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  1. #1
    Member
    Join Date
    Jun 2015
    Location
    Loranger, LA
    Posts
    76

    Selling a boat with a lien

    I recently sold my boat that still had a lien on it. The paperwork was done on 1/24/20. His bank mailed a check to mine and it arrived on 2/4/20. I still haven't gotten a check for the difference and I keep getting the runaround on how I will get it. The last that I have heard, they are mailing my check to the buyer and he is to give it to me. Is that the normal process?

  2. BBC SPONSOR
    Join Date
    Dec 2009
    Location
    Michigan
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    1,876
    #2
    Quote Originally Posted by AnthonyLaMarca View Post
    I recently sold my boat that still had a lien on it. The paperwork was done on 1/24/20. His bank mailed a check to mine and it arrived on 2/4/20. I still haven't gotten a check for the difference and I keep getting the runaround on how I will get it. The last that I have heard, they are mailing my check to the buyer and he is to give it to me. Is that the normal process?

    Thank you for the question. When your bank got his check, they probably sat on it for 5 - 7 business days before clearing it. That would be normal. If you do normal banking there, they would probably transfer funds to another account IF IF IF you told them what to do with the overage. Over payment money should not go to the buyer at all. What or who says he sends it to you? Should be your money to control.
    This is one reason why we wire funds. Instant from one account to another and seller has access to it.
    The other question is where were the titles have been sent?
    You should be getting a lien release and something from them asking where you want the released titles to go. As for the additional funds, that will be a challenge. If it's your normal bank, they should just put it in your account. If you don't bank there, you should have had the additional money over the payoff sent to you. We only send the EXACT amount of the payoff to the lien holder. Anything additional we send directly to the seller.
    Let me know if we can help with anything.
    Thank you,
    Ken
    (517) 543-6921 - Office

  3. Member
    Join Date
    Jun 2015
    Location
    Loranger, LA
    Posts
    76
    #3
    Appreciate the info. I didn't think the money should go to him. His bank says they waited until the check cleared with my bank then mailed out the difference to the seller. The whole process has been a bit of a nightmare. When I bought the boat, I used reclending and it was as smooth as can be. I went to the sellers house to see the boat and he had the money within two hours. I just thought in 2020, everyone just wired the money.

    Quote Originally Posted by reclending.com View Post
    Thank you for the question. When your bank got his check, they probably sat on it for 5 - 7 business days before clearing it. That would be normal. If you do normal banking there, they would probably transfer funds to another account IF IF IF you told them what to do with the overage. Over payment money should not go to the buyer at all. What or who says he sends it to you? Should be your money to control.
    This is one reason why we wire funds. Instant from one account to another and seller has access to it.
    The other question is where were the titles have been sent?
    You should be getting a lien release and something from them asking where you want the released titles to go. As for the additional funds, that will be a challenge. If it's your normal bank, they should just put it in your account. If you don't bank there, you should have had the additional money over the payoff sent to you. We only send the EXACT amount of the payoff to the lien holder. Anything additional we send directly to the seller.
    Let me know if we can help with anything.
    Thank you,
    Ken
    (517) 543-6921 - Office