Dealer has offered check for a purchase, is this ok?

My family has some antique silver, and a dealer has offered a check. It's for a substantial sum, and we are not too comfortable accepting a check, and have our goods walk out the door. The dealer is well known and has a large brick and mortar store. Is there a more appropriate way to get paid, or maybe a certain kind of check? Thanks for your time, and mod please move this topic if necessary.

 

Welcome!
Call the bank and ask.

 

You could write a receipt detailing the sale, date, cheque paid, type of items etc and get him to sign it for you to keep. Photocopy the cheque too before you take it into the bank in case it gets lost. All good if you ever need to take him to court. I would probably ask for a cash sale, so much simpler. You don't know how he got his store. Seller beware.
Sorry to sound so negative but you have to look after your interests.

 

Is there a reason goods can't wait for transfer until check clears? Dealer probably couldn't stay in business with a history of stiffing people they buy from. Still, better safe...

 

Postal money order or cashiers check perhaps would be safer.

 

Thanks for the replies. Is 10K too much to ask for in cash? I'm guessing not. When I had my construction company we dealt with cash at that level or higher at times. A cashiers/bank check is also an option as long as I could verify the funds. I also like the receipt idea. Thanks again.

 

Hmmmmmmmmmmmmmmm................
Yes...meeting at my bank I'd take it.

 

Do you mean meeting at buyers bank or sellers bank? I like the idea, just not sure exactly what you are talking about, I'm old, things have to be explained

 

Your bank. I wouldn't carry that around.
Have your deposit slip ready and be done right there.

 

Ok, you you are suggesting taking the buyer's cashiers/bank check, right to my bank? So, am assuming that my bank would immediately be able to tell if the check is good or not, when the deposit is made, right? I like your idea.

 

Well that would work yes though I meant simply have the buyer meet you there.
Edit> all along I’ve meant WITH the cash!

 

Here in Montreal, I took a large K bank draft from my Dads bank to mine.
They said it would take 4 days to clear , at which point I screwed up my nose and retorted that it's a draft ...from a bank...one of our biggest....to which the reply came.....it's a cheque...and a cheque is a cheque .....no matter whom it's drawn on...

Get your money in cash.....if he;s a real dealer....he's done that before !

 

To a good dealer, 10K cash is a drop in the bucket or, peanuts.....if you prefer!!!
Cashier's check also good!! Bank certified check also good!! Check with your bank!! Plain old checks CAN (and do sometimes) bounce!!!

 

speaking of.......we see a lot of silver here....mostly smalls....with some tea services.....or the like......but 10 large...worth of silver.....??
what you got......???......Faberge..???....
AND...if a dealer is offering you TEN.....it's gotta be worth 20...or 30...!!!!!

Maybe you should show us exactly what we're talking about here....for a 2nd..& 3rd opinion !!!

 

I would absolutely insist the 10k be in cash. Let him cash his own check.

Other than that, I have almost no use for cash anymore!

 

& I try to use it exclusively ...
but still write some checks...

but everyone is pushing me to go online...and have their hand in my bank account...or my credit card.....they all say it's easier.....but I know what they are really after.......profit....and my data !

 

I’ve sold and bought things and groups of things in the 5-fig range usually with established dealers being the other party. The preferred method is with business check. From dealers standpoint we have to pay taxes and keep records to back up most of the transactions, some cash transactions are acceptable and a recognized part of the business, but I try and keep them to a minimum knowing that my biz will be audited sooner or later and I want to pull out the bank statements and check images especially those showing what I paid out for the expenses “basis” portion of the accounts. Your dealer wants the check images to show the tax man when the time comes, it is the professional way to do this.

But once I met an old friend in a parking lot to see what he had in trunk of his car. Nice item, haggling wound up at $24K and cash was only way he’d do it. I counted it out with my witness present, he signed a handwritten bill of sale, and he put the 240 C-notes into a black sock while I took the thing. He wasn’t “an established dealer” but was someone I trusted wouldn’t have any stolen goods. I’ve never had anyone decline to execute a bill of sale regardless of means of payment.

 

Everyone has been very helpful. I'd be happy to show a couple of photos of what were selling, and get some feedback, but don't want to step on any board toes here if it crosses the line into the "selling" phase, and I'm not qualified to sell here due to not enough posts.

 

OH PLEASE SHOW US! WE WILL LOVE TO SEE WHAT'S WORTH 10K!!