How Does One Sell an RV Kit?

Nomex Maximus · #1 10-05-2009, 07:33 AM

Hello All,

I am about to let go of the kit finally. Can anyone give me advice about how to go about selling it - I mean, how does one conduct the financial transaction? Cashier's check? Wire transfer? Paperwork? Any advice would be greatly appreciated.

Thanks

-- Nomex

wrongway john · #2 10-05-2009, 08:26 AM

On large amounts, I would take a check, but only after I got with their bank personally, and had the funds verified which you can do with a phone call, that you know exists by looking up their number and talking to someone personally in charge, and then have the funds transferred over to your bank that day. There are quite a bit of phony cashiers checks to deal with these days, so one does have to be careful. Too many banks accept these checks, only to find out days later that it was bogus, and you end up getting stuck with it.

RickWoodall · #3 10-05-2009, 09:41 AM

On a large transaction, I would only list it as sold once $500 cash was in my pocket, and both sign a receipt with clear terms for when full payment was due. I would only take a certified check and the buyer would need to provide it within say 7 days or 14 days etc. A cert check cost $5 of so and can be couriered over night. Why take any risks of getting screwed. Any serious buyer building an airplane would not balk at this needing to be done properly. The buyer would need to provide me with photo id, complete address etc etc that I would document with a written bill of sale we each had copies of that documented the price, the kit number all details and extras etc.

xavierm · #4 10-05-2009, 09:43 AM

I bought an RV-7 tail/wings/fuse from someone who listed the kit for sale on this site a few years ago. After the price was agreed upon, I sent a cashiers check for half the amount. I gave him another cashiers check upon pickup. the kit was in the same state.

I bought an RV-8 tail and wings off of eBay. Paid the full amount via PayPal. Had Partain pickup/deliver the kit.

I'm in the process of purchasing an RV-8 fuse, going to pay via PayPal and have the kit picked up. check with me in a week or so.

Cash in person is always good. It probably won't happen unless the person is going to pick up the kit from you themselves.

Bank wire transfer - Fast, and easy. Fund transfer can be quickly verified. find out what you need to provide the buyer for the transfer ahead of time. Goes a lot smoother.

PayPal - this option is smooth as well. Remember PayPal will take out their fees. There is a limit on the amount that can be transferred at one time. I think the max is $5,000 so several payments may be required. Large amounts also flag the account if it's "unusual activity". If your account is flagged. You will have to provide PayPal with a bill of sale, tracking information, and buyer information, before being able to access the funds. Good for buyer. Possible to get at least partial funds back if item isn't what was stated.

Cashier's check / Personal check - verify the funds. Better yet, just do a wire transfer.

Provide a bill of sale listing the builder/kit number and your signature saying the kit now belongs to the new owner. the new owner will have to fax it to Vans along with Van's waiver signed by the new owner.