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
PIlots123 wrote:
Let’s say we agree on a price and shake hands on the deal. Sounds like I provide the buyer with my bank info and loan # and he has his bank send the money to my bank?
First...make the deal in WRITTING. There are standard sales agreements you can download online or even a short written statement with price and as-is condition is better than a verbal contract.
Do the transfer at the bank and get confirmation from the bank that the money is in your account and the bank has no recourse to take the money back if there is an issue with the transfer the next day.
If the buyer chooses a method of payment that takes a few days to clear, so be it. You don't want to find out after they drove away that the check didn't clear. If that's a deal breaker, you probably saved yourself a lot of hassle.
As far as the lien amount...it's irrelevant. All they need is proof from the bank that the lien has been cleared. Now if you are upside down and can't pay off the excess at the time of sale...now you have a problem.
