Advice Requested - Selling Collection.

[HENRYSPENCER]

It's just like personal check. I'd get cash or wait for the check to clear before handing over the goods. Even with a cashier's check, the buyer could put a stop payment on it.

 

Not true. A cashier's check or bank money order cannot have a stop payment put on it; they are just as good as cash; the only caveat being the check itself could be fake.

 

This is true. Once the check or MO goes through for the recipient there is no recourse for the sender. You can't put a stop payment on a check or MO once it clears. I would take a personal check.

 

You guys are giving very bad advice on a personal check and "waiting to clear". It is not a few days. I have had money from bad checks taken out of my account 10 days later. Not sure if it can actually be that long today, this was maybe a decade ago, but there is nothing safe about a personal check. It is only as good as the check writer.

 

 

Not anymore. Checks from US bank accounts typically clear within 72 hours. There is no risk if the check clears.

[HENRYSPENCER]

BTW - for those who suggested a personal check, the reason this may not work is because if you need something to clear first, now the situation is reversed and the buyer must trust you with his $25K with nothing in hand. The above methods allow the funds to be transferred almost immediately and the goods to be handed over, a good middle ground. With the wire option, there may also be a chance buyer and seller have the same bank, and in that case, they can just do a direct transfer. If not, it doesn't take very long for a wire to go through.

 

What are you talking about? Are you suggesting the buyer be given $25k in comics prior to paying for them? That's typically not how eCommerce and online sales work here in the United States. You pay for an item and wait for it to arrive...

[thirdgreenham]

It's just like personal check. I'd get cash or wait for the check to clear before handing over the goods. Even with a cashier's check, the buyer could put a stop payment on it.

 

Not true. A cashier's check or bank money order cannot have a stop payment put on it; they are just as good as cash; the only caveat being the check itself could be fake.

All banks are different. They each have different rules and policies. I know from personally speaking with my own bank on this exact subject that yes it it true that a stop payment can in fact be made on a bank check. Maybe not your bank, but mine works that way.

 

I would go with a paper trace method and take a personal check. Of course wait for it to clear, which shouldn't take more than a few days. If you go the $25k in cash method, the bank you're depositing the funds into will fill out something called a CTR aka a currency transaction report which is sent over to the IRS upon close that day. If you plan on writing anything off at the end of the year this report combined with the right offs will probably trigger an audit. Not saying this is a big deal but you should be prepared. If you go with a personal check, and assuming it clears, all of the latter can be avoided as it's a traceable payment method. $25k sounds like a lot of money but for banks it's not even a blimp on the radar.

 

If you take $25K in cash, you don't go and do something stupid like depositing it in one enormous deposit.

 

That would be spending money for the family for as long as it lasts.

[chrisco37]

BTW - for those who suggested a personal check, the reason this may not work is because if you need something to clear first, now the situation is reversed and the buyer must trust you with his $25K with nothing in hand. The above methods allow the funds to be transferred almost immediately and the goods to be handed over, a good middle ground. With the wire option, there may also be a chance buyer and seller have the same bank, and in that case, they can just do a direct transfer. If not, it doesn't take very long for a wire to go through.

 

What are you talking about? Are you suggesting the buyer be given $25k in comics prior to paying for them? That's typically not how eCommerce and online sales work here in the United States. You pay for an item and wait for it to arrive...

 

Yep. Money first, then merchandise.

[Mr.Mcknowitall]

Don't sell.

[Aman619]

And don't put the money into the stock market right now... Especially index funds. Do you want to invest exactly at a moment when the exchanges are at all time historic highs? Even if they go a little higher in the near term, sooner or later there will be a cooling off. Yes the indexes tend to only go up over time, but why start at the top?

[DarthBane]

And don't put the money into the stock market right now... Especially index funds. Do you want to invest exactly at a moment when the exchanges are at all time historic highs? Even if they go a little higher in the near term, sooner or later there will be a cooling off. Yes the indexes tend to only go up over time, but why start at the top?

 

Was going to say same thing. Index funds are key strategy plays in conjunction with trend. They have done extremely well recently and especially this year.

 

But with respect to risk/reward, putting fresh money into one now for a mere barely 2% divi or in some cases, next to none. The potential downside does not make sense.

 

Just look at folks who put money into the index funds in 1999/2000's. Took them ten years+ to break even depending on allocation.

 

There are some great safe/conservative plays right now because yields recently shook fixed income up. You can get agency zero coupon bonds for around $430. When these redeem in twenty one years, you will get paid $1000.

[G.A.tor]

John mentioned this thread to me, thought I would check it out...

 

First, a 25K offer for the books in the collection is, to me, a really good offer (more than I could spend on it, relative to the work needed to move the books at some profit).

 

This is not a collection of easy to sell mega keys, fyi...lots of cool books, but not many are super high demand outside of the "big" ones...

 

a check from a reputable dealer, or well known buyer would be fine. A check from an unknown, I wouldn't take, short of confirmation of funds clearing, before releasing books (and sometimes, this can be many many days or even weeks). Bank check or wire are a better way to go. Cash is fine too.

 

If the reason for selling is health expenses, then buying another book is a bad idea. If the reason for selling is to upgrade to a key, then a good idea, imo, relative to the inherent risk associated with such a purchase.

 

outside of that, the list of John's medical issue is LONG, so hopefully the buyer is legit, the funds come quickly, and they assist John in his battle.

[batman_fan]

Before I sold I would pm Mr Bedrock, GAtor, blazingbob, and daleroberts to see if they could do better on price just to sanity check your offer.

 

Hope the health issue gets better.

[VintageComics]

25K certified check is a pretty good deal to sell them all at once. Yes they may add up to 35k retail, but you would never collect full retail. There would always be discounts and expenses in selling them for "top dollar"

 

Sure, it feels like you are taking a big hit on your value, but as they always said, it's easier to amass a collection at retail than to sell it...

 

Only take cash or a certified bank check. Tell the buyer he's getting a good deal and he should pay you as you want and be done with it. If he hems and haws, don't do the deal.

 

Or do a bank wire.

 

But yeah, $25K is a decent deal from what I've seen.

[CKB]

It's just like personal check. I'd get cash or wait for the check to clear before handing over the goods. Even with a cashier's check, the buyer could put a stop payment on it.

 

Not true. A cashier's check or bank money order cannot have a stop payment put on it; they are just as good as cash; the only caveat being the check itself could be fake.

 

This is true. Once the check or MO goes through for the recipient there is no recourse for the sender. You can't put a stop payment on a check or MO once it clears. I would take a personal check.

 

You guys are giving very bad advice on a personal check and "waiting to clear". It is not a few days. I have had money from bad checks taken out of my account 10 days later. Not sure if it can actually be that long today, this was maybe a decade ago, but there is nothing safe about a personal check. It is only as good as the check writer.

 

 

Not anymore. Checks from US bank accounts typically clear within 72 hours. There is no risk if the check clears.

 

I am not one to beat a dead horse but I really think an opposing view should be put forth on this. My experience, research and direct contact with bankers tells me you are incorrect and I would not want someone else lead astray by your view.

 

https://www.thebalance.com/clearing-checks-risks-and-scams-315292

 

Suggests "a few weeks to a month" is what you really need to wait.