Thanks for the well thought out info. As the buyer was local and apparently in cash, that probably simplified a few things. Do you have any tips if it had been a remote sale, for example a buyer from out of state?
Yes, absolutely. If you get to a point where a buyer wants to fly in and that you hold the vehicle for him I would ask for the following. 1) Quick travel - not a week because you do not want to miss out on other buyers. You want them at your doorstep as soon as possible. 2) Ask for a (example) $1,000 refundable deposit. If/when they show up and they decide against it, give them the money back. If they do not show up, you keep it. This needs to be clearly spelled out in the deposit agreement. This is only fair and gives them a wait out the same way a local buyer would be able to. 3) Set up a deposit agreement that allows you to further advertise the vehicle and find a buyer, but they have first right to buy it should you receive an offer. Again, time is of the essence - so, put tight dates in there. Also have a contract ready for a potential non-refundable down-payment. 4) Keep the out of town buyer in the loop to raise the stakes for them and that they may lose out if they require more time. And if you do not have any other buyer and the out of town buyer can only come out 10 days from today, so be it but again I would work with a refundable deposit. If they are serious to buy a vehicle that expensive this should be no problem. Once you have a contract and a non-refundable down payment just tie it all up with strict dates. I reserved the right in my transaction that if the buyer would fail to make the final payment by the date agreed on that I could start advertising the vehicle again. I think key in general is good and open communication - ideally in writing via email or text message so that you can protect yourself. Thoughts?
@@dtadventure4x4 - That is very helpful. I am actually likely to be on the buying side soon, but everything you mentioned sounds practical. Is there anything you would add if you were buying remote?
From a buyer's perspective I believe the most critical items are payment and transfer of the title, license plates, etc. - make sure to see the title before you buy and check the VIN to make sure it is the correct title. If the seller wants to keep their license plates, you have to make arrangements. I have vanity license plates and I replaced them before selling the truck and then later on transferred them to my new rig. So, the buyer in my case was able to drive off with valid plates.
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Thanks for the well thought out info.
As the buyer was local and apparently in cash, that probably simplified a few things. Do you have any tips if it had been a remote sale, for example a buyer from out of state?
Yes, absolutely. If you get to a point where a buyer wants to fly in and that you hold the vehicle for him I would ask for the following. 1) Quick travel - not a week because you do not want to miss out on other buyers. You want them at your doorstep as soon as possible. 2) Ask for a (example) $1,000 refundable deposit. If/when they show up and they decide against it, give them the money back. If they do not show up, you keep it. This needs to be clearly spelled out in the deposit agreement. This is only fair and gives them a wait out the same way a local buyer would be able to. 3) Set up a deposit agreement that allows you to further advertise the vehicle and find a buyer, but they have first right to buy it should you receive an offer. Again, time is of the essence - so, put tight dates in there. Also have a contract ready for a potential non-refundable down-payment. 4) Keep the out of town buyer in the loop to raise the stakes for them and that they may lose out if they require more time.
And if you do not have any other buyer and the out of town buyer can only come out 10 days from today, so be it but again I would work with a refundable deposit. If they are serious to buy a vehicle that expensive this should be no problem.
Once you have a contract and a non-refundable down payment just tie it all up with strict dates. I reserved the right in my transaction that if the buyer would fail to make the final payment by the date agreed on that I could start advertising the vehicle again. I think key in general is good and open communication - ideally in writing via email or text message so that you can protect yourself.
Thoughts?
@@dtadventure4x4 - That is very helpful. I am actually likely to be on the buying side soon, but everything you mentioned sounds practical.
Is there anything you would add if you were buying remote?
From a buyer's perspective I believe the most critical items are payment and transfer of the title, license plates, etc. - make sure to see the title before you buy and check the VIN to make sure it is the correct title. If the seller wants to keep their license plates, you have to make arrangements. I have vanity license plates and I replaced them before selling the truck and then later on transferred them to my new rig. So, the buyer in my case was able to drive off with valid plates.
@@dtadventure4x4 - That's helpful. Thank you.