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  #1  
Old 12-08-2012, 8:32 AM
Tyson Tyson is offline
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Default Doing a PPT how to exchange funds to protect me ?

Hi FFL's

today I am going to go look at an older Rem 700 in 7mm. I would be buying it from a guy I work with but who is a temp. He told me quite a bit about the gun the only thing that worries me is its history and how do I protect myself with my money during the 10 day should it come back bad (stolen or what have you). He seems like a good guy but its some family drama on his end about possibly this firearm. I asked the FFL we would be going to to hold the money until the transfer is complete, no dice. I would give him half the money now in check form and maybe a post dated check for the other half 11 days from now. How else to protect myself ? This sale is going to be in the 300 to 350 range. Thanks for your time.
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Old 12-08-2012, 8:38 AM
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Intimid8tor Intimid8tor is offline
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I'm not an FFL, but it is one of the risks you take. I've never had an issue with it though. FFLs aren't going to hold the money for you and in some cases don't want the money to change hands in the store.

If you want zero risk, you gotta buy new. I think the risk is super low, but it is always there.

If you were buying from me I would not take a check and I would want it all before DROS is started. But, that's just me.
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  #3  
Old 12-08-2012, 9:24 AM
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Eddy's Shooting Sports Eddy's Shooting Sports is offline
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One of the risks of buying private party...

No FFL will hold the money and you wouldn't want them to, since that would make the FFL part of the transaction and sales tax would have to be collected.
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  #4  
Old 12-08-2012, 2:39 PM
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kemasa kemasa is offline
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A long gun is not checked in terms of the serial number, so it is not going to come back stolen unless there is something in regards to the person you are buying it from.

Check with another FFL to see if they would hold the money, but also check with the seller first. If the seller has an issue with that, then you should avoid the purchase. I have held the cash, in a seal envelope with the person's initials on it, but you had best trust the FFL at that point :-).
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Old 12-08-2012, 4:51 PM
mej16489 mej16489 is offline
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Quote:
Originally Posted by Tyson View Post
Hi FFL's

today I am going to go look at an older Rem 700 in 7mm. I would be buying it from a guy I work with but who is a temp. He told me quite a bit about the gun the only thing that worries me is its history and how do I protect myself with my money during the 10 day should it come back bad (stolen or what have you). He seems like a good guy but its some family drama on his end about possibly this firearm. I asked the FFL we would be going to to hold the money until the transfer is complete, no dice. I would give him half the money now in check form and maybe a post dated check for the other half 11 days from now. How else to protect myself ? This sale is going to be in the 300 to 350 range. Thanks for your time.
Just so you know, post dating a check won't prevent it from being cashed. So far as any bank is concerned the date on the check is simply for your own records...it's meaningless to them.

Maybe a 3rd party escrow service? They get a piece of the action though, so its probably not worth the cost
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