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Author Topic: Selling privately? Beware!  (Read 6735 times)

Tom

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Selling privately? Beware!
« on: March 06, 2007, 08:41:47 PM »
One of my neighbors stopped by yesterday to tell me about a recent experience selling his coach. An agent conducted the negotiations between him and the buyer and arranged for a flatbed to come pick up the coach. Being the smart guy he is, my neighbor wouldn't part with the coach until he either had green stuff in his hand or until a check cleared.

When the cashier's check was deposited, the bank immediately said it wouldn't clear. I'm not sure if that meant it was counterfeit or not. My neighbor contacted the local FBI office and, although they were sympathetic, they said "you're one of a thousand".

Personally, I'd have questioned the use of an overseas agent acting for a North American buyer. But, until the check bounced, my neighbor apparently didn't suspect anything.

So, be sure you have the money before you part with your treasured possession.
Tom.  Need help? Click the Help button in the toolbar above.

utmtman

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Re: Selling privately? Beware!
« Reply #1 on: March 06, 2007, 08:48:35 PM »
Thanks for that information, in this day and age one can never be too careful.  There are just too many scams going on.  Seems a lot of people are out there now days after the fast buck and the fancier the scam the happier they seem to be. 
Lee
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Ned

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Re: Selling privately? Beware!
« Reply #2 on: March 06, 2007, 09:09:10 PM »
Cashier's checks are notoriously easy to forge.  A direct wire transfer is probably the safest method of insuring you get your money before releasing the goods.
-- Ned -- Fulltimer 1997-2013
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Tom

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Re: Selling privately? Beware!
« Reply #3 on: March 06, 2007, 09:30:18 PM »
direct wire transfer is probably the safest method of insuring you get your money before releasing the goods.

That's what I suggested to other folks, especially when the buyer is from overseas.
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blueblood

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Re: Selling privately? Beware!
« Reply #4 on: March 07, 2007, 06:49:44 AM »
Cashier's checks are notoriously easy to forge.  A direct wire transfer is probably the safest method of insuring you get your money before releasing the goods.

Cashier's checks take up to several weeks to actually clear so even if you deposit and get money - you may be asked to return it two weeks later. Bottom line not a good idea to accept them.

This is from Comptroller of Currency - Bank Division

Although the amount of a cashier’s check quickly becomes “available” for withdrawal by the consumer after the consumer deposits the check, these funds do not belong to the consumer if the check proves to be fraudulent. It may take weeks to discover that a cashier’s check is fraudulent. In the meantime, the consumer may have irrevocably wired the funds to a scam artist or otherwise used the funds—only to find out later, when the fraud is detected—that the consumer owes the bank the full amount of the cashier’s check that had been deposited.

« Last Edit: March 07, 2007, 12:05:59 PM by blueblood »
Leo

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Re: Selling privately? Beware!
« Reply #5 on: March 07, 2007, 10:38:47 AM »
I saw something on tv about this type of fraud and how easy it is to pull off.

Tom, did your friend lose his coach without getting any money? 
Kathy

Tom

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Re: Selling privately? Beware!
« Reply #6 on: March 07, 2007, 12:34:02 PM »
Kathy,

No he didn't. He was hanging onto the coach until he either had cash in his hand or a check cleared.
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PancakeBill

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Re: Selling privately? Beware!
« Reply #7 on: March 07, 2007, 03:17:44 PM »
He is lucky and I am surprised the thief even showed up with the check.  Another scam is the Check for a greater amount, you are to give the agent the balance.  People that fall for this lose the amount of the check, the difference and the goods!

Typically greed is the underlying element, I hear that the scam is sell something for 5000, buyer sends check for 10,000.  You have to give agent the item and 3000, you get to keep an extra 2000 for your troubles. 

People fall for it, unfortunately.

Bill
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Dick Zeiter

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Re: Selling privately? Beware!
« Reply #8 on: March 08, 2007, 10:44:48 AM »
Cashier's checks are notoriously easy to forge.  A direct wire transfer is probably the safest method of insuring you get your money before releasing the goods.

To do this, don't you have to provide the buyer your account number? He might make a withdrawal instead of a deposit.
Dick, Char and our Shih Tzu. Muffin
Toledo Ohio
2000 Newmar Dutch Star (160K miles)
Retired from part time bluegrass vending
but still working at a garage door company.
Now using motorhome less frequently.

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Re: Selling privately? Beware!
« Reply #9 on: March 08, 2007, 12:17:12 PM »
You could always set up a new account to use for the transfer.  That way you don't have to give the numbers to your life away.
Kathy

Dick Zeiter

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Re: Selling privately? Beware!
« Reply #10 on: March 08, 2007, 04:32:59 PM »
You could always set up a new account to use for the transfer.  That way you don't have to give the numbers to your life away.


With bank charges the way they are these days, I wonder how much that would cost? New account fee, closing the account fee and anything alse they can cram into the bill. 
Dick, Char and our Shih Tzu. Muffin
Toledo Ohio
2000 Newmar Dutch Star (160K miles)
Retired from part time bluegrass vending
but still working at a garage door company.
Now using motorhome less frequently.

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Re: Selling privately? Beware!
« Reply #11 on: March 08, 2007, 07:28:28 PM »
I've never paid a fee to open or close an account.  I opened a new acount last year and only had to make a minimum deposit.
Kathy

Skamper

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Re: Selling privately? Beware!
« Reply #12 on: March 10, 2007, 08:23:09 PM »
I post things for sale on Craigslist once in a while,and nearly every post I put up draws at least 1 email of this 'NIgerian scam'  type of scam.
It's a shame folks actually fall for this,but they do,even though Craigslist has muliple warnings about dealing locally ONLY and cash ONLY unless you accompany the buyer to his bank to cash the check.

Shayne

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Re: Selling privately? Beware!
« Reply #13 on: March 10, 2007, 08:47:06 PM »
I sold a few older cars over the net before and always stated that any check or payment other than cash must be preapproved by MY BANK prior to any transaction that might occur.   It stops all that crap.
Old, Stubborn, Opinionated, Set in my Ways, and Independent,  IMHO

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Re: Selling privately? Beware!
« Reply #14 on: March 11, 2007, 11:19:54 AM »
I sold Avon for a short time last year.  One of the first things we were warned about is when people in foreign countries want to buy large amounts of product, like 1000 bottles of aftershave.  If they really want that much it would be more beneficial for them to become Avon people themselves and get the discount.  It was one of the scams where they want to give you a bigger check or m.o. and have you pay them back the overage.  Sure enough, as soon as I signed up to maintain an Avon web page, I started getting emails from people wanting 5000 bottles of perfume.


Kathy

JoAnn

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Re: Selling privately? Beware!
« Reply #15 on: March 13, 2007, 07:28:09 AM »
I have a bridal shop and I've had overseas emails and phone calls for people wanting to buy large quantities of shoes and undergarments.  I usually told them I couldn't supply that much, thanked them and hung up.  I was uneasy about the situation.  Now I understand why.....DUH!  Thanks for the heads up!

JoAnn
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jjhamick

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Re: Selling privately? Beware!
« Reply #16 on: March 13, 2007, 09:28:39 AM »
To do this, don't you have to provide the buyer your account number? He might make a withdrawal instead of a deposit.

No.  To wire money bank to bank they do not use your account number.  They use a number specified by the bank.  At least this is the way it happened when I sold my house.

Shayne

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Re: Selling privately? Beware!
« Reply #17 on: March 13, 2007, 02:28:56 PM »
Might work but I still don't trust it.
Old, Stubborn, Opinionated, Set in my Ways, and Independent,  IMHO

 

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