Club Homepage Forums Classified Ads Buy & Sell - Airplanes Only Selling Aircraft Question

I think I have my bird sold! The buyer is from Bettendorf IA, fairly close to Clinto IA.

My issue is the aircraft is kept at Hagerstown MD. The buyer offered $1K below asking price sight unseen.

I spoke with him on the phone and he seems legit. Turns out he's a corporate pilot for John Deer.

His plan is to airline it to BWI or IAD, where I'd pick him up and take him to the bird to fly home.

We're trying to figure out the best way for him to pay, as Certified Checks take 7 days to clear at a bank these days.

The only thing I can think of is actual greenbacks.

Has any one had to deal with such an issue before?

What is the safest way to exchange funds?

Any advise will be greatly appreciated!

Thank You in advance!!!!

You can AOPA Escrow Service. I don't know the exact details, but basically the buyer deposits the payment with the Escrow Service. Once the title is signed over to the buyer and the buyer confirms it with AOPA, then the Escrow Service releases the money to you. Check with AOPA for details.

Let me see if I understand how the Escrow Service works.

1) The buyer sends a check to the Escrow Service.

2) The Escrow Service waits the required amount of time for the check to clear, then notifies the seller the money is there.

3) The buyer comes to inspect the bird, then notifies the Escrow Service to release the funds to the seller.

Is that how the Escrow Service works?

Thank you Hung!

Shawn, I think the buyer can wire the money to the escrow service so it's there right away and not having to wait for any check to clear.
when the transaction is complete the escrow service wires the funds to the sellers bank account.
No time is wasted for checks to clear.

It appears AOPA uses a third party for their Escrow Services.

This third party "Aerospace Reports" advertise a 10% discount for AOPA members.

I would assume they charge a percentage of sale price for their transaction fee?

You might find a lawyer that will act as an escrow service for a smaller fee. (just guessing)

I'll give that a go if the Escrow Service fee is exorbitant.

Thanks Ronald!

A Cashier's Check from his bank or credit union.

We had a Certified Cashier check from our auction in Idaho sent to us in PA.

When we deposited the Certified Cashier check, the bank waited 7 "banking days" (9 days total) before the funds were posted in our account.

There are more than one companies out there that provide Aircraft Escrow Service. Shop around to get the best service for the cost.

Some info about Aircraft Escrow Service [airtitle.com]