Getting paid for online sale

[Scott Brader]

I am preparing (very reluctantly) to sell my fishing boat. It has some sentimental value, but I simply don't use it anymore since my son moved away. That said, I am a bit concerned about making sure I don't get ripped off by someone who passes a bad check, or something. I won't use PayPal for personal reasons. A friend suggested that I put in my listing that it's a cash only sale with the transaction to take place at my bank so the money can be immediately deposited (and verified as real cash on the spot).


That sounds reasonable to me. We're not talking a ton of money, but it's a lot of money to me. I'm listing the boat at $1,500 but will likely have to take less to sell it.


Any other suggestions?


Thanks,
Scott

[Jim Koepke]

If someone has the money to buy your boat, coming up with $1500 cash shouldn't be a problem.

Making the transfer in the bank parking lot is a minor inconvenience.

jtk

[Jim Koepke]

Question, does the price include the trailer?

Let's not let my wife know about this as she would likely want it.

jtk

[Scott Brader]

Yep, but it's a long way to Wisconsin for you to travel for a fishing boat!

[Mike Berrevoets]

I always ask for cash on Craigslist. Completely reasonable request for that much of a purchase price. Over the years I have demanded cash for craigslist payments on multiple vehicles and other big ticket items and never had someone give me counterfeit money.

I wouldn’t bother with the bank parking lot transaction if it were me but that’s because I’m normally working when the bank is open and I’m not taking time off to go to the bank. That may be an issue for your potential buyers as well but if the boat is priced right another buyer will come along that will be happy to meet you at the bank.

[Mac McQuinn]

I sold (2) boats through a online auction several years ago and the ad stated "Cash only". The boats were picked up at my residence, no issues, in fact both parties stated they preferred a cash deal, it was fine with them.
Mac

[Wade Lippman]

Personally I am lax about this stuff, but cash in a secure location is prudent.
I've sold a few things at my house and then really wished the guy didn't know where I lived. There are crazy people out there.
Paypal used to be okay, but now they can dispute the payment you have a serious problem.

[Mike Henderson]

Personally I am lax about this stuff, but cash in a secure location is prudent.
I've sold a few things at my house and then really wished the guy didn't know where I lived. There are crazy people out there.
Paypal used to be okay, but now they can dispute the payment you have a serious problem.

If you have them "Send Money to Friend or Family" through PayPal I don't think they can dispute the payment. Spend a bit of time and make the buyer your friend so he's not lying when he sends the money:)

But $1,500 cash should not be a problem.

Mike

[Carlos Alvarez]

$1500 is not much for an in-person cash transaction. I've sold a few boats; one resulted in getting a duffel full of cash ($19,000) at the marina haul-out ramp. That was fun. I really enjoyed counting it on the dining table, and reciting a few Pablo Escobar lines. Another was for more and she was doing a transfer, so we just met at my bank and the bank did both the paperwork and the direct account transfer. Easy. Another that went for less was yet another cash sale, right at the boat yard.

I'm always carrying discreetly during a buy/sale meeting.

[Wade Lippman]

If you have them "Send Money to Friend or Family" through PayPal I don't think they can dispute the payment. Spend a bit of time and make the buyer your friend so he's not lying when he sends the money:)

But $1,500 cash should not be a problem.

Mike

I spent quite a bit of time on this last year when my son sold a boat for $2,500 and wanted to know how he should be paid for it. I found paypal was not secure against fraudulent claims. Perhaps I am wrong, or it has changed, but unless you can document it....

He took cash.

[Jim Becker]

Many banks now support Venmo for secure bank to bank transfers without revealing actual account numbers. See if your bank supports it. But cash certainly is kind.

Using F&F on PayPal for selling things is technically a violation of their T&Cs, BTW. I saw that method was mentioned in at least one post.

[Carlos Alvarez]

Using F&F on PayPal for selling things is technically a violation of their T&Cs, BTW.

Yup, and then people whine that they aren't protected against fraud. Well they started the fraud. Then want to cry to mommy? It's like calling the police because your meth dealer stiffed you.

There's some really good fraud protection on Paypal. I've used them since 1998, have moved over a quarter million dollars through them, and over 1,000 transactions. Many of them are big dollar tech items, both buying and selling. Never an issue. I mean, I've had a couple cases where they froze a particular payment and asked for documentation when it turned out to be fraud, but once I supplied the docs they freed up the cash and took the hit. On the buying side I've had a couple of rip-off artists try to scam me, same thing, just provided the evidence requested, and fixed. Not ONE transaction has gone poorly for me.

For in-person buy/sell, I just print a copy of the eBay and/or Paypal paperwork with "received by X on Y date" and a signature line.

[Scott Brader]

Thanks for all the input! I'm leaning to just making it a cash only sale and going from there. I can get one of those pens to test for counterfeit cash if I decide to bother with it.

I hope it sells quickly before I change my mind...

[Wade Lippman]

Yup, and then people whine that they aren't protected against fraud. Well they started the fraud. Then want to cry to mommy? It's like calling the police because your meth dealer stiffed you.

There's some really good fraud protection on Paypal. I've used them since 1998, have moved over a quarter million dollars through them, and over 1,000 transactions. Many of them are big dollar tech items, both buying and selling. Never an issue. I mean, I've had a couple cases where they froze a particular payment and asked for documentation when it turned out to be fraud, but once I supplied the docs they freed up the cash and took the hit. On the buying side I've had a couple of rip-off artists try to scam me, same thing, just provided the evidence requested, and fixed. Not ONE transaction has gone poorly for me.

For in-person buy/sell, I just print a copy of the eBay and/or Paypal paperwork with "received by X on Y date" and a signature line.

My experience is that they just take the buyer's word for it. Glad you have done better.

[mike holden]

Police in my community recommend that craigslist transactions take place in their parking lot. You dont give out your personal address and if needed, help is close at hand including video surveillance.

[Alan Rutherford]

I see the OP has worked it out but one more comment re PayPal Family or Friend, or Gift: you see this suggested often when the item is something PP doesn't approve of e.g. firearms.

From the buyer's perspective it's a bad idea because they can't dispute it. That would be saying they gave a gift but want to take it back.

From the seller's perspective, there's no PayPal fee and no recourse for the buyer. That's all good. But if PP realizes what really happened you have a problem since you're defrauding them of their fee. They'd probably close the account.

I use PayPal but won't buy from sellers who want PayPal payment as a gift. I figure if they'd cheat PayPal they'd cheat me. Even if they're not cheating me, I'm not going to help them cheat PP. .

[Jim Koepke]

Police in my community recommend that craigslist transactions take place in their parking lot. You dont give out your personal address and if needed, help is close at hand including video surveillance.

Now that is "Serve and Protect" in action.

Should you bring a box of doughnuts with you and invite them all out for a break during the transaction? :D

jtk

[Carlos Alvarez]

I use PayPal but won't buy from sellers who want PayPal payment as a gift. I figure if they'd cheat PayPal they'd cheat me. Even if they're not cheating me, I'm not going to help them cheat PP. .


Well said.

Doing the transaction at PD is convenient, and here some have actually put up signs saying "online transaction area" with a dedicated camera. This is helpful so you can just walk in to make a report after they rob you.

[Curt Harms]

I've used PayPal for a number of smallish transactions with no issues and SWMBO has used Ebay/Paypal to buy and sell collectors' pottery. You should see some of those pack jobs and some of the pieces are pretty rare. She's had to take pictures and supply shipping labels for documentation but has never taken a loss that I know of. There are escrow services that should provide protection for both the buyer and seller but I have no dealings with them.

[Wade Lippman]

I've used PayPal for a number of smallish transactions with no issues and SWMBO has used Ebay/Paypal to buy and sell collectors' pottery. You should see some of those pack jobs and some of the pieces are pretty rare. She's had to take pictures and supply shipping labels for documentation but has never taken a loss that I know of. There are escrow services that should provide protection for both the buyer and seller but I have no dealings with them.

She's been lucky. A buyer just has to say it is defective and can return it for a refund. The seller pays shipping both ways. No evidence is adequate to dispute it. After all, your wife can't prove she shipped what she photographed. It has happened to me twice; guys just didn't want it on receipt, so it was defective. I suspect he could just return an empty box and get his refund, though that hasn't happened yet.

When I refused to refund the last one, they suspended my ebay and paypal accounts; which was fine because I had no intention of losing more money with them.

[Carlos Alvarez]

She's been lucky. A buyer just has to say it is defective and can return it for a refund. The seller pays shipping both ways. No evidence is adequate to dispute it. After all, your wife can't prove she shipped what she photographed. It has happened to me twice; guys just didn't want it on receipt, so it was defective. I suspect he could just return an empty box and get his refund, though that hasn't happened yet.

When I refused to refund the last one, they suspended my ebay and paypal accounts; which was fine because I had no intention of losing more money with them.

I've successfully disputed this twice, and both times they ruled for me. One was an RC plane; looked like the guy crashed it first thing and said I shipped it that way. I had photos from both the auction and one final pic going into the box. The other was a computer part, I had a test report from our diagnostic system showing it was good. I've never lost a dispute on either Paypal or eBay.