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10-10-2016, 12:09 AM
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#1
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Junior Member
Join Date: Jul 2014
Posts: 14
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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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10-10-2016, 12:51 AM
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#2
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Moderator Emeritus
Damon Owners Club Workhorse Chassis Owner
Join Date: Mar 2012
Location: Lone Star State
Posts: 19,203
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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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10-10-2016, 05:45 AM
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#3
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Registered User
Ford Super Duty Owner
Join Date: Nov 2014
Location: NW Ohio
Posts: 7,114
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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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10-10-2016, 10:08 AM
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#4
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Senior Member/RVM #90
Monaco Owners Club
Join Date: Nov 2002
Location: Columbus, MS
Posts: 54,785
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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!
__________________
Joe & Annette
Sometimes I sits and thinks, sometimes I just sits.....
2002 Monaco Windsor 40PBT, 2013 Honda CRV AWD
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10-11-2016, 03:11 AM
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#5
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Senior Member
Fleetwood Owners Club
Join Date: Aug 2012
Location: Greenville OH
Posts: 153
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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.
__________________
1993 Pace Arrow Diesel Allison 6 spd
Cummins 8.3C Oshkosh M chassis
2015 Jeep Wrangler Sport JK 2017 EZ-Go Golf Cart
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10-11-2016, 01:27 PM
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#6
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Senior Member
Winnebago Owners Club Mid Atlantic Campers
Join Date: Oct 2013
Location: Home Base: Northern Virginia
Posts: 306
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Quote:
Originally Posted by MSHappyCampers
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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EXCELLENT suggestion!
Save
__________________
2004 Itasca Spirit -- The Darlin' Dot II
A big fan of Jimmy Buffett, The Boston Red Sox & The Open Road
"It's 106 miles to Chicago, we've got a full tank of gas, half a pack of cigarettes, it's dark ... and we're wearing sunglasses."
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10-13-2016, 12:23 PM
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#7
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Senior Member
Join Date: Jul 2015
Location: Upper Right Ohio.. or?
Posts: 447
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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.
.
__________________
2012 Ford F 250,"XL" 6.2L Gas, 2 wheel drive. 156,000 miles
2005 Coachmen 29FKCS, Front Kitchen... 2005 Honda VTX1800F, 78,000 miles
N.E. Ohio in the Spring, Summer, Autumn.
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10-15-2016, 10:54 AM
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#8
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Senior Member
Join Date: Jan 2015
Location: where ever the rv is parked today.
Posts: 629
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Quote:
Originally Posted by Scarab0088
Beware of scams like fraudulent checks (call the bank where the account is held, before releasing the possession).
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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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10-15-2016, 11:17 AM
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#9
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Senior Member
Join Date: Jan 2016
Location: Marin County, CA
Posts: 265
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Come on. You still had the car in your possession?
Quote:
Originally Posted by Chuck_Hammer
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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