Forum Discussion

IndyRVFolks's avatar
IndyRVFolks
Explorer
Jun 10, 2015

Selling Motor Home

We are in the process of getting ready to put our "deleted" on the market. I know I have seen numerous posts about how money is transferred from the buyer to the seller but, no matter what I use as a search, I come up with zero information. Does anyone have information on the safest way to make sure the money from the sale is in your bank account before giving the title to the purchaser?

Thanks ,
Keith & Carol

20 Replies

  • remember 99.9% of the deals are up front and honest people don,t get all confused over this.
  • When is the last time you purchased a car or RV from a DEALER and got the title. I know when I bought my coach, even though I paid cash, I had to wait over a week for the title to be sent....talk to your bank and get written directions on how to wire them funds, give these instructions to your buyer. They get a bill of sale from you and get the title in a week or so...don't make it more difficult than it should be. I built street rods for years and sold many on eBay and never got stiffed, ever....Dennis
  • I have mine for sale now. I contacted my bank and they told me if the purchaser wires the funds to them they can send an electronic title in 3 days.

    I sold my last coach and the buyer had to wait about a week for the title. I dropped the rig off at their place after sending funds to the bank. I kept the registration and plates.
  • A wire transfer is permanent. The buyer cannot get the money back. A cashier's check, even if it is legitimate, can be reversed.
    I sold one of my Classic Cars for $56,000 and the buyer brought cash. We went to my bank where they assigned TWO tellers to count and verify the cash before I deposited in to my account. Since it was over the $10,000 trigger, it required being reported but because it was all verified at the bank, no red flags were raised with the IRS, DEA, or any of the other government agencies that want to stick their noses in my business.
  • imgoin4it,,, is right on, have your bank handle things thats what there for, the,ll be tickled pink to help you.
  • Go to a bank and ask them to handle the sale through an escrow account. They hold your title and collect the money then release the title to the new buyer. A bank can handle even if you still have a outstanding loan and if the buyer is buying with a loan or any combination of circumstances. That way everyone can be trusted to be treated properly and no scams.
  • Chances are, your purchaser is not going to be willing to wait for the title.
    I know I wouldn't!
    If you absolutely must be sure, require a cash only sale. Yes, that would be a LOT of hundred dollar bills, but then there would be no doubt in your mind that the money is there before you hand over the title.
    But wait, what if the bills are counterfeit?
    Perhaps your best bet is to discuss your concerns and worries with your banker. You will get professional advice there.
    Good luck.
  • Open a seperate bank account and have money wired to that account, or cash. I just sold our MH to a couple from Australia, they wired the deposit and cash when they arrived in the US. Went smooth.
  • Ivylog's avatar
    Ivylog
    Explorer III
    Wire transfer from their bank to your bank. Cashier Checks can be forged. You can also hold the title until you are sure you have the money.