• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

[Buyer] Reneged on [purchase] of timeshare

sweet76

TUG Member
Joined
Sep 11, 2010
Messages
6
Reaction score
0
Points
0
We recently thought we had sold our timeshare. We had listed it with tug and received an offer from a Licensed Real Estate Agent. We accepted the offer. The Licensed Broker mailed us the "Seller Agreement". We signed the papers and returned them to the Broker. After waiting over a month, we received an e-mail from the Agent saying that the buyer's wife passed away and she would try to find us a new buyer. Does this sound legitimate?

sweet76
 

ampaholic

TUG Member
Joined
Aug 25, 2010
Messages
2,305
Reaction score
1
Points
0
Location
Spokane
It is possible for a genuine sale to collapse before closing. If they come back asking for an upfront fee - run away.
 

DeniseM

Moderator
Joined
Jun 6, 2005
Messages
57,668
Reaction score
9,089
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
Did you pay them an upfront fee?

What's the name of the company?
 

Pedro

TUG Member
Joined
Jun 6, 2005
Messages
990
Reaction score
57
Points
389
Location
FL
Were you asked to pay any fees?
 

rrlongwell

newbie
Joined
Jan 14, 2011
Messages
2,770
Reaction score
0
Points
0
Location
Mechanicsburg, Pa.
Were you asked to pay any fees?

The above posts are going the right direction, more information is needed. Were you being represented by either the selling agent or the Broker that sent you the seller's sales agreement?

Was a sales agreement signed by the parties to the agreement?

Was the sale ever closed (i.e., deed done, if deeded, and the Resort reconizine the new owner. Depending on the above information, then better observations could be made.
 

DeniseM

Moderator
Joined
Jun 6, 2005
Messages
57,668
Reaction score
9,089
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
Name of company?
 

sweet76

TUG Member
Joined
Sep 11, 2010
Messages
6
Reaction score
0
Points
0
The above posts are going the right direction, more information is needed. Were you being represented by either the selling agent or the Broker that sent you the seller's sales agreement?

Was a sales agreement signed by the parties to the agreement?

Was the sale ever closed (i.e., deed done, if deeded, and the Resort reconizine the new owner. Depending on the above information, then better observations could be made.

The Broker sent us the "Seller Agreement". Our family attorney looked at it before we signed it. Our signatures were the only ones on the "Seller Agreement, Contract for Sale and Purchase, and Special Clauses".
The sale was never closed. We did not pay any money.
 

ronparise

TUG Member
Joined
Feb 10, 2011
Messages
12,664
Reaction score
2,134
Points
548
real estate deals fall apart all the time...no reason why timeshares would be any different...
 

gnorth16

TUG Member
Joined
Feb 6, 2011
Messages
1,847
Reaction score
85
Points
259
Location
Winnipeg, Canada
Sounds like things happen... Sounds legit, I believe the agent is licensed in the state of FL, but I may be thinking of someone else.

Personally, when I purchased my first TS, the seller dragged their feet for months, saying the husband had passed and couldn't get the proper documentation to sell...If the seller wanted to sell, regardless of situation, the POA or lawyer could arrange what is needed. The effort wasn't there, so the agent said to bail on this transaction (which I did) and she found a different (although exact same!) for the same price, with bonus points for my trouble!

Do you have it listed on TUG marketplace?

Check with Yumdrey (another poster on TUG) who had an offer from this company. Maybe he could share his feelings towards this company.
 
Last edited:

sweet76

TUG Member
Joined
Sep 11, 2010
Messages
6
Reaction score
0
Points
0
Sounds like things happen... Sounds legit, I believe the agent is licensed in the state of FL, but I may be thinking of someone else.

Personally, when I purchased my first TS, the seller dragged their feet for months, saying the husband had passed and couldn't get the proper documentation to sell...If the seller wanted to sell, regardless of situation, the POA or lawyer could arrange what is needed. The effort wasn't there, so the agent said to bail on this transaction (which I did) and she found a different (although exact same!) for the same price, with bonus points for my trouble!

Do you have it listed on TUG marketplace?

Yes, I have it listed on timeshares for sale with tug2.
The "INTERNATIONAL PROPERTY PROFESSIONALS, INC." has a website:
www.discounttimesharesales.com
 

BocaBum99

TUG Member
Joined
Jun 7, 2005
Messages
6,651
Reaction score
4
Points
323
Location
Boca Raton, FL
There should have been a good faith deposit. In Florida, there is the same 10-day rescission period on resales as for retail purchases. If it were a month later, the seller should be entitled to a portion of the good faith deposit. If you don't get one, I would make a complaint against the license of the real estate broker for not doing their job of getting the signed paperwork and good faith deposit into escrow in a timely matter. You got hosed by your own broker.
 

gnorth16

TUG Member
Joined
Feb 6, 2011
Messages
1,847
Reaction score
85
Points
259
Location
Winnipeg, Canada
There should have been a good faith deposit. In Florida, there is the same 10-day rescission period on resales as for retail purchases. If it were a month later, the seller should be entitled to a portion of the good faith deposit. If you don't get one, I would make a complaint against the license of the real estate broker for not doing their job of getting the signed paperwork and good faith deposit into escrow in a timely matter. You got hosed by your own broker.

Good point. Let's see if Mr. Jay will come defend himself....
 

DeniseM

Moderator
Joined
Jun 6, 2005
Messages
57,668
Reaction score
9,089
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
See post #12 - they have been discussed on TUG.
 
Top