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Thread: Getting paid for online sale

  1. #1
    Join Date
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    Getting paid for online sale

    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

  2. #2
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    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
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  3. #3
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    Question, does the price include the trailer?

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

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  4. #4
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    Yep, but it's a long way to Wisconsin for you to travel for a fishing boat!

  5. #5
    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 wouldnít bother with the bank parking lot transaction if it were me but thatís because Iím normally working when the bank is open and Iím 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.

  6. #6
    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

  7. #7
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    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.

  8. #8
    Quote Originally Posted by Wade Lippman View Post
    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
    Go into the world and do well. But more importantly, go into the world and do good.

  9. #9
    $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.

  10. #10
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    Quote Originally Posted by Mike Henderson View Post
    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.

  11. #11
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    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.
    --

    The most expensive tool is the one you buy "cheaply" and often...

  12. #12
    Quote Originally Posted by Jim Becker View Post
    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.

  13. #13
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    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...

  14. #14
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    Quote Originally Posted by Carlos Alvarez View Post
    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.

  15. #15
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    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.
    From the workshop under the staircase, Clinton Township, MI
    Semper Audere!

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