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Old 01-18-2011, 06:59 AM   #1
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Buying a Motorhome from an individual

So if I am going to be buying a Motorhome from an individual... what steps are necessary?

earnest money
written agreement
meet to exchange money
payoff their lien and get clear title
pay taxes arrrghhhh
insure the beast

What are the steps since it is a lot of money that gets moved around? Those that have done this before clue me in please... what should I look out for and make sure gets done?
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Old 01-18-2011, 07:22 AM   #2
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Quote:
Originally Posted by heyduke View Post
So if I am going to be buying a Motorhome from an individual... what steps are necessary?

earnest money
written agreement
meet to exchange money
payoff their lien and get clear title
pay taxes arrrghhhh
insure the beast

What are the steps since it is a lot of money that gets moved around? Those that have done this before clue me in please... what should I look out for and make sure gets done?
First and foremost check out coach or have a mechanic do it for you. Maybe even a RV tech.
If you are getting a loan to purchase this new to you coach then much of the stuff will be completed by the loan company. get a preapproved loan if you can. You will need a purchase agreement. The loan company will pay off the other guys lien. which will clear the title. Some states as in Florida need proof of insurance before taking the coach on the road even to take it home.
Good Idea is to meet at the loan company for the transaction so things go smoothly.

Just make sure it is a real title. Good luck and happy travels
sniggles
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Old 01-18-2011, 10:46 AM   #3
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our purchase went very easily. went to look at the rv. told the owner ok. he came over the next day and and i forked over the cash. called up my insurance agent and put it on my policy. went to the dmv and got tags, title and registration. went and got the rv with the ex-owner and drove it home. no muss no fuss.
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Old 01-18-2011, 10:59 AM   #4
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Our was easy too, we put earnest money down, and she drove it to the house, gave us instructions, and let us take it for a weekend to test. Found out later it was the BEST used RV we could ever have bought!
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Old 01-18-2011, 06:20 PM   #5
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Foremost unless you are a rv tech get it checked out everything from tires up it could save hundreds or thousands of dollars unless your getting it for free and it doesn't matter.
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Old 01-18-2011, 06:36 PM   #6
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Make sure you have a clear title. Don't take it for granted. If you can find out what the balance is make the prev owner call his lender and ask them while you are listening. Don't be bashful, it is your money. Then ask their lendor the amount and do they want the check made out to the lender and the owner. Then, the sooner the lender cashes your check (or your loan company's check) the sooner he gets his balance and you get a clear title. Without which you cannot register your vehicle.
Also make sure you both know what you get and what they get to keep.
Joe from Ct
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Old 01-18-2011, 06:38 PM   #7
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"What you get and what they get to keep." I'm referring to items in or on the m/h.
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Old 01-18-2011, 07:56 PM   #8
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For less than $500 you can hire a title company to do the closing and they become responsible for making sure all is OK on title, funds etc. I would not take the chance of over looking something.

Good luck.
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Old 01-19-2011, 05:19 AM   #9
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thanks for all the good advice...
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Old 01-19-2011, 08:53 AM   #10
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A few years back, I bought one from an individual that owed more that I was paying. I talked direct with his lender (with his permission) and got exact payoff, and an understanding that the title was going to be mailed directly to me. I was not getting a loan on the unit. I put my check and he put his in the envelope going to his loan company for payoff. We BOTH went to the post office and dropped the envelope in the mail together. Everything worked perfect.
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Old 01-19-2011, 09:22 AM   #11
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I can't add much to this.

Talking on the phone two days ago with a fellow RV enthusiast whose company used to do motorhome maintenance, I can stress that most of the rubber parts on your coach will need attention within ten years. Not just tires; hoses, belts, bushings, seals.

Tires comprise a big portion of the pre-purchase inspection. The DOT date is instrumental, with the first two digits signifying the week of the year, eg 13, and the second two digits the year itself. While Michelin and other tire companies now say that the old five year lifespan can generally be extended to ten if the condition of the rubber is monitored, I believe the concensus among owners is that we never use tires on the front wheels more than five.

I mention this, 'cause you can spend up to $5,000 extra, replacing tires alone.

For insurance, longtime coach owners suggested we visit Poliseek for an insurance quote, and I was pleased at the result.

Generally, you have a 30-day grace period in which to complete the motor vehicle registration paperwork, and register the vehicle.

If you bought the unit at wholesale or salvage value; or if you did a "cash plus other value compensation" exchange, those numbers could be moot: the local office may enter your VIN and determine a "presumptive value" established by the jurisdiction. In our state, we are taxed 6.25% on 80% of the presumptive value.

As the spouse of a woman who owns two title companies, I applaud the sentiment of using them for closing; however, it is probably overkill in the case of most RV purchases. However, you have to be the judge of how much money is appropriate to achieve peace of mind.

As for us, we are now approaching the first month anniversary of our new purchase, and couldn't be happier with the decision.
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Old 01-19-2011, 12:24 PM   #12
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Work with the lender!

Since you are buying from a private party you do not have a "store front" to work with, rather a strainger in the dark so to speak.

Make sure everything is in writing before anything else happens, just like purchasing a home, who is responsibloe for what and when, extended warranties, tires and other MBS.

Pay attention to their reason for the sale, if they are in a bad spot then the care may have been lacking.

Once you work all of these details out, then consider the price and have your number in your head already.

Once price is agreed to have the seller start the procedure to "transfer" the ownership to you.

If the loan is to be paid off via your cash, then you want any monies paid by you to be direct reference to the specific loan to the holder with a contract clearing said loan and title directly to you, this removes the chance for the seller to renig on signing over title after loan paid.

If the seller has any equity then that is a seperate check to him.

This may be the wrong way, but it makes sense to me to bind every cent of every transaction by contract to insure everything is done correctly.

The lien holder has done this many times and likely has a set procedure already in place, you can also contact them directly to seee what the process is and if it is in your comfort zone.
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Old 01-19-2011, 02:28 PM   #13
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If it is in a state that has a personal property tax make sure the taxes have been paid. In SC whoever owns it Jan. 1 owes the taxes. Work out a deal with him, if you will own it for 4 Months then pay 4/12s of the taxes.
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