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I actually got an offer!!!!!

greenguru1

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I was scammed by timeshares only several years ago. Last March I actually made up my mind to get rid of this timeshare and sell it at whatever I can get. I changed my add to under $1000 I got an offer email this morning now what do I do and how do I protect myself? They low balled my price, but I don't care......I want it gone. I never believed I could get rid of it. Help?????
Thanks in advance for any advice.
 

DeniseM

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Hi and welcome to TUG!

Before you do anything, you want to make sure this is a Legit offer and not a scam.

First of all - did the offer come from a company, or an individual? - If a company - what's the name?

Do you feel it is legit? (Was it written in clear English with standard terms offered?)

Does the buyer have a closing/escrow company they want to use? Traditionally the buyer pays for this service. You can pay as little as $100 for a simple deed preparation and recording, or around $350 for a full service closing with escrow.
 

richardm

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Congrats on the offer!

I hope things work out for you. In this market, some resorts can be almost impossible to liquidate so you are wise to seriously consider any offer you receive.

Here are a few bits of advice I hope you find helpful as you proceed. Some of it will simply echo Denise's post (but the warnings are worth reading again!)..

1) Try to determine if the buyer is truly an individual and not simply another reseller in sheep's clothing. Don't pay any more upfront money!

You've already paid Timeshares Only to advertise your property, any brokerages and resellers affiliated with them would earn a commission at closing and not require any additional up front cost to you.. There are numerous "resellers" and "marketers" who make low ball offers pretending to be a buyer, then when you contact, their offer somehow turns out to involve you paying them a fee. If the deal sounds shady- call TSO and ask to be transferred to one of their affiliated brokerages. You can get advice and closing company recommendations. If you get an agent who doesn't seem helpful, ask for someone in management to assist you with your questions. The offer notice you received should also contain a referral to one of their brokerages if you prefer email communication.

2) Get as much info as you can about the ownership transfer process and the related costs involved..

If your buyer isn't savvy- they may not know about these costs. Depending on what you own and the marketability of the timeshare itself, it may be in your interest to also consider paying for a portion of these costs if the buyer gets cold feet.

3) Contact your buyer as soon as possible! Be persistent!

Buyers will often make several offers at the same time for similar properties. Because there are normally far more sellers that buyers, if you snooze- you may lose out on the potential sale!


Again- good luck!
 

greenguru1

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Thanks everyone. Yes it is a legitimate buyer. I called the number and got the business where she worked. She was gone and I talked to her mother (family business). I called back today and talked to the buyer. She still wants the TS. I called Westgate to get the scoop on their First Right of Refusal. We will see how that goes. I will everyone posted.

Shawn
 

teepeeca

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Are you sure that Westate ("Wastegate") actually HAS a first right of refusal?

Check with your paperwork to see if it is mentioned there. Some companies have "tried" to claim ROFR (some Pahio/Wyndham properties come to mind) when they don't.

Just trying to give you a "heads-up".

Tony
 

DeniseM

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green guru1 - If Westgate exercises ROFR you will still sell your TS - you will just sell it to Westgate instead, so no worries.

But - in this economy, I think Westgate would be crazy to exercise ROFR!
 

Kola

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Are you sure that Westate ("Wastegate") actually HAS a first right of refusal?

Check with your paperwork to see if it is mentioned there. Some companies have "tried" to claim ROFR (some Pahio/Wyndham properties come to mind) when they don't.

Just trying to give you a "heads-up".

Tony

Good point as Westgate is known to have claimed the ROFR on projects/unit sold years before the ROFR came into effect.

Insist on evidence. don't take their word for it .

K.
 
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