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[2007 Thread] American Timeshare Closing, LLC???? [merged]

lorilulu

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The buyer generally does not have to sign the deed. There are some exceptions like in Hawaii. My bigger question is, is the closing company preparing any settlement documents for you to sign like a settlement statement etc.

I know we require it of both the buyers and the sellers, but then again, I run my operation withing the letter of the law and only do closings where I am licensed to act as an escrow agent.

But the buyer should have some documents that need to be signed off on.

Dave
After pushing her for more info ,she did offer to send me a closing statement that does have a place for our signatures. So that is enough?
JRA is the most thorough.. I find it interesting that they all require such different degrees of legal documents to be signed.
 

Dave H

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I guess I do mine different, my buyers sign a settlement statement, compliance agreement, privacy statement, closing agreement saying were acting as the closing/escrow company.

I would think they would want more in the file, but then I am a licensed title company and my underwriters want that in all my files even if they do not buy title insurance, because even escrow only type files do get audited in my audits.

Dave
 

Perrygirl

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redweek4 less & american tital & iavations-

We purchased a timeshare on ebay from redweeks4less and went through their closing company American Timeshare Closing and have had a really bad experience with this company. When we purchased this timeshare, we arranged to use a week and have them book us a reservation, knowing that these things take some time to close. We were told that this would not be a problem and I arranged a week and assumed that this had been taken care of.
After a couple of months of not hearing anything, I began to get concerned about our reservation so I called American Timeshare Closing again to double check that our week was still on track. The second time, I was told first that we did not have the week I had requested but after re-checking it was confirmed that I did have the week I requested and that all was well and the closing process was nearly complete.
As the time for us to travel is now approaching, I called again to see if there was anything I needed to bring to verify our ownership or right to use the week or could be expecting to receive from the resort and was told that our week reservation was again in question but that the closing was complete and the resort had been notified. I called the resort to verify that we did have an existing reservation and surprise, surprise, no reservation in our name. No guest reservation, nothing. They do not have paperwork from ATC about this timeshare. At this point, I have already purchased plane reservations after verifying twice that we were expected and am now pretty unhappy.

I will never deal with this seller or closing company again. For future purchasers, exercise extreme caution when dealing with this closing company as they are clearly clueless.
Did anyone report all these above posts to ebay? I am concerned about what I just bought now.
 

CaliDave

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If the closing company has your $$ in escrow.. is there a way to check to make sure its actually in an account?
 

Dave H

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CaliDave:

Not really. I guess you could look at the information on the back of the check and call the bank to verify it really deposited to that account, but that is about all I can see happening, and not even sure the bank could release that information.

Licensed Title/Escrow Companies have to maintain a seperate escrow account and a seperate operating account and not co-mingle funds. Violates the escrow laws. Licensed Title/Escrow Companies are required by most state laws to carry fidelity insurance (covers theft of clients funds) as well as surety bonding and errors and omissions insurance. Those requirements very by state.

Since they are licensed title companies, they write title insurance policies as well and every title underwriter (First American, Chicago, Stewart, etc) require the agent to turn in (depending on the state) either monthly, quarterly, etc reconciled escrow account information. They usually get copies of the bank statements, cancelled checks and audit reports. Most require an outside 3rd party to reconcile the books with a party that has no signature authority on any of the escrow accounts or is a licensed CPA.

Some states go further, like in Virginia where you have to maintain a seperate bank account for just Virginia transcations. Some states like CA and NV require the agent to maintain an escrow license, and follow there audit guidelines.

The expense to maintain licenses in every state you do business in, the fidelity bonds, which are only good for the state they were issued to, cost of fidelity insurance, audits, etc, eat into the profits or affect the charges that have to be charged. Which is why a lot of these companies do not get the licensing.

The point I am trying to make, is not all of these companies are licensed as escrow or title companies, so they do not fall under the radar of the states or title underwriters. Most probably do not maintain seperate escrow accounts and co-mingle funds.

Which is why John Faeth and I have always said to check out your closing company. If it were my money I would want to know someone else was watching it for me as well. About a year ago, there was a case in Florida where an attorney had a seperate unlicensed escrow company, at that time, Florida did not regulate escrow companies, who held deposits for real estate agents on houses that in the middle of the night disappeared with all the escrow money. There was at the time no government oversight or licensing requirements, no bond requirements, no insurance requirements, so a lot of people were left without the deposits they had placed on their homes they were buying.

Dave
 

richardm

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American Timeshare Closings - IAVacations - redweeks4less - money4timeshares.com

IAVacations- American Timeshare Closings - redweeks4less - money4timeshares.com - These are all the same group of people.. The founder was an individual by the name of Isaac Adams, who is said to have taken a leave of absense for about fifteen years (one of his salesmen joked it could be less if he exhibits good behavior!).

They are simply another group of flip-flop artists.. There are many, many of these types of individuals on eBay (Sorry timeshare gymnast TUGGIES that make a living off flipping, I'm just not a fan of your business model.). They contract to buy properties in an individual's name- then send the seller a Power of Attorney document instead of a deed- with the excuse that this makes the closing faster! With the POA- they then flip it on eBay... The problem they face is that often they appear to have a tendency to have ads for properties they don't actually have any paperwork on yet- resulting in poor communication about details and mysterious delays during the closing. Suggestion for Stacie or Ed or whoever is the guy in charge this week- wait until you have the POA paperwork before placing the ad.....

I'm here to suggest an EASY REMEDY if you don't approve of this business model- If you are a seller and your closing package consists of a POA Form- insist on a one page deed (if it is two they can simply edit the first page before recording) and if you are a buyer and the seller's ad requires a specific closing company- DON'T BUY IT unless they agree to your choice of closing agent! If your own greed overtakes your common sense- don't complain later!

These groups only exist because you support them by buying their properties on eBay.. You shouldn't complain about them if you use their services to get cheap properties! It's kind of like the pawn shop owner complaining about the crime rate in his neighborhood- but still obtaining most of his inventory from the local crooks! In the real world- you can't have it both ways!
 

Fredm

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[
B]These groups only exist because you support them by buying their properties on eBay.. You shouldn't complain about them if you use their services to get cheap properties! It's kind of like the pawn shop owner complaining about the crime rate in his neighborhood- but still obtaining most of his inventory from the local crooks! In the real world- you can't have it both ways![/B]
Well said!! :clap: :clap:
 

talkamotta

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Bought my Pahio KaEoKai from redweeks4less, they use American Timeshare Closings but Charity Closings does all thier Hawaii weeks.

I already own at this resort and the first closing took less than 2 months. This time it took 6. (Bought in Dec 2007, closed in June 2008) Sent the money throught pay pal direct to seller. They forward it to ATC. ATC sat on my money and did nothing for 3 months. Then gave it to Charity, which wanted to me to go through all the same proceedures and signing that ATC had already done.

When Pahio/Wyndam tried thier ROFR ATC was ready to roll over. Charity is the one that forward my messages and stood up for me. The closing agent at Charity is no longer there as is the closing agent at ATC. The final draw was when all papers were signed and I had the signed closing papers and went to Wyndam to pick my week (which by now will be a weaker trader and I cant use because of vacation restraints and planning) The Maintenance Fee payment was rejected by Wyndam from ATC. No funds. It took another week and everything was straightened out but it was the hardest closing I had ever had.

So all 3 companies are legit. Thier communication between companies are poor. It will take longer, you have to stay on top of things. You may even have to tell them what thier responsibilities are and get down right rude. They were ready to blame the other guy (company) which is unprofessional. ATC's bookkeeping practices are inexcuseable if not illegal.

The bottom line is that after all was said and done. I got a nice property at a wonderful price.
 

myip

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We purchased a timeshare on ebay from redweeks4less and went through their closing company American Timeshare Closing and have had a really bad experience with this company. When we purchased this timeshare, we arranged to use a week and have them book us a reservation, knowing that these things take some time to close. We were told that this would not be a problem and I arranged a week and assumed that this had been taken care of.
Well, I am having the same problem... I am pissed:( They setup a guess account in RCI for me to use the banked week. It looks great. I confirmed a reservation... Now RCI cancelled the reservation... This happens twice. Now I am in NEVER LAND. -- No responds from anyone...

I have my plane ticket booked already... Thank goodness, it is Orlando... I can easily trade to it -- there are still availability in II and RCI for Thanksgiving if I am not picky.

I will lose $1200 on this banked week, since I pay for 2008 maintenance fees and $169 exchange fees and $59 guess certificate.

What option do I have to get the money back, if possible... The deed is in my name but the resort has not transfer the timeshare to me because they have not received the paper --

I call my credit card, they manage to file a dispute. What do I expect Credit card do?

With all this recent post on Ebay purchase problem, I will NOT buy anything from ebay again....
 

CaliDave

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Anyone else have any updates on closings with this company. I'm in the process of closing a Hawaiian timeshare.. so far they have been communicating with me the whole time. However, its been almost 4 months since the process started and the deed is not yet recorded. My first use is not until 2010, so I'm not in a time crunch. I just want to make sure they follow through and eventually get the deed recorded.
 

CaliDave

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I heard back from Shelly right away. So far she has been very good at communicating and getting right back to me. Unfortunately there was a problem with the deed and/or Kauai lost it. So I'm looking at a little more time.

Luckily my first useage isn't until 2010.

I feel they are being honest and they sent me a copy of the deed, as well as the copy of Marriott ROFR waiver.. which is helpful in making me feel more comfortable with the transaction.

I got a great deal.. and hopefully its recorded and in my name soon :)
 

myip

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Luckily my first useage isn't until 2010.

I feel they are being honest and they sent me a copy of the deed, as well as the copy of Marriott ROFR waiver.. which is helpful in making me feel more comfortable with the transaction.

I got a great deal.. and hopefully its recorded and in my name soon :)
They are slow and you have to be on top with them. My deed got lost too and I check the county site and tell them it was recorded. They send the deed to resort but didn't pay transfer fees. I have to call the resort to find out why it didn't transfer to me...

-- bottomline, they are very slow and don't check up with things. It took me over 6 month to get the resort into my name. With the news of Marriott being slow, you probably don't get your name into Marriott system till next year if you are lucky...
 

icydog

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REDWEEKSFORLESS on eBay.. Nothing was done now claiming deed was lost

I, too, am embroiled with this (these) company. Like everyone else the deed got lost but not after months of being told the paperwork for my Marriott Newport Coast was sitting in CA languishing on the Orange County Recorder's desk. Today I called OC and added him to the call. He repeated his claims of OC being backed up until I introduced the OC recording rep to him. He said, You set me UP!! He then told OC that they, Orange County Recorders Office, lost the paperwork. The rep said "no we didn't" ... "do you have proof you sent it"? Finally she hung up when the Summit guy, aka American Title, started denying any culpability in this. Then he called me back and said the deed was lost and it will take another 4-5 weeks to reissue it and get it recorded. Finally he hung up on me when I asked him why it would take so long and why there was no follow up with Orange County in the first place?


I bought the week on eBay in August. It still isn't finished two months later. I now just want out of the deed, the contract, the whole nine yards. My daughter, a real estate attorney, is upset that I signed such a ridiculous contract and that now she has to try and find out what happened. After reading this thread it is apparent that they sold something they didn't have the right to sell and it backfired on them, and on me. Thanks to everyone who posted here. You have opened my eyes to this company. I will never buy anything from them again. I suggest nobody buy anything from them, the seller was Redweeksforless, or use their bogus closing company or their bogus title company.
 
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icydog

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You'll get more on what happened to me on this thread. Please read it and let me know your feelings. Thanks Marylyn
 

Politico

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With all of these negative experiences, why haven't more people posted negative feedback on this seller on ebay? Redweek has 99% positive feedback.
 

Steve60069

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Perhaps too much time has elapsed for neg feedback

With all of these negative experiences, why haven't more people posted negative feedback on this seller on ebay? Redweek has 99% positive feedback.
I suspect that the transaction takes so long to complete, that the buyer can't leave negative feedback on ebay when they realize that things have gone south.

I bought a Marriott Shadow Ridge timeshare at the end of October on ebay. Although it was NOT with this particular seller or closing company. Everything so far has seemed to go fine. According to my most recent call to the escrow agent, the sale closed and the title was to be sent to the Riverside County recorder of deeds last week. However, until it shows up there, I don't really have any independent evidence that all is well. So, I've been reluctant to leave any feedback on ebay for the seller yet. I just went to ebay and I'm not allowed to leave negative or neutral feedback for this seller...only positive. I assume it's because so much time, i.e., 5 weeks, has elapsed since the auction closed.
 

icydog

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With all of these negative experiences, why haven't more people posted negative feedback on this seller on ebay? Redweek has 99% positive feedback.
The only reason there's no neg feedback is because of the short time allowed to post feedback on Ebay. They, Ebay, need to change their perimeters for timeshare and real estate. By the time you know you are embroiled in a battle with the seller, it is too late to post negative feedback.

It was because of Redweeks for less 100% positive rating on Ebay that I bought a week from them. Boy was I wrong, but what can I do now to save another bidder?...Absolutely nothing:crash:
 

sernow

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The only reason there's no neg feedback is because of the short time allowed to post feedback on Ebay. They, Ebay, need to change their perimeters for timeshare and real estate. By the time you know you are embroiled in a battle with the seller, it is too late to post negative feedback.

It was because of Redweeks for less 100% positive rating on Ebay that I bought a week from them. Boy was I wrong, but what can I do now to save another bidder?...Absolutely nothing:crash:
There's really nothing you could do about it anyway. As long as eBay allows these problematic sellers to escape any responsibilty and allow them to reappear with slight name changes, nothing will change.
 

Jpollo

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With all of these negative experiences, why haven't more people posted negative feedback on this seller on ebay? Redweek has 99% positive feedback.
The sales contract includes language that the buyer agrees not to leave negative feedback (in addition to the timing issue mentioned above.)
 
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oinksx3

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Despite all the problems indicated on this board, my experience was first rate. Purchased on e-bay on 11/1/2008. First right of approval was obtained and deed was recorded on 12/8/2008. The process would have been quicker if I had not been so suspicious and cautious which held up things at least a week - modifying sales contract and insisting on some documentation. I contacted the seller directly and had him reserve the unit for next year even though that was in the sales contract. I realize that the unit still has to be transferred by Hyatt but the deed was the most important thing for me. A nice surprise was that the owner had 1880 points in the bank which I will also receive. Caution is always the best course but these people are not the incompetents that I was led to believe. Maybe I just got lucky or maybe the problems were the exception rather than the rule as they do handle a large volume of transactions.
 

patty5ia

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I also had a good transaction with this seller and closing company. I bought in early October with the intention of reserving for Thanksgiving of 2009. Everything was transferred to the resort a day before I could reserve Thanksgiving week. I was able to to make my reservation as an owner directly with the resort.

Yes, I did my due diligence. I knew the resort well and I saw a copy of the deed before I signed the contract. I had no problems with anyone I dealt with at these companies.
 

Lawlar

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Choose a Large Well-Known Escrow Company

There is no requirement that a buyer use the seller's escrow. I would recommend that a buyer insist on using a well-known national escrow. The seller or broker might not like it (especially if it may indirectly get some additional fees) but there is no rule that says the seller gets to pick the escrow.

I just had an unsolicited offer to purchase some desert land I've owned for decades (at a too good to be true price). The "broker" sent me the Land Purchase Agreement to sign and I realized that there was no provision for an escrow and the note was unsecured. I sent back an email requesting that the Agreement be changed to provide for an escrow and a secured note. Guess what? I haven't heard back from this broker.
[Sometimes it is helpful to have a law degree.]

Be very careful. Bad economies tend to increase fraudulent transactions. (So do good times, now that I think about it - Ain't human nature wonderful?)
 

hebooregon

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Keeping our fingers crossed...

Have to admit the thought to look up this particular thread didn't occur to me until after we had purchased. Got a little nervous when I read some of the older posts to the thread indicating some concerns. We purchased some FS points from RW4L off Ebay as well, with the closing in progress through ATC. So far I think things are going smoothly. (I hope -). Auction closed on February 9th. Initial contact with closing company occurred on February 11th. Michelle at the closing company made a reservation at the resort for us which has been confirmed - no problem there. Noticed today on line that the new deed was recorded with the County on February 26. Just sent off an email to Michelle at the closing company asking about the next step. Communications with her so far have been prompt, and hopefully we'll complete the transaction within the next few weeks. Will add feedback as things wrap up. If they're doing a good job we want all to know. :banana:

Regards to everyone!

Jim Scharmota
 

usmcwife

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American Timesahre Closing

Actually American Timeshare Closing is owned by the same person although the Secretary of State says it is owned by April M. Underwood that is Mr. Gillispie's wife! This closing company is not reputable and their business practices are nothing short of illegal the so called closing agents in their office have no clue as to what they are doing and have no experience closing anything let alone timeshares the only reason their are safe is due to the clause in the instructions that they must leave positive feedback this compnay is in the habit of flipping properties everything is essentially owned by Stacy and then sold on ebay and if they have "title" issues they have forged signatures on deeds to move things along faster their supposed office manager Michelle is a joke as well as shelley cox because they have no clue as to what their doing and continually "wing it" I wouldnt purchase from Redweeks nor would I close with ATC (American Timeshare Closings) the inner workings of this company are actually quite scary I have seen it
 

tahoeJoe

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Have to admit the thought to look up this particular thread didn't occur to me until after we had purchased. Got a little nervous when I read some of the older posts to the thread indicating some concerns. We purchased some FS points from RW4L off Ebay as well, with the closing in progress through ATC. So far I think things are going smoothly. (I hope -). Auction closed on February 9th. Initial contact with closing company occurred on February 11th. Michelle at the closing company made a reservation at the resort for us which has been confirmed - no problem there. Noticed today on line that the new deed was recorded with the County on February 26. Just sent off an email to Michelle at the closing company asking about the next step. Communications with her so far have been prompt, and hopefully we'll complete the transaction within the next few weeks. Will add feedback as things wrap up. If they're doing a good job we want all to know. :banana:

Regards to everyone!

Jim Scharmota
Jim, did you ever close? What is your opinion of the American Timeshare Closing or RW4L?

Also, has anyone had any other experience with ATC or RW4L?

-TJ
 
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