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Post Info TOPIC: Sales and fund transfer


RV-Dreams Family Member

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Sales and fund transfer


This is really selling rather than buying...but it seems like an appropriate choice of forum for this question. 

We have a potential buyer for our rig but he is in Idaho and we are in Florida. His opening idea was to pay for an inspection, pay for the rig via escrow, hire somebody to deliver, and release funds after delivery to Idaho...but that seems like it puts all the risk on us. My thought is that he can arrange for an inspection and then we close the deal and he takes delivery here and pays before we sign over the title and he departs. 

So...first question is there a better idea to protect both buyer and seller than this?

 

Second question...is using escrow.com a good idea or should we ask for a wire transfer or cashiers check instead.  It seems to me that escrow.com is probably ok as long as the delivery and completion of escrow terms are acceptable to both sides. I think that signing over title and turning the rig over to Joe’s Backyard RV Delivery Service withdraw us payment and letting him drive away has too much risk for a scam purchase. 

Thoughts? Suggestions? Other ideas?



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RV-Dreams Family Member

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Seems to me if he is paying for an inspection and then makes the decision to purchase the rig, then prior to it leaving I would want a cashiers check in hand or an ACH. The purchaser is paying the inspector to basically certify the rig is worth the money spent so the onus goes on the inspector in my opinion. Once it gets to his location it too late for him to back out. (Besides who pays for the return trip - not you I would think. Mute point anyway as I would never do it)

Sorry but I’m not a very trusting sole anymore (as if I ever was to begin with)

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RV-Dreams Family Member

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Don’t let the rig go before you have funds in your hand.  You have no control once you hand over the keys and he drives away.

 

Frank



-- Edited by Barb and Frank on Thursday 9th of July 2020 10:53:37 AM

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Barb and Frank

2016 Landmark Key West

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RV-Dreams Family Member

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Show Me the Money

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Bill and Laurie

2002 Airstream Land Yacht 39ft DP

2019 VW Jetta, toad

FT since 9-17-17



RV-Dreams Family Member

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Neil, there is an RV dealer on every corner by you. Perhaps consignment is an option

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Bill and Laurie

2002 Airstream Land Yacht 39ft DP

2019 VW Jetta, toad

FT since 9-17-17



RV-Dreams Family Member

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First thing, a cashier's check is NOT guaranteed funds. I have personally had to tell people that the cashier's check they had was no good and they were out several thousand dollars. Pay the few bucks for a wire transfer. Once a wire hits your bank account it is nearly impossible for the sender to get the funds back.

As far as the deal goes I understand folks not wanting to get on planes right now but there are services that deliver RVs and the return trip is their issue. It looks like he's already check into that sort of an operation. What's possible, maybe even likely, to happen is that he gets the rig to Idaho and magically it's not what it was represented to be and he won't release the funds. Now you have two choices, pay to have it returned to you or give him a price break. Last I knew filing suit in Federal court was a $30,000 proposition and I'm pretty sure it hasn't gotten cheaper over the last 20 or so years. I would be OK with releasing funds when the rig is delivered to the driver he chooses and hires but not when it gets to Idaho. What happens if the rig is "stolen" or some other kind of mishap. So long as you have the rig you are in the driver's seat so to speak (I know really bad pun).

There are scams aplenty on ebay for selling cars where the seller gets a cashier's check, the vehicle is towed away and the check is no good. Don't do it. If that is the only way he will do it is via cashier's check, get the check, look up the bank's number on the Internet and call them to make sure they issued the check, but a wire is much easier and quicker for less than $20. Good luck. Just my thoughts

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RV-Dreams Family Member

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I agree with arcaguy. If you get a cashiers check, don’t let the rig go until the check is cleared.

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RV-Dreams Family Member

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Bill and I agree that you should have money in your account before the RV leaves your possession. I understand buyer not wanting to fly but that’s his decision and should not require you to take any risk. He is picking the inspector and he can pick the transport if he chooses to go that route and not come for it himself.

His inspector can do a live walk through using one of the many options available (FaceTime, Facebook video, Zoom, WhatsApp, etc) so he can see everything for himself and direct him to things he wants to see in more detail, to minimize the “it isn’t what was represented” potential.

Good luck and let us know how you make out.

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Bill & Kelly - with Callie along the ride.  

2011 Ford F350 Diesel Dually 4x4 

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RV-Dreams Family Member

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So what did you end up doing. Just curious.

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RV-Dreams Family Member

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Money in your right hand before the key leaves your left hand, and the buyer should want the same protection. How does he know you’re honest?

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Winnebago TT 2101DS & 2020 Silverado LTZ Z71. 300 watts WindyNation solar w/MPPT, 2 Trojan T-125s. TALL flag pole. Prefer USFS, COE, BLM, USF&WS, NPS, TVA, state/county camps. 14 year Army vet-11B40 then 11A - old MOS 1542 & 1560.



RV-Dreams Family Member

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Thanks...we might consider that but in the long run everybody I know that sold via consignment ended up getting nickel and dimes to detail or replace co polenta...the. The dealer only pays you wholesale less his expenses which are done by his people and almost assuredly cost less than you are billed. We did some research and would probably donate it to the local Catholic Charities or a veteran group over consignment. 

it turns out that the guy who was “so interested“ was really looking to underpay although whether he was a flipper or just looking for a better deal was never clear. He did agree to do a wire transfer before the rig left our possession...but then lowered his price and claimed he had another 17 New Horizons Majestic 35 foot with Onan genny, solar, fully furnished, residential fridge with 15K miles on it that he could buy for less than our asking price. That story sounded like a crock ...but he went away. 

Ours is still for sale and is only costing us 150 a month for storage and power...so we can afford to wait for a serious interest. While we never expected to get the asking price...he thought that 25% less was fair in his judgement. 

in any event...we will only take a wire transfer...even an ACH can be reversed by the sender...we would probably take a cashiers check from a loccal buyer if we went into his bank with him and watched him obtain it...but if we went to the bank I would just pay for the wire transfer myself. 



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RV-Dreams Family Member

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He went away unhappy with some ****amamie story about how we were way overpriced...even though he had agreed to a wire before it left our possession. He wanted 25% off asking price...and wanted to deduct more since he would need new recliners and wanted us to pay for transport. 

I suspect he was a flipper and not the “I need a place to live immediately” person he claimed to be. If he had admitted that and offered wholesale for delivery in FL we would probably have taken it...but he wanted wholesale plus furniture reduction and transport reduction. 

(edited). I can’t believe that the first 4 letters of a common word got asterisked out...I understand trying to keep things clean but that sounds like too much nanny state feature in t(e software. Ah...the joys of unintended consequences. 



-- Edited by Neil and Connie on Thursday 30th of July 2020 10:31:14 AM

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RV-Dreams Family Member

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That doesn’t sound like a guy you’d want to do business with. It’s probably just as well. I’ll bet he’d tell all his friends how he got one over on the seller. Negotiating like that is predatory, not good business at all.

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RV-Dreams Family Member

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Probably would...he wasn’t at all interested in the tow vehicle which made me think flipper at the start...then he was so concerned about not getting what he expected..I offered to have his inspector verify the VIN and for him to tell the transport guy to pick up only the correct VIN...I would think the shipper would be told what VIN to pick up and verify anyway. He was supposedly finally on board with that verification and the wire and title transfer with the rig in FL and he then wanted a lower price than previously offered and a discount for transport. 



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