Buying a sailing boat and seller wants cash only

[agencydude]

Hi
I contacted a private seller and offered to buy a 2nd hand sailing boat for 3-4 k.
I thought I'd just have to write a cheque.
Seller says he doesn't want cheque and suggests cash only.
I said I don't want the hassle of going to a bank and taking out 3-4 k in cash.
I suggest doing an electronic funds transfer and he says ok.
We agree he'd send on bank details and I'd do the transfer.
Now the seller is coming back and saying that he only has business bank accounts and he doesn't have a personal bank account.
So basically the seller is coming back again looking for the cash deal.

I'm wondering what to do now. Should I go off and get the cash or should I walk away from this ?

Any suggestions?

 

[Brendan Burgess]

I certainly would not part with, say a car, to a buyer in exchange for a cheque, which could bounce.

I would insist on cash or a bank draft. And I would verify the draft before parting with the car.

Assuming you have seen the boat and are taking immediately delivery in exchange for the cash, this is a perfectly normal transaction.

Have you verified that he owns the boat? Do you know the seller? Is he a member of a yacht club? Or is he meeting you in a car park somewhere to show you the boat and take the cash?

 

[vandriver]

Maybe the seller needs cash because their bank accounts are overdrawn and a bank transfer would just be gobbled up by the bank?

 

[Setanta12]

I, on the other hand, wouldn't pay cash.

That would be like turning up to buy a car for cash - and to be mugged en-route or close to the meeting point. It happens way too often ... ...

(Meet in a solicitor's office / the local copshop / anywhere with cctv - and get proof of legal-title)

 

[Sandals]

Recently bought a camper, nearly 15k, had no choice but to meet on a sunday with cash. He was a dealer and we had all paper work checked out well, we had hoped. Everything went fine although it was a worry having all that cash in house and travelling with it.

on joe duffy today, a car sale and a forged bank draft, only realised when checked by bank officals, in fairness couldnt concentrate story properly...

 

[Leo]

on joe duffy today, a car sale and a forged bank draft, only realised when checked by bank officals, in fairness couldnt concentrate story properly...

Counterfeit bank drafts are common, check out the car-buying Key Posts on scams and tips on buying, much of that advice will be applicable here.
Leo