wolfe10
Texas
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Joined: 10/08/2000
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robatthelake wrote:Listening to many of You Good Folks ,I'm wondering how any commerce occurs anymore. Not that You are wrong of couse but:
Is there no "Trust" anymore?
No longer can We make a Deal on a Simple Handshake!
It really is a Dog Eat Dog world isn't it!
Too bad it's come down to this isn't it!
I guess I look at it a little differently. Not a matter of trust or distrust. Just a proper way to conduct business that protects both parties. No need for the matter of trust to even come up.
Just conduct business in a business-like manner.
First choice go directly to his lien holder.
Second best choice, have your bank draft for the clear title from the lien holder-- done thousands of times a day. Provide seller with contact person at his lien holder your banker is working with so seller can confirm that the lien has been satisfied. Then pay seller remainder of selling price.
This all ASSUMES that you have inspected the coach and have reached full agreement on condition, price, etc.
Brett Wolfe
1997 Safari Sahara 3540
EX: 1993 Foretravel 36' U-240
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rolnhome
Casa Grande, Az
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Joined: 11/19/2007
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It's not the thousand people I don't trust, it is the one in a thousand. I just don't know which one that is.
We're in Arizona
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westernrvparkowner
montana
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Joined: 11/29/2008
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robatthelake wrote:Listening to many of You Good Folks ,I'm wondering how any commerce occurs anymore. Not that You are wrong of couse but:
Is there no "Trust" anymore?
No longer can We make a Deal on a Simple Handshake!
It really is a Dog Eat Dog world isn't it!
Too bad it's come down to this isn't it! Ronald Reagan said it best. "trust, but verify". In this instance, let the pros handle the details. The pros being the buyer's and the seller's banks. They handle thousands of these type of transactions a year. The buyer and the seller maybe one a decade. Even the most honest of individuals could make a mistake that will screw the paperwork up for weeks or months. Use the experts.
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lots2seeinmyrv
Ocean Springs, MS
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Joined: 09/05/2004
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If I were the buyer...I would call the seller's bank and confirm they have a loan there (so I would know it's not a scam)...and get the "bank's" paperwork to complete the transaction mailed to me at my address. The bank will tell you their procedure to do the transaction.
Usually a "3rd Party Agreement", provided from the bank, is signed so the bank sends the new buyer all paperwork and Title information in the new buyer's name when the loan is paid off. The new buyer should receive the final paperwork not the seller.
I would not pay off the seller's loan and the seller get the title in the seller's name when the loan is paid off.
So both the "seller" and "buyer" sign the bank's paperwork, buyer makes check payable to "ABC Bank" in full amount and sends all paperwork and check to the bank via overnight mail.
If the RV costs more than the payoff...the bank will refund the difference to the seller, it's his account, the loan is paid off and any remaining cash in the account goes to the seller.
It can take up to 10 days for the check to clear, then the bank does the title paperwork, mails it to new buyer, then go register the vehicle.
This is how it worked for us when we sold our trailer to a private party. We sold the trailer for more money than we owed on our loan...once check cleared, loan paid off, we closed account and got the remainder of the money mailed to us from our bank.
Our new buyer got all the paperwork directly from our bank when the loan was paid off and they got the vehicle registered.
We had no problem, the buyer had no problem. That was it, both happy.
2010 Tundra TRD 4x4 Dbl Cab 5.7L V8 4.30 Max Tow 10,300 Payload 1,640 Class IV Hitch 1,030
Prodigy P2 - Blue Ox Sway Pro 10K/1K lbs
2012 Evergreen Ever-lite 29FK
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David0725
Florida
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Joined: 11/19/2006
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wolfe10 wrote:Assuming the buyer does not want to go to the sellers bank to conduct the transaction, have the buyer go to THEIR bank and let their bank handle the transaction. They can contact the lien holder, get a payoff amount and issue a bank draft for clear title. Cut the remainder in a check to seller. This (drafting for clear title) is done all the time on automobile transactions-- banks are very familiar with it. If your bank is happy with the transaction, you should be happy.
Be sure to find out name of the contact at the lien holder your bank is working with so the seller can confirm full payment before turning over possession-- that is only reasonable.
Best advice yet!!! That said no ever give the seller your money! He can pay off the rv and at that time he wont care about the rest of the money! He will have a paid for rv with a title. IF you were to finance the rv you no! the bank is not giveing up there money untill and see the title/lien holder.
1994 Holiday Rambler Imperial DP
1999 Honda Accord V6 Toad
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Weathertodd221
FL
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Joined: 12/03/2009
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robatthelake wrote:Listening to many of You Good Folks ,I'm wondering how any commerce occurs anymore. Not that You are wrong of couse but:
Is there no "Trust" anymore?
No longer can We make a Deal on a Simple Handshake!
It really is a Dog Eat Dog world isn't it!
Too bad it's come down to this isn't it!
This isnt a $2 transaction at a garage sale.
It represents a significant amount of $$$ and time. I generally "trust" most... but trust will be wasted if you give someone a way to screw you. And it will happen if you give that opportunity.
No way in hell is someone getting full payment without complete and clear title being handed over. Even "dealers" fail in this respect when they promise to "pay off" someones trade in... and sit on the vehicle until they can close the sale. Meanwhile the titled owner is footing 2 payments.
Simple handshakes arent binding and mean squat legally.
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Weathertodd221
FL
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Joined: 12/03/2009
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westernrvparkowner wrote:Ronald Reagan said it best. "trust, but verify". In this instance, let the pros handle the details. The pros being the buyer's and the seller's banks. They handle thousands of these type of transactions a year. The buyer and the seller maybe one a decade. Even the most honest of individuals could make a mistake that will screw the paperwork up for weeks or months. Use the experts.
There are no such pros at banks or the DMV. Hence you EDUCATE YOURSELF instead of relying on folks that have no vested interest in your transaction.
I guarantee you contact multiple reps of the Bank or DMV... youll get as many different answers as you get people.
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MiPaJacks
Dallas
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Joined: 07/23/2010
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Wire the funds to the sellers bank, after confirming the amount with a bank officer.
Sounds like scam!
be careful out there.
Pa
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Jarlaxle
New England
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Joined: 11/18/2006
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RVGRINGO wrote:If the seller won't 'close' at the lending institution which holds the title, then look for another motorhome. This could be a scam. I hope not, but it could be.
Not always practical. When I had my Dodge Magnum, the nearest branch of the bank that held the title was 1000+ miles away!
John and Elizabeth (Liz), with 3 nutty cats
My beloved St. Bernard, Marm, lost him 1/2/12
Current rig:
1992 International Genesis school bus conversion
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Jarlaxle
New England
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robatthelake wrote:Listening to many of You Good Folks ,I'm wondering how any commerce occurs anymore. Not that You are wrong of couse but:
Is there no "Trust" anymore?
No longer can We make a Deal on a Simple Handshake!
It really is a Dog Eat Dog world isn't it!
Too bad it's come down to this isn't it!
Trust is for the stupid.
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