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We have our van for sale and have just been offered the full asking price but the buyer is asking to come tommorrow evening with the cash (not seen van yet). We've said cash is fine but only during banking hours and buyer would have to accompany us to bank to deposit the money. They seemed very surprised about this but we dont want large amounts of money (in excess of 10k) sat in the house overnight.

What would you do? We dont think we're being too cautious.

Have you asked your bank how much you can pay into your account in cash?  I think there is a limit, due to the money laundering regulations. 

I don't think you are being over cautious as all the notes will have to be checked and this is a lot easier to do at the bank. I would also be wondering why they would be surprised at your suggestion, and also the fact that they have offered full asking price without even seeing the van. It is best to be very cautious as it is lot of money.

Quote: Originally posted by savanne1 on 19/9/2011

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We have our van for sale and have just been offered the full asking price but the buyer is asking to come tommorrow evening with the cash (not seen van yet). We've said cash is fine but only during banking hours and buyer would have to accompany us to bank to deposit the money. They seemed very surprised about this but we dont want large amounts of money (in excess of 10k) sat in the house overnight.

What would you do? We dont think we're being too cautious.

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Quote: Originally posted by stephenn280575 on 19/9/2011

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I suppose it depends how much you want to sell it

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You can pay as much folding money into your Bank as you like. The "Money Laundering" Regs merely say that the Bank has to carry out certain investigations before they fully accept your deposit to make sure that everything is above board. Just tell your bank that you are selling your caravan for £x and that the buyer is paying cash. To be fair that is probably the only way you should part with your van. Your Bank is then ready to carry out its checks. If the bank then tell you that they think it is an iffy deal just don't go ahead.

Phil

too true Tentz. It was a lady OH spoke too. She was very persistent, just sold their van to a chap getting divorced whos buying it to live in! Wants ours, just missed out on same van at a dealer local to them so saying she knows layout and van and just wants ours.

Still cant believe people are happy to turn up at 8pm (in the dark) and buy a van they've not seen!! Said they will be back in touch tommorrow, we'll see.

Tend to agree, given the amount involved I wouldnt be too happy with cash,

I recently bought a van using this simple method at the sellers request, it took a couple of days to go through.

I would be happy to accept cash all day/night long. So long as it's real cash, it wouldn't bother me at all.

There are so many ways nowadays that people can do disputes/claimbacks with other forms of payment.

I'm selling my van at the moment. Send them to me with the cash!

Kev.