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Old 12-04-2015, 12:43 PM   #1
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Need info on selling

My husband died and left me an unpaid for RV. (He planned to live longer) I owe lots more then it is worth but need to sell. I have enough to pay it off before trying to sell but don't want to. Can I get a sale with money not changing hands and then go to the bank and pay it off. I need to sell on my own because I need to get as much as possible. Can anyone give me guidance.
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Old 12-04-2015, 01:55 PM   #2
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In a private sale you are more than likely going to be taxed as income on the unit. When it is transferred to the new owner they will need to claim for taxes as well. So I am not sure how you would sell without exchanging money privately. I have heard of dealerships transferring a vehicle to a private party as a courtesy when the seller bought a new vehicle then put the money right into the auto loan to avoid taxes.

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Old 12-04-2015, 02:10 PM   #3
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Its a matter of finding the right buyer and some trust needs to be involved.

I think what you're trying to accomplish is knowing you have it sold before you use your own funds to pay it off?

I just sold a 2013 hybrid to a gentleman from another state. I have a 2016 on order and did not feel like taking the trade in soaking. I had listed it on Ebay twice and it never went up to my reserve. I noticed one person who bid both times, so I sent him an email and we came to an agreement. I still owed X on the camper and we negotiated Y for a price. He sent me $1000 cash through paypal. Had his bank send my bank where financed a cashiers check for the payoff amount. When I delivered the trailer he handed me another cashiers check and cash for the balance. He trusts me to get him the title as soon as I receive it.
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Old 12-04-2015, 02:11 PM   #4
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In a private sale you are more than likely going to be taxed as income on the unit. When it is transferred to the new owner they will need to claim for taxes as well. So I am not sure how you would sell without exchanging money privately.
I don't think this has anything to do with the OP's question. She is selling at a loss, so there is no income - not that would come in to play here anyway. Selling property isn't income unless maybe there is a capital gain involved.

I think the question is can she get payment from a buyer and pay it directly to the bank to release the lien and get the buyer a clean title (assuming she pays any difference between the sale price and the payoff).

To the OP: Sorry to hear about your situation. If the buyer is financing the purchase I would think this could be worked out. Probably could be worked out in a cash deal too, but I have no knowledge of how that would work. Somebody here will chime in with more specific knowledge.
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Old 12-04-2015, 02:11 PM   #5
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Ok, I did not see that in the question. Good response.

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Old 12-04-2015, 02:27 PM   #6
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I don't think this has anything to do with the OP's question. She is selling at a loss, so there is no income - not that would come in to play here anyway. Selling property isn't income unless maybe there is a capital gain involved.

I think the question is can she get payment from a buyer and pay it directly to the bank to release the lien and get the buyer a clean title (assuming she pays any difference between the sale price and the payoff).

To the OP: Sorry to hear about your situation. If the buyer is financing the purchase I would think this could be worked out. Probably could be worked out in a cash deal too, but I have no knowledge of how that would work. Somebody here will chime in with more specific knowledge.
Its fairly easy but can vary a little from state to state.

A properly prepared and signed / notarized bill of sale is every bit as good as a clear title for selling purposes. A lot of times you can not get the title that quick, its not as easy as paying it off at a bank and them handing it across the desk. Some states now do ELT (Electronic Lien and Title), Florida is one. A title probably does not exist yet. A new RV comes with a "certificate of origin" which is not a title.

Our Hybrid was financed at a bank in MD but registered in PA. When it was registered there was no written title issued, just an electronic lien recorded based on the certificate of origin. When the buyers bank sent our MD bank the amount to pay the trailer off, they released the lien electronically in PA. PA now prints and issues the title, and I should be getting it in the mail any day. It takes a week or so.
In the meantime I have the money, the buyer has the trailer (he obtained a temporary tag from his state based on our bill of sale) and I think we both have insurance on it lol. We both have a signed and notarized bill of sale so in the eyes of the law it's his trailer. When I receive the title the wife and I sign it, have it notarized and overnight it down to him and its all over with. It can be done and its not as big of a PITA as it sounds. Like I said before you need to have some trust between the parties.
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Old 12-04-2015, 05:18 PM   #7
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This is not complicated talk to the Lien holder they will tell you how to sell it no matter what the price the Lien holder will get there money or you can talker to your banker or the loan personnel at the bank you deal with also the buyer can arrange thru his bank don't make any difference you may be able to take a loss on your taxes also if in fact you do take a loss
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Old 12-04-2015, 10:10 PM   #8
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Ma'am,
I'm terribly sorry for your loss. I wish you and your family the best of luck in this difficult time. God bless you.

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Old 12-05-2015, 02:51 PM   #9
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Check with your state DMV on sales tax. If yours, like AZ, doesn't tax vehicle sales between private parties, you can use this to your advantage in whatever ad you use. That saves the buyer about 5% or so.
Good luck, and may your husband's soul rest in peace.
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Old 12-05-2015, 03:31 PM   #10
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What do you have and what are you looking to get? Sorry to hear about DH.
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Old 12-05-2015, 06:27 PM   #11
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Selling

Sorry for your loss. This is something we must all face at some point. You have come to the right place, we will support you all we can.

You may be able to fill in some blanks.

Was the camper purchased jointly?
If so, is the title written husband and wife or was it husband or wife as owners? Hopefully it is OR which means either of you could sell without the other's signature. If it is AND, you can do it if you have a revocable trust, or the court would have to give authorization because both of you would have had to sign the title to sell.

It appears that it was financed locally. If this is so, it is feasible to sell the RV and do the paperwork through a personal banker. Both buyer and seller would meet at the bank. That way, you would not have to pay it off prior to selling. You would only pay the difference when you close the deal with the buyer. It is by far the safest way.

In any event, be very cautious in accepting anything but cash from a buyer. Even then, make sure the bills are good. A bank to bank transfer is the best.

When you get to the point of selling, I would suggest:
1. Craigslist.org is a very user friendly ad site. Set up a free account with a password and ads are free. You have a better chance of getting a local buyer. You can look at other well written ads and get some ideas. This has been an exception tool for us.
2.Make sure the unit is clean, take good pictures, and write a good description. If it is in excellent condition, you can easily price it above book values. Don't use the term OBO (or best offer) because it is a dead give away that you may take much less.
3. Do not give your address in the ad or to a caller until they are ready to come.
4. If you decide to communicate via email, use craiglist to filter your messages. Post your ad with "We may only respond to an email specific to this ad" That gets rid of a lot of spammers/scammers. Use your gut feelings. If it doesn't look right, don't respond.
5. Never give your address in an email. Require that the person contact you via phone, so that you have a phone number.
6. Large ticket items often take time to sell, so be patient. A trick we have learned is to keep the ad up front. Unless you are working with a really good customer, delete the craigslist ad every Friday. Once it is deleted, craigslist asks you if you want to re-post. Yes, re-post and follow the prompts through the narrative, pictures and then enter the re-post. You don't have to re-enter anything. This comes on as a completely new ad. Viewers will not know how long it has been up for sale. If you use the "Renew" it shows a history.
7. Have someone with you when you show the unit.
8.Don't give the impression that you MUST sell and don't discuss your loan until you have someone fully committed and ready to put money down. Remember, you are looking for the financial advantage.
9. Never take a low-ball offer-rule #1. We have passed on offers many times where the "prospective buyer" has said the item was not worth the asking price.The next customer through the door pays the full price/ or close.

Our son suggested craiglsist to us several years ago. We had posted a camper for sale on the Internet and did not get a call. We post the ad on craigslist and priced it high. A couple looked at it and we got nearly what we paid for it. And, we were all happy. Last year, we checked the "book" prices on our boat.The Internet ads were showing much higher prices. Again, we priced it high and came close to what we were asking. On the boat sale, one couple low-balled us. Another person looked at the boat and was giving us a down payment when the couple called back. Asking if we had considered their offer, we told them that we had a buyer. They then offered to pay more if we would sell to them. Too late...

This is a lot to digest, so if you have any questions, feel free to ask.
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Old 12-05-2015, 06:42 PM   #12
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Thanks to every one who replied. Each person helped me in some way. I am terribly nervous about this but with your help it will not be so bad.
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Old 12-05-2015, 06:47 PM   #13
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I recently bought a financed camper. The people needed to get out of the payments. We megotiated a price which was well below what they owed. I met them at their bank with a cashiers check for the agreed upon price. They paid off the remaining balance. The bank sent me the title a few days later. This kind of sounds like what you are trying to do.
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Old 12-07-2015, 07:51 AM   #14
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First of all Sorry for your loss.
Another option is to consign the unit
I know of at least three small dealers that will sell the unit for a predetermined commission.
Yes,you will have to pay them but they may get a better negotiated deal that essentially will cover their cost to you
Factor in that they do all the "heavy lifting",advertise on internet,field the calls,show the vehicle,and make the financing possible.
You gotta be realistic on the market value or it will sit,but this can be a stress free way to sell and not get burned too badly
Good luck to you
Always remember if you bought it,someone else will too.
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Old 12-07-2015, 09:48 AM   #15
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Jadebox,

We are so sorry to hear of your loss. We know this is a time of stress and grief for you. You and your family have our sincere condolences.

First off, please tell us what RV you are trying to sell - who knows, someone here in the forums may be in the market for exactly the same unit!

You can also list your unit on RVtrader.com for a fee.
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Old 12-07-2015, 10:02 AM   #16
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My motorhome is a 2010 Georgetown 300 .around 23500 miles. . In very good condition.
$50000
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Old 12-07-2015, 10:48 AM   #17
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Originally Posted by jadebox View Post
My motorhome is a 2010 Georgetown 300 .around 23500 miles. . In very good condition.
$50000

Jadebox,

You are not too far off the mark - in fact you are lower than some listing on RVTrader! It will all depend what you have in "extras," options, and additions after you bought the MoHo.

Take a look at this:
New and Used Forest River Georgetown 300fws RVs for Sale - RVTrader.com
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Old 12-07-2015, 11:14 AM   #18
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What does 300fws mean Mine is 300. Looks like it has all that the others have. Awning looks like it is thin in some places
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Old 12-07-2015, 01:04 PM   #19
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I *think* the FWS designated a "Full Wall Slide" But I am not that familiar with Georgetowns
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Old 12-08-2015, 10:46 PM   #20
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Talk to your lender and let them tell you how to do it.


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