The PayPal payment will reach your account.
Then you part with the bike.
Shortly after, scammer will inform PayPal that he has not received his purchase.
PayPal will refund him as you will not have proof of postage or receipt of goods.
All the signed paper work for the bike is useless, without proof of post and delivery.
This scam is used a lot as well with eBay, when goods are available for collection.
Whenever you get any offer like this where goods will be picked up by a representative of the buyer, tell them to send cash with the collector.
PayPal protects the buyer, not the seller, unless seller adheres to ALL the term and conditions of sale.
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