LandInvestors.com Forums **Ask A Question** I got burned. How do I fix this one?

  • Creator
    Topic
  • #2992

    Luke Smith
    Moderator
    Post count: 1263

    Sold a piece of land for $2,100. Marketed it for $2,500 and he haggled me down. Got a cashiers check from Navy Federal Credit Union. Deposited it and set the deed up for recording. Now the bank is telling me the cashiers check is counterfeit.

    The buyer is claiming it is real.

    I’m out the land and the money. What is my recourse? Record a lien on the land?

    Can I do that before taking him to small claims court?

    Should I just suck it up and learn for next time to have a delay period?

    Thanks

Viewing 6 replies - 16 through 21 (of 21 total)
  • Author
    Replies
  • Troy
    Participant
    Post count: 31

    Hello @luketsmith

    Sorry to hear about that trouble with the Buyer’s check on this deal. If you are able to get your bank to work with you enough to provide some kind of written confirmation the cashier’s check is not valid along with a copy of the check, then you might consider contacting the city/county law enforcement where you bank and/or the buyer’s location to file a police report.

    Also, if you feel its worth your time, the state attorney general’s office may be able to help you with some options or legal guidance in dealing with the buyer.

    Troy

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    Guys, good news. Just got the copy of the cashiers check back. It is the same $ amount and from the same NFCU. Different to name and different remitter name.

    I think the bank mixed up my check with another one. Now I just have to explain that to them and see if they can fix it.

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    I’m getting paid! The cashiers check that was reported counterfeit was actually a mix up. Some poor lady named Bianca Deskai who deposited a cashiers check at the same time and for the same dollar amount as me from the same NFCU got the counterfeit one. The bankers blamed it on me instead.

    Now I can use the proceeds to buy another deal or two or maybe even four.

    I’m still learning that to speed up the deal flow I will need to have funds on reserve in the account or accounts where the payments are going to cover charge backs or bad checks every once in a while even if they are good. That slows me down a bit but is a cost of doing this business I just have to factor in.

    Christine
    Participant
    Post count: 2

    That’s awesome, Luke.

    Troy
    Participant
    Post count: 31

    Luke,

    That’s good news…wow – same bank, same check amount, same day…what are the chances of that happening? Glad you were able to get it cleared up and get paid on your deal.

    Troy

    Brandon Price
    Participant
    Post count: 27

    Glad to hear it Luke! What a crazy story but some good learning points with only the cost of a delayed payment!

Viewing 6 replies - 16 through 21 (of 21 total)

You must be logged in to reply to this topic.