Purchase Using 3rd Party Escrow Company
Hi all, Has anyone had experience buying their Motor Home long distance using a 3rd party escrow dealer/company to make the deal between the seller / buyer and deliver the motor home to buyer? ...
Forum Discussion
Suggestion:
Agree on price, pending "inspection satisfactory to buyer". Specify a date by which written notice will be given as to acceptance/rejection/renegotiation. This allows you or an inspector you choose to inspect the coach. Obviously the sooner the date, the more flexible will be most sellers on price.
Inspect/have it inspected. If nothing major, move on to closing. Clear title, easiest is to go to seller's bank. Call your bank and have them wire the money (your banker taking with his banker). Have bank check the title/paperwork and notarize anything that needs that. Once his bank confirms money in his account, he hands you keys and title.
If there is a lien on it, have seller get you the name of a contact at his lending institution. You call and verify payoff and work out how to pay. May have your bank draft for title. If a lien, do NOT pay the seller directly. If equity, the lending institution holding title may authorize you to pay seller the equity or may ask that you send them the full amount and they cut check back to seller.
Do not know why a 3rd party would be needed to protect either buyer or seller, and can not imagine them doing it for free.
Have sold many large boats as well as motorhomes this way. Everyone is protected.
Agree on price, pending "inspection satisfactory to buyer". Specify a date by which written notice will be given as to acceptance/rejection/renegotiation. This allows you or an inspector you choose to inspect the coach. Obviously the sooner the date, the more flexible will be most sellers on price.
Inspect/have it inspected. If nothing major, move on to closing. Clear title, easiest is to go to seller's bank. Call your bank and have them wire the money (your banker taking with his banker). Have bank check the title/paperwork and notarize anything that needs that. Once his bank confirms money in his account, he hands you keys and title.
If there is a lien on it, have seller get you the name of a contact at his lending institution. You call and verify payoff and work out how to pay. May have your bank draft for title. If a lien, do NOT pay the seller directly. If equity, the lending institution holding title may authorize you to pay seller the equity or may ask that you send them the full amount and they cut check back to seller.
Do not know why a 3rd party would be needed to protect either buyer or seller, and can not imagine them doing it for free.
Have sold many large boats as well as motorhomes this way. Everyone is protected.
