Forum Discussion

Thinkingboutdoi's avatar
Feb 23, 2015

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?

Not sure just how common this practice is, but then never bought a motor home yet either. This is a link to the company.
http://jreynoldsgroup.com/index.php/en/show/page/escrowinformations

At the top you will see the heading for escrow and it explains the way they do the deal.
Again thank you for all input and sharing your experiences.

Joe
  • Well there are two choices.

    1) If you want something done right do it yourself.
    2) Two heads are better than one.

    Typically life experience has dictated that #1 has always proven to have better results --- however #2 is better for scruitiny in decisions.
  • 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.
  • Well as their ares of expertise does not seem to include motorhomes how worthwhile is their service?

    If they miss something will they indemnify you?

    For instance how old are the tires? 8 years or above probably need replacing even if lots of tread left. I bet the escrow company does not know this. Will they inspect the awning and make sure all slides work? Nowhere on their page does it tell you what their inspection covers for any type vehicle. An expense with no assurance = a bad deal

    Better to go to the location yourself and arrange to take the rig to the appropriate place (cat,Freightliner etc) to get a mechanical inspection and have a mobile repair person inspect the house parts.
    Then drive it home yourself.

    How far away is the MH you are thinking of purchasing?
  • Sorry can't help you with personal experience, which of course is what your question is. But: For something as expensive as a new or late model RV, I think I'd be prone to having first hand touchy-feely.