Cash in hand?

T

TitanTim

Elite
Hi all,

Just after a little advice please.

I have a watch listed on ebay as an Auction which has been listed a few times now and hasn't sold. I've received a number of offers this time around one of which is fairly reasonable with an offer of cash on collection. I wouldn't normally accept this method as would rather go through PayPal and Post the item out as feel its a safer way of doing a things. However the last time I sold a watch the PayPal fee was stinging and will probably be around 100 quid this time and with posting out by special delivery it all works out quite expensive. Of course I can factor in these costs in the asking price.

How do peeps feel about being paid in cash? how would I know the money is legit and not fake etc. I think the only time I've accepted cash before was for 3K on a car and all I did at the time was count it and didn't even think about whether the notes were legit and just banked it. However that was some 15 years ago and I'm probably a little less trusting these days. Would I be a dick if I checked the notes for water marks and other security marks on the notes as theres plenty of info on the web for checking bank notes.

Auction doesn't end until tomorrow evening so will let it run and if the watch doesn't sell will consider this guys offer.

Cheers,

Tim
 
I've done it before to avoid eBay fees, both purchasing and selling
I've just messaged the person direct and asked for a price out of eBay. Don't see a problem with it, Aslong as the cash is in your hand etc

Check each note individually if your bothered. Or go to a bank with them to withdraw funds
 
I see nothing wrong in cash transactions , probably more likely to suffer online fraud than face to face fraud :?
Is the prospective buyer close by ?
If so then offer to deliver it then you know where he lives should he be trying to pay with counterfeit notes
He may of course think yourself a little shady for wanting to do it this way but that would be my preference
 
If this is a pricey item I'd also print up a bill of sale and receipt, get the seller to provide proof of ID (driver licence or something) and sign the papers to say received the goods and paid in full.
 
I used to love cash and I still buy my cars cash in hand. Possibly this guy is a dealer and keeping a margin for a resale. Wise to be wary and check the water marks, if it's a large some, looking daft is better than getting fleeced. I was nervous of a BS cheque for a car I sold once. I met the guy outside my local bank and took the cheque straight in. The cashier actually recognised the signature of a previous colleague. Small world and reassuring at the time.
 
Don't see the issue tbh, rather do everything cash.

Sold my focus st for 14k in cash. Took a good 15 mins for 2 of us to count it.
 
Thanks for the replies guys :) sensible suggestions, I'm guessing the person interested is fairly local so if he wants to do a cash deal then meeting at a bank seems a good idea and he can withdraw the cash there an then, never really thought of that to be honest.

I sold a MINI Cooper S a few years back for 13K and the buyer posted me a bankers draft which I thought was ok until friends said what if its a fake, stolen cheque lol. It kinda went round in my head so on the day of the sale I legged it down to the Nationwide bank clutching the bankers draft who confirmed it was genuine lol. I guess you just can't be too careful.

Tim.
 
Used to work for Hertz leasing and a dealer once paid for 20 cars in cash. £215k and we had to walk to the bank in Feltham to pay it in :-)

Cash is king. :thumbsup:

Just be careful if the want to meet at a petrol station or some such place.
 
When I bought my old z3 mc I paid 22k cash. It was quite nerve wracking carrying that sort of cash around.
 
Why not instant bank transfer? It's the way I've gone these past few years. They can transfer on their phone, you can see it on yours once in.
 
I think even if it's a cash sale you can return it within 30 days if not happy

If you buy a new or used car from a dealer and experience problems with it, you have some statutory rights under the Sale of Goods Act 1979.

The Act states that the car must be “of a satisfactory quality”, “fit for purpose” and “as described”. (For a used car, “satisfactory quality” takes into account the car’s age and mileage.)

If the car you bought fails on any of these points within six months, you‘re entitled to have it repaired or replaced, or to get a partial or full refund.

In fact, you’re legally allowed to return it up to six years after you bought it. However, it gets more difficult to prove that a fault and not normal wear and tear is the cause of any problem.
 
Thanks guys, bank transfer is another alternative, I guess just depends if the person is set up to do that, may be why they've offered cash.

With regard to Money back, if it were me as the buyer I'd be wanting to do it through ebay/Paypal then at least your covered under buyers rights etc if the item is faulty. Not sure I'd want to give someone 1800 quid for a watch in the street that might conk out an hour later, still its upto the buyer I guess.

Tim.
 
It should be Paypal that you are worried about.
The system is set up to protect the buyers not the sellers.
There are too many instances of buyers getting their money back by saying they never received an item or it was damaged/ not as described.
They will also give money back 3 months later. This should not be allowed.
I dont think it is a very secure way of receiving money as there are a lot of crooks out there who will use loopholes to get refunds, leaving you without the item you were selling and no money either.
I would be especially wary of someone collecting something but paying by Paypal as you have no record of them receiving an item.
 
If you're asking for ID, then don't just accept one piece as gospel....ask them for two when they are there. It's relatively easy to get a fake drivers licence.

Weirdly, for certain transactions checking for their LinkedIn profile to verify can be as good as anything.
 
Thanks for all your replies much appreciated.

PayPal is better as said if you are a buyer which is why I would be more reluctant to pay cash and maybe end up with a faulty item, so it's buyer beware.

Auction ends tonight and getting sick of the messages of silly offers and some people becoming abusive etc. I can only guess these are dealers trying to make a quick profit.

I think I might use Chrono 24 next time around for watch selling.

Tim.
 
Personally, i'd get them to transfer it via faster payments to your bank direct. You should be then able to see the money in your bank instantly. Alternatively meet at a bank, get them to deposit the money to your account and then had over the item :)

EDIT: I bought my z4mc via the former, and sold my old car via the latter :) Granted i had no issues with trust in either sale really, one guy showed me his military ID (whilst i was in the RAF), and the guy i bought my car from was a forumite, and i was sat in his lounge..
 
The sellers' advice on AutoTrader suggests that you accept cash payments in a bank. You can pay the money in immediately, and it becomes the bank's responsibility to validate the notes. Tricky to arrange if you're selling at the weekend.

When I sold my previous car the purchaser brought his laptop into the house, connected to my WiFi and did a bank transfer. I logged in to my online bank and checked that the transfer had been received. Very simple and secure.
 
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