BajaFresh

I'm looking at a Formula 271 Fastech with 502 Mag and Whipple blower in Michigan, north of Detroit. Cool boat and I think will suit my needs.

Anyway, I'm almost 2500 miles away in northern NV. I have offered to either mail a deposit check or wire transfer $5K deposit. Seller is fine with it as I won't be able to get out there until end of September of first of October and a deposit check will have cleared by then.

He would like the balance in cash ($30K) but I am reluctant to travel with that much cash (civil asset forfeiture, having a mechanical breakdown or accident and keeping cash secure, etc.). My bank (US Bank) doesn't have any branches in Michigan (?). The closest is in Ohio. I was hoping to go with seller to my bank and make the cash withdrawal so he can see the transaction and be assured there are no counterfeit bills. It will be a major pain to have to drive to Ohio to do this. Then we'd have to travel back to Michigan with the cash although it would then be seller's problem.

Seller is going to go to his bank tomorrow to talk to them about it. Anyone have any suggestions on how to handle this?

Lucky Strike Jr

Wire transfer the balance unless he’s stuck on getting “cash”

Smarty

1. Domestic Wire Transfer (your bank wiring the sellers bank account) or
2. Certified Check from your bank payable to seller, hand delivered or
3. If this deal fails apart because it must be a cash deal only without any reasonable flexibility in providing secured payment then this is a big red flag of concern.

jeff32

Maybe he is already having problems with government taxes audit, or, might have to share 50% of all his official revenu so... cash is king!

BajaFresh

Can I do a wire transfer if I'm not physically at my bank? Do it by phone?

I recently purchased a Z06 Corvette and did a wire transfer and had to sign a couple documents at my bank.

I need to do a sea trail before I buy (deposit is contingent upon successful sea trial) which means I have to drive to Michigan first.

From what I understand, a certified or cashiers check can have a stop payment put on it so seller might not want that.

bajaholic

Buy a small gun safe and mount it under the back seat of the truck. Some have cables you can just run through the seat pillar on the floor.

It addresses all your concerns about forfeiture etc (requires a search warrant to open a attached safe) Also carry paperwork with you at what your looking to buy. Its not uncommon to carry cash for a purchase. It would be hard to justify a seizure if their is a reason to have it. Generally it will be hid enough and protected against intruders that it would not be worth their time to continue to fight for it. That being said, It doesn't hurt to have your own protection as well.

You will be amazed how little of room $30K burns up. it will easily fit in a envelope or small bankers bag.

I haul boats and have often carried MUCH more money than that. Just remember to be smart, don't do anything stupid/illegally when traveling and don't put yourself in a position to be obvious and you will be fine.

Smarty

I bank at Wells Fargo, a Domestic Wire Transfer can be done remotely via computer for Wells Fargo, your bank may have a different policy. Confirm your transactional limit such as $25,000 per transfer so if you need to send $30K then get the approval if that exceeds your daily limit.

I did ask how much can be sent using Zelle, the CSR for Wells Fargo said that I cannot send $30K via Zelle ( $3500 is the max for Zelle), but I did explore that possible option which does not seem possible.

A Certified Check or Cashiers check (per Wells Fargo) can have stop payment initiated by the you (the buyer).

Mbam

Forgive me for poking my nose in this but there are a couple of things to check before
A - sending any money
B - driving all the way to Michigan

Is there a clear title to both the boat & trailer? You should have a picture of both front & back.
Is the title in the sellers name?

A Cashiers check is from the bank to the seller. Stopping payment is a big deal and not so easy.
https://www.thebalance.com/lost-or-s...need-it-315028

However there are countless cases of fraudulent cashiers checks being presented. So I understand the sellers request for cash.
A wire is your best bet. As has been said green cash is a big red flag.

Go to a local branch and see if there is a way to send the wire once you are ready to close the deal.

H20 Toie

When i bought my first cigarette in Oklahoma i did all the wire info at the bank ahead of time, like you small bank and no branches out of CA. went and looked at the boat, called the bank and had the wire sent, we went out to lunch then loaded the boat up, by then the wire had gone thru,

also i would have a survey done now before flying out, cheap insurance and worth its weight in gold, saved me huge on a boat that i was going to buy and i knew its history, ( but turns out i didnt know everything)

AmiableDave

I know you're asking about the transfer of money. But I have some question for you.
You're looking at a Formula in Michigan and you're 2500 miles away in Nevada? Did you physically look at the boat or by pictures? Because when I look at a boat. I carry a check book for the down payment. With the stipulation, if it's used, it passes a mechanical survey. And with a Blower motor. It's wise to do that.
MBAM brought up some good points....... Me personally, I would pay by check or Cashiers check. If he wants $30K in cash. Tell him to trailer it to you.