how do you deal with a local transaction with a large sum of cash?

tmwag wrote in post #9005734
What happens to the hostage if all is not well

Bad day to be his hostage I guess.

CW Jones wrote in post #9005685
Personally... these are all worst case scenarios. Try to keep them in the back of your head. At the same time, always be ready for the worst thing to happen and most times it wont and everything will be fine. I would tell the person either bank check or cash. They can even walk into the back with you if they want. once it in the lens is theirs.

I would never accept a check or a money order from someone who I did not know. It's too easy for someone to supply a bogus check that won't clear the bank. If you hand over the property as soon as a bad check or a forged money order is turned in to your bank, and then the check or money order bounces in a few days, you are out the money and you have no recourse. Accepting cash and having the bank accept that as real money (checking it to prove it's not counterfeit) is the only positive way to know you've been paid.

There are too many scammers out there, and I'd be protecting myself any way possible.

SkipD wrote in post #9006502
I would never accept a check or a money order from someone who I did not know. It's too easy for someone to supply a bogus check that won't clear the bank. If you hand over the property as soon as a bad check or a forged money order is turned in to your bank, and then the check or money order bounces in a few days, you are out the money and you have no recourse. Accepting cash and having the bank accept that as real money (checking it to prove it's not counterfeit) is the only positive way to know you've been paid.

There are too many scammers out there, and I'd be protecting myself any way possible.

Best advice in the whole thread right there.

All Craigslist-type transactions I've done have been cash only, delivered in public places with plenty of people around. The buyers appreciated my caution as much as I did, as buyers can get scammed/ripped off just as much as sellers.

So the general consensus is:

1) bank
2) money (cash) first then hand over gear

Easy.

When I bought a lens for significant cash we agreed the following:

• meet at a busy coffee shop near both his bank and my bank
  
• I tested the lens and was happy
  
• went to my bank so he could see it was a genuine withdrawl
  
• I took the lens with a receipt and he took the money
  
• he took the money across the road and deposited it his bank.

I agree with the bank/deposit idea. I've had to deal with large monetary transactions through Craigslist a few times, and I just make sure to have more/bigger friends than they do. :P

A safer route would be best, though.

Like we say in Australia " You'll be right mate"

Doesn't the exchange involve chalk marking a big blue mail box to arrange the drop. Then dropping a trash bag with the lens and a note on how/where to pick up the lens. Don't forget to mention small, unmarked, non-sequential bills.

iAMB wrote in post #9005482
Bring someone along with you. When the person hands you the money, hand it to your person for them to count and make sure its all there. That way you can keep contact with the person your doing business with. It allows for an easier transaction and also allows for protecting yourself and your safety.

I'd bring Cana, my Doberman ****, but she can't count beyond 20 and she goes crazy out of control if she sees a Nikon.

Last time I bought something like this I used the many resources on the Net to find out some more about the seller. Turned out he was a police officer - so I felt fairly safe doing that transaction.

I have to agree with AlistairD after a craigslist transaction gone bad...

<apart from all the jokes>

I sold my 17-55 locally for $900 and met up at a local gas station with plenty of traffic. I was pretty worried the whole time so I went to OfficeDepot and picked up one of those conterfeit pens that they use at stores to tell if the bills are real or fake...

We agreed on cash only and met up. The guy was very knowledgable when it comes to camera gear and we talked about phtotography for a little bit of time. This made me feel confortable that he knew his stuff.

Well the transaction was being made, I asked him if he minded if I checked he bills while counting the $. It was 9, $100 bills... I tested each one and everything was fine. I handed over the lens and we left...

Well, not more than 8-10 hours later (and I know the critics are going to have fun with this), THE $100 bills started to fall apart, literally, they were not disolving but they were tairing apart into smaller and smaller pieces. I tested the cash again and they all passed the test but I noticed that 3 out of the 9 did not have the counterfeit strip inside of then

So I was out $300...

Lesson learned. Meet at the bank, watch the person take the money out of the bank and only accept large sums of cash that way.

Hope this helps

rockfordhx wrote in post #9007362
I have to agree with AlistairD after a craigslist transaction gone bad...

<apart from all the jokes>

I sold my 17-55 locally for $900 and met up at a local gas station with plenty of traffic. I was pretty worried the whole time so I went to OfficeDepot and picked up one of those conterfeit pens that they use at stores to tell if the bills are real or fake...

We agreed on cash only and met up. The guy was very knowledgable when it comes to camera gear and we talked about phtotography for a little bit of time. This made me feel confortable that he knew his stuff.

Well the transaction was being made, I asked him if he minded if I checked he bills while counting the $. It was 9, $100 bills... I tested each one and everything was fine. I handed over the lens and we left...

Well, not more than 8-10 hours later (and I know the critics are going to have fun with this), THE $100 bills started to fall apart, literally, they were not disolving but they were tairing apart into smaller and smaller pieces. I tested the cash again and they all passed the test but I noticed that 3 out of the 9 did not have the counterfeit strip inside of then

So I was out $300...

Lesson learned. Meet at the bank, watch the person take the money out of the bank and only accept large sums of cash that way.

Hope this helps

Man that is too bad.

Looks like you got a counterfeit counterfeit pen. Sorry I could not resist.

Selling used is always a pain. I always have a special place in my heart for the 1am phone call :

You have a lens for sale?

Yes.

What is a lens used for?

Or

My gauwd there is a mark on that 10 year old body you are selling for half regular price could I have it for this opened box of Cracker Jacks?

rockfordhx wrote in post #9007362
Lesson learned. Meet at the bank, watch the person take the money out of the bank and only accept large sums of cash that way.

Better yet, assuming you are the one receiving the cash, do it at YOUR bank and have the teller check all of the bills for authenticity in front of the buyer. Once a bank checks and accepts the cash from you for a deposit and puts it in their drawer, your account has the money in it and available. This way, you don't have to carry the cash anywhere and risk a robbery (which could be planned by the "purchaser" in the deal).

Cash in a public place like a mall...safest way! I've done this type of thing a few times, and people like the mall, lol.

1) get their cell phone number so you can call them if they are late or turn it over to the police if things go sour.
2) meet somewhere you won't mind hanging out awhile if necessary, and there are alot of people around, with plenty of parking. I use 'embedded' starbucks coffee houses, the ones inside a grocery store or mall.
3) Don't give a physical description of yourself, have them call your cell phone when they arrive at the meet. It gives you one last opportunity to disappear.
4) Cash only, and bring change. Don't let the price fall from 750 to 725 because the buyer only has 8 hundreds and a twenty and a fiver, and you cant make the 50 bucks change for the 800. Oldest trick in the book.
5) Friends are a good idea, but nervous friends that make you look scared by default can make buyers think they can intimidate you for a lower price. If you really are scared then by all means bring a friend. I personally do business that involves any kind of haggling strictly solo.
6)Cash Only. Did I already say that?
7) for lenses, have the buyer supply the test camera, but have yours nearby so they can't try the 'slow focus' or ' non working focus point' or whatever they can dream up ploy. Bring your body out only if it is necessary to show that the lens is fine, and to cut the BS.

I have used craigslist more times than I can remember, and never had a problem any worse than a no show. Actually one of those worked out well, I got about a hundred bucks off for returning to the meet an hour later!
Be careful, stay in public, Cash only, no worries.