RV short sale: what does it mean? (a guide)
In this guide, we will explain what an RV short sale is. We will also give you a few tips on how to sell your RV for more money.
What is an RV short sale?
An RV short sale is an owner’s option to avoid foreclosure when he or she can no longer pay the mortgage on the RV. In a short sale, a service technician allows the borrower to sell the property at its current value, even if the amount of the sale is less than the total amount owed on the mortgage.
For a creditor to agree to a short sale, most require the borrower to actively promote the sale of the home at fair value. The sale must be a market transaction arm with all proceeds (after costs to sell) applicable to the discounted mortgage payment.
Short sales can sometimes be complex transactions that involve careful coordination and close cooperation between a number of parties: servicers, appraisers, borrowers, buyers, real estate agents, title agencies, and often mortgage insurance companies, as well as the subordinate lien holders.
A short sale generally provides a better outcome for borrowers, investors, and communities. Nevertheless, due to the complexity and time required to carry out these operations, historically servicers have often chosen to pursue a foreclosure instead, even when a short sale would have provided a considerably better outcome for borrowers, investors and communities.
Still, during financial crises and home marketing crises, service providers and lenders have been inclined to reasonable short sales.
Properties acquired for short sale generally have maintenance and repair problems. The previous owners did not have enough money to keep up with payments or do maintenance work on the property. When considering buying a short sale RV from a bank or other lender, it is important to have an independent property appraisal to determine if the RV is a good investment.
How to sell an RV for the most money
If you have an RV to sell, you want to get the best price for it. An RV is a significant investment, and it is important to recoup as much of that initial investment as possible. To do this, you need to research the current RV market and determine what your model is worth. Once you have determined the fair market value for your RV, you will be in a better position to get the most money for it.
- Get hold of a copy of your local newspaper and take a look at the classifieds. Many newspaper classifieds have a special category for oversized vehicles such as RVs. Write down the details about the RVs for sale in your area and compare them to the RV you have to sell. This will help you determine a realistic sales price for your RV.
- Post an ad in your local newspaper or with an online classifieds service. If the listing service supports it, be sure to include at least one photograph of your motorhome. When pricing the RV it is a good idea to ask for at least 10% higher than what you feel is the vehicle’s true value. This will give you some room for negotiation with potential buyers.
- Consider selling your RV on consignment with a local RV lot. Many RV dealers will take used vehicles and sell them on consignment. This can be a good strategy since those dealerships already have a large number of customers and traffic.
The RV parcel owner can also help you determine the fair market value of your vehicle. When making this type of arrangement, make sure you understand all the terms of the contract, including the amount of commission the lot is entitled to, and how long you can keep your RV on the lot.
How to Sell an RV on the RV Trader website
RV Trader is a classified publication and online service that allows you to list your RV for sale. It is widely recognized in the recreational vehicle industry as a popular means of finding the best deals on new and used RVs for sale. If you are ready to show your RV for sale here are a few easy steps to follow.
- Log in to the RV dealer website. Click “Click here to get started.”
- Choose the duration of the ad you want to place. Select the other available extras, such as using bold text in your ad or adding more photos. Click “Continue”.
- Fill in the information to create an account to become a new user. This will include contact information in case an RV dealer has to contact you for any reason. Click “Continue”.
- Enter information regarding your RV, such as year, length, make, and model. This is where you come at the sales price of your motorhome. Click “Continue” when done.
- Fill in the fields to pay for the advertising you are placing. Ads placed with credit cards are processed and made available within 24 hours. If you use a check or money order, the ad will not be posted or appear until the RV merchant receives their check or money order in the mail. Click “Continue” when done.
- Upload your photos. This is the last step in the process of placing your ad with RV Trader. Follow the step-by-step instructions listed to upload 12 to 24 photos.
How to sell an RV on eBay
If you are considering downloading that Airstream, eBay might be the easiest way to sell. Selling your RV on eBay is easier than trying to sell through classified ads. But you have to keep in mind that there are several important differences that sell through an online auction site like eBay.
Here’s how to sell your RV on eBay so you can reclaim that space in your driveway:
- Go to eBay and click on the “Motors” tab. Here eBay has a ton of tips from sellers for a successful auction so be sure to take the time to read the tips before selling your RV.
- Check closed auctions for the year, class, and type of RV you want to sell. This will give you a good idea of where to price your motorhome and what your type of RV is selling for.
- Decide if you want to sell your RV as an online auction or at a fixed price through eBay. Choosing the fixed-price format is sometimes preferable to an auction for larger priced items like RVs, as it also includes a “best bid” option.
An auction price usually starts low to encourage a bid, but if the bid price never reaches its fair market value, you may lose money on your investment.
- Take lots of photos. Selling an RV in a virtual environment like eBay requires giving your potential buyers a good look at what they are bidding on. Be prepared to offer lots of photos on eBay, as well as other images if people email you and ask for specific photos of the RV.
- Indicate delivery arrangements when you sell your motorhome on eBay. You can decide to deliver the RV yourself for a fee or ask the buyer to arrange delivery of the RV. Either way, be sure to clearly state the delivery instructions on your auction or sales page so the buyer understands what to expect if you win the auction.
Tip: Make sure you are familiar with eBay’s rating and communication tools. Potential buyers like it when their questions are answered quickly using communication tools.
The bottom line
If you have to go for an RV short sale, make sure you know how much your motorhome is valued. Investors and bankers will try to buy it for as little as possible, which is not what you want, I am sure.
Please let us know if the above tips have been helpful, or if we can answer any questions on the subject.
FAQ on RV Short sale
What do you have to take into account when buying a motorhome?
When buying a motorhome, you have to take into account so many things that it is best to involve each member of the family in the process. Give each person precise instructions. Do an eye check of the tires, electrical system, the condition of the furniture, etc.
How much does an RV cost?
The costs of an RV depend on whether they are pre-owned, new, large, luxurious, simple, etc. However, an estimate (from a used one to a new luxury one) is between $ 15,000 USD to $ 100,000 USD.
How to charge a motorhome?
To charge a motorhome, first unplug all electrical appliances, including the power converter. If you park your motorhome during cold weather, remove the battery. Use an external battery charger to fully charge it.
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