Selling things, Internet and otherwise

[AFDavis11]

I need to get some pointers on how to sell something on the internet. I am selling my Goldwing for 15K. Should I clear the Title personally and then sell it? Should I demand a "Cashiers Check"? Should the check clear before I give them the Title? I have lots of offers but I'm unclear on what practices I should follow to not get burned and lose my bike with a check that won't clear . . .

How would you guys sell something expensive assuming that about 20% of the people that seem to be responding come across as crooks.

I'm reluctant enough to sell that I'm willing to say "First guy with cash in hand at my door, gets it" assuming they hand me the cash first.

And the first guy that says "I'll just send the money over Paypal" gets shot!

[JimmyHAD]

On high dollar items I've seen sellers specify that the funds have to clear. Even with a Cashier's Check that can take days if I am not mistaken. Paypal will not deposit the funds into an account until they have cleared their bank when the sum is above a certain amount. I have the same thoughts thinking of selling a high dollar item but reluctant to do so unless it is face to face.

[Utopian]

If the check is good, then the money is in the account.
If the money is in the account, then they can withdraw it and give you cash.

[gugi]

Looks like you want to use the internet only for advertisement, while the actual transaction happens in person.
In which case exchanging cash for clean title at a set time and place seems to be the standard way to go.
The problem is that such amount of cash may be a bit inconvenient and risky to just carry around. You can probably complete the transaction at the bank so that the cash is secure and readily available. Even if you get a cashier's check there's some chance that the bank can withhold funds if it finds fraud when it processes it later on.

Also I believe post 9/11 the government requires some businesses to report cash transactions of such magnitude, but not sure about private parties.

[richmondesi]

I bought a motorcycle on eBay. I drove up to Nebraska to pick it up with a cashier's check in hand, and we took it to the bank to cash it because cashier's check fraud is more common than I thought.

To Ivan's point, the requirement to report transactions over $10,000 of more has been around for quite some time (70s I think), but in the mid 80's and again in 2001 the requirement has been extended to more types of entities. The way it is now, all cash transactions over $10k conducted in the course of business must be reported using IRS form 8300. However, since you aren't in the business of selling motorcycles (right?), you don't need to worry about it. However, when you deposit the cash, the bank will report it to the government... so make sure to show your loss on your sale to the IRS.

Former tax accountant/poindexter here

[simpleman]

Id take paypal before a cashers check. At least paypal backs their stuff especially if you sell through ebay. What ive done in the past is take a 500$ non refundable deposit and cash teh check when the buyer gets here.

On I side note I sold a trailer twice. The first guy didnt make it here in time.

[Misunderstood]

If the check is good, then the money is in the account.
If the money is in the account, then they can withdraw it and give you cash.

Ditto this. When I sold a bike I required $500 deposit thru paypal immediately and the balance in CASH upon pickup when I handed them the clear title. Better safe then sorry.