Looking to buy MB with Lien - question
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Joined: Feb 2008
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From: Chicago, IL.
2006 E55 AMG, 2019 BMW M240I xdrive coupe, 1969 Mach 1 Mustang
Looking to buy MB with Lien - question
Greetings,
I have done some searching on the subject but this process to brand new to me and wanted to get some advice. I found an E63 I want to buy but the owner has a lien. We have agreed to a purchase price and its only a few hundred dollars over what his loan payoff is.
This is how he wants to do the deal. I get a cashiers check and make it out to him. We meet at his bank so he can deposit it and pay off the loan right there. The banks releases the title to him and he signs it over to me. He says he can call the bank a few days before to make sure they have the title there. The cashiers check will allow him to have the funds available right away so he can pay off the loan.
I read scenarios where the buyer simply pays the sellers lender, instead of the sell directly. Might be smarter. I wonder if the bank will really have the title ready in advance / prior to loan payoff?
Thanks for any advice.
I have done some searching on the subject but this process to brand new to me and wanted to get some advice. I found an E63 I want to buy but the owner has a lien. We have agreed to a purchase price and its only a few hundred dollars over what his loan payoff is.
This is how he wants to do the deal. I get a cashiers check and make it out to him. We meet at his bank so he can deposit it and pay off the loan right there. The banks releases the title to him and he signs it over to me. He says he can call the bank a few days before to make sure they have the title there. The cashiers check will allow him to have the funds available right away so he can pay off the loan.
I read scenarios where the buyer simply pays the sellers lender, instead of the sell directly. Might be smarter. I wonder if the bank will really have the title ready in advance / prior to loan payoff?
Thanks for any advice.
