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 > Signing a power of attorney for bank when selling your RV

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RubyRV

Ft.Lauderdale

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Posted: 11/11/19 08:57am Link  |  Quote  |  Print  |  Notify Moderator

I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.
QUESTION. Has anyone done this ? Do I have concern ? ETC. ?

rk911

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Posted: 11/11/19 08:59am Link  |  Quote  |  Print  |  Notify Moderator

RubyRV wrote:

I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.
QUESTION. Has anyone done this ? Do I have concern ? ETC. ?


i wouldn't...no way!


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RubyRV

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Posted: 11/11/19 09:03am Link  |  Quote  |  Print  |  Notify Moderator

rk911 wrote:

RubyRV wrote:

I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.
QUESTION. Has anyone done this ? Do I have concern ? ETC. ?


i wouldn't...no way!


I refused to, now the buyer said do what the bank wants or he'll cancel the deal. That is unreasonable and I never agreed to that as a sale stipulation. Why the heck am I even involved with his loan. SMH

time2roll

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Posted: 11/11/19 09:06am Link  |  Quote  |  Print  |  Notify Moderator

Seems odd. Are you familiar with this bank?

Usually you would just sign the title to release it to the buyer or bank. Bank would hand you a check at the same time.
Possibly ask to do this in person at a branch. Check should be immediately presented.


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BB_TX

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Posted: 11/11/19 09:11am Link  |  Quote  |  Print  |  Notify Moderator

Just say sorry, I will find another buyer.

ScottG

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Posted: 11/11/19 09:16am Link  |  Quote  |  Print  |  Notify Moderator

No way I would do that and it isn't needed. Something smells there.


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Posted: 11/11/19 09:17am Link  |  Quote  |  Print  |  Notify Moderator

Does seem strange. Assuming SE Financial is a legit bank, if you don't want to tank the deal right away, you could always "inquire" about the process at another branch and see if they give you the same story.
Might be someone doesn't know what they are doing, might be a real policy although I've sold items that the buyer was taking a loan and never have encountered that.

I can say with certainty, there are sometimes corporate processes that we don't understand, but may be ok.


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Old Days

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Posted: 11/11/19 09:18am Link  |  Quote  |  Print  |  Notify Moderator

Selling things over my life time I really think I have seen every scam. If I don't believe the deal is for real I will tell the buyer to bring cash to my local police station, and we will make the deal there. Funny after that I don't hear from them again.

delwhjr

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Posted: 11/11/19 09:30am Link  |  Quote  |  Print  |  Notify Moderator

SE Financial looks like a broker not a bank/credit union. They take their cut from the financed amount. Probably want power of attorney so they can "shop" the title to a bank/credit union.
Not something I would want to be mixed up in.


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colliehauler

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Posted: 11/11/19 09:31am Link  |  Quote  |  Print  |  Notify Moderator

I have never heard of such a thing. I would talk to your bank and see what they say. With power of attorney what would keep them from taking everything you have?

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