Johnokoen
30
Best way to conduct a high value face to face sale?
Hi all, I’m planning on buying a 50k+ watch in a face to face private sale soon. I was wondering what everyone’s views were on the best way to conduct a face to face purchase with someone you don’t know?
So far the seller is adamant that they want to conduct the sale via bank transfer and will not release the watch until funds are secure in their account. They’re not willing to use an escrow service. (100% appreciate the need for caution from their point of view.) They’ve offered for me to sleep in their B&B , the same building as them, until the wire clears. Would people be okay with this arrangement?
Others I have spoken to have suggested calling banks in the area to see if any are willing to facilitate a cash transfer where I withdraw funds from my account, hand them over so the buyer can immediately deposit within the same bank. Then they would hand over the watch.
Do people have any suggestions or advice on this situation to ensure a smooth, secure transaction?
Thanks!
Best way to conduct a high value face to face sale?
Hi all, I’m planning on buying a 50k+ watch in a face to face private sale soon. I was wondering what everyone’s views were on the best way to conduct a face to face purchase with someone you don’t know? So far the seller is adamant that they want to cond...
If you are in Australia...
...how about a bank cheque? Fees are not that expensive for a bank cheque - say, $10? - and if issued by one of the big four, it would be good credit. In terms of the idea mentioned re cash out and cash in at the point of sale in a bank branch, you could ...
Possible, especially when just about anything can be faked these days.
But, a bank cheque ban be validated with the issuing bank, particularly if both buyer (person paying through the bank cheque) and payee are communicative in the transaction. Hence, if purchased in front of the payee at the bank branch counter, will not be...
Thanks for your reply!
What would you say if their references are for the sale of watches ~10-20% of the price of the one in question? I feel it’s not quite adequate
Isnt it possible to make real time payment in Australia
Using banking apps or online banking? Dont understand why would someone offer B&B locally to wait for fund transfer. And you did not mention about need to authenticate so assume you are good and just need to arrange the payment. Why dont you all arran...
Yep, real time transfers are possible! But…
The issue is they can be halted and held for 1-5 business days by the sending or receiving bank for suspicious activity, I imagine this includes a high value transfer. I do need to confirm this with the banks though.
Shouldnt be an issue if the payee and payer accounts are in good standing.
Do have a check with the banks. Good luck and keep us posted!
Buy the seller is what most will say .
If your uncomfortable with this deal skip it imho . There will be another chance someday. Its not worth any headaches and a purchase must be a treat and not a problem.
Difficult matter
It looks like a very difficult situation. The question is great, because i saw a beautiful Patek Philippe travel time which also cost around 50+. So i could be have the same question if i stood in the same situation. I will skip the watch when i notice th...
I would not execute the deal.
As a collector, I've seen all kind of transactions. I purchased myself, seldom sold, many watches (currently I own near 200... so you can imagine...). Patek, Rolex, AP, Rare vintage panerai's , all kind of. I NEVER had to struggle to execute a deal! never...
I usually bring some trusted Friends
Namely, Smith & Wesson or Sig Sauer. But I don't think that is an option in Australia. Meet at a police station parking lot. Everything is recorded, you should be safe. But I have to agree with the other replies, I would walk from this one.
"We are not just going to let you walk out of here..."
"Who's we" "Smith, Wesson and me..." Sorry, could not help it when you said some trusted friends, and had Smith & Wesson in the list...
One of my favorites. So many great lines from those movies.
That one is tops. Maybe just behind "there's nothing wrong with shooting, as long as the right people get shot".
How about using crypto Payment ?
Bitcoin is meant for that purpose, although if not both parties familiar / educated it could turn bad.
By the way how can you
Make sure of the authencicity of the watch ? So many things could go wrong for such a deal.
Smart seller
to insist on collected funds prior to showing you the watch. In these face-to-face deals someone has got trust someone. It's just too easy for the seller to get ripped off. If you have any doubts at all, forget the whole thing and buy the watch from a rep...
I've always used...
a local Jeweler/Watch Store to hold the watch (buy or sell) until the funds clear. 'If he's not ok with that, I would pass. I bought my 5020 in the closed restaurant of a Holiday Inn along I90 in Western New York at 3 in the afternoon. The seller had driv...
Not to be a Debbie Downer here but,
personally I would be very hesitant to conduct a face to face transaction involving that much money with someone I do not know. Are the safeguards that can be put in place, sure there are and I would use all of them available to me. Have you met the perso...
go to bank branch of your bank and meet seller inside it
a must----inform your bank before hand of large sum of money will be withdrawn from account to buy goods etc. dedicated banking internal phone line on the wall-that can be used to clarify the transaction if any problems. banking staff present and cctv cov...
I agree this would put some extra precautions in place (assuming it is practically feasible for the OP -- for instance in Italy, unless you have some good friends at the bank, they'll never allow your private transactions to take place inside)...
....BUT, most important of all for me, I love to think there's still a difference between an FBI operation and a watch trade between passionate collectors! While I bought all of my watches via official channels, and I consider the experience that comes wi...
I agree with face to face in a bank lobby
I sold a car for this way last year. I brought a second guy (car dealer friend) to act as go-between. Buyer came by Uber with his Certified Check. Bank manager called his bank branch for confirmation and accepted the check. The bank then made out one to m...
As others have chimed in, assuming seller is ok, inside a bank..
That’s how i do mine unless I personally know the other party. Also, best if both of you have accounts in the same bank (not necessarily same branch) for good measure. Why selling is not easy for me because of all these requirements. So if I serendipitous...
Another aspect to consider: with the high-quality of today's fakes, scammers can use them to their advantage so beware of bait-and-switch.
Last year I read an article by a serious watch collector who almost fell prey to this scam. He spent a long time examining the watch in great detail with a loupe, after which he agreed to the purchase. He was not rushed and the seller seemed very understa...
