Selling a TrailManor

I am thinking about selling our TM (not sure yet, as was gonna do that last year, but when we went to clean it out, we changed our minds). My question to those that have sold a TM to a private party is how do you handle the exchange of money? Most likely it is someone you do not know, and could be from out of state. So do you take a check? A cashiers check? And how do you know you are not being stiffed if it is a check?
As you can see I do have a case of paranoia, but we are talking about a few $$$$ here...

[TrailManorMan]

i had bank verify the cashiers check, my bank called his and guarnteed the funds

[rvcycleguy]

I'm inclined to deal in cash but that's not always practical. A verifiable cashiers check is the next best thing. If the deal still has a bank loan for title purposes, then do the transaction at the bank. Cavete vendit. There are a lot of scams out there with bogus cashiers checks. Looks authentic but after the buyer departs for days, the bank notifies you the seller, it's bogus. Loss of vehicle and money...

[FujiPedaler]

Two things to do.
1. Have the cashers check made out to you so that if the deal goes south you can get your money back.. endorse it over at the closing.

2.You can give the owner the data on the check and he/she can do the do diligence with your bank before you arrive.

This is the method we used when we bought our 3326 King in Grand Junction and we were on our way from Minneapolis to Park City Utah.

Worked just fine.

Best of luck and welcome aboard.

I have used bank to bank verification of funds. That's how I handled buying my 3326 in TN.

Another option to look at is escrow.com. Used it when buying a motorcycle, it worked well. I don't recall the fees being too bad.

[Bailey'sMom]

Before taking any option I would contact your financial institution first for advice. Maybe a wire transfer would be the best option.

Cashiers checks can be forged, many banks won't guarantee the check is valid over the phone.

Often times if your financial can talk to someone at the buyers financial inst there will be more / higher comfort level.

Gut instinct always factors in.

Personally, I prefer cash, but that is more difficult the larger the amount. How about half cash half cashiers check?

Thanks all... Those are great ideas, and IF we do decide to sell we will use one of the suggested options. Of course, we NOW find out that next years Big TM rally will be on the left coast, so it is possible things might be put off until after that rally...

When I bought mine used, I paid cash. Just seemed way less hassle both for me and for the couple that sold me the TM. Of course, it was only about 7500 bucks. I could see larger transactions being more difficult (although I would be tickled pink to hold 20 grand in my hand, just once.... LOL)

[LoveToCamp]

I just sold ours for $17,500. Took the buyer to my bank, and tried to get my bank to verify his check. They wouldn't/couldn't. So, he called his bank (small-town bank, he banked there for 40 years). They verified the funds, for what it's worth. He could have immediately called and moved them, but I felt comfortable with he and his wife. Signed the title over to them at the bank.

But, it also made me think that, if you are at all concerned with the purchaser, you may want to do the cash exchange at the bank, and title transfer. Public place, and you won't be carrying large piles of cash around. Have heard stories of bad transactions, but I doubt they are very common.

[Bill]

Similar story. Last year my wife and I bought a Jeep Wrangler from a local party for $12K. As soon as we test-drove it, we knew we wanted it, but I had brought only $2K cash to the test drive. We went to his bank, which was nearby. They wrote up the Bill of Sale and notarized it. They accepted my $2K, and wrote a receipt and notarized it. They wrote up another document to specify the terms that we both agreed on to finalize the sale. Specifically, we agreed that the seller would maintain physical possession of the vehicle until we paid the remainder, that the seller would maintain insurance on it until then, that the seller would keep it at a specified location and would not drive it. It also specified that the remaining $10K would be paid by a certain date (about a week out, as I recall). It also specified that if I didn't pay the final amount due, the seller would return my deposit less 10%.

I had a cashier's check in hand within two days, so we met the seller again at his bank. The banks talked to each other and guaranteed the validity of the check, the seller's bank witnessed the transfer, annotated the Bill of Sale to specify "Paid in Full", and witnessed the transfer of title and keys.

By the way, a cashier's check is not the same as a certified check. A cashier's check makes the whole process easier and safer.

Sounds elaborate, but it really wasn't. The bank handles this stuff on a routine basis, so they know exactly what has to be done. They also had a notary right there on staff, who notarized all the documents without charge. It was in the bank's best interest to see the sale go smoothly, since they were accepting the cash into the seller's account. And it would NOT be in their best interest to have either one of us unhappy. So basically, the only things that we and the seller did were to show up, tell the bank what we wanted to do, and sign all the documents. They handled the rest. Surprisingly easy and foolproof, and all parties were protected by proper legal documentation.

The same thing should work for a TM.

Bill