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Open Roads Forum  >  General RVing Issues

 > Signing a power of attorney for bank when selling your RV

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ksg5000

Oregon

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Posted: 11/11/19 02:28pm Link  |  Quote  |  Print  |  Notify Moderator

The bank/lender is unlikely to provide the funds without having title and a POA serves the same purpose. If the lender is credible/established and you independently confirmed the transaction with them I would go through with the deal. If it were me I would request them to wire the funds to my bank (won't happen until after they get POA).


Kevin

westernrvparkowner

montana

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Posted: 11/11/19 02:34pm Link  |  Quote  |  Print  |  Notify Moderator

RubyRV wrote:

Im in direct contact witht the finance company. Loan is approved but they want the POA before they issue the check, which will be sent to buyer to then be given to my. Unfortutnatly there is no "bank" to actually go to. I will be back in contact with the lender tommorow. I told them i will hand over the notorized a POA along with the title upon receipt of the check. I dont see why they say no, when they are trusting their borrower to give me the check and him to collect the title from me. Last convertaion they said thats against company policy. I will try again tommorow to reasonably work this out with them.
Classic chicken and egg conundrum. The lender wants all the paperwork completed and in their control before they release the money. You want the money before you give them the paperwork. Compounding it even more is there is the buyer who is supposedly getting the check. You apparently have done your due diligence and determined the lender is legit and they have confirmed they have approved the buyer for the loan. To me, I wouldn't have a problem sending a limited Power of Attorney directly to the lender provided I had talked to them personally (at a phone number that came from a trusted source, not the buyer) and confirmed the entire deal is approved and this is how they want it handled. Then I would further request that information be confirmed in writing. The rig and actual title wouldn't pass to the new owner until the money is in hand. Without the title, the limited POA is just that, very limited.

toedtoes

California

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Posted: 11/11/19 02:44pm Link  |  Quote  |  Print  |  Notify Moderator

In order to give them power of attorney, you have to sign. Have you read the document?

What is it authorizing?

Until you read the document, everyone is just guessing what it means. Find out for certain - READ THE DOCUMENT.


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wowens79

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Posted: 11/11/19 02:55pm Link  |  Quote  |  Print  |  Notify Moderator

The bank is protecting itself to make sure you actually have a valid title before releasing the money. They would be in a mess if they sent the check and you sent them a title with someones name scratched out on the title.

With it being handled through a bank/finance company, I'd be fine with it.


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Airdaile

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Posted: 11/11/19 03:15pm Link  |  Quote  |  Print  |  Notify Moderator

What are you doing on an RV forum asking about this? Ask your lawyer.





colliehauler

Mc Pherson KS USA

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Posted: 11/11/19 03:47pm Link  |  Quote  |  Print  |  Notify Moderator

Grit dog wrote:

colliehauler wrote:

I have never heard of such a thing. I would talk to your bank and see what they say. With power of attorney what would keep them from taking everything you have?


You can give limited or situational power of attorney, if you were unaware. Wife and I have done it multiple times, buying homes. One of us would not be present at the signing, so we did a 1 time POA before hand.
Thanks for the clarification from you and Time To Roll. I never have done that on a transaction.

B.O. Plenty

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Posted: 11/11/19 05:10pm Link  |  Quote  |  Print  |  Notify Moderator

Airdaile wrote:

What are you doing on an RV forum asking about this? Ask your lawyer.
I agree. Why are people so afraid to consult an attorney> Probably cost under a hundred bucks and you'll know everything you need vs getting bad info from all the "internet lawyers" you find here.
B.O.


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free radical

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Posted: 11/11/19 08:14pm Link  |  Quote  |  Print  |  Notify Moderator

RubyRV wrote:

I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.
QUESTION. Has anyone done this ? Do I have concern ? ETC. ?

Looks like SCAM

Never done this never will

Confirm with your lawyer and youll get right answer,
no one here is qualified to give legal advice

Bobbo

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Posted: 11/11/19 08:19pm Link  |  Quote  |  Print  |  Notify Moderator

RubyRV wrote:

rk911 wrote:

RubyRV wrote:

I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.
QUESTION. Has anyone done this ? Do I have concern ? ETC. ?


i wouldn't...no way!


I refused to, now the buyer said do what the bank wants or he'll cancel the deal. That is unreasonable and I never agreed to that as a sale stipulation. Why the heck am I even involved with his loan. SMH

The answer to the buyer is "consider it cancelled."


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bucky

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Posted: 11/12/19 04:50am Link  |  Quote  |  Print  |  Notify Moderator

The "bank" is protecting itself from the buyer, not the seller. If the buyer gets control of the clean title the lender has no protection.


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