Selling Motor Home

Thanks everyone. As suggested, I did call our bank and they said to open a separate checking account and only accept payment via a wire transfer. They also said cashier's checks can be forged or sometimes reversed by the buyer. As far as the title goes, it should not be given to the buyer until the funds are verified.

When we purchased our coach, we traded in our old one and paid the dealer the balance with a personal check. We had to wait a couple of weeks for the title. That wasn't a big deal since we did have a bill of sale. We just had to wait a bit to be able to buy plates for the coach.

Thanks again. Appreciate all the replies and advise.

Yea talk about over-kill. Banks do these type transactions daily, give your bank a call.

bigred1cav wrote:
hire a local attny to set up a closing where the money will be transferred from his trust account to the seller/buyer after the attorney has done due diligence for the sale/purchase.

That should only cost about a $1,000.

Make it easy---I talked to my bank, we established a password, I flew 1/2 way across the country, went to his bank which held the title, made the call, money was wired, they gave me the title, and I drove the DP back home. Seemed pretty simple to me.....I was kind of leery a few years back when I sold my 500SL and the guy shows up with a brown paper bag full of cash. But it was all real.

hire a local attny to set up a closing where the money will be transferred from his trust account to the seller/buyer after the attorney has done due diligence for the sale/purchase.

When I bought our motorhome (I flew from WV to Texas for the purpose), I arranged with my bank ahead of time for a wire transfer. After looking at the motorhome and being satisfied, I signed the form which the seller’s bank faxed to my bank. The money was wired in very short order. The seller was able to check on-line and see exactly when the money was deposited in their account. Only then did they sign over the title to me, and I left the next morning for WV. From the time their bank faxed the form until the money was in the seller’s account was only about 2 or 3 hours, IIRC. Gave me time to pick up a few groceries, etc. to have for the trip home. Not a problem for me as a buyer.

Of course, I feel I had good reason to believe the seller was trustworthy, etc. It always pays to be cautious. For a seller, this is probably the most secure arrangement possible. Even cash can be counterfeit.

Wayne

Easy- Go to the bank with the buyer, have him draw out a cashiers check with you watching. Take the check (you know its good) and deposit it into your account.

Could they stop payment on the check, maybe in the case of fraud, but if you are up and up, then nothing should go wrong. Better yet, if they bank with your bank, it only takes a few seconds to transfer the money.

From the other side, my coworker bought a real nice TT at a great price. Paid with cash and got pink slip signed by seller. TT was stolen by seller, pink was forged. My coworker lost TT and cash. Buyer beware.

DrewE wrote:

midnightsadie wrote:
remember 99.9% of the deals are up front and honest people don,t get all confused over this.

Also remember that a buyer may have quite similar concerns regarding your honesty, since they presumably don't know you from Adam. I would think twice about buying a vehicle from a private party that insisted on holding the title for a few days while my bank check cleared--it would seem too much like a setup to get the money and then possibly try to claim the vehicle was stolen and get the vehicle back too. Without the signed title, I don't really have ownership of the new vehicle I paid for.

(Things do get somewhat more confused in this part of the country with old vehicles, as the northern New England states don't issue titles for vehicles over about fifteen or so years old...but that's another story altogether.)

I would have no problems whatsoever with meeting at their bank and waiting for their teller to give the thumb's-up that my bank is real and the check seems legitimate. I would probably be willing to agree to a wire transfer, though they are surprisingly expensive to send and/or receive.

When buying my last car from dealer, they accepted a plain old personal check for the full amount without any concerns or complaints.

Not sure about your bank but mine charges $10 for a USA wire transfer. Not too much on a MH purchase.
Some states also have electronic titles so if there is a lien on the coach, the local bank or owner may not be able to get his hands on the title until it is released, electronically, to the DMV by the bank main office, which may be in another state.
In Florida, the lien holder releases the lien electronically to the DMV which then allows the registered owner to pick up the title and sign it over to the new owner, who, if paying outright for the coach, can opt for an electronic title or pay extra and have a paper title to go to his state for registration.

midnightsadie wrote:
remember 99.9% of the deals are up front and honest people don,t get all confused over this.

Also remember that a buyer may have quite similar concerns regarding your honesty, since they presumably don't know you from Adam. I would think twice about buying a vehicle from a private party that insisted on holding the title for a few days while my bank check cleared--it would seem too much like a setup to get the money and then possibly try to claim the vehicle was stolen and get the vehicle back too. Without the signed title, I don't really have ownership of the new vehicle I paid for.

(Things do get somewhat more confused in this part of the country with old vehicles, as the northern New England states don't issue titles for vehicles over about fifteen or so years old...but that's another story altogether.)

I would have no problems whatsoever with meeting at their bank and waiting for their teller to give the thumb's-up that my bank is real and the check seems legitimate. I would probably be willing to agree to a wire transfer, though they are surprisingly expensive to send and/or receive.

When buying my last car from dealer, they accepted a plain old personal check for the full amount without any concerns or complaints.