Community Forums

mrpardee · 11-01-2016, 09:47 PM

I am selling my RV to a private party who is applying for a loan. He states the bank wants a copy of my title. Is that normal? I'm a little concerned about that. Any suggestions?
Thanks
Randy

tedgard01 · 11-01-2016, 09:48 PM

Take it to the bank in person yourself versus giving it to the person to take to the bank.

mrpardee · 11-01-2016, 09:53 PM

I'm not sure where the bank is yet, but I believe they want it emailed

**JohnRR** · 11-01-2016, 09:56 PM

For the mount of money involved I can understand them wanting to see a clean title. A copy not the original.

dons2346 · 11-01-2016, 10:02 PM

Give them a copy, nothing wrong with that. Just get the name of the bank and the person it should be sent to and send it directly to the bank

Gordon Dewald · 11-01-2016, 10:03 PM

I would take a picture of the title and email the picture to the bank.

Earl E · 11-01-2016, 10:05 PM

I don't see any problem in sending a copy. If you have any doubts, you can make a copy and write "copy" across it. I'm sure the bank wants to know that it is a clean and free title before they go through all the work of issuing the loan.

mrpardee · 11-01-2016, 10:07 PM

Thanks! It is a lot of money so I just want to be careful!!

Rambeau · 11-01-2016, 11:10 PM

With the amount of money involved why not use an escrow company...everybody gets what they want.

Old-Biscuit · 11-01-2016, 11:14 PM

Quote:

Originally Posted by Earl E

I don't see any problem in sending a copy. If you have any doubts, you can make a copy and write "copy" across it. I'm sure the bank wants to know that it is a clean and free title before they go through all the work of issuing the loan.

X2 on COPY of a copy

Isaac-1 · 11-02-2016, 04:34 AM

I am in an airport now on the way to pick up my new to me motorhome. My bank wanted a scan of the sellers title as well as drivers lic.

**Spdracr39** · 11-02-2016, 06:55 AM

Not a problem. It lets them find out if it has any liens or judgements against it. Not all states are title holding if there is a lien. It will also potentially let them find out if a salvage title was ever issued.

TonyMac · 11-02-2016, 07:21 AM

The bank will want a clean title before the deal is done. You stated they want a COPY of the title -- sure, send them a copy. It's worth about as much as a copy of a $100 bill -- nothing. It is very normal for the buyer's bank to want the original title, not a copy, showing no lien holder, as the buyer's bank wants to put a lien on this property and wants their lien to be in first position. Is your mh payed off? If not, do the deal at your lien holder's location, your bank I suppose, and when the buyer gives you money, you give it to your lien holder, they release the lien by signing the title, they give the title to you, you sign the title releasing interest to the buyer, the bank gives you the proceeds, and the deal is done. The buyer then applies for a new title with his lien holder on it.

vsheetz · 11-02-2016, 07:22 AM

Quote:

Originally Posted by Earl E

I don't see any problem in sending a copy. If you have any doubts, you can make a copy and write "copy" across it. I'm sure the bank wants to know that it is a clean and free title before they go through all the work of issuing the loan.

This is what I would do.