Escow accounts??
My wife and I are interested in purchasing a 1 or 2 year old Class A MH in the near future, our 4th unit since 2000. Mainly only interested in private party sales, would like to skip the BS at many of...
Forum Discussion
mfox20 wrote:
Deal with the bank directly. The title should be in their name. They can transfer title to you and they pay the difference back the seller.
Sorry but that is very bad information. The title is in the name of the owner and the lender is listed on the title as holding the lien (loan). When they are paid off all they can and will do is release the lien obligation. They have no power whatsoever to convey title to the buyer as they do not and never did own/hold title the RV.
I agree you want to deal with the bank that has the loan directly to insure that they are paid in full (by you), and that their lien is fully released. The equity, if any, held by the seller is what he is entitled to and only a fool of a seller would release/convey title before being paid in full with guaranteed funds/cash.
This can all be done by a reasonably sophisticated buyer/seller but sometimes a couple of hundred dollars to an escrow agent can be money well spent.
As always.... Opinions and YMMV.
:C
