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Bought on eBay, paid, now don't want to purchase

Discussion in 'Buying, Selling & Renting Timeshares' started by chemteach, Nov 22, 2019.

  1. chemteach

    chemteach TUG Member

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    So... I won an eBay ad and paid for the timeshare. Not much. Fine with losing my payment. I did sign the paperwork for purchasing the timeshare, but I've realized I don't want to go ahead with the purchase. They are waiting for me to send back notarized paperwork for transferring the deed to my name, but I told the seller I no longer want to make the purchase. They said I would have to pay them $700 for the closing costs if I back out. Any advice?
     
  2. samara64

    samara64 TUG Member

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    Does the contract or eBay ad state any penalty for canceling the transaction.
     
  3. chemteach

    chemteach TUG Member

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    The contract said I would be responsible for fees that the closing company had if I cancelled. The only thing the closing company has done thus far was to send me copies of a deed to sign and send off some paperwork. The $700 cost is exorbitant. I don't have a problem paying a small amount for what the closing company may have already done, but since there was no deed to send off or any paperwork to process yet since I didn't send in any notarized documents, the cost for work done so far should be negligible.
     
  4. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Do they have any way to extract more funds? If not, tell 'em to pound sand. They won't like it and may give you an unfavorable report but if you don't send their papers back, they can't transfer anything, can they? At some point, you might offer to pay the costs associated with what they actually did, but maybe in exchange for retracting a black mark. BTW, don't expect to buy from them next time.
     
    djohn06 likes this.
  5. SteelerGal

    SteelerGal TUG Member

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    I know when I backed out of a purchase, I just lost my purchase price. The ppwk the closing company had completed was to send me copies to sign which I refused to signz
     
  6. bobinmich

    bobinmich TUG Member

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    Just be sure not to send ANY paperwork or any more funds....they'll relist it. They CANNOT leave you a neutral or negative feedback as ONLY buyers can do that.
     
  7. CalGalTraveler

    CalGalTraveler TUG Member

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    What is your reason for backing out? Is it that you learned something new about the purchase that you didn't know? (on them for not disclosing, or on seller/external news) or is it that you simply changed your mind? (on you)

    If on external or you, it's not their fault you are backing out and they diligently performed some work (albeit it should be a prorated share of the $700.)

    If you don't get your money back who gets it? I suspect the closing company. If so, tell them that is their fair payment for the prorated services rendered and move on. They may pester you and go to small claims court. Depends on whether you want the hassle or want to work with them again, it sounds like they did their part so it is not fair to stiff them; they should get some prorated portion for the work.

    P.S. don't sign the deed or any more paperwork to enable the transaction.
     
    Last edited: Nov 23, 2019
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  8. samara64

    samara64 TUG Member

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    I do not understand. Normally the new deed is signed by the seller (not buyer). So what is the paperwork that they sent to you. What does it say.
     
  9. chemteach

    chemteach TUG Member

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    That’s what I thought would happen. Then they asked for the closing costs, which seemed way too high.
     
  10. chemteach

    chemteach TUG Member

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    They had told me closing would be 30 days. I read on tug that closing for this property would take much longer. I asked to have usage begin in 2021 because I didn’t think I would end up getting 2020 usage. They wouldn’t change the start date. So I didn’t wNt to basically lose the 2020 usage and still pay the 2020 fees.
     
  11. CalGalTraveler

    CalGalTraveler TUG Member

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    It sounds like they changed the terms on you or did not disclose the usage date properly. I don't blame you for wanting to walk. Did you specify that you wanted 2021 upfront?
     
  12. Panina

    Panina TUG Review Crew: Elite TUG Member

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    So if they agreed to usage starting in 2021 would you stay in the deal? If you would get 2020 usage would you stay in the deal?

    If the answer is yes I would tell them as @CalGalTraveler said “It sounds like they changed the terms on you or did not disclose the usage date properly.” and ask them to either give you one of your alternatives or give you your money back. I would also send an email and letter stating why you will not complete the sale. Give yourself a paper trail just in case they put the week in your name even though you do not sign.
     
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  13. 5finny

    5finny TUG Member

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    Often (but not always) the closing company is just a subsidiary or sister corporation of the seller.
    If so you are essentially just paying them more money to cancel the deal
     
  14. TheTimeTraveler

    TheTimeTraveler TUG Member

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    The closing costs should have been disclosed either on the eBay Auction or upfront prior to continuing the purchase process. With that said, the time to dispute these costs is prior to becoming involved with the sale.

    $700 for closing costs is high in light of the fact that LT Transfers would likely handle the same transaction for $250. I am confident that quite a bit of markup (profit) is built into that $700 figure.

    Since you want use in 2020 then why can't the seller make that happen for you? Seems like a simple solution to your situation.




    .
     
    Last edited: Nov 23, 2019
  15. bobinmich

    bobinmich TUG Member

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    Its really simple....just don't pay anything else or sign/send any more information. There is NOTHING they can do. Ebay purchases in Real Estate and Vehicles are NOT legal binding contracts. Simple.
     
  16. DannyTS

    DannyTS TUG Member

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    there was a little bit of time this company has spent to publish the ad, send you the contract etc. But 700 is exorbitant. I would like to know the name of the company to avoid it in the future if you feel conformable to share.
     
  17. chemteach

    chemteach TUG Member

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    They appear to have already relisted the week. I would have continued with the purchase if usage would begin in 2021. I would have wanted 2020 usage, but I think the weeks for the property’s season were likely all completely reserved. I checked the original eBay ad, and it had closing costs as just under $500. I will wait to see if they contact me again about owing them funds for cancelling the purchase. The work they have done thus far definitely would not be the full cost of closing as closing never occurred. (And won’t occur since I didn’t mail in notarized forms.) Thanks everyone for all the replies.
     
    Last edited: Nov 24, 2019
    Fredflintstone and SteelerGal like this.
  18. TheTimeTraveler

    TheTimeTraveler TUG Member

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    Real Estate contracts are not enforceable UNLESS they are in writing. In his first post, the OP stated that he/she did "sign paperwork for purchasing the timeshare". With that said he/she may in fact now be the owner (whether he/she likes it or not).




    .
     
  19. Synergy

    Synergy TUG Member

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    Well, that's disconcerting. I recently bought a property from a questionable seller, figuring that the worst case scenario was they disappeared with a few bucks. It only just occurred to me that I could still end up with that timeshare quite a bit later - maybe after I've already purchased a replacement.
     
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  20. CalGalTraveler

    CalGalTraveler TUG Member

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    What OP may have signed was a contract with "intent to purchase." This is similar to a real estate offer letter which opens escrow. In all of our transactions we had to later sign the deed and closing documents to file in the county once all of the conditions of the sale had been met (including ROFR). I don't think a seller can simply file a deed without a buyers signature to accept it. Otherwise, people would just sign their timeshare deeds back to the developer (or an enemy).

    In this case the conditions of the sale were not met.
     
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  21. chemteach

    chemteach TUG Member

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    I sent the company a picture of the eBay ad showing closing costs of less than $500 a week ago. They haven't responded, so I think they have just dropped it. Fortunately, it was a very low cost purchase (I think these weeks basically won't sell) so I am out less than $50. I'm just glad I didn't send any notarized paperwork for the purchase.
     
    CalGalTraveler likes this.

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