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Selling my RV


rwp48

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We have decided to sell our motor home. After advertising for a month or so we have a buyer.

We have a note on the MH. The buyer will be financing. The selling price is more than the payoff.

My question to this august group is how do we handle the "closing"? Is there a closing agent service or escrow company who handles this sort of thing? The bank that currently holds our paper is of little help.

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I'd check into the escrow company costs, you don't want to scare off a buyer at this point. Having them pay would be great, splitting it wouldn't be that unreasonable and I'd really think hard about busting the sale before I insisted they pay everything. Think about it from their side and do what would keep you happy with the deal if you were them.

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"The bank that currently holds our paper is of little help." If you are going to get (and finance) another coach I'd choose another financial institution. You might want to ask about how they will handle a sale in the future.

 

I have bought and sold vehicles by the seller taking a check and giving the buyer the keys and a bill of sale. When the check clears the title is sent to the buyer. I've never had a loan involved, though, but if your buyer can bring a cashier's check there shouldn't be any problem.

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if your buyer can bring a cashier's check there shouldn't be any problem.

 

This day and age it is prudent to err on the side of caution. Even with a cashier's check it's never a bad idea to call the issuing bank (not the phone # on the check.. look it up yourself) to verify the check before releasing your property.

 

When financing is involved though.. where a third party will be taking possession of the title... an escrow service is an inexpensive safeguard and really helps simplify the process for both parties.

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Meet the buyer at the bank that holds title. Arrange it prior so the title will be on hand. Buyer gives a check th bank made oit to you. You sign. Loan is paid off and remainder given to you. You sign title. Bank releases Lein. Buyer gets title. If he is financing he needs tito see how they want to do it

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With the RV presently financed and the buyer also using a lender, I highly doubt that you will be able to get both lenders to work with you unless you use an escrow agency or an attorney who acts in that capacity.

 

rwp48, if you would, we would appreciate it if you would let us know if we have helped at all and also share with us how you get this worked out successfully as the problem does come up on the forums from time to time.

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The financing bank has money at risk and will make sure this gets done right. They may not set up an escrow but they def will make sure it is done right. Your job is simple, hang on to the title until you have a cashier's or certified check. They need to make sure their loan is appropriately secured and consequently that you got your money and your lender has signed off. I am not surprised your bank is not doing much, their job is just to provide a pay off amount and then release the lien as paid. The buyer's bank is getting something out of this, a new loan and fees.

 

I also agree with Stan about how to handle any last minute misc costs.If they will pay, fine, but don't plant a flag on this issue. (These costs are typically part of the Buyer's financing costs.) Part of my career was spent as a real estate attorney and people tend, human nature I guess, to focus on these small fees and lose sight of the the forest through the trees. dave

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I just went through this, but on the other side. I was the buyer of a RV that had a loan on it. My problem was that the credit union that held the title was in Georgia and I was in California. My problem was that the credit union wanted me to pay off the loan and they would only send the title to the seller and then he would have to give it to me. I had a signed bill of sale with power of attorney from the DMV, but there was no way I was shelling out that much money and wait for the seller to send me the title. I called about a half dozen escrow companies and they told me that they would not be the middle man for the title, they would only hold the moneys.

I wanted to pay cash for the RV, but I ended up setting up a loan with Wells Fargo Bank, because the credit union would only send the title to another bank or the seller. So I got the loan with no prepayment penalties and Wells Fargo wired the credit union the money and the credit union sent them the title. I waited for the first payment to be due and I paid off the loan. It cost me $200.00 in interest and was well worth it.

Also I had it set up with the seller that I would give him the remainder of money after my bank got the title.

The odd thing was that Wells Fargo didn't put their name on the title. They told me that I had 6 months to put them on the title as legal owner or they would raise the interest rate. Anyway all went well and I'm setting in the RV now typing this in sunny Arizona.

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Kirk asked for follow up.

 

The deal is done. We closed yesterday afternoon. I went to the local RV dealer and asked if they could do our "closing and they agreed to do it for 400 bucks. Hmmm, let's see. Out of town buyer, his bank, my bank, Florida DMV, VA DMV, owner doing a substantial cash deposit. Sounds like $400 well spent.

 

As it turned out, this was one of the smartest things I've EVER done. My buyer had his financing approved by Essex well in advance of purchasing his airline ticket to look at the RV and close the deal...hopefully. When we showed up at the dealer to close, Essex completely dropped the ball and had done nothing further to process the loan. My guy, who was approved and had sent all the vehicle info almost a week earlier, suddenly couldn't get any traction with them. The young lady at the dealership stepped up, got him approved with Bank of the West (which owns Essex!) in five minutes and ten minutes later all the paperwork was printed out and papers were being signed. She's a Rock Star!! Best $400 I ever spent!

 

Did I mention that she's a Rock Star!!

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Best $400 I ever spent!

 

Excellent! Congratulations. I appreciate the follow-up. I never would have thought of going through a dealer, and the price is very fair. An escrow service probably would have been in the $300-$500 range, so you probably saved a bit there, and they wouldn't have been able to work out the financing kink like the dealership did. Well played!!

 

Come to think of it.. that really makes good sense. They probably do that sort of thing all the time when they are selling consignments.

 

Gotta remember that one.

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Good to here everything worked out for you. Not all dealers can be trusted with cash or titles but it sounds like you found one.

Sounds like a good way for the dealership to generate revenue. Maybe ask them if the would like you to post a good review either here or at

http://rvservicereviews.com/Index.asp

 

Hope you both gave the woman a generous tip.

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