Posted by Christopher S. on October 10, 2018 at 04:07:31 from (24.154.25.70):
Good Morning Gentlemen, I was looking for some advice on how this particular situation should/would play out.
I'm looking at a used 2017 RV several states away. When I talked to the seller he says it is still under loan with Bank of America (Bank of America has the title). He currently owes more for the unit than the unit is currently worth. I believe he obtained his financing through the RV dealership where he purchased the RV from. As it turns out, the nearest Bank of America is about 2 hrs one away from the guys house. I thought that the title should be sent to the closest branch, we both show up with checks to pay off the loan, and I walk out with a title, or the bank sends me the title.
The seller seems to be more of the opinion he doesn't want to make the 2hr journey one way to the nearest branch. He would like to mail the checks to the bank, and then send me the title when he gets it. I thought both the buyer and seller had to sign the title and have it notarized. This would require a second trip to see the seller. I'm also a little concerned about dragging the trailer home and the title getting tied up somewhere some how. What if he stops payment on his check?
Another option would be for the seller to payoff the loan, get the title in his name, then we could do the deal. It doesn't sound like he has this kind of cash.
What is your guys opinion? How should this play out?
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