Author Topic: Making Bank On Your Stuff: Best Practices  (Read 330 times)

cool7hand

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Making Bank On Your Stuff: Best Practices
« on: October 14, 2020, 01:02:09 PM »
Because so many of us make the most of our belongings by selling what we can instead of discarding it, I thought maybe we'd all benefit if we shared our best practices. (If this thread exists elsewhere, and my meager search skills missed it, please forgive me.)

A non-exhaustive list of topics that probably interest most include the following.
-The best websites/apps for different types of property.
-How to write posts that increase the likelihood of a sale and maximize returns.
-How to take pictures that put your property in the best light.
-Resources for identifying sale prices for similar property, including in your own locale.
-How to safely exchange money for larger purchases where you have trust issues with the other party.
-How to quickly identify scam artists or others not playing fair.
-How to keep costs down when one needs to ship an item to maximize returns.

I'll start with how I like to exchange money on large purchases.

My MO is to meet the buyer at their bank of choice with my property and have the bank process in front of you a certified check or your jurisdiction's equivalent to ensure they money is legitimate. I always show up early, introduce myself to the bank manager, explain what is about to occur, and identify the employee the manager wants to handle the transaction. With a car I sold a few years ago, I took the extra step of accomplishing this in advance in writing.

What you do when you get the bank personnel involved, particularly if you memorialize what's occurring in writing, is create an additional layer of protection. By explaining to the bank personnel what's occurring, they now owe you a duty to protect you in the transaction. Of course, the email exchange in and of itself increases the likelihood that the bank personnel dot every i and cross every t.