A resale without estoppel? Seeking advice.

[dioxide45]

Why would a buyer require a POA none of the resales I have engaged in even required me to have anything signed by notary it was on the sellers end.

They shouldn't, I was just stating what is standard practice in mortgage transactions but someone does sign a lot of docs at closing there.

 

[BJRSanDiego]

On my second resale timeshare purchase, I didn't know about asking for an estoppel, so I effectively did my own estoppel. I knew the unit number and called Marriott. I explained why I was calling and determined that there were no outstanding loans, that MF were current, the season was correct, that the first year of use was correct, the MF correct as represented, and when the MF would be due, etc. Marriott was surprisingly cooperative. I learned from Tug to request an Estoppel on my 3rd purchase.

 

[iftravel]

On my second resale timeshare purchase, I didn't know about asking for an estoppel, so I effectively did my own estoppel. I knew the unit number and called Marriott. I explained why I was calling and determined that there were no outstanding loans, that MF were current, the season was correct, that the first year of use was correct, the MF correct as represented, and when the MF would be due, etc. Marriott was surprisingly cooperative. I learned from Tug to request an Estoppel on my 3rd purchase.

Yeah, glad you did it. The more I reflect on my recent experience, the more I realize that an estoppel is a MUST. This is my third failed attempt (which I was denied an estoppel), and for the first one, the estoppel showed a 2-bd, which I expected to see a 4-bd lo(based on the stated MF) so I passed. The second one, the estoppel showed 2025 Use banked / deposited so I would have to wait till 2027 for first use, again no deal. Would have been a huge disaster / at least big hassel if I proceeded without doing an estoppel.

I actually first learned the word "ESTOPPEL" here at TUG and I constantly mis-spell it, no kidding.

 

[BJRSanDiego]

Yeah, glad you did it. The more I reflect on my recent experience, the more I realize that an estoppel is a MUST. This is my third failed attempt (which I was denied an estoppel), and for the first one, the estoppel showed a 2-bd, which I expected to see a 4-bd lo(based on the stated MF) so I passed. The second one, the estoppel showed 2025 Use banked / deposited so I would have to wait till 2027 for first use, again no deal. Would have been a huge disaster / at least big hassel if I proceeded without doing an estoppel.

I actually first learned the word "ESTOPPEL" here at TUG and I constantly mis-spell it, no kidding.

On my first timeshare, the Sands of Kahana, the EOY ebay listing showed the MF at twice the amount that it should have been. I knew what the correct MF should be, but that error in the listing resulted in essentially no one else bidding. I thought that since it was an EOY that they made a simple mistake. After I won the bid and things were progressing, I think that the seller or closer requested an estoppel because I was contacted that they had actually sold me TWO WEEKS EOY. The seller said that I could either accept it at the bid price, or I could back out. The seller said that the cost to split the week into two weeks and resell would be significant. So, I ended up with 2 weeks EOY. For me, that is great. An unexpected benefit. After all, with the expense of flying and losing a day in re-acclimating, staying 2 weeks makes more sense than staying just a single week.

 

[iftravel]

On my first timeshare, the Sands of Kahana, the EOY ebay listing showed the MF at twice the amount that it should have been. I knew what the correct MF should be, but that error in the listing resulted in essentially no one else bidding. I thought that since it was an EOY that they made a simple mistake. After I won the bid and things were progressing, I think that the seller or closer requested an estoppel because I was contacted that they had actually sold me TWO WEEKS EOY. The seller said that I could either accept it at the bid price, or I could back out. The seller said that the cost to split the week into two weeks and resell would be significant. So, I ended up with 2 weeks EOY. For me, that is great. An unexpected benefit. After all, with the expense of flying and losing a day in re-acclimating, staying 2 weeks makes more sense than staying just a single week.

This is a lovely "estoppel" story with happy ending. I love it.

 

[elaine]

Would title insurance also get the same info (and more) as an estoppel? I used to only get it on $$$ purchases and not a <$1k/freebie, and, luckily, never had any issues. But, if I ever buy a resale off ebay again, I might get it, just so no unexpected surprises later.

 

[WorldT]

The company issuing the title insurance will get it to make sure they do not have to cough up some money later if something is not correct.
Considering that an estoppel is likely going to be cheaper than a title insurance, should you choose to pay for something, you may be better of cost-wise to pay for an estoppel if it is a freebie.

 

[davidvel]

There certainly is a lot of good information in this thread - buyers beware.

And yet the name of the company is not disclosed by the OP, so no buyer can beware. All a buyer is left with is presumably another thread where this company was described as completing a satisfactory transaction, that caused OP to initially go with this company. (Who knows, that could have been a shill, we don't know.)

So the next potential buyer may still proceed with this company despite OP's less than stellar experience.

 

[tsnikki]

I know this is an old thread but would love to get some advice. I am giving away my timeshare - we have had a three-way call with the resort to confirm all information, am working with LT so a reputable firm, and I am perfectly willing to request and pay for an estoppel. The issue is I seem to get the runaround from the timeshare company and resort - they are asking for a form, they want the person needing it to ask for it, I should ask the deed manager, the GM of the resort, etc. LT would like the signed agreement first before I pay for anything (non-refundable deposit and estoppel fee) and they said they would then request it - suggested buyer (it's free and I'm paying all closing costs, this years MF, points transfer cost, etc.). add an addendum saying this can be cancelled if they are not ok with the estoppel. I keep being asked to "just request it" by the buyer - so I'm not sure what else to do. I don't even mind paying first but that does not seem to be an option.

 

[Patri]

Have the buyer ask for it. The price they are paying doesn’t matter.
Unless I am not understanding this whole thing.

 

[2rebecca]

LT would like the signed agreement first before I pay for anything (non-refundable deposit and estoppel fee) and they said they would then request it - suggested buyer (it's free and I'm paying all closing costs, this years MF, points transfer cost, etc.). add an addendum saying this can be cancelled if they are not ok with the estoppel.

I assume you are talking about LT Transfers. It sounds like they are looking for a signed purchase agreement before they request the estoppel. Maybe you should ask them to speak to the buyer and explain the process. They can explain to the buyer that they can back out of the deal if the estoppel doesn't match your advertising. I know you already suggested that, but coming from a 3rd party might be more reassuring.

 

[dioxide45]

I assume you are talking about LT Transfers. It sounds like they are looking for a signed purchase agreement before they request the estoppel. Maybe you should ask them to speak to the buyer and explain the process. They can explain to the buyer that they can back out of the deal if the estoppel doesn't match your advertising. I know you already suggested that, but coming from a 3rd party might be more reassuring.

LT has a basic purchase agreement that they will ask both the seller and buyer to sign before they start to move forward.