Questions about selling

paullac wrote:
OP here -

The RV is sold. We put it on Craigslist, the first people came to look at it 3 days later, they put an offer in 2 days after that, & then we did the financials & title transfer about a week later (wife was out of town so couldn't do sooner).

I was at work when they came to look at it so my wife handled showing it. She is pretty familiar with how everything works. She did accompany them on the test drive. They were an older couple about to retire so we (she) felt very comfortable going along.

We went to the DMV together. We signed the title over to them so the VIN is now officially in their name. They already have insurance. The plate stays with the vehicle for the state we live in.

They then gave us the payment. They did not finance the purchase. They use the same bank we do. They got a cashiers check. The difference with a cashiers check (vs certified check) is the funds are removed from their account & basically put into a bank escrow account when the check is issued. That means that they couldn't stop payment on the check for example.

We were surprised how quickly it sold (approximately 5 days). Truth be told, we would have preferred a little bit longer so that we could have finished more of the season. But then I thought the timeline could get longer the later you go into the season so we moved ahead now. We've had 2 pop up's & now this class C. The pop up's sold in the first weekend to the first people who came to look as well. We just thought it would take longer being a bigger purchase. However, the unit was in excellent condition mechanically, operationally, & from an appearance perspective.

Just wanted to update those that provided great advice in response to my questions.

Thank you for taking the time to follow up with the details of your sale. I too used craigslist for my RV purchase without issue.

Chum lee

All sales must occur in person. I've always offered to bring the vehicle to their bank/cu of choice; then finish the transaction with their loan officer who issues the cashier's check at the end. Everyone sleeps easier that way and the entire thing is on camera. It's also a great place to make copies of all the paperwork. I've always found loan officers more than happy to accommodate this and haven't had any issues with this approach to date.

Note that at least in Michigan you must accompany the buyer to the SoS or have a separate bill of sale with the buyer's drivers lic number. Your state's DMV website should have instructions specific to your state.

Yep Cl can be a very good place to buy and sell and flip side a place for scammers and thieves !

Glad to hear your selling transaction went smoothly.

I sold our last 2 MH's on CL, both times they sold within 2 days.

OP here -

The RV is sold. We put it on Craigslist, the first people came to look at it 3 days later, they put an offer in 2 days after that, & then we did the financials & title transfer about a week later (wife was out of town so couldn't do sooner).

I was at work when they came to look at it so my wife handled showing it. She is pretty familiar with how everything works. She did accompany them on the test drive. They were an older couple about to retire so we (she) felt very comfortable going along.

We went to the DMV together. We signed the title over to them so the VIN is now officially in their name. They already have insurance. The plate stays with the vehicle for the state we live in.

They then gave us the payment. They did not finance the purchase. They use the same bank we do. They got a cashiers check. The difference with a cashiers check (vs certified check) is the funds are removed from their account & basically put into a bank escrow account when the check is issued. That means that they couldn't stop payment on the check for example.

We were surprised how quickly it sold (approximately 5 days). Truth be told, we would have preferred a little bit longer so that we could have finished more of the season. But then I thought the timeline could get longer the later you go into the season so we moved ahead now. We've had 2 pop up's & now this class C. The pop up's sold in the first weekend to the first people who came to look as well. We just thought it would take longer being a bigger purchase. However, the unit was in excellent condition mechanically, operationally, & from an appearance perspective.

Just wanted to update those that provided great advice in response to my questions.

Is your coach financed, then tell the lender you are going to sell it. If you have the title then go to your bank and ask them what they prefer. A wire transfer is a guarantee, a bank check is not. When purchasing my coach I had in hand a large check issued from my bank, flew to Minnesota and went to the sellers bank. They would not honor my cashiers check, some bartering went on then they figured it out. Large suitcases with cash is stupid. Both for the buyer and seller. Test driving, you and someone else should go with the buyer. I avoid using my home for transactions. Take your time when negotiating, low ballers are plenty. Base your selling price on realistic facts. Fact one is motorhomes depreciate fast.

pauldub wrote:
I would ride in the motor home with the potential buyer and I would accompany them to their bank to get the check. In the state I live in, you just sign the title and report the sale to the state as explained on the backside of the title.

This is the answer! And yes, craigslist works really well!
Brian

when I sold Mom's, buyer brought cash.. They came and looked, said they wanted and left $40K cash and took title. Left MH and came back a week later, bought toad, so brought more cash and took both vehicles and title.

I sell a lot of things on Craigslist including vehicles. The only hard advise I can offer is to include a phone number with texting capability. Do NOT EVER allow for email responses for you will get so much spam. If the person is serious enough, he or she will want to call you anyway.

I would state to any prospective buyer who comes to test drive your motor home, that you will drive it to a place where you feel comfortable for a test drive. This way he can experience the ride from a passenger's perspective as well as the driver's perspective.

1. Ride along on the test ride is appropriate. If they want to discuss something in private, they can stop along the way to do so.

2. If they write a check, have them do so at YOUR bank. Your bank will contact their bank to verify funds and have the funds wired immediately.

3. If they are financing the purchase, plan to work with their loan officer to conduct the transaction in a manner safe for both parties. If they are approved for a loan from a reputable place, they will have already signed a power of attorney for the loan officer to conduct the transaction on the purchasers behalf.

paullac wrote:

pauldub wrote:
Regarding the buyer getting a loan, their lender isn't going to give them money without having the title in hand.

OP here - That's my concern. I give them the title. For whatever reason I don't get money (their loan doesn't go through, check to me from the lender gets lost, whatever, any number of reasons...). Once I give up the title I'm in a risky spot. Hoping to find a buyer with cash!

I wouldn't give title until payment is in my hands/account. Lending institutions will give buyer the check made out to you, then you hand over the title. That way no worries about a lost check or declined credit. I also have buyer come with me to my Credit Union where we complete the deal and their payment is deposited directly into my bank.