Buying privately when money still owed on loan.
Whats the best way to handle when owner still owes money on loan?
Forum Discussion
I sold a motorcycle once and I still owed money on it. First thing we did was let the buyers know that we had a lien on the bike and the nearest bank was two hours away. I came up with the idea of after they agreed to buy the bike and they drove 5 hours to get it. I had a bill of sale already typed up and we went to a notary and had the bill of sale notarized. They gave me the cash, I went to the bank and paid off the lien and had the bank mail the title to the new owners. Everything went smooth and that's the way I would want it done if the bank was closed and I was the buyer.
