

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Anyone ever done a large transaction where. The sellers item is financed and the buyer is financing as well. But the sell price is much greater than lone balance?

Buyers finance company wire money to my finance company?
Then buyer finance company cash out the seller the rest.

Seller does not want anything to do with the bank keeping the cash balance ( fuck them )
 
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Done-it-again

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Anyone ever done a large transaction where. The sellers item is financed and the buyer is financing as well. But the sell price is much greater than lone balance?

Buyers finance company wire money to my finance company?
Then buyer finance company cash out the seller the rest.

Seller does not want anything to do with the bank keeping the cash balance ( fuck them )
2 separate checks, one paid to the bank loan and 1 to the seller.

or wire/check total sale price to the bank loan and then wait for the difference to be retuned to you.

I’ve don’t it both ways.
 
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