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  1. #1
    cjh Guest

    Default Payment options for selling a horse out of state?

    I have a horse with a potential buyer that is in another state. If they purchase they would probably be sending a shipper to pick the horse up since they live a long way away. The person seems like a legitimate buyer and it sounds like a good home for the horse. I am wondering what is the best way to receive money for a horse purchased out of state? Also if any one has any other suggestions about selling a horse out of state I would appreciate it. I have never sold a horse out of state before. The potential buyer sounds very interested so I would like to be prepared if it happens. If anyone has done this before I would appreciate your help.



  2. #2
    Join Date
    May. 30, 2010
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    231

    Default

    CASH, contract and receipt at the time of transfer.
    I would also suggest taking pictures of the horse in the new owners/or agents hands.

    The new scam is that money orders can be counterfeit......
    so can bank certified... even the bank will tell you ..either direct deposit into your account, or cash is the safest way.

    Are you sure this isnt one of those scams where a potential buyer is sending a shipper with a check and you are supposed to pay the shipper out of the check and keep a bit extra for yourself for all your trouble? Only problem is, the check is no good.
    Its not in someone elses backyard anymore....... your Pres brought it home.
    Racing>Business As Usual @PN



  3. #3
    cjh Guest

    Default Reply to Payment options for selling a horse out of state?

    So far the potential buyers have not suggested the whole send a check and pay the shipper thing or I would have thought it was a scam. Have you ever set up a direct deposit for a seller? I would have to talk to my bank about trying to set that up.
    Thanks for your help



  4. #4
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    Jan. 27, 2004
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    Yonder, USA
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    Default

    Or, if you're willing to take a check, make sure it clears before the horse leaves. Make sure you have something in writing indicating *when* exactly the owner becomes responsible for the horse (such as when the check clears) and that the new owner has accepted the horse 'as is'.

    Consider a couple of scenerios that aren't usually a problem if the new owner checks over the horse, hands you cash, and immediately puts the horse on their trailer:

    Their payment clears your bank a few days before the horse is scheduled to leave. Then the horse has a random accident. Does it void the sale? Make you responsible for vet bills? Who actually owns the horse? Spell it out in a written contract, including your liability for boarding the horse for them until it leaves.

    The horse is in good condition when you load it on the shipper's trailer. Somewhere along the way, it is injured. The new owner accuses you of selling them a lemon. At the very least photographs and a detailed pre-departure checklist (signed by the shipper) will help CYA. You might even go ahead and have the horse vetted immediately before departure so you have a really good record of what left your farm.

    The horse leaves in good condition and is injured soon after arriving at its new home. An unethical buyer tries to pin it on you. Alternately, the buyer changes his or her mind and claims a problem with the horse in an attempt to pressure you into a refund. Again, cya with a documented pre-departure examination.


    The vast majority of people are going to be honest and fair. Unfortunately, you often don't know the other kind until they show their true colors, so it's best to document everything as best you can 'just in case'.
    ---------------------------



  5. #5
    Join Date
    Apr. 24, 2002
    Location
    Upper Peninsula, MI
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    Default

    Bank wire transfer or cash only.
    -Tami-

    [Paint It Black - "Kiddo"]



  6. #6
    Join Date
    Jan. 21, 2003
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    MA
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    Default

    Wire transfer. I just asked this question,as I purchased a pony from Randee at Otteridge Farm. She emailed me her banking info and I wired her the money. It cleared within a few hours. The shipper I am using is asking for a check upon delivery ofsaid horse to me.

    Of course, I have known Otteridge for years and Randee and I had been communicating for as long, so it was a slightly different situation. But, I think wire is the safest way to go. Of course paypal is an option but you lose some, so take that into consideration of you are bargaining on the price.
    Save a life...be an organ donor! Visit www.Transplantbuddies.org



  7. #7
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    Dec. 1, 2007
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    Gettysburg, PA
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    Default

    We have also used a bank wire transfer. Its the easiest and safest way for ensuring payment. If you accept a check, make sure it clears before releasing the horse. With the wire transfer we faxed the contract, they sign and return and do the transfer. Hard copy contracts are then mailed.
    Epona Farm
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  8. #8
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    Mar. 9, 2006
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    Lucama, NC
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    Default

    I sell horses out of state and out of country. Usually this is done via wire transfer from their bank into my bank account. If they pay far enough in advance, Minimum two weeks for out of state checks) prior to shipping I would accept a personal check and release horse for shipping once check clears, but usually is done via wire transfers. i will not take "cashiers checks" any longer for paymetn without again, giving two weeks for it to clear, due to the large amount of forged ones out there these days!



  9. #9
    Join Date
    Oct. 28, 2007
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    NY
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    Someone here said they set up a new account for each horse sale, and after the transaction is complete they close it.
    I guess that is to protect the seller in case the check/payments are bad plus buyer never gets the sellers personal account number. Any fraudulent activity on the new account is easily seen. And the new account is only active a short time.



  10. #10
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    Sep. 23, 2006
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    Quote Originally Posted by Chall View Post
    Someone here said they set up a new account for each horse sale, and after the transaction is complete they close it.
    I guess that is to protect the seller in case the check/payments are bad plus buyer never gets the sellers personal account number. Any fraudulent activity on the new account is easily seen. And the new account is only active a short time.
    This is what I did when I sold a car on EBay. I did not want to provide my account information to a stranger - if I don't trust them enough to take a cashiers check, then I definitely don't trust them to have my personal bank account numbers!



  11. #11
    Join Date
    Aug. 4, 2009
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    MD
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    Exclamation

    Quote Originally Posted by ChampionMercedes View Post
    Bank wire transfer or cash only.
    Ditto only way I sell to unknown out of state buyers...and make sure all funds in FULL are recieved before horse sets foot on transport...also overnight bill of sales and have theirs signed and in your hand along with payment once again BEFORE horse leaves. Once it crosses state lines its tough to get your money.........



  12. #12
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    Apr. 29, 2005
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    Default

    Quote Originally Posted by nevertoolate View Post
    This is what I did when I sold a car on EBay. I did not want to provide my account information to a stranger - if I don't trust them enough to take a cashiers check, then I definitely don't trust them to have my personal bank account numbers!
    ummm, you don't have to. When I was worried about taking $$ (giving my account info) to an out-of-country buyer, I asked for THEIR banking info. Then, my bank called their bank, verified everything and gave my account info to their BANK - individual was never given access to my info.
    Holly
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  13. #13
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    Nov. 4, 2003
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    Sanger, TX, USA
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    We have two business checking accounts. One is used for almost everything
    but wire transfers. The second one (we keep a tiny balance) is used for
    wire transfers. When they are received, we immediately transfer the funds
    to our main account. Both are with the same bank.



  14. #14
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    Dec. 25, 2007
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    Wire transfer.

    Since you need a health certificate to ship, that should take care of the horse being sold in good condition question.

    A photo to support it would be good.

    I would wonder why the buyer has not asked for a PPE.


    CSSJR



  15. #15
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    Oct. 20, 2002
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    Default

    Do NOT take a check, not even a cashier's check. I work for a bank and have for 20 years. Checks can come back many years into the future. I suggest opening a second checking account solely for the wire transfer (paid in full before the horse is picked up). Do not give out your main account number.

    Wires can be recalled too. As soon as you get it, transfer it to your main account. I have seen so many situations that get out of hand with bad checks, stop pays on cashier's checks, wires recalled, etc.

    As a banker, I can call any bank in the world to "verify" account info. But after 9/11, no bank in the world will share that info. Yes, we can maybe verify that it's an open account, but it could be anyone's open account...the other bank can't say who owns the account, or verify funds. And as bank employees we aren't allowed to take the liability for this and are told to refuse requests to do this.

    PLEASE make sure it's not a scam. Sorry to be so suspicious, but I really have seen it all.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    You can't have everything. Where would you put it all?



  16. #16
    Join Date
    Jun. 7, 2009
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    189

    Default

    Adelita,
    Please explain how checks can come back years later?
    I've been told that it can sometimes take up to 14 business days for a check to clear, but never years.
    I'm not trying to be snarky - I really never heard of that before.



  17. #17
    Join Date
    Mar. 5, 2007
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    Default

    Quote Originally Posted by TimeBandit View Post
    Adelita,
    Please explain how checks can come back years later?
    I've been told that it can sometimes take up to 14 business days for a check to clear, but never years.
    I'm not trying to be snarky - I really never heard of that before.
    The only way that happens is if a block of official/bank checks was stolen and negotiated some time later.
    Counterfeit checks come back right away because the serial numbers won't match or they are duplicates or the routing number is bad.

    wire transfer is the way to go in this case. Iron Horse is correct. the buyer doesn't need your info, their bank does..



  18. #18
    Join Date
    Apr. 29, 2005
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    Paris, Kentucky
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    Default

    Quote Originally Posted by Adelita View Post
    As a banker, I can call any bank in the world to "verify" account info. But after 9/11, no bank in the world will share that info. Yes, we can maybe verify that it's an open account, but it could be anyone's open account...the other bank can't say who owns the account, or verify funds. And as bank employees we aren't allowed to take the liability for this and are told to refuse requests to do this.

    PLEASE make sure it's not a scam. Sorry to be so suspicious, but I really have seen it all.
    My point was not to have my banker call the purchaser's bank to "verify", but rather to have only the banks given access to the account #s. My bank speaks to a rep at their bank and complette the wire transfer. Purchaser never gets my account #.
    Holly
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  19. #19
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    Oct. 31, 2001
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    Quote Originally Posted by cjh View Post
    So far the potential buyers have not suggested the whole send a check and pay the shipper thing or I would have thought it was a scam. Have you ever set up a direct deposit for a seller? I would have to talk to my bank about trying to set that up.
    Thanks for your help
    If you're talking about a wire transfer, that would be the thing to do. With a wire transfer, there is no risk of a scam, because it is a bank-to-bank, account-to-account transaction, and if the funds aren't in the buyer's account, the bank won't wire them - period. Also, once the money's in your account, the buyer can't get to it, so it's not like being able to put a stop-payment on a check, or lose cash. It's the only way I would receive funds from an out-of-state buyer. Heck, it's my preferred way of receiving funds from any buyer!
    In loving memory of Laura Jahnke.
    A life lived by example, done too soon.
    www.caringbridge.org/page/laurajahnke/



  20. #20
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    When I bought Amadeus from 1,800 miles away, I just PayPal'd the money to the seller. I was a little worried about her taking the money and running, but with PayPal at least you can file a dispute. That's far better than sending a personal check.

    Definitely do not accept a cashier's check. The person can put a stop payment on it for $25 the next day and then you're responsible for paying the bank back.



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