BKAssets - Good experience.

Just wanted to post about my postitive experience with BKAssets. The Company sells assets that from a bankrupcty court and the proceeds go to pay off the debts by the owner of the timeshare.

When I first saw the ebay auction (Marriott Ko Olina) I was apprehensive about buying because there was no title guarantee and there was basically no recourse. I did a title search after I won the auction, but before I paid BKAssets.

Afterwards, Angie from BKAssets helped me get through the recording process (which took over 3 months) and was a great resource in working with the state of Hawaii and the title company that I used to help me get the recording done. Angie was very patient and helpful, as I did pester her with a lot of emails and phone calls.

I tried to get as much research on the company prior to my bidding on ebay, but there weren't too many posts from people that actually used the company. I wanted to put out some information about my experience.

Did you try to get an Estoppel letter from Marriott?

DeniseM said:

Did you try to get an Estoppel letter from Marriott?

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I'm not exactly sure what and Estoppel letter is, but BKAssets worked directly with Marriott's legal department (I think it was due to the fact that the property was now held by the bankruptcy court) and Owner Services to get the ROFR and any other paperwork Marriott needed completed.

scpoidog said:

I did a title search after I won the auction, but before I paid BKAssets.

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How do you do a title search before paying BKAssets? Do you pay someone to do the title search.?

title search

myip said:

How do you do a title search before paying BKAssets? Do you pay someone to do the title search.?

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You can do the title search before you bid, but if you don't win the auction, you'll have wasted your $$. BKAssets allows you 7 days to make a payment, so I had a title search done w/in the 7 days. I ended up using First American in Hawaii because they apparently work with Marriott and their timeshare group. I called two other title companies and they couldn't help with a timeshare search.

At the time I figured that I would be conservative and get the title search done. If something came up, the only thing you could lose is a bad ebay rating, although they might be able to sue you to close, it never got that far. Nothing came up. I also purchased title insurance, but probably didn't need it. Like I said, I am conservative.

This might be naive as I am new to the board. How do you run a title search on a deed you don't have yet? Did they send you a copy of the deed so you could do that? I've looked at a few of their auctions (bkassets) and have been leery so I'm glad to hear of a positive result.

Title Search

FrostyKev said:

This might be naive as I am new to the board. How do you run a title search on a deed you don't have yet? Did they send you a copy of the deed so you could do that? I've looked at a few of their auctions (bkassets) and have been leery so I'm glad to hear of a positive result.

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You can run a search if you have the property name and the exact timeshare (room/week/odd or even) information, which BkAssets usually discloses in its E-Bay auctions. I would call to confirm the property info though.

Thanks. Can this be done online, ie myself or should it be hired out? Any companies/services recommended?

Title Company

FrostyKev said:

Thanks. Can this be done online, ie myself or should it be hired out? Any companies/services recommended?

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I have no idea how I would to it myself, maybe some of the experienced folks on the board can help with that.

I used First American Title Co in Hawaii, as they dealt with Marriott. You might want to call around (I used google to find the companies) and check which title companies work with Marriott in the state of the resort. They also helped with getting the recording done, which was a pain in Hawaii.

First American Title Company, Inc.
Vacation Ownership Department
1177 Kapiolani Boulevard
Honolulu, Hawaii 96814
Direct line (808) 457-3787