I am working with a private party on a major purchase. Is there a secure way to provide payment that will make all parties feel safe? I have heard horror stories about cashiers checks, bank checks, money orders, etc.
What does a guy do? Transfer funds?
I know cash is king, but this is a little more cash than anyone other than a drug dealer would want to carry 
Make it rain dollar bills!
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I am working with a private party on a major purchase. Is there a secure way to provide payment that will make all parties feel safe? I have heard horror stories about cashiers checks, bank checks, money orders, etc.
What does a guy do? Transfer funds?
I know cash is king, but this is a little more cash than anyone other than a drug dealer would want to carry
Wire transfer from your bank account to theirs. Set it up with your bank. Have the two banks talk. Then be at his bank when the do the transfer. The seller can hand over the title/keys/etc at that point the wire transfer is confirmed.
As a buyer no big deal. But I see your point. As a seller I wouldnt take anything other than cash (but with a BIG purchase you have to worry about that too now days). I think there is a differnece between a cashiers check and a certified check. ONe of them can be canceled by the person that wrote the check. I’d call you bank and ask them, then have the buyer call his bank and confirm the results of what you find.. That way you’re all on the same page.
Basically, the wire transfer is the answer to your question. And it is GOOD advice to be at the receiving bank during the transfer.
One thing to note is that some forms of transfer can be reversed. I’ve never been hurt by this, but it does exist.
Key points: trust your banker. find a new one if you don’t.
On small deals, sub $50k, i’ll still use cash, but even $100 bills are no insurance of legal tender anymore.
I just sold my boat and I had him bring a certified bank check. Before I signed the title we went out to my bank. They called to verify funds and certify the check was valid. After depositing the check I signed over the title and gave him the keys.
I’m sure a wire transfer would make them feel much better if the purchase is over $10000. That might be the way to go.
Cash is king. A brown paper bag works to help keep it more secure. 
Even 20-30k is not that big of deal to make with cash. Just plan it out that the time you or the other party is carrying it is limited. Running around with 20k in your back pocket for days on end is just asking for issues. Also keep in mind if making a cash transaction where you are doing this at. If the guy wants you to bring 20k to north MPLS at mid night on Friday you may be looking for problems.
Just sold a truck last week and had the guy show up with 5k in cash. That amount was not much of a big deal.
When I sold my boat I had him come to my bank with a cert. bank check. Let the bank check that its good, then sign the title.
A guy down this way just got took 5k on a 4 wheeler. He sold it to someone for cash, ended up being all counterfit!
Yep. You do have to worry about counterfeit money to. I like the ideas you guys have about making the deal with your bank involved. May have to try that next time on a big transaction. Even with cash the bank you would hope offer a secure location, count the money, check for counterfeit bills and quickly deposit it. Seem like a better idea than handing a guy 20k in a brown paper bag.
Counterfeit is an issue these days. When i’m doing a cash deal, i get the cash from MY bank so they are on the line for any counterfeits. Gives me a bit of piece of mind. Haven’t had any in my deals yet.
Thanks for the help guys. I did touch base with my banker. He said some people like working with cash, and others are not confortable with that kind of money. He did say to never take a check, cashiers, bank, or personal, without the bank/lending institution verifying it is good. He told me the following:
1. Set up a transfer before hand.
2. Be at the bank when they transfer the money, they can then verify the transfer, certify the title is clean (lien free), and if not we can do it in two transactions. First for the lien holder, second for the remainder of the cost to the seller.
3. When this is done, he signs the lien free title to me, the money is certified in the bank, we shake hands and walk out.
Now I just need to figure out how to make this happen. The wife is on board, and I see a new rig in my future 
Keep in mind if you take out or deposit large amounts of CASH you will need to complete a CRT at the bank – This takes some time and you get asked a ton of personal ?’s. I think the mini CRT is for cash over 2500.00 and the large CRT is for over 10000.00. The amounts may have changed. It been awhile since I worked at the bank
FWIW, and I’m not sure how much loot we’re talking about here, but you may want to consider Paypal. I believe it offers both buyer/seller protection.
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