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Old 10-30-2012, 11:13 PM   #1
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Purchase from a private seller

I may be making an offer on a Tiffin Phaeton from a private seller. If all goes well what is the safest way to handle payment to a private seller. I don't need to finance the purchase it will be a cash sale. The seller has their loan with Bank of America. Would an escrow account with BofA be a safe way to go? Never made a purchase this big with cash so I'm a little nervous about the whole thing.

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Old 10-30-2012, 11:27 PM   #2
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After you go look at it go to the local branch of bank of america and do a wire transfer. It will keep you from carrying that much cash and the security of sitting in the bank. It will run about $30 to me that is only well spent do not take a cashiers check they are too easy to duplicate and your bank will deposit it but if it is bogus check they will pull it back out of your account

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Old 10-31-2012, 03:00 AM   #3
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Sometimes this is easy sometimes not. Problem is you are paying off their loan and need to get the title at the same time. Both the seller and buyer need their protections. The bank will only release the title to the seller - once the load is paid off... You can get into a catch-22 situation.

Best if you can both go to the BofA together - make mayment and pickup the title right there. Talk to BofA and see what they recommend and make prearrangements.
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Old 10-31-2012, 07:40 AM   #4
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Agree with talking to BofA. Also consider a bill of sale agreement. This might provide you with some protection against liens, unpaid property taxes and storage fees, etc. I understand it is not a stick home, but some states do have personal property taxes and they can be significant.
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Old 10-31-2012, 07:59 AM   #5
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Same purchase two years ago with BOA. Seller had a loan, title was in another state with BOA. It took several weeks for BOA to transfer the title to BOA in the sellers state. We agreed to wire the money to BOA, pay the 30.00 to open an account in OUR name no escrow! To obtain the title the seller had to pay off the note, we were in the bank, the funds were deposited immediately to his account while the tittle was notarized by the bank president all at the same moment! Bit tricky. However, this ensures that you receive clear title with no liens and encumbrances.
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Old 10-31-2012, 08:03 AM   #6
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Last time I sold, I called the local branch of the bank and told them I was selling. They retrieved the title and me and the buyer went in and handled it right there. He paid off the loan, the bank signed off on the Lien, I signed the Title, I got some cash back, and that was it.
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Old 10-31-2012, 08:08 AM   #7
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Bought my first class c the same way.Went to BOFA with seller and cashiers check,bank cleared the title and sent it to me after check cleared.Pretty much no problem.
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Old 10-31-2012, 10:29 AM   #8
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We bought a Class A from a. Buyer who was under water on his loan. His bank agreed to release the title for, in our case $48,000. He owed $54,000 so he signed a personal note for $6,000. His bank requested a cashiers check and they confirmed with our bank. We then went to a license place and transferred the title.
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Old 10-31-2012, 04:54 PM   #9
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Sold my last one this way. Notified the bank what I was planning. They got the title in their hands and waited for a money transfer from the buyer. When that was confirmed, they signed off the title, I signed it over to the new buyer and everyone went home happy. The bank isn't going to release the title until they are sure-positive they have been paid. The buyer wants the same assurance that they have a clear/good title before they give up their money. If you work with the bank, its a win-win for both parties.
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Old 10-31-2012, 08:12 PM   #10
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depends on the State. In FL you can get a quick title for a small fee but you would also need the bank to notify the DMV about the lien release (which wont happen quicking at BOA)
The suggestion for a "conditional" bill of sale is a good one. Also have it notorized at the bank. I would research which branch is familiar with private party transactions.

I know my local bank I had to pull the carpet out from underneath the lil weasel customer service fella who thought he had enough clout to tank my transaction.

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