Posted 2014-02-24 8:44 PM (#157650) Subject: Best way for long distance purchase? Will bank act as intermediary?
Member
Posts: 29 Location: Colfax, wa
OK - my question tonite is best way to arrange long distance purchase. I'm in Washington state, trailer on east coast, having it commercially shipped. Plan for wire money transfer due to shipper's need for quick pickup. Wondering if seller's bank will act as intermediary to hold title (if seller willing), and send to me, upon receiving money transfer. Anybody done this or similar? Or have other suggestion?
Posted 2014-02-25 7:08 PM (#157687 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Extreme Veteran
Posts: 420 Location: Florida
I just did this. North East coast to Southern Cali
As the seller I set the rules which the buyer agreed to.
The buyer used U-Ship so I was immediately concerned once the trailer left the yard I would need to be protected. As this was a sight unseen purchase.
There really has to be trust on both sides and much necessary research. Google is a great tool, Zillow and google maps prove you're dealing with an actual North American human being :)
Just to let you know we required full payment and a ten day waiting period to ensure funds cleared our bank prior to allowing the shipper to pick up.
I placed all the important docs in the LQ but overnighted the title the next day after the trailer left.
U-Ship driver photographed the entire trailer hooked up and after posing for a photo next to his license plate :) drove away.
A month later the new owner called to thank us, as she has been enjoying her new to her LQ.
Best of luck
When we purchased our new to us LQ I had the owner photograph the serial tag on the trailer and scan a copy of the title. Only to find out that the VIN on the title and the VIN on the trailer were mismatched. We were able to correct this prior to pick up.
Be careful and do not be pressured by a rushing delivery driver.
Posted 2014-02-25 8:26 PM (#157689 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Member
Posts: 29 Location: Colfax, wa
Blazingcreekbar
Thx for your reply. It got crazy today, but this is what is happening.
I'm in Washington state, trailer in NH. I wanted transporter to pick up trailer and haul to Indiana, where I will pick up in the spring. I wanted to wire transfer money to seller. Sellers bank advised against that, they advised only cash in hand. I understood that, however, #2 complication was transporter had time constraints where he could only transport at the price he'd given me, this week. He gets busy in march moving boats north to south and didnt know,when he'd have time to make this trip, plus he was combining it with moving something back from Wisconsin, so rate was reasonable. Appeared sending cashiers check and allowing time to clear was only option to seller but not viable with my transportation need.
Figured I wasn't getting this trailer. You're so right, when you say it takes trust on both ends, it takes trust all the way around. Anyway, i felt it wasnt goimg to happen, then the transporter mentioned to me, another way. i know this sounds scary but the transporter was willing to accept the money wire transfer. He made contact with the seller to meet at the sellers bank, they will exchange money for title and trailer. Seller feels good talking with transporter, I feel good with transporter. I had researched transporter previously and read consistently rave reviews, so fingers crossed, all will go smoothly. Sellers wife called me today to discuss a bill of sale she emailed me tonight, I'll sign and return to her, so they can complete when they make the exchange.
I'll post a note here when trailer gets to Indiana! Thx for your response!
Posted 2014-02-26 6:49 AM (#157695 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Extreme Veteran
Posts: 420 Location: Florida
This is a forum so we are all entitled to our opinions... So here it is.
Why would the company that is transporting the trailer get involved in the sale transaction no less manage the cash? Thats my first flag.
Find a transporter that will bring the trailer to your door. How can you trust the mid point destination to even be there in the spring. Things change.
It makes me uncomfortable that you are being pressured by the transporter and at the same time the seller is willing to work with them??
If this is a LQ then my experiences tell me there arnt many for sale in the NE states. That is why we searched for seasons looking for our next trailer and ended up in MD. Most Lqs are below NY and out in the country. When we sold our LQ it went to Southern Cali and was being reviewed by all states except the New England 6.
There are only 2 LQs for sale in NH on HTW. I didn't look anywhere else.
And if all I just hinted to still doesn't sway you from trying a different approach then consider the time on market most of these LQs sit. Some sit for months , years. In NE this is a slow business, many of our dealers do not even floor plan these large trailers. Dont be rushed.
You should and will make your own decisions. I would not at all say your right or wrong. I am just tossing a flag on this play.
I hope you make out fine and are enjoying your new trailer this spring :)
Posted 2014-02-26 9:00 AM (#157698 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Elite Veteran
Posts: 602 Location: md
Kind of related. 3 of us drove from Md to Daytona in a motor home for the race. After race, headed north. Motor home broke down. We left it there and rented a car. This was in Ga. Needless to say when they went there a month later, there was nothing left of that motor home, but the shell. The inside was stripped. They did not take the motor or trans.It was parked at a gas station.
Posted 2014-02-26 9:09 AM (#157699 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Location: Tulsa, OK
Just an idea but you should pay a local dealer to store and inspect the trailer that you are buying and get a certified delivery person to deliver trailer that the local dealer knows and uses if the seller will not do it that way then it should be really easy for you to walk away from the deal......NEVER send money to someone you don't know that is selling by owner unless you are there in person or using a agent to perform purchase for you or the pre-inspection/store @ dealerships lot - you can check dealerships validity and reputation right here on HTW.COM.
Posted 2014-02-26 9:59 AM (#157700 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Member
Posts: 29 Location: Colfax, wa
I hear your concerns, I had many of my own.
Not a LQ.
It is being transported to my sister inlaws home in Indiana where I will pick it up in the spring.
The transporter offered to handle the wire transfer only when the seller chose not to based on his bank's advice. This part I had difficulty understanding why the bank advised against a wire transfer to the seller.
Rightfully, I will be a bit anxious until it arrives at my sister inlaws home. Wire transfer yesterday, transporter should receive today. He should call me when he receives it.
He should call me when he meets seller tomorrow or Friday.
Posted 2014-02-28 9:47 AM (#157730 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Expert
Posts: 1885 Location: NY
This is going to sound like pixies dust but maybe the transporter is just a nice guy/girl I hope this works out other wise I would go down to there place and ask there
Posted 2014-02-28 10:13 AM (#157731 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
New User
Posts: 3
Location: Texas
Prefer to believe good honest people are the norm and everyone is just trying to make this transaction happen where it benefits all. There definitely needs to be a service that handles all the financials for these types of sales.
Enjoy your new trailer ! Fairy dust, good vibes, and the force of the horse be with you!
Posted 2014-02-28 10:57 AM (#157732 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Extreme Veteran
Posts: 448 Location: Los Angeles, Ca.
There is a company called Escrow.Com....they handle transactions like this all the time. Look up their website and it explains everything. Better safe than sorry. Also be aware that there are scammers spoofing that site so follow the instructions to the letter.....no clicking on links, outside transfers etc.
Posted 2014-02-28 11:44 AM (#157733 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Location: Tulsa, OK
Just an idea but you should pay a local dealer to store and inspect the trailer that you are buying and get a certified delivery person to deliver trailer that the local dealer knows and uses if the seller will not do it that way then it should be really easy for you to walk away from the deal......NEVER send money to someone you don't know that is selling by owner unless you are there in person or using a agent to perform purchase for you or the pre-inspection/store @ dealerships lot - you can check dealerships validity and reputation right here on HTW.COM.
Posted 2014-02-28 4:41 PM (#157741 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Member
Posts: 29 Location: Colfax, wa
Updating: trailer enroute to my family home in Indiana. Seller and driver worked exchange well. Points to share. Seller was forthcoming with personal reference, my equine vet friend confirmed seller reputation with his equine vet (they actually know each other). The driver/shipper is a retired police officer.
The seller was extra precautionary dealing with me due to an experience last fall with a scammer, and I as well encountered multiple scam tailer ads. It is disheartening that a few dishonest folks create the need for heightened caution and diligence in all types of transactions.
I researched every phase of this process to the extent I could time allowing, then made a decision, to trust my gut instinct and believe all parties involved, had good intentions.
I appreciate this forum for the tremendous store of knowledge and experience that you all willingly share.
Fairy dust and positive thoughts appreciated! The escrow company is great info to have to proceed smartly and safely.
Can't wait to get my 2003 4Star 2H Slant GN home to enjoy ... But that'll have to wait until the snow passes in the Pacific Northwest.
Posted 2014-03-01 12:10 PM (#157759 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Member
Posts: 29 Location: Colfax, wa
Sister in law states "trailer arrived safe and sound and beautiful"!
Hopefully, someone can learn from my experience and reference the escrow comp, option if they're posed with similar situation. I lucked out, but someone else may not be as fortunate.
Posted 2014-03-01 8:02 PM (#157768 - in reply to #157650) Subject: RE: Best way for long distance purchase? Will bank act as intermediary?
Member
Posts: 29 Location: Colfax, wa
I don't have many photos..its the 2H GN 4Star Aluminum says 2002, but it's actually a 2003 in Andover, NH listed here and 4Star used trailers, etc, listed on many sites.
Best way for long distance purchase? Will bank act as intermediary?
I am glad everything worked out for you...:)