buying from a private seller
we are planning on buying a MH from a private seller and I have a few questions that i hope someone can help with. we are not paying cash but will finance the purchase from a bank or someone. so doe...
Forum Discussion
SoundGuy wrote:So lets say I just bought a brand new RV that cost $500,000.00 and financed 50 percent of the cost. Then due to some unfortunate circumstances 6 months later I had to sell it at a fire sale price, and all wanted was to pay off the loan, but I didn't have the money to pay it off. I guess your advice would be to miss out on a smoking hot deal.
I wouldn't purchase any type of vehicle that didn't have a clear title in the name of the owner but still had a lien against it. If the current owner has a loan against the rig then that's his problem to first pay it off so he can then provide any potential purchaser with documentation proving any lien against it has been cleared. How you later fund the purchase, cash or otherwise, is your problem. Secondly, I'd also insist on 3rd party inspection, negotiating who pays for that inspection - seller or buyer - regardless, it would be foolish to buy something as complicated as a MH and not have it fully inspected. JMO.
