Deleted
Posts: 0
Nov 1, 2024 8:16:15 GMT
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Post by Deleted on Sept 22, 2022 14:07:13 GMT
Help me out, I'm not certain I've ever requested certified funds before. If you need to pay for something with certified funds on the spot, such as if you are a winning auction bidder, is there any way to vary the amount on the spot? From what I'm seeing, you basically obtain the certified check at your bank, so it seems like the only option is a fixed amount?
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iowgirl
Pearl Clutcher
Posts: 4,295 
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Post by iowgirl on Sept 22, 2022 14:50:30 GMT
I would agree that 'certified funds' would require some advanced notice to be able to get a certified or cashiers check. We purchase cattle through some online auctions, or just over the phone. Sometimes with an order buyer. If we are new to the sale barn, we usually have to give them our bankers phone number - they call him and he gives them the low down  Basically the sale barn wants to know if we have the money to purchase. We are usually spending in the 100K to 300K range on calves. When we purchase our calves locally, it's always a handshake deal. It's amazing sometimes, but your good name is everything in this business. |
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quiltz
Drama Llama
Posts: 6,842
Location: CANADA
Jun 29, 2014 16:13:28 GMT
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Post by quiltz on Sept 22, 2022 15:04:27 GMT
When we purchase our calves locally, it's always a handshake deal. It's amazing sometimes, but your good name is everything in this business. The farming community is so good with that. Your word is your word. Ruin that, you are basically DONE! So different from city life. |
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Post by JustCallMeMommy on Sept 22, 2022 18:29:35 GMT
In auctions I've heard about where you need certified funds, you had to come in with a specified amount - like the minimum bid. You would then reconcile the rest following the auction (maybe upon deed transfer, for instance). In addition to cashier's check, cash is certified and a wire transfer might be an option.
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Deleted
Posts: 0
Nov 1, 2024 8:16:15 GMT
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Post by Deleted on Sept 23, 2022 0:24:10 GMT
In auctions I've heard about where you need certified funds, you had to come in with a specified amount - like the minimum bid. You would then reconcile the rest following the auction (maybe upon deed transfer, for instance). In addition to cashier's check, cash is certified and a wire transfer might be an option. Thank you, that would be an option, just bring a certified check for the opening bid amount and cash for the remainder. Little safer that way! |
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Basically the sale barn wants to know if we have the money to purchase. We are usually spending in the 100K to 300K range on calves. 
