Any reason to be cautious?

[srz]

My husband is selling a large piece of farming equipment that we posted on an internet sight a while back. We've been contacted by a man from Bracken county KY we are in PA. He says he wants to buy it and is coming today. My husband told him yesterday since all the banks are closed Monday and possibly Tuesday (President Ford's death) that the transaction had to be done in cash. He said he's bringing cash, $10,000. A friend was over last night when the final deal was made over the phone. He brought up the possibility of counterfiet bills.

I hate to be so suspicious but we' sold a baler a couple of years and the people tried to give us a counterfiet cashiers check. We caught it in time but now we're a bit gun shy. Any thoughts?

I also don't like having that kind of cash in the house. I told my husband to take it to my Dads office and put it in the safe until the banks open.

[CTDL92]

My husband is selling a large piece of farming equipment that we posted on an internet sight a while back. We've been contacted by a man from Bracken county KY we are in PA. He says he wants to buy it and is coming today. My husband told him yesterday since all the banks are closed Monday and possibly Tuesday (President Ford's death) that the transaction had to be done in cash. He said he's bringing cash, $10,000. A friend was over last night when the final deal was made over the phone. He brought up the possibility of counterfiet bills.

I hate to be so suspicious but we' sold a baler a couple of years and the people tried to give us a counterfiet cashiers check. We caught it in time but now we're a bit gun shy. Any thoughts?

I also don't like having that kind of cash in the house. I told my husband to take it to my Dads office and put it in the safe until the banks open.

There is always a reason to be cautious, you would be foolish not to, when dealing with someone whom you are not familiar and there is that amount of money involved. Unfortunately today the ability to create counterfeit anything is much easier. I would always recomend using something like a cashiers check, but as you already stated you were almost the victim of a scam involving one of those. Just find a web site that shows what security measures to look for on legitimate bills and go from there. Those detection pens are useless, especially on real old bills.

[srz]

Thank you so much for your reply

I will check out websites now.

[Big Sexy]

If he has that much money, in cash no doubt, have him hold off until the next business day, wednesday. Then he can come up, inspect the equipment and have his bank wire the money to yours. No need to worry about counterfeit cash or checks.

[Joeyd6]

Head over to your local Staples or Office Max store. They all now sell those counterfeit money detector pens. You could probably even call them and ask for it by item number.

Staples:
http://www.staples.com/webapp/wcs/st...s&fromUrl=home

[CTDL92]

Head over to your local Staples or Office Max store. They all now sell those counterfeit money detector pens. You could probably even call them and ask for it by item number.

Staples:
http://www.staples.com/webapp/wcs/st...s&fromUrl=home

YOu have to watch the pens. I've had several occasions where people have brought in what they suspect to be counterfeit bills because the pens didn't work correctly(only to find out they are real). I've found through talking with some Secret Service agents that the pens don't work on the older bills, like from the 50's. They recommed just using the built in security features on the bills and not rely on the pens.

[Scruit]

Considering it was your husband who suggested cash, I'd be less inclined to believe it was a scam. Not saying that is isn't though.

I would be very careful about checking the security features on the bills. Of course if he gives you 20s and you check all 500 of them in front of him then he may be a little insulted :D Definitely check random bills, not the ones on the top. It might be worth doing some research on which safety features are hardest to fake.

How to Identify Counterfeit Money (Concentrates on new design bills)

If the machinery has a title, then could you do the exchange but don't give him the title until the bank has ok'd the bills? Tell him the title is in a safe deposit box at the bank.

Another warning about those bill checkers - pens or otherwise... Back in England stores used ultraviolet lights to check paper money (reals ones did not 'light up', fake ones did, according the the sales pitch) What they didn't count on was that Scottish notes (legal tender in England and not uncommon) DID light up in a distinctive pattern. The pattern was probably a security feature on the Scottish notes, but it led to many English shopkeepers rejecting good money. Not saying that he'll give you Scottish notes, but you have to be careful about stuff the pen makers didn't think of. As well as potential for false positives, I suspect you'll find a disclaimer with the pen that says they are not responsible for failing to identify a forgery. I wouldn't trust $10k to a $2 pen. ;)

[Sheriff]

The best thing to do.... obviously.... is get identification from him. Make note of his name, his address, date of birth, driver's license number, physical description, etc.... Demand as much identification as he is willing to give you. Record the license numbers on any vehicle or trailer he has with him. Covertly get a picture of the buyer if possible (cell phone capable if you have one). Or come right out and ask if if you can take a picture. If the money is countefeit, trust me, the Secret Service will go after him in a heartbeat.

If he gets upset over your concern in a $10,000 transaction, something is more likely wrong than not.

[Scruit]

If he gets upset over your concern in a $10,000 transaction, something is more likely wrong than not.

Wise words.

[srz]

Just to end the story, They came late yesterday after a 600 mile drive. Everything went well. They had the cash. They came with copies of their drivers licenses. a business card... We provided a reciept and business card. Everything went just as it should. Thank you for all your advice

[Stan Switek]

A word of caution on wire transfers. If you are going to do a wire transfer that doesnt use an escrow company, be very careful. Depending on how you feel about the buyer, you may want to consider opening an account soley for the wire transfer. Here is how they scam you. After you send them you name, address, bank routing number & account number, they print checks using your info & drain your account.

I sold a car & an aircraft in 2006. It was stunning how many people tried to scam me.