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Old 10-10-2016, 12:09 AM   #1
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Vetting the buyer

Although I've found a lot of information regarding selling your rig, I haven't found the answer to this one question. If private selling your rig, how do you determine if the potential buyer is serious/able to follow through? Do you request to see a loan preapproval letter like when selling a house? Or proof of funds? Or is it a cross your fingers that they get loan approval kind of situation? Also any scams, etc we should watch out for? Sorry, more than one question there.

As background, we will be putting up our 2014 Itasca for sale in about a month. Bought it brand new with all the bells, whistles, warranties and tow package to go with. We will be taking a huge hit but it needs to go. Thanks to this forum I have decided to use an escrow agency and will try private selling before consignment.
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Old 10-10-2016, 12:51 AM   #2
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My rule when selling our previous RV's was "For Sale 'til Sold".

Unless taking a deposit, what does their ability to close the deal mean to me?...nothing.

We sold with clear titles and with a lein...no matter to us.
We used the State DMV's bill of sale form in all sales.

The sale with our lein was no problem, because we were upside down on the RV and had to add money to their payment to get the title...bill of sale, funds transfers, and possession change...all in 1 day. Bill of Sale accompanies the registration until the title clears the bank and is delivered (to the new owner, or their bank if there is a new loan).

Beware of scams like fraudulent checks (call the bank where the account is held, before releasing the possession).
Also, I would NEVER accept a request to finance the sale (accept payments) But don't be surprised if someone asks.

Best luck
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Old 10-10-2016, 05:45 AM   #3
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First person to show up with cash gets the title.

A non-nonrefundable deposit will hold it for a certain time period. During the hold, other buyers may look and offer a refundable deposit to hold their spot in line..

As mentioned by Steve - VERIFY any checks (and cash) with bank before releasing the title.

ALSO - If you're the buyer - verify the title, VIN numbers, etc with DMV before releasing cash or check.
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Old 10-10-2016, 10:08 AM   #4
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One suggestion about selling! Tell them up front that you can ONLY accept a direct transfer of funds between their bank and yours! Even cash can be phony!

I don't know of any way, other than a good-faith deposit, that you can be sure of how serious a potential buyer is!
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Old 10-11-2016, 03:11 AM   #5
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Showing up with cash always shows promise, and I don't have enough to buy without financing. So the bank will pre- approve a certain amount? What if the buyer ONLY wants cash? I called SE Financial, but they seem to like their hold button.
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Old 10-11-2016, 01:27 PM   #6
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Quote:
Originally Posted by MSHappyCampers View Post
One suggestion about selling! Tell them up front that you can ONLY accept a direct transfer of funds between their bank and yours! Even cash can be phony!

I don't know of any way, other than a good-faith deposit, that you can be sure of how serious a potential buyer is!
EXCELLENT suggestion!
Save
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Old 10-13-2016, 12:23 PM   #7
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I had an issue selling a car.

got a deposit $500.00 .. signed receipt. with must pay in full in 30 days.. meaningless in Ohio

took 14 months to get all of my money.. received money every 3 months. and He would never return my calls. refused registered letters.

and I had to maintain car and insurance till all money received and car picked up.

and 2 different lawyers said I could do nothing.. because of payments I could not Refuse.
.
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Old 10-15-2016, 10:54 AM   #8
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Quote:
Originally Posted by Scarab0088 View Post

Beware of scams like fraudulent checks (call the bank where the account is held, before releasing the possession).

Maybe do the transfer at the bank? I have done that for a few cars and the rv I own. When selling cars i would meet buyer at his bank and have them go to the counter and get a cashiers check while i am present. I had one who wanted to give me cash.......No problem, Met at my bank, handed me the cash, i went to the counter to deposit the cash, once the bank put the money in my account i handed him a signed title and had him sign a bill of sale. I would not do personal checks ever.

When purchasing the rv we did the same. I went to the counter and got the cashiers check in front of my sellers and turned around and handed it to them and they handed me the keys and paperwork i needed for the dmv.

My bank was also kind enough to be a notary for the transaction and witnessed the bill of sale. All parties felt comfortable everything was legit.

I have done something like this prolly 4 times and not had a bank have a problem with assisting in the transaction.
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Old 10-15-2016, 11:17 AM   #9
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Come on. You still had the car in your possession?

Quote:
Originally Posted by Chuck_Hammer View Post
I had an issue selling a car.

got a deposit $500.00 .. signed receipt. with must pay in full in 30 days.. meaningless in Ohio

took 14 months to get all of my money.. received money every 3 months. and He would never return my calls. refused registered letters.

and I had to maintain car and insurance till all money received and car picked up.

and 2 different lawyers said I could do nothing.. because of payments I could not Refuse.
.
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