If you’re thinking of selling your motorhome second hand, as a lot of people do at this time of year, finding a buyer is only one element of the final sale. The most difficult thing can often be the administration surrounding the sale and, in particular, taking payment of a very large amount of money. Finding a mutually beneficial arrangement is not always easy, so how should you go about taking payment?
Don’t Trust too Quickly
You should assume your buyer is genuine and give them every opportunity to go about their purchase in the way they’d like, but you don’t need to be too trusting with cash. A potential buyer not paying is a big danger, particularly if you let them drive off with your motorhome, and there have already been motorhome insurance claims to that effect. One way to ensure this doesn’t happen to you could be to take a deposit.
Taking a Deposit
As soon as you have agreed the sale, you should seek to take a deposit from your buyer. In return from this you should remove your motorhome from the ‘market’ and take down any adverts you had up. Your deposit should be significant enough to prevent your buyer withdrawing from the sale: on a £10,000 motorhome, something like £1000 is a good amount. A transfer for the rest of the money can then be arranged.
Method of Payment
The easiest method of payment for large sums is a bank transfer. Though larger sums may take a day or two to clear, the money is usually visible in your account immediately. Cheques are still a secure method but can, occasionally, bounce and are time consuming. Also, if you are dealing with a cash buyer, make sure you make the bank aware you may be depositing a large sum and prepare to spend some time cashing it in.
Different methods will work for different people, and the trick is to find a way of guaranteeing both of yours security. Don’t ever take unnecessary risks around payment and if you’re seriously unsure of your buyer’s ability to pay then you should ask for as much money up front as you can.