Could this be dodgy

Mickey666

So what would be a safe way to conduct such a transaction, or is a £20k sale of anything unseen by someone at the other end of the country always going to be risky?

For £20k I'd certainly want to see the item I was buying but equally if I was at the other end of the country I would first be asking lots of questions and requesting lots of photos, just so I could satisfy myself that it was worth me spending a day of my time travelling to view, ie I'd want to be 99% sure I was going to buy before making the trip.
I wonder if the buyer in this case has done any of that?

Also, why not insist that the buyer collects and brings along the full amount in cash?  Surely a really serious buyer would agree to such a deal?  if not, then perhaps they're best avoided.

yksi

For 20k, this person can clearly afford to visit and view the bike. You like it mate? Great, let's go into the bank to do the transfer in person.

deannagone

At that price, the bike should be sold through an experienced specialist dealer.  Advertising in a motoring mag will always draw out the scammers.

macman

The two transactions are in theory perfectly safe: bank transfers cannot be reversed, so as long as both are completed before collection, then there is no risk.
But the question that your friend needs to ask themselves is why someone would agree to do this and pay £20K upfront, sight unseen? They have no evidence that your friend even owns this bike, or that any address he might give out for collection is genuine. For me, that would be enough to decline. 

swingaloo2

Thank you for the replies. Just to update-
He is not selling to the guy, he messaged him and the guy was very evasive about where he lived etc. The ad was in Motorcycle News and the initial contact is made through them. 
I asked my mate about why someone would buy unseen at that price. The bike had done less than 300 miles and was bought new last year and the guy said he had looked at the same model in a dealers but obviously it was a lot dearer brand new. My mate wwas selling it because his wife did not find the seat comfortable when riding with him. 
Someone else more local contacted him yesterday and wants to buy it. He has sent a deposit by bank transfer (also not seen the bike, just gone off the photos) and he is coming to collect and paying later this week so hopefully a goood outcome. Thank you all for the help.

macman

I can't believe the number of bikers prepared to pay deposits on bikes they haven't even seen...
Even more so if they're local, and can see it. Why would anyone do that?

born_again

macman said:

The two transactions are in theory perfectly safe: bank transfers cannot be reversed, so as long as both are completed before collection, then there is no risk.
But the question that your friend needs to ask themselves is why someone would agree to do this and pay £20K upfront, sight unseen? They have no evidence that your friend even owns this bike, or that any address he might give out for collection is genuine. For me, that would be enough to decline. 

But the funds can be claimed back if they come from a hacked account. 
There is also the danger that once the bike is received the buyer contacts their bank and claims fraud as bike is not as described. With the resulting locked account at OP end.

As to someone paying via £20K cash.....

jimjames

born_again said:

macman said:

The two transactions are in theory perfectly safe: bank transfers cannot be reversed, so as long as both are completed before collection, then there is no risk.
But the question that your friend needs to ask themselves is why someone would agree to do this and pay £20K upfront, sight unseen? They have no evidence that your friend even owns this bike, or that any address he might give out for collection is genuine. For me, that would be enough to decline. 

But the funds can be claimed back if they come from a hacked account. 
There is also the danger that once the bike is received the buyer contacts their bank and claims fraud as bike is not as described. With the resulting locked account at OP end.

You can't get a bank transfer reversed because you claim the item is not as described. Maybe if you paid by card but not a transfer.

macman

born_again said:

macman said:

The two transactions are in theory perfectly safe: bank transfers cannot be reversed, so as long as both are completed before collection, then there is no risk.
But the question that your friend needs to ask themselves is why someone would agree to do this and pay £20K upfront, sight unseen? They have no evidence that your friend even owns this bike, or that any address he might give out for collection is genuine. For me, that would be enough to decline. 

But the funds can be claimed back if they come from a hacked account. 
There is also the danger that once the bike is received the buyer contacts their bank and claims fraud as bike is not as described. With the resulting locked account at OP end.

As to someone paying via £20K cash.....

I think you are confusing a bank account with eBay. If you pay £20K by bank transfer sight unseen and then claim it's 'not as described' then your only course of action would be via the County Court. 

BOWFER

macman said:

I can't believe the number of bikers prepared to pay deposits on bikes they haven't even seen...
Even more so if they're local, and can see it. Why would anyone do that?

To make sure no-one else gets it before they get a chance to complete the deal, especially if it's a rare model.
I personally refuse deposits on my bikes, if a buyer seems serious I'm quite happy to take them on their word and if they don't turn up by a certain time I will then move onto the next person in line.
I've also bought privately sold bikes remotely using a bike transportation company that will video call you when they reach the bike and also give their opinion of the condition.
If you're happy, you do the deal and he takes the bike away for delivery to you.
If you're not happy, he charges a smaller amount for his time and diesel and drives off empty.