I will not give too many details at this point but I am going through the closing of an ebay purchase I made. I paid few hundreds in addition to the closing cost. The contract with (probably) the exit company reflects correctly all the details. I was sent the transfer of deed form to be signed by the owners and it mentions they are selling for $10! Are the owners going to see any of the money I paid? Not my business I guess but I feel bad for them to be taken advantage like that
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Are the sellers getting the proceeds of an Ebay sell?
- Thread starter Yellowfin
- Start date
LannyPC
TUG Member
That depends on whether it was actually the owners who listed it or if they used a PCC to supposedly cancel the TS. Is the seller a PCC? And even if they owners do not get any of the $10, I'm sure they're just happy that someone is buying it.
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In many cases the owner paid thousands to get out and even if they didn't do their research and it happened to be a timeshare that could fairly easily sell on ebay for over $500 they won't get anything back. Their contract was likely that they pay and the exit company gets them out.
bogey21
TUG Member
In all likelihood Owned paid Exit Company to get rid of their Week. In some cases Exit Company will sell Week on Ebay, picking up a few extra dollars in addition to finding a new home for Week...
George
George
Fwiw, it is not uncommon for the "consideration" in a timeshare deed to reflect "ten dollars and other valuable consideration" --- even for transactions actually involving thousands of dollars. But I digress....
The situation described seemingly involves a PCC with power of attorney. If so, the owners have already paid serious money to the PCC to "just get them out of" the timeshare. Said owners won't see a dime from whatever amount the PCC manages to sell the interval for.
The owners might have been able to sell that timeshare themselves for whatever you are paying (maybe lots more), without paying any PCC a nickel. They may not have known how, but in any case made the choice to go a different route. Shed no tears for their choice of an expensive route by which to part company with their timeshare ownership. Your empathy is admirable, but maybe misplaced.
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