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I am planning on selling my RV and considering doing owner…

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I am planning on selling...
I am planning on selling my RV and considering doing owner financing. I still owe money on it myself to the bank. what do I need to do? the RV is in Washington State. thanks for any help!!!!
Submitted: 9 months ago.Category: Real Estate Law
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Answered in 10 minutes by:
12/2/2017
Real Estate Lawyer: Gerald-Esquire, Lawyer replied 9 months ago
Gerald-Esquire
Category: Real Estate Law
Satisfied Customers: 5,519
Experience: Over 30 years of experience
Verified

Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Real Estate Lawyer: Gerald-Esquire, Lawyer replied 9 months ago

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

I know that you want to rid yourself of the RV that you no longer have use for. Below I will link you to some documents that will help you do this. BUT please do not do owner financing. It is a recipe for a big finacial loss for you.

Please keep in mind that if a large financial institution does not think lending to the potential buyer is a good idea then why should you think so? Surely the financial institution can afford the loss better than you can.

OKAY enough preaching. Here is what you want:

1) A down payment sufficient to pay off the title on the RV.

2) A Bill of Sale Agreement with the buyer specifying the amount paid and the payments due.

3) A lien on the title in your favor so that you can repossess the RV if they do not make payments.

You may wish to work through a local title company (vehicle title service) to make this easier on yourself.

Here are the forms that you need:

Bill of sale

http://www.dol.wa.gov/forms/420065.pdf

Report of sale

http://www.dol.wa.gov/forms/420062.pdf

You can also use this form to record that this is a payment sale agreement:

https://www.lectlaw.com/forms/f123.htm

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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