Selling Question

[code3run]

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 high price side but is clean and someone might be interested.

Would it be best to go to the buyers bank with them and have them wire the money to my lender? Mail or have them pick up the pink when I get it??

Sorry I have sold cars and dirtbikes and other things but never sale like this so I had these questions from you guys who would know a lot more about it then me.

Thanks
Cory

[mich800]

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?

[frankdamp]

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.

[jdog]

A buyer would have to really want to buy it before going through all that. A lot of units out there for sale, some without loans on them. People will go for clean titles first!

[code3run]

Thanks everyone for the info. Seems somewhat painless.
Cory

[Veebyes]

Walked into the sellers bank together. Paid into a created escrow acct. The bank took what was owed. Seller got the rest. I got the title. Acct closed. Just like that.

[mpierce]

monkey44 wrote:
Call the bank that holds the lien ... ask them this question. I'm betting they do it pretty regularly as trade-in and sales often happen when the lien is still active. I'd bet you can arrange a wire transfer from any bank to the lien bank and then release the title... might take a day or so to process everything if you can't both walk in at once.

It's not a difficult process if you arrange it before hand.

Exactly correct. Done it several times, from both sides. They do it many times a day. Once you know you want the item, go thru the lienholder. Usually involves wiring or sending good funds to them. Since they hold the title, will transfer over once good funds are received.

[monkey44]

Call the bank that holds the lien ... ask them this question. I'm betting they do it pretty regularly as trade-in and sales often happen when the lien is still active. I'd bet you can arrange a wire transfer from any bank to the lien bank and then release the title... might take a day or so to process everything if you can't both walk in at once.

It's not a difficult process if you arrange it before hand.

[code3run]

trnfla wrote:
How would it work when there are no bank branches in your area? Mine is through Bank of the West and they don't have offices in Florida. I wonder if there are ascrow companies to handle these types of situations.

Thats the other thing. My bank is Santander and I dont think they are anywhere near me. Thats why I was thinking go to buyers bank and wire the funds to my bank from there? But I really dont know how to best handle this.

[trnfla]

How would it work when there are no bank branches in your area? Mine is through Bank of the West and they don't have offices in Florida. I wonder if there are ascrow companies to handle these types of situations.

[Randu]

orfsotr wrote:
Several years ago we sold a camper that we still owed on (tho not much) We sold it thru craigs list and asked for a cash sale. Told the buyer the situation, met him at out bank to get all the necessary release paperwork and signed the title over.

Same here except deal was on a truck and there was more money involved than most would be comfortable carrying cash. We met at my bank and the bank made sure the check drawn on the buyers bank was good and then they released the title and then I signed over to buyer. Might be another way but it worked for me. Randu

[orfsotr]

Several years ago we sold a camper that we still owed on (tho not much) We sold it thru craigs list and asked for a cash sale. Told the buyer the situation, met him at out bank to get all the necessary release paperwork and signed the title over.