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Old 10-13-2012, 12:16 PM   #1
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selling motorhome

how do I sell a motor home with a mortage? I have to give the buyer a title,but how do I pay the loan to get the title with out the money to pay the loan? the buyer is not going to give money without the title!

Thanks Sal A
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Old 10-13-2012, 12:27 PM   #2
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Perhaps an escrow company will help or an attorney can be a mediary for fees of course.

Some third party can do the transaction not releasing the title until the loan is paid off and not releasing your share of the proceeds until the title is delivered. The third party holds everything until the requirements are met.
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Old 10-13-2012, 12:59 PM   #3
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I've sold vehicles that have liens on the title without issues. In my case the lender (credit union) was local so I went to the office with the buyer and had him pay the balance of the loan directly to them and the excess funds were deposited into my account. I gave him the vehicle and registration at that time and within 7 days the lender sent the clear title. I had it notarized and signed over to him. No problem as long as there is good faith between the parties.
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Old 10-13-2012, 11:01 PM   #4
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If your lien holder is out of state...work a deal with the buyer....

let him see the payment book up front so he knows your legit about the lien.

Let him give you the agreed selling price....you add or subtract to it...put all the payments in the payment envelope and take the seller with you to the post office to mail the final payment.

I've bought a few items in this manner and never had ANY issues
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Old 10-13-2012, 11:09 PM   #5
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Wire transfer the money to the lien holder, then you pay the balance in cash. Then the lien holder releases the title.

If you're upside down then you will need to arrange for a personal signature loan, home equity loan or other loan for the difference.
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Old 10-14-2012, 07:37 AM   #6
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selling motor home scam

It ends up the buyer was a scam, second email said I,m working on a oil rig and cant com and look at the rig, just tell me the condition, He said he would put the money in my payPal and I should give him my pay pal info so he can put the money In, I dont think so!
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Old 10-14-2012, 07:55 AM   #7
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Quote:
Originally Posted by sc3283 View Post
If your lien holder is out of state...work a deal with the buyer....

let him see the payment book up front so he knows your legit about the lien.

Let him give you the agreed selling price....you add or subtract to it...put all the payments in the payment envelope and take the seller with you to the post office to mail the final payment.

I've bought a few items in this manner and never had ANY issues
This confuses me for two reasons:

First, the loan payoff amount should be less than the sum of all the payments outstanding because you won't be paying interest for the full term of the loan.

Secondly, it sounds like the buyer gives you money... sees you mail payments to the loan company... but is left with only your word that you will not stop payment on those checks and will sign over the title to him when it arrives.

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Old 10-14-2012, 09:13 AM   #8
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Quote:
Originally Posted by savitbound
It ends up the buyer was a scam, second email said I,m working on a oil rig and cant com and look at the rig, just tell me the condition, He said he would put the money in my payPal and I should give him my pay pal info so he can put the money In, I dont think so!
The only Paypal info he needs is your email address. He uses his account to send money to your account. Basically a bank wire transfer. I do it all the time.

If this guy wants your Paypal login info, that's a scam.
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Old 10-14-2012, 11:26 AM   #9
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Since I am getting old I may have to give up my MH so I have thought about this. I have sold a lot of cars in my years so I know of a lot of pitfalls.

I live in Florida and or course Florida is different. Years ago when you bought a vehicle you would get a title and the lien would be on the title. No more in FL. The basic title is electronic. When a loan company has a payoff, it notifies the state that it has no more interest in the vehicle. Still they don't send you a title automatically. If you trade with a dealer everything is electronic. No paper title needed. But if you sell to an individual you have to order the paper title to sign it over.

Pittfalls.

1 Don't sell to a minor

2 If you turn the MH over to the buyer and he wrecks it and the title transfer is not complete, you could be subject to law suites. Lawyers will go afer the driver and whoever is on the current title.

3. Once you turn over the MH you no longer have control so your insurance may not cover an accident even if you keep it for added protection until the deal is done. (I sold to minor and he did not have title transfered..dumb)

If something should happen to my health I might hire a local lawyer to keep me protected. I don't owe much but I may take out temp loan on my home equity to clear the title and get paper in hand before selling.

As far as paypal goes, when I first got the account my daughter transferred 5 dollars to my paypal account by using my email just to see that it worked. It does. So if your buyer want to buy through palpal he can do it without your longin info. So, thats what you tell him to do. Make a transfer from his to yours. You might try a small amount first to make sure, then have him transfer the rest.
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Old 10-14-2012, 11:30 AM   #10
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I think this is related so...

I own a clear title and such. If I sell to an out of state person, what is the normal process for them to get a temp tag so they can transport it home? Certainly, if it is in state we can just proceed to the DMV to get that all done I would think.
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Old 10-14-2012, 12:40 PM   #11
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I think this is related so...

I own a clear title and such. If I sell to an out of state person, what is the normal process for them to get a temp tag so they can transport it home? Certainly, if it is in state we can just proceed to the DMV to get that all done I would think.


I have never lived in a state that did not have a temporary licensing provision just for these and similar circumstances. I get one every year to move my rig from storage to home, or to the station for an emissions check. Usually I do not renew my tags until we leave in the winter so for a small fee I get a temporary.

While in Tucson I talked to a guy who gets a temporary tag every year to move from his home to Tucson and back. He claims to never get a full years license.
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Old 10-14-2012, 12:49 PM   #12
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Anytime you sell any vehicle make sure you file immediately, at the point of sale a DMV form that releases all your interest in the vehicle. It is a document that protects you from anything occuring with that vehicle after the sale. Every state I have lived in had this provision.

My neighbor sold a car and the purchaser never changed the title. Well years later my neighbor was involved in quite a hassel untangling the title since the purchaser also never paid any of his bills etc;

No real harm to my neighbor ultimately but quite a hassle and time consuming getting it worked out.

Filing of the release of interest form would have prevented anything from coming back to him or any attempt to connect him further to the vehicle is easily dispelled.
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