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Heresy. Got an offer from an overseas buyer.
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rcnotes
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PostPosted: Sat Sep 29, 2018 1:22 pm    Post subject: Heresy. Got an offer from an overseas buyer. Reply with quote

I got an email from an overseas buyer. Has anyone ever dealt with this before?
How to verify legitimacy? Cash is king.

I'm not happy about what's happening to available busses in the US.

What's folks take on this?
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SGKent Premium Member
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PostPosted: Sat Sep 29, 2018 1:31 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

I wound never sell anything of value to someone where I could not let the buyer see it, touch it and make a decision in person they want it, then pay me in something that can't be rolled back. Normally when I buy a car I meet them at the DMV so we can research the title before I hand them money, and when they pay me we meet at a bank, theirs or mine, so that I get money I know isn't funny. Have the buyer send an agent to see the bus then go with you to the bank to be sure the money is real.
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busman78
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PostPosted: Sat Sep 29, 2018 1:48 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Sold my 67 Dodge van to a man in The Netherlands, he wired the funds to my bank, allowed plenty of time for the funds to clear, once the funds were secure he setup with a forwarding company to arrange pickup and eventual shipping to Rotterdam. Wire transfer is the same as cash, once the funds are deposited in your account there is no way for the seller to draw them back.

Would not deal any other way but wire transfer, if the buyer will not wait till the funds are secured on this end then don't deal with them. They do not get the title till then, all I provided to him was vehicle information and a bill of sale that stipulated the funds being in my account prior to release of the vehicle.

This buyer also chatted with me on the phone numerous time, thankful he spoke good english, I sent hundreds of pictures to him plus a spread sheet of expenses for all the stuff bought.
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rcnotes
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PostPosted: Sat Sep 29, 2018 2:01 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

[quote="busman78"]

That's great advice.

How did you deal with giving them your bank amount info, or do they just wire it to the bank in your name or some such?
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busdaddy
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PostPosted: Sat Sep 29, 2018 2:19 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Your bank will give you a transit number for wire transfers, it sometimes takes a day or two to appear in your account.
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busman78
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PostPosted: Sat Sep 29, 2018 2:25 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Your bank has a routing number for international transfers you have to use that, it is not the same number as the one on your check, then your account number plus your bank will more than likely give you a Swift code, mine did, your account is safe in that the buyer or even his bank can not withdraw funds. The person transferring has to flip the switch at his bank to give you money.
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69BahamaYellow
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PostPosted: Sat Sep 29, 2018 2:33 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

I sold a car to an overseas buyer once and a banking friend of mine told me the safest way to do it is as follows:

1) Open a new bank account with whatever the minimum deposit is ($25 usually), then give the buyer the routing and account numbers of the new bank account.

2) Once the funds arrive, transfer them to your primary checking / savings account and close the account you gave to the buyer.

Now you're safe and you can arrange shipping with the buyers agent. For piece of mind, you can send the buyer a picture of the car with the title on the windshield and a note saying that you are hereby transferring title of the vehicle to (new buyer)


the above procedure works because you're not risking your personal account information by giving that to the buyer, and because there are "claw back" laws with wire transfers that could take the funds back from you, if the buyer were to somehow nulify the deal at a foreign bank. With the intermediate account, the buyer would have virtually no chance to get the funds "clawed back"
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busman78
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PostPosted: Sat Sep 29, 2018 2:41 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Not really, once your bank has the money there is recourse for the sender to take the money back.

Can a Transfer Be Reversed After Being Accepted?

Once a wire transfer has been accepted by the recipient's bank, there are only a few circumstances that allow for the reversal of the wire transfer under the Uniform Commercial Code. The only available options for reversing a completed transfer are if the sending bank made a mistake, if the payment order was a duplicate of a previous order, or if the order is for an amount greater than the beneficiary was entitled to receive under the transfer. In those cases, the beneficiary's bank will recover the funds improperly paid to the beneficiary.

How to Reverse a Wire Transfer

Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. If the originating bank sends a cancellation notice to the recipient bank, and the cancellation notice is received before the recipient bank accepts the payment order, the recipient bank will generally refuse the payment order. Should you wish to reverse the wire transfer, you'll be racing the transfer network between the banks to get the cancellation notice to the recipient bank before the payment order is accepted.
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Starbucket
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PostPosted: Sat Sep 29, 2018 3:35 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Get Bit Coin for it. Once you get the money there is no way anyone can get it. You can buy a Bit Coin Vault on Amazon and the code is stored off the internet and in your possession. The way they have gone up in value you will make more off the BC than the VW ever got you.
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rcnotes
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PostPosted: Sat Sep 29, 2018 3:50 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

I guess that settles it. I'm going for Bit Coin. If Starbucket says its the way to go, it must be good.


Starbucket wrote:
Get Bit Coin for it. Once you get the money there is no way anyone can get it. You can buy a Bit Coin Vault on Amazon and the code is stored off the internet and in your possession. The way they have gone up in value you will make more off the BC than the VW ever got you.
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PostPosted: Sat Sep 29, 2018 6:01 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Stock market has them at $15000, last January they were $2500. Read up on them, it's Blockchain and hack proof and untraceable.
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skills@eurocarsplus
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PostPosted: Sat Sep 29, 2018 6:28 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

same deal...I sold a bus to a guy in the UK. go to your bank, tell them what you're doing. they set me up with a separate account. 100% safe.

ask about the potential for a chargeback too...pretty sure once the casharoni is in your account, it's good.

and screw the "don't sell it overseas" crowd....they had their chance...take the money and run. if someone here won't pay...someone there will. then fan yourself with a fist full of 100's as they bitch the "hobby" is "to expensive" smiling as you roll around in the glorious stank of fresh hundos
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PostPosted: Sat Sep 29, 2018 7:32 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Be happy you have a buyer. Quit worrying, it will be fine
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PostPosted: Sat Sep 29, 2018 7:34 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

1- Bank wire transfer as mentioned above
2- I require a "bill of lading" at which ever port they choose
3- I send the title certified mail after cash in hand


Sell to whomever pays!
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rcnotes
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PostPosted: Sat Sep 29, 2018 7:43 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

I'm planning on being happy with or without. And thank you for sharing your technical and mechanics expertise.

aeromech wrote:
Be happy you have a buyer. Quit worrying, it will be fine
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rcnotes
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PostPosted: Sat Sep 29, 2018 7:45 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

I had a blockchain experience at an art gallery I co-own.


Starbucket wrote:
Stock market has them at $15000, last January they were $2500. Read up on them, it's Blockchain and hack proof and untraceable.
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PostPosted: Sat Sep 29, 2018 9:05 pm    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

rcnotes wrote:
I'm planning on being happy with or without. And thank you for sharing your technical and mechanics expertise.

aeromech wrote:
Be happy you have a buyer. Quit worrying, it will be fine


You’re welcome.

I look at you and see myself. I’ve been through more than a couple sales that made me take a second look but I’m here to tell you that inspite of my concerns, everything went well and it just cost me of little bit of my life.
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PostPosted: Sun Sep 30, 2018 1:00 am    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Don’t think of them as leaving. Think of them as returning home. Swaddle your tears in mounds of cash.
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PostPosted: Sun Sep 30, 2018 6:42 am    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

rcnotes wrote:
I had a blockchain experience at an art gallery I co-own.


I had a similar experience with an ex.

Wait, that was ball and chain....
Robbie
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PostPosted: Sun Sep 30, 2018 11:36 am    Post subject: Re: Heresy. Got an offer from an overseas buyer. Reply with quote

Having the bank act as an escrow agent is one way to go. The buyer puts money into the escrow account and seller doesn't get the money until he hands the signed title over to the bank. There is some cost to doing this, but it protects both parties, though the seller could still fake a signed title I guess.

I am with SG Kent in that I like to have the seller go to the DMV with me and have any title problems taken care of on the spot. This has saved me a lot of hassle over the years.
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