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Old 01-21-2021, 11:17 AM
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airguy airguy is offline
 
Join Date: Oct 2006
Location: Garden City, Tx
Posts: 5,358
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Originally Posted by 9GT View Post
When I sold my RV-10, the buyer was from another state and unknown to me. No way I would accept any kind of a check with fraud so prevalent in todayís world. When I spoke to my bank about this and my concerns of possible fraud, I was told it takes days for a check to get through the process to clear and transfer the funds. The buyer had came with his AP to do the pre-buy and wanted to fly the plane home the next day. He had his bank do an immediate wire transfer to my account that morning and flew his new plane home an hour later. My buddy, looking for an RV-9A, had a plane he was making arrangements to fly out to look at, but the seller wanted a sight unseen deposit to hold it for him so he knew he was a serious buyer. He walked from that deal.
When I sold my C-152, the buyer worked with an established and reputable airplane broker that handled the escrow.
Fraud is too easy to do and difficult to catch if you arenít up to speed on current techniques. Be careful out there!
When we bought the 172, we opened a checking account at the same bank as the seller and put our money in there. After inspecting and test-flying the airplane, we went to the bank and the teller transferred funds from our account to his, no muss no fuss and everybody happy.
__________________
Greg Niehues - SEL, IFR, Repairman Cert.
Garden City, TX VAF 2021 dues paid
N16GN flying 750 hrs and counting; IO360, SDS, WWRV200, Dynon HDX, IFD440
Built an off-plan RV9A with too much fuel and too much HP. Should drop dead any minute now.