Holding checks

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angus9259

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Given the economic times, I've been asked twice on bulls and now on a bred cow to hold a check. The two bulls have worked out fine. The people asking are previous customers. Still uneasy. Anyone with experience with this? Is there a better way then holding a check? Writing very specific receipts?
 
angus9259":3vlpayr5 said:
Given the economic times, I've been asked twice on bulls and now on a bred cow to hold a check. The two bulls have worked out fine. The people asking are previous customers. Still uneasy. Anyone with experience with this? Is there a better way then holding a check? Writing very specific receipts?

The one time in my equipment business I "held a check" at a dealers request, the check ended up coming back to me anyway. I think the best thing to do is to have a policy of NOT holding checks. IF they need you to hold the check then you need to hold the bull or bred cow. Hold the bull or cow, not the check.

A clear consistent policy is better than having to make a decision every time. What if they injure the bull somehow before the check clears??? Whose bull is it??? There are all sorts of problems potentially. Cash would be better but if you have had good experience with these people a check would be easier than carrying a wad of cash.

However if they have to ask you to hold the check, and especially if this request is only made after the bull is loaded, it is not a good sign. jmho.

Jim
 
9259, I see nothing wrong with holding checks even for very long periods of time. By the way what have you got for sale? :)

Seriously though, it is tougher situation than it may seem to others with them being repeat customers. I might make an exception in this case but tell them that you have a "no hold" policy, and are going to make an exception this once just for them. But there are some rules they will have to agree to.....
 
I would not want to be put in that situation to hold a check. I pay with cash when I am a buyer on a private sale, so I prefer the same. Nope, wouldn't do it, so I think I am gonna use your experience to say in advance "certified check or cash". In your situation I would have done the same though. :santa:
 
angus9259":32vnm9j7 said:
Given the economic times, I've been asked twice on bulls and now on a bred cow to hold a check. The two bulls have worked out fine. The people asking are previous customers. Still uneasy. Anyone with experience with this? Is there a better way then holding a check? Writing very specific receipts?
Are the checks also "postdated"?? Accepting a post dated check is the same thing as making a loan and even if it bounces you can't file hot check charges.
 
No way not even on previous customers, and if your a first time buyer bring cold hard train riding cash.
I don't jew either, start trying to jew I tell them to leave I have nothing for sale.
 
Caustic Burno":3elmf9dz said:
No way not even on previous customers, and if your a first time buyer bring cold hard train riding cash.
I don't jew either, start trying to jew I tell them to leave I have nothing for sale.

just put up a sign; "in god we trust, all others pay cash!"
 
Local tire shop has a sign that says: Please don't ask for credit. We made a deal with the bank - they won't sell any tires and we won't loan any money!
 
Its a pride thing with me and I know pride rode out a horseback and came back a foot.
I would just be to embarrassed to ask someone to hold a check, but I was raised by a different generation than most on this board. Mom and Dad would be 96 if they were alive, in the house I grew up in if you didn't have cash you didn't need it.
 
I would never hold a check and allow the animal to leave. If they don't have the money, do a payment plan and the bull leaves when paid in full.
 
Caustic Burno":13kl8v8l said:
I don't jew either, start trying to jew I tell them to leave I have nothing for sale.

I never go to the grocery store and ask them to take less at the cash register. My kind of business there CB. I have driven off and left potential hay customers in the lane.
 
I don't mind holding checks... I just make it clear to them that I am trusting them to do the right thing. Kinda guilt trip deal. I also make sure I know where the bull will be and where the person lives. Cause one way or another, I'm gonna get paid.

It is Gods will that we trust each other and see the good in each other...
 
Isomade":2ec9kv7v said:
9259, I see nothing wrong with holding checks even for very long periods of time. By the way what have you got for sale? :)

Ironically, I don't. This cow the fella wants to buy is my last spring calver and I'll be converted full time to fall . . . and I sold a big group of falls heifers to another fella so I'm actually running low. That's what complicates it . . . I actually would like to move her and be done with it and he's paying quite a bit over salebarn. Thought about holding her over to fall . . . which I still could/would do but that'll cost me 6 months of feed w/o a calf. If I hold her for payment I'd have to feed her over the winter too @ $40 per month . . . .
 
I'm with CB on this 100%. No holding checks, no taking checks, and no negotiating price. When I sell something, I price it at however much I want for it. From there on it's pretty clear--either they pay my price or it's adios amigo.

NOTHING leaves my place until I have CASH in my pocket. This way, I don't have to spend my time hunting down the "customers" to collect my money.
 
I know times have changed a lot,and most not for the better. When i was a teenager people bought an sold chickens, goats , hogs , cattle and anything else with just a handshake and say I'll catch you in a week or two. I know a lot of people that still operate the same way, the old way. If i have something for sale or trade(especially if i know them) i just tell them bring your trailer and we'll get you loaded ,pay me later.
What has happened to common sense an trust? I cannot remember anyone that got beat out of there money.
 
I don't know what your laws are but here if you agree to hold a check for someone (say till they call you) you have entered into a contract. If a person doesn't call you back and you deposit the check then you have broken a more serious law than bouncing a check. This "trick" was rampant here a while back on corn sales and timber sales till people got wise and quit holding checks. I guess it all boils down to how well you know the fella and your gut feeling.
 
TexasBred":3bykcdyi said:
Are the checks also "postdated"?? Accepting a post dated check is the same thing as making a loan and even if it bounces you can't file hot check charges.

Actually, this is a really good point. In small claims court, a person responsible for bouncing a check is actually responsible for DOUBLE the amount to the seller (hot check charges??) which are not recoverable if the check was post dated for some reason.
 
I don't hold checks, or ask them to be held. I do, however, sell horses on very easy terms. I'll sell a horse for a certain amount, and let the new owner pay $50 to $100 a month (whatever they can afford). I make them sign a written contract, and keep all registration papers until I'm paid in full. I have had to take back horses on a couple of occasions, but never had any problems. I have had buyers pass my name around, though, and sold more horses (for cash and on time) because of it. I won't sell like this to anyone out of driving distance from me - in case I need to get the horse back. The horse industry is much different than the cattle industry, though, and not sure that I'd do the same on a bull or cow.

When I show up to buy livestock I always bring cash. There's no point in making someone feel awkward about taking a check. If you are serious about buying then you should have the green.
 
cypressfarms":3k9yhvb8 said:
I don't hold checks, or ask them to be held. I do, however, sell horses on very easy terms. I'll sell a horse for a certain amount, and let the new owner pay $50 to $100 a month (whatever they can afford). I make them sign a written contract, and keep all registration papers until I'm paid in full. I have had to take back horses on a couple of occasions, but never had any problems. I have had buyers pass my name around, though, and sold more horses (for cash and on time) because of it. I won't sell like this to anyone out of driving distance from me - in case I need to get the horse back. The horse industry is much different than the cattle industry, though, and not sure that I'd do the same on a bull or cow.

When I show up to buy livestock I always bring cash. There's no point in making someone feel awkward about taking a check. If you are serious about buying then you should have the green.
especially when some are giving em away,,,, there was a wild horse adoption sale here last week... you pay like 150.00... dont know how it went, but id bet not good... i had folks wanting to give riding horse's the last year or so
 

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