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The financial end of selling a LD
What's the best way to handle the financial end (money) of the transaction when selling or buying a LD when the seller and buyer are several thousand miles apart?  Wanting to give peace of mind to the buyer and the seller.

David B 05RK
david 05rk
Re: The financial end of selling a LD
Reply #1 –
Quote from: David B  - 
What's the best way to handle the financial end (money) of the transaction when selling or buying a LD when the seller and buyer are several thousand miles apart? 

Actually there a good number of different ways to handle this kind of transaction and even some companies whose business is managing an escrow account pending a purchase.  Our transaction was rather simple and straightforward.  We suggested to the Seller that we would be at a designated place and time of their choosing to examine the LD (600 miles from my home).  If for whatever reason, we failed to show up, then the Seller should consider all other offers.  We also suggested that if we decided to buy their LD, we'd go to a Wells Fargo Bank (our bank) and we would purchase a cashier check for the full amount made out to them AND they could stand next to us to monitor this bank transaction.  They agreed and the plan went without a hitch.  After they had the check, we executed the title transfer which they showed to me before drawing the cashier's check.

We drove the new to us LD to a RV camp ground near their home so that they could assist us with our RV Education 101.  We met for lunch a day later and had a great time.  So this was our simple and straightforward method of buying our LD.  Hope this helps.

Re: The financial end of selling a LD
Reply #2 –
We sold an SOB camper a couple years ago.  We talked to our banker who suggested a wire transfer.  He said to have the buyer's banker call our banker to arrange the transfer.  We did the transfer at our bank.

We took a check for the deposit a couple weeks before we closed.

Worked out fine!
Steve and Annette
2019 TK 24
Re: The financial end of selling a LD
Reply #3 –
If the parties are physically far apart on day of the sale, it seems an escrow service of some type might be the only way to do it. In my case, last month, I flew cross country to see the RV and after deciding to go forward with the purchase, called my bank to wire the funds. It took an hour or so for that to happen. Another alternative might be to bring a certified or bank check, and have the seller's bank confirm (while the parties wait) with the issuing bank that it is legitimate.
2006 RB
Re: The financial end of selling a LD
Reply #4 –
To avoid any issues and wait time. I took cash and met the seller at the bank that held the loan. Payed off the rig, seller released interest, and had title mailed by the bank in a week.
Lynn and Lori
Re: The financial end of selling a LD
Reply #5 –
We've bought two coaches, and sold one.

On the buying side, in the first case we sent a (bank or cashier's,  I forget which) check to the seller, who deposited it. In the second case we sent the money by wire transfer.

On the selling side, the buyer was only 120 miles away, so we delivered the coach and picked up the check.

More interesting was the arrangement for trucking the LD (first coach) from Arizona to our state. We made a deposit with the transport broker. They contracted with an independent truck/trailer driver. We had a bank/cashier's check for the balance due the trucker drawn up, and gave it to him after he arrived and unloaded the coach. But, he wanted to cash the check. So, I went with him back to the bank (it was around 3:00 p.m., so the bank was still open), and "converted" the check to cash. He left happy, and I had a chance to practice my Turkish.

Mark
Former owner, 31-foot gas Class A
Former owner, 1997-8 mid-bath
Re: The financial end of selling a LD
Reply #6 –
Hi David,
That could be a tough one depending on what you are comfortable with.
First off, I believe that anyone owning or purchasing an LD is an educated individual....and we are awfully good looking as well  ;). Talking with someone may easily help you know what you are comfortable with.
Anyhow, I just returned from Connecticut last week (1200 miles from our home) to purchase our 2002 MB. I talked with the owner on numerous occasions over the course of a few weeks both by phone as well as email (mostly pictures) and I believe he understood that I was a serious and knowledgeable buyer and I felt he was being very honest as a seller. We then agreed to a price over the phone. I am very old school but I did ask what he was most comfortable with for payment and he said a cashiers check was fine. I went to our bank and got a cashiers check and we made payment that way once we met. I would have been happy for any bank verification but it was not asked.
We then talked on my way home on how thinks were going. There was some type of "shimmy" in the front end that I said I was concerned with and he told me he would take care of it. Now that I am home my mechanic has looked it over and determined that the ball joints need replaced. The previous owner is taking care of it.
I know this is most likely not typical, but this transaction is an example of honesty. Both the buyer and seller are very happy.
Good luck, Paul
1992 Lazy Daze 26.5 Rear Bath - Red and Cream
Re: The financial end of selling a LD
Reply #7 –
We are in the era of social distrust, unfortunately.  Selling/buying an LD typically involves tens of thousands of $'s so it's worth going with a method that you personally are comfortable with.

Escrow is probably the safest if you're not present for the payment/title exchange.  I recently sold ours and wanted to be there when the cashiers check was drawn (also was helpful to ensure the payee names were correct).  We had the title notarized in the same bank and everything went smoothly.  I sold a VW Vanagon several years back, where the buyer purchased it without seeing it in person, mailed a cashiers check for the full amount and once deposited/available, I mailed the title and allowed the transport company to pick it up.

As a buyer, I've wired money and handed over cashiers checks, depending on the seller's request.

Matt
 
Re: The financial end of selling a LD
Reply #8 –
Wow, a lot of great advice.  Typical LD Forum feedback.  Especially the comment about "anyone owning or purchasing an LD is an educated individual....and we are awfully good looking as well ".  lol 

Thanks again, you folks are the BEST!

David 05RK
david 05rk