[What closing companies will accept] Credit Card Transactions

[022520]

Hi,

Am getting ready to pull the trigger on a cpl of resale week purchases, my first. Would love to put the whole purchase and closing costs on my Marriott card to get the points and to have some protection.

Anyone know of a closing company that will take a card for the whole deal?

Thanks, Larry

 

[Passepartout]

What do you mean by 'closing company'? Title transfer? Escrow? or? The last resale I bought on eBay, the whole transaction was done by credit card.

 

[022520]

Im going for full escrow. I don't know the folks Ive been dealing with so want protections. These are not ebay sales but from private responses to my wish ad.

 

[dioxide45]

Some closing companies may accept credit cards to fund escrow, but do expect to pay the fees associated with that. Which will pretty much wipe out any of the benefits you would get from the points or miles credit card.

The closing company doesn't want to take in $5000 and pay $75 in credit card fees for that and then have to pay out $5000 to the seller. Someone has to come up with that $75 and that would be you. 5,000 Marriott Reward points is not worth the $75 fee, or whatever that fee would be.

 

[022520]

Yep,

If there's a fee, I'll just write them a check.

Thanks, DIO

Larry

 

[dioxide45]

Yep,

If there's a fee, I'll just write them a check.

Thanks, DIO

Larry

I would expect most if not all closing companies to charge a fee for funding escrow with a credit card. The only exception may be EBay PCCs that already have a hefty profit from the person they are selling the week for and advertise such in their ads. Though I am noticing more and more of them indicating that they don't accept credit card or PayPal payments.

 

[Passepartout]

Im going for full escrow. I don't know the folks Ive been dealing with so want protections. These are not ebay sales but from private responses to my wish ad.

How much are we talking about here? Most timeshare resales these days are just a few hundred bucks- if that. Not much incentive for skulduggery. The exception being hotel-branded high demand area/time, but even those only run a few thousands resale.

 

[ronparise]

Your protection is the closing and escrow company. They stand between you and the seller to make sure the seller gets his money, and you get what was contracted for.

Im selling a Marriott week right now, where the 2014 fees have not been paid. The closing company will not send this to be recorded until those fees are paid, nor will I get my money until they are paid. both seller and buyer are protected

For the ultimate in protection pay for a title search

As a seller I wont accept credit cards....I want some protection too

 

[ronparise]

How much are we talking about here? Most timeshare resales these days are just a few hundred bucks- if that. Not much incentive for skulduggery. The exception being hotel-branded high demand area/time, but even those only run a few thousands resale.

The folks that want to use credit cards say they want protection.What they really want is the ability to change their mind, or to get the transfer done and then challenge the sale trying to get something for nothing

That why the title and escrow company Im using to buy my new house will not take checks (even certified checks) or credit cards or even cash. I have to have the funds wired to them....They are protecting both buyer and seller (and themselves) by doing this.

 

[presley]

There are some ebay sellers with their own in house closing that will take a credit card. Also, some developer resales departments will.

There aren't any independent closing companies that I know of that will take a credit card at all - not even for their fees. I've always had to do a bank transfer or a cashier's check.

 

[ronparise]

I would expect most if not all closing companies to charge a fee for funding escrow with a credit card. The only exception may be EBay PCCs that already have a hefty profit from the person they are selling the week for and advertise such in their ads. Though I am noticing more and more of them indicating that they don't accept credit card or PayPal payments.

Pay Pal does not allow the use of their service to pay for real estate. Lots of folks do it. I got caught and they made me file an affidavit with them that said I would never do it again

 

[presley]

Pay Pal does not allow the use of their service to pay for real estate. Lots of folks do it. I got cought and they made me file an affidavit with them that sad I would never do it again

Seriously? That's freaking crazy considering how common it is for Ebay real estate auctions to ask for payment via paypal. Is it just in regards to selling or did it include renting?

 

[ronparise]

Seriously? That's freaking crazy considering how common it is for Ebay real estate auctions to ask for payment via paypal. Is it just in regards to selling or did it include renting?

Only selling

 

[ronparise]

Seriously? That's freaking crazy considering how common it is for Ebay real estate auctions to ask for payment via paypal. Is it just in regards to selling or did it include renting?

heres what I had to deal with


Hello Ronald J Parise,

We have reviewed your PayPal account and found that you operate as a seller of timeshares. Using PayPal to accept payments for real property,
including raffles/lotteries, reverse auctions, and timeshare sales violates
our Acceptable Use Policy. To continue using your PayPal account, we need
you to provide us with a signed and notarized affidavit stating that you
understand and will comply with our policies.

Keep in mind that we have placed a limitation on your PayPal account and
this limitation will remain until we receive and review this information.

Below, please find suggested language for the requested affidavit. Please
ensure the affidavit is signed and notarized.

I, the undersigned, on behalf of [Company name], do affirm that we
understand and agree to comply with PayPal's policy regarding the use of
PayPal accounts for the sale of real property. We understand that PayPal
cannot be used for the sale of real property, which includes the direct
sale of property or variations on this model such as raffles or lotteries,
reverse auctions, and timeshare sales. We further affirm that we understand
that any detected violation of the policy may result in the immediate
closure of the PayPal account or restriction of access to the PayPal
account.

We also ask that you provide us with:

• A list of all URLs or websites that will be used to receive payments.
• The type of payments you will send and receive; including the type of
goods/services you will accept payments for.

Please log in to your account and go to the Resolution Center to find out
what you need to do.

Additionally, in the future, if we find that your PayPal account is being
used for the sale of real property, PayPal will sever its business
relationship with you.

We look forward to hearing from you and thank you for choosing PayPal as
your business partner.

Sincerely,
Koffi
PayPal Compliance Department
PayPal, an eBay Company

 

[csxjohn]

The folks that want to use credit cards say they want protection.What they really want is the ability to change their mind, or to get the transfer done and then challenge the sale trying to get something for nothing

....

Maybe some people want to use a credit card to change their mind, or challenge the sale trying to get something for nothing but not me.

I want' to be able to get my money back if the seller doesn't perform The current thread about lucky on eBay keeps reminding me not to deal with an eBay seller that won't take a CC.

Of course if I see you as the seller on an eBay auction I would waive this requirement. It's a matter of trust and I don't trust a couple of those thieves.

 

[022520]

Wow,

Enough with the negative vibes Moriarty!!!! Haha, anyone know this "Kelly's Heros" reference? Great movie and great closing song too (All Those Burning Bridges).

Anyway, I actually was being truthful when I asked about credit cards. I use my card for everything and pay the balance each month. The protection is provided by the CC co, if there's fraud. I don't have any plans to back out.

But I don't want to pay fees so if the closing involves a cc fee fageddaboutit!!!!

Looks like Im locked into Timeshare Closing Services, Inc. and thanks to all who provided references in the sticky about TS companies. Generally, they look like they can be trusted. My purchases are all Marriott Orlando weeks. Hoping to slide thru ROFR.

Larry