Unfortunately, even cash can be a problem, unless you have those special
pens to check if the bills are good!
I sold a couple of classic cars two years ago, and I had a chance to talk
with a policeman dealing with frauds after I was contacted by scammers.
Cashiers checks are routinely faked, and it will take the bank up to a month
to realize they are forged. As you know, by that time, you are out of the
money as the bank will insist it's your problem you got a dud check, not
theirs. One thing the policeman told me I did not know, is that postal money
orders are also routinely forged.
Escrow accounts are good - if they are really escrow. Some may have "escrow
" in the name, but they are scams too. I know never to wire money to Western
Union or similar, commonly used by scammers too.
As for the two cars I sold - I asked cash for the first one, which sold for
relatively little money. For the second I got a cashier's check - but the
buyer was local and I went to the bank who issued the check to make sure it
was good.
If I sell another car, this is what I plan to do: I will ask for a cashier's
check, but request to go with the buyer to his bank when he has the check
cut. Then I'll know for sure the check is good.
In your situation, I would take the check to the bank who issued it, which
is what I did for the second car I sold. If it's too far, call the bank.
JLC
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