Selling an RV with a lien
Hello everyone. I am in the process of selling my Class A. Kids are in their mid to late teens and we are still a few years from retirement so the RV is sitting most of the time unless we can all ge...
Forum Discussion
time2roll wrote:Chum lee wrote:The amount of the debt is none of the buyers business. No need for the seller to share this information when negotiating price.
There is an element of risk here, but . . . . . the potential buyer should independently confirm the outstanding loan balance with your finance company, then negotiate the difference between the sales price and the loan payoff amount with you.
It might be the buyers business, . . . . hopefully not. I know, I know, it's an outside chance, but, if I was buying a used MH with a lien on it (any vehicle really) it WOULD be. What if the seller is upside down in the vehicle? (owes more than it's worth which is a high probability with a used MH) I wouldn't want to buy any vehicle (without prior knowledge) where I could potentially assume some of the debt of someone else. IMO, knowing what the current owner owes his bank (and confirming that's the only loan/lien on the vehicle) reduces the risk when you consider the overall cost of the purchase. IMO, there are just many flaky sellers as there are buyers. Do some research on title loan fraud.
Banks do these types of transactions all the time and the laws vary from state to state. What if the buyer is acting as their own out of state agent and there is no bank on the cash buyers part? Buyer beware!
Chum lee
