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A guy is buying my boat. I have been in contact with his bank and they have all of my loan info. The guy wants to give me a cashiers check for the difference. His bank says they will mail the check to my bank. He wants to come get the boat tomorrow. I have heard stories about cashiers checks being faked by people on craigslist and people getting scammed. Anyone have any experience with this? I told him a couple of times that I need to be paid in full before I will let the boat go. I think he thinks that the cashiers check is a good form of payment. Also, I don't see how his bank is going to pay off my loan in the next 24 hours. I don't want to loose a sale, but I have to protect myself right?

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Instead of a cashiers check have the money transferred into your bank account. Also verify with your bank how long it takes for the funds to be valid once the transfer takes place. I wouldn't let the boat go until you have cash in hand or verified money transfer to you bank. Does the bank have a local branch, walk in and verify it all.

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So would you accept e-mails and calls to/from his bank saying the check is being sent out today, and a wire transfer over $15k directly to your bank - and let the boat go tomorrow? I have a picture of the check the bank is sending. I doubt something is wrong if the wire transfer goes through right?

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Agree have him wire the funds to your account and have his bank wire to your lender.  Upon confirmation of receipt of funds, release boat.

I talked with his bank a couple of times in the last few days. I didn't specifically ask them if they wire transfer funds to my bank, but they have told me a few times that the way they do it is to mail the check to my bank.

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I talked with his bank a couple of times in the last few days. I didn't specifically ask them if they wire transfer funds to my bank, but they have told me a few times that the way they do it is to mail the check to my bank.

 

Still I'd tell buyer he gets boat when your bank confirms payoff and you receive cleared funds for balance.

 

Abundance of caution; trust but verify; etc, etc.

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I'm not telling you anything that hasn't already been said above. Some of those unfortunate stories are true because the recipient wrongly assumes the check is golden.

A Bank Check or Cashier's Check can be canceled by his wife the moment after you accept it for any number of bogus reasons....like he lost it for example. Or, he finds something wrong with the boat that you guys discussed but he forgot. You don't want to be in a position were you have to rush the check to the bank.  

In this age of easy and instant electronic transfers there is no other way to go. Your bank can text you the moment the funds are confirmed and it can't be reversed once received.  

It would be different if the issuing bank was down the street and before releasing the boat you could go down and either cash the check or convert the check.

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