Selling Question
How willing would you be to buy a toy hauler or trailer from someone that still owes on it? I was thinking of listing my trailer for what I owe on it and see if I get any bites. It may be a tad on the...
Forum Discussion
frankdamp wrote:
We bought our Georgetown in a private sale with a seller only 30 miles from home. The asking price was the balance the original owner still had on a home equity loan they used to buy it new and was about $8K below blue book.
I got a HEL through the credit union we bank with, enough to buy the MH plus paying the sales tax, buying new tires, and equipping it (Crockery, kitchen stuff, towels, bedding etc) I wrote a check for the selling price and went with the seller to his bank and watched it get deposited. Since he'd used an HEL, rather than a regular vehicle loan, he had the title.
The procedure worked a treat. When ws sell (maybe in a couple of months), I plan on using the same procedure, provided I get a reasonably local buyer. If it's an out of area buyer, I might have to re-think the plan.
Why did you care where the seller deposited the check? Or did the seller want to confirm cleared funds from you?
