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Be Careful With Timeshares Only

I

ira g

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This morning I went onto the Timeshares Only website. I found 2 weeks that I was looking for at a reasonable price. Since there was no contact information from the seller I had to call Timeshares Only. When I called they transferred me to their broker which was a GMAC International. I spoke to an agent who thought they could get us a good deal on the 2 units. Later this morning I received a call from the broker who was happy to get me these weeks. These weeks were originally listed at $400 per week. She said she could get both for $400 as they were small studio units in a standard unit. I was ready to make the deal until she said the units were $400 for the 2, PLUS $1000 real estate fee, PLUS $195 Administrative fee Plus $350 for a non title insurance closing, Totalling $1945 of which $400 would go to the buyer Maybe?? depending how much they paid to list with Timeshares Only. BE CAREFUL WHEN DEALING WITH THEM. Of course we told her thanks but no thanks. Anyone else have this same situation?
 
ira g said:
This morning I went onto the Timeshares Only website. I found 2 weeks that I was looking for at a reasonable price. Since there was no contact information from the seller I had to call Timeshares Only. When I called they transferred me to their broker which was a GMAC International. I spoke to an agent who thought they could get us a good deal on the 2 units. Later this morning I received a call from the broker who was happy to get me these weeks. These weeks were originally listed at $400 per week. She said she could get both for $400 as they were small studio units in a standard unit. I was ready to make the deal until she said the units were $400 for the 2, PLUS $1000 real estate fee, PLUS $195 Administrative fee Plus $350 for a non title insurance closing, Totalling $1945 of which $400 would go to the buyer Maybe?? depending how much they paid to list with Timeshares Only. BE CAREFUL WHEN DEALING WITH THEM. Of course we told her thanks but no thanks. Anyone else have this same situation?
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SOP for Timeshares Only. I bought one from them prior to them implementing the buyers fee about two years ago. I don't even look at their web site now.
 
I contracted for a price with fee included. I got the price I wanted but have to pay their high closing costs.

When they are selling weeks for $400, you would think their commission would be reduced accordingly, pro-rated to the amount you are paying for the units, but greed is greed. The poor owner of those units is not getting the money they paid for them and GMAC is collecting $1K? Ridiculous company.
 
I just used TimesharesOnly for a $10,500 MSE purchase that got ROFR by Marriott (today...read different thread) and they did NOT charge me this $1,000 fee. Perhaps this fee is for lower priced TS units.
 
I am under contract for a TS with them now and there was no mention of the $1000 fee and I specifically asked about any other fees. I must pay closing costs of $395, admin fee of $195 and resort transfer fee -- all detailed on my contract.
 
tim said:
I am under contract for a TS with them now and there was no mention of the $1000 fee and I specifically asked about any other fees. I must pay closing costs of $395, admin fee of $195 and resort transfer fee -- all detailed on my contract.
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I'm wondering if on more expensive units they are including the $1000 fee in their charges to the buyer, rather than breaking it out. Do you know if the seller is getting the agreed upon price?
 
Steamboat Bill said:
I just used TimesharesOnly for a $10,500 MSE purchase that got ROFR by Marriott (today...read different thread) and they did NOT charge me this $1,000 fee. Perhaps this fee is for lower priced TS units.
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Bill- were you paying the seller $10,500 or was the seller getting $9500 and $1000 to Timeshares Only? Could this be the reason you were ROFRed? Just a thought.
 
ira g said:
Bill- were you paying the seller $10,500 or was the seller getting $9500 and $1000 to Timeshares Only? Could this be the reason you were ROFRed? Just a thought.
Click to expand...

I don't know...I assumed that the seller was paying the fee. I will ask for proof of the ROFR tomorrow.
 
Doesn't the realtor get their commission regardless of who buys it? Marriott has the right to pay the agreed upon price, less any closing costs if they were built into the deal. The seller gets the proceeds, but still has their contractual obligation to pay the realtor whether Marriott exercises ROFR or the buyer gets the unit. Marriott doesn't get to subtract out the realtor's commission.
 
Everything depends on the agreement with the realtor. For example, an agreement might exclude a commission for sales to selected parties specified by the seller, one of which might be Marriott.

The ROFR requires Marriott, if it exercises its right, to purchase under the same terms as the other prospective buyer. Thus, if that other buyer would have been obligated to pay $9,500, that's Marriott's obligation when it exercises. Whether a commission is payable is between the seller and the realtor.
 
I just spoke with Tracy at GMAC and she said she hates ROFR because of the delays in payments. She does still get her commission as it comes from the Seller, not the buyer.
 
TSO typically charges the sellers $750-$1000 to list and the buyers $1000 to buy. I have been told that on the higher priced weeks, TSO builds the buyer commision into the offer.
 
I bought a Hyatt week last year from Timeshares Only/GMAC and didn't have to pay the $1000 fee (commission). My sense is that they need to make a certain commission for their services to be profitable and if the timeshare is priced high enough they make their commission from the seller but where the sale price is very low they need to charge the buyer a fee (commission) to cover their minimum commission. Of course, if they are going to charge a fee to the buyer they must disclose this to the buyer prior to the sale. I think this is correct because when I bought my timeshare I asked the agent if there were any other fees I would be charged and he made some computations and said they would not need to charge me anything more than the closing costs and the Hyatt's transfer fee. I ahd no problem with TO/GMAC.
 
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