Selling a boat for cash??? Lots of cash.

[BaylorUBearFootin]

Hey y'all. Let me preface this by saying I run a commercial bank, so I have quite a bit of banking knowledge that most folks don't have. That being said, I'm really looking for thoughts from people who KNOW how best to handle this, and not who THINK they know how best to handle it. Not to sound rude...promise...just really need good solid advice I can rely on as accurate, because time is of the essence on this.
I'm selling my old boat for roughly $30K, and someone seems quite interested in buying it this weekend on Sunday, for cash. He's in town from CA so he's wanting to have it shipped to him. No problem with that.
It's a long weekend and banks are closed Sunday and Monday. I have no reason to think he's not legit or anything, but at the same time, I want to be cautious and make sure I'm not making a bad choice. He cannot meet tomorrow at a bank, where I suggested just having a cashiers check drafted right there.
Anyone out there A) ever dealt with that much cash? Over $10K triggers reporting at a bank, and I would prefer to avoid that of course. Depositing $9900 a few times is an option, but almost always throws up red flags and then you have a whole other level of reporting, so let's call that a non-option.
My issue is potential fraud exposure. What are the dangers of accepting so much cash (besides having to keep $30K in my house for a few days, which really isn't all that big of a deal to me)?
I'd really prefer a cashiers check, or a wire. Cashiers check won't be an option but a wire next week would, after receipt of which I'd release the boat to the shipping company.
In fact as I was writing this, he just called and said he'd be glad to do a wire instead if that helps.
Anyway...thoughts, anyone? Thank you so much in advance!
Ken

[rcazwillis]

Who has that much cash on them? Doesn't that throw red flags? Kind of sounds fishy all around. Any threat of a wire transfer not being legit like faked cashier checks?

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[Dandy21]

I have had the experience of walking into a bank with just slightly over $10K due to the sale of an item. I had heard about the reporting with deposits over that amount. I had a purchase agreement that I had created which stated how much money they put down, when the balance was do - at which time the title would be signed over. It included the specific information on the time (serial number, make,model...) and was signed off by both parties. I also made a copy of the title signed off by both parties, which is something I try to always do as proof of sale. With this documentation, there didn't seem to be any issue what so ever. Granted, this only happened once. I honestly would be more concerned with having the cash on me from Point A to home.

[Jbower]

I just sold my boat a few weeks ago. Not 30k but over 10k. I was cautious about depositing it all at one time because I've heard about the report. Anyways get a paper bill marker checker thing for one and check every bill. And as far as bank goes. I know a few people in banking and one told me to break up the deposits into smaller ones another said if your not hiding anything then deposit it all and don't worry about it. I chose to deposit it all do the report and forget about it. I don't need to give anyone a reason to investigate me especially being self employed paper work sucks. So up to you but the report I personally don't think is that big of deal

[Profunctional]

I paid cash for my boat and would never have walked around with that amount of cash. I wired it to the seller and had it shipped. You have nothing to worry about going over the 10k limit and having it reported. It's not like you are laundering or doing anything shady. Your not even going to pay tax on that so that shouldn't concern you.

What id be most concerned with is a cash buyer that literally has $30k in cash and cannot wire it. There seems to more to the buyers story than he's telling. Most people have a bank that would be more than happy to transfer cash for less than $5 dollars.

[a0128]

Probably $30k in counterfeit bills. I would insist on a wire transfer or find another buyer.

[surroundsound64]

Is this a joke? You work at a bank? 30k is jack squat when it comes to banking and why are you so worried about a CTR? I'm more anarchist than most, but if you're selling a boat, it's no big deal.

[BaylorUBearFootin]

Is this a joke? You work at a bank? 30k is jack squat when it comes to banking and why are you so worried about a CTR? I'm more anarchist than most, but if you're selling a boat, it's no big deal.

I never said I was worried about a CTR, just that I don't really want to do one. I don't work at a bank...I run one, but I don't bank there personally. I know plenty about the reporting. I hate the gov't and would prefer to keep off their stupid radar regardless, even though you're right, $30K isn't much at all in the grand scheme. Nonetheless, my concern was more around taking in $30K in cash and wondering if I was missing something. I just don't see why anyone would rather count out $30K in bills when they could just draft a cashiers check or wire the funds.
Doesn't matter...boat sold to first person who looked at it, and they're paying via cashiers check which works great.