Sold mah bike, transaction questions

[Bones]

Guy bought it after the auction ended on Ebay for $2600. Paypaled me a $600 deposit that night, exchanged several emails, phone #'s and I got his address.

One minor issue he is in New Mexico. No biggie, I can meet him halfway in Tulsa mid December for gas, food and a hotel stay (stay in Kansas City for free). Plus I am looking at a bike in Tulsa anyway, so it's a possible win win.

Remaining $2000 I want in cashiers check or paypal if he wants to pay the 3% fees. Prefer it all before I leave Iowa, but should I accept $1000 before I leave and the other $1000 when I get to Tulsa?

Reason I am worried is he asked for my bank account laughing so he could transfer monies from another account. I said hell no. cashier check. waiting to hear back from him. The $600 has cleared my account and no funny business has happened...yet. I even contacted mah bank and flagged my account for any purchases over $100 for me to get called. I know it sounds crazy, but I refuse to get screwed over.

 

[DavidsCJ7]

Its okay to accept less than the total sale price until delivery but I would make him sign a "contract" before I made the trip stating that any money paid in advance is considered earnest money and non refundable. Do not give him your account number but if you wanted to do a wire transfer you will need to give him your routing number, call your bank for details.

 

[Bones]

Its okay to accept less than the total sale price until delivery but I would make him sign a "contract" before I made the trip stating that any money paid in advance is considered earnest money and non refundable. Do not give him your account number but if you wanted to do a wire transfer you will need to give him your routing number, call your bank for details.

Going to the bank at lunch to ask about this.

Good idea on the "contract".

 

[InDaShop]

Banks will usually set you up an account to recieve a wire transfer from.

Contract for sure! Remember you are also hanging him out as well. If he sends you all the money. Then you have all his money and the bike. Thats hard to stomach.

Escrow is the way to go though. Thats how I roll. **** PAYPAL BTW!!!

If you are a party in any private online transaction -- buyer or seller -- the single best way to protect yourself is through an escrow account. There are lots of different services out there, like escrow.com and iEscrow, and others. They charge a nominal fee, usually a couple of bucks, or 1% on a big $ deal like a car. Very cheap insurance when you consider the real possibility of fraud.

Here's how it works: sign up for an account at one of the escrow services. If you have a transaction, notify the other party that you want to use the escrow service as an intermediary. As the account owner you will be charged the escrow fee, but you can negotiate sharing the fee in the transaction price. From there it works like this:

1) Buyer sends money (via PayPal, credit card, cashiers check, etc) to the escrow service. The escrow service verifies the payment is good, colllects the money, holds it in a safe account, and notifies the seller.

2) Seller ships out the goods to the buyer.

3) Buyer receives the merchandise and inspects it. Delivery signature confirms he received it in the condition specified, and notifies the escrow service to release payment to the seller.

If the goods are not as specified, the buyer can refuse signature. Goods are then returned to the seller, and the escrow money is refunded to the buyer.

I ALWAYS insist on using escrow in any online transaction involving more than $100; if the other party refuses, no sale. So far I've never had a single problem -- and have avoided a couple of deadbeat buyers, and buying crappy merchandise from an unscrupulous seller.

 

[Bones]

Thanks a bunch Wyatt I will also look into that.

I just went to my bank and they recommend that the money be wired to me before I deliver the bike. (I agree hard to stomach for the buyer)

I set up a new account, that I will close once this transaction is made. Just what they said would be the best/safest option over a cashiers check or cash itself.

 

[InDaShop]

COOL!

In the future to protect yourself, if you do use an escrow service. Make sure it is an escrow service either of your choosing, or a reputable one you've actually heard of.

Reason being, anyone can setup a "FAKE" Escrow service, which is effectively sending the guy the money directly. The seller "GETS" your money under the guise of an escrow service vs. straight up as is typical now. Very, very easy to rip people off these days. So you have to work really hard to not get ripped off.

And believe me they aren't as easy as spotting Billy Bob's Escrow, or Muhammad's Escrow. Its usually something like International Order Escrow, or Global Shipping Escrow Services.

 

[Bones]

I just hope this goes through so I can go shopping for a leftover 07

 

[Bones]

FWIW

I just went to my bank, transfered the money from the buyer to my regular account and closed the one I created for this purpose. SO I got my $$, now he needs to get this bike outta my garage.

Time to order some aftermarket plastics for the VFR and go shopping for an 07 leftover.

 

[InDaShop]

Congrats. What are the plans for him picking it up?
As its sold now be extra careful you don't hurt it or lose it somehow.

 

[Bones]

Congrats. What are the plans for him picking it up?
As its sold now be extra careful you don't hurt it or lose it somehow.

It's not leaving my garage. Ice and snow here. Bike season is over.

Plan is to meet in Tulsa the 15th, him paying my expenses. I figured it up and he'd be better off shipping it door to door and save both of us 1200 miles of driving round trip. I am going to call him tonight.