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Old 04-26-2013, 02:05 PM   #21
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Wouldn't it be simpler to have their bank deal directly with your lender? You might be able to persuade the buyers that this would be in their best interest.

Putting on my Devil's Advocate hat for a minute:

Frankly, and nothing personal, if I was buying something that money was owed on I'd insist on paying that amount directly to the lienholder since they're the only ones that can provide me with the actual Title.

Francesca
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Old 04-26-2013, 02:47 PM   #22
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I would not cancel the insurance until you get a lien release from the bank and the title is transferred. Might cost you $5 to keep it in effect for a week but worth it. I'd also draw up a bill of sale and specify sold as is without any recourse to you. Get a certified check or have them send the payment to your lien holder. Then you will receive the title and you
will need to sign over to the new owners. By then you will know if the check is any good, if not you still have the title and can then press charges to retrieve your unit back. Without a title, the new owners can not register the unit, so that is your safety reserve until the money is good.
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Old 04-26-2013, 02:57 PM   #23
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There is no loan on our Scamp.

Our need to verify is just to verify that it's not a fake cashier's check. I guess we could hold the title and overnight it to them, but that'd be a much bigger hassle than just being able to verify the check is real.
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Old 04-26-2013, 03:01 PM   #24
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OOPS!

Sorry, Rachel- got you mixed up with the O.P., who does have a loan...

Francesca
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Old 04-26-2013, 04:00 PM   #25
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Another good reason to start your own thread instead of jumping in with questions.
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Old 04-26-2013, 04:35 PM   #26
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Might be, but then all the information on selling tips would be condensed in one area.
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Old 04-26-2013, 04:59 PM   #27
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Quote:
Originally Posted by RachelW View Post
Might be, but then all the information on selling tips would be condensed in one area.
That is why we have a search function. People start reading a thread from the top and don't realize that the questioner has changed, so the answers start not making sense because subsequent answers are based on the original question.
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Old 04-26-2013, 05:22 PM   #28
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Search functions on forums can be a pain from my experience. It's not like I went OT from the OP, I was just asking for more information on the topic.
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Old 04-26-2013, 05:52 PM   #29
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Rachel,
other than the lien release, my answer also is applicable to your scenario, hold the title until the check clears and then release it. Keep your insurance in effect until the check clears and get a bill of sale specifying all the conditions of sale.
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Old 04-26-2013, 06:29 PM   #30
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Hey, Rachel!

I think you said earlier it's a cashier's check...

Is any branch of your bank open at that time on Sunday? If so, why not just do the business there- your bank could call t'other to verify and deposit the check right in front of your very eyes.

Just a thought!

Francesca
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Old 04-26-2013, 06:49 PM   #31
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No my bank is not open on Sunday, but I can call their bank myself if they arrive in time.
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