Selling a Rib

Lofty · 09 July 2007, 21:35

Whats the best way to complete the money stage of selling a rib by private sale? Cash, cheque, bankers draft? And when do you let the Rib out of your sight - once the money is in your account?

Your thoughts would be appreciated.

Nos4r2 · 09 July 2007, 22:05

I paid for mine by taking the owner to the bank with me and getting them to raise a bank draft in his presence. It's far safer than Cash.

Richard B · 09 July 2007, 23:01

That's a reasonable way of doing it, Nos.

Cash... maybe.... if you can guarantee that is's not dodgy and you're not drawn into a money laundering scam. And consider how long will it take you to count if the purchaser turns up whith small notes?

Cheque... never..... unless you wait for it to clear before handing over the boat.

Bankers draft.... see above. Be aware that they are not as good as cash, despite heresay. they can bounce, and banks/building societies are targeted for theft of books of there. Beware. Hence Nos's suggestion is safe.

Electronic transfer is good. I mean CHAPS or BACS, not PayPal!

Tim M · 10 July 2007, 12:48

Cash or go with them to the bank and get a bankers draft.

RIVA · 10 July 2007, 12:54

be careful of the cash ?

codprawn · 10 July 2007, 12:58

Yes forged notes do exist. Also all the stupid money laundering laws - the War on Terror was the excuse - in practice it was to spy on US!!!

The best way to check for forged notes is to look at the silver strip. Most forgeries have the strip printed at the same time so they are nice and silver. On the real note the silver strip is inserted first so you get ink bleeding over the strip - just a quick glance and you can see if there is ink on the strip in places. Very few people know this one - much quicker and easier than other forms of detection!!!

donutsina911 · 10 July 2007, 14:03

Quote:

Originally Posted by RIVA

be careful of the cash ?

randski · 10 July 2007, 15:03

Quote:

Originally Posted by Richard B

That's a reasonable way of doing it, Nos.

Cash... maybe.... if you can guarantee that is's not dodgy and you're not drawn into a money laundering scam. And consider how long will it take you to count if the purchaser turns up whith small notes?

Cheque... never..... unless you wait for it to clear before handing over the boat.

Bankers draft.... see above. Be aware that they are not as good as cash, despite heresay. they can bounce, and banks/building societies are targeted for theft of books of there. Beware. Hence Nos's suggestion is safe.

Electronic transfer is good. I mean CHAPS or BACS, not PayPal!

Sold my Rib last week, money transfered by CHAPS, safe simple & recommend by the bank.

Lofty · 10 July 2007, 16:41

The safest option certainly seems to take the purchaser to the bank with you, and to then pay via CHAPS or even cash.

If they pay by cash at the bank, it is then up to the bank to check for forged notes - and you don't give your bank details over.

Sarah G · 10 July 2007, 17:14

Have to concur, when we bought Braveheart, bank manager said safest way was by bank transfer - didn't have to be chaps as this costs money, but even standard internet bank transfer is tracked.

randski · 10 July 2007, 17:22

Quote:

Originally Posted by Lofty

- and you don't give your bank details over.

Every time you write a cheque you give your bank details.

genoa · 10 July 2007, 18:26

I recently sold a yacht and used CHAPS. It works well if the purchaser is happy to come look, go away set up the transfer, it take place, then come back. (By which time the boat COULD have been moved etc so they potentially loose their money, if you as the seller are bent)

Bank Draft is fine if you can get to a boat, inspect it negotiate then go to the bank (most of us do this sort of thing on a Saturday and yes they still close at 12:30!!!)

I took a bank draft with me ( for 80% of the advertised cost) and a wad of cash to buy 7up, along with my driving license as a proof of id and address so that the seller could come after me if I wasn't legit. We both agreed that this was fair before hand as I had a 400 mile round trip and wanted to take the boat with me if she was what I wanted.

I suggested to the bank that they offer an internet service for people to 'check' the authentisity of the draft, to which I got the response "Have a nice day" only in that strange accent associated with bank call centres ....

NickC · 11 July 2007, 00:59

Recently bought a 5m for about £8k. Left a £500 cash deposit then turned up 3 weeks later (needed a tow bar!) with the rest in cash. Seller didn't even count it! Oh the missed opportunity!

Came armed with proof of ID, seller had all the original purchase info so all went very well - still in touch with the odd question. But then I'm a trusting soul - or was till some pond scum, low life life piece of s***t nicked my kids life jackets out of the boat locker in Hayling Island.

NICK