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[Buyer] Reneged on [purchase] of timeshare

sweet76

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We recently thought we had sold our timeshare. We had listed it with tug and received an offer from a Licensed Real Estate Agent. We accepted the offer. The Licensed Broker mailed us the "Seller Agreement". We signed the papers and returned them to the Broker. After waiting over a month, we received an e-mail from the Agent saying that the buyer's wife passed away and she would try to find us a new buyer. Does this sound legitimate?

sweet76
 

ampaholic

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It is possible for a genuine sale to collapse before closing. If they come back asking for an upfront fee - run away.
 

DeniseM

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WKORV, WKV, SDO, Kingsbury Crossing/Tahoe, Kauai Beach Villas.
Did you pay them an upfront fee?

What's the name of the company?
 

Pedro

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Were you asked to pay any fees?
 

rrlongwell

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Were you asked to pay any fees?
The above posts are going the right direction, more information is needed. Were you being represented by either the selling agent or the Broker that sent you the seller's sales agreement?

Was a sales agreement signed by the parties to the agreement?

Was the sale ever closed (i.e., deed done, if deeded, and the Resort reconizine the new owner. Depending on the above information, then better observations could be made.
 

DeniseM

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Name of company?
 

sweet76

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The above posts are going the right direction, more information is needed. Were you being represented by either the selling agent or the Broker that sent you the seller's sales agreement?

Was a sales agreement signed by the parties to the agreement?

Was the sale ever closed (i.e., deed done, if deeded, and the Resort reconizine the new owner. Depending on the above information, then better observations could be made.
The Broker sent us the "Seller Agreement". Our family attorney looked at it before we signed it. Our signatures were the only ones on the "Seller Agreement, Contract for Sale and Purchase, and Special Clauses".
The sale was never closed. We did not pay any money.
 

ronparise

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real estate deals fall apart all the time...no reason why timeshares would be any different...
 

gnorth16

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Sounds like things happen... Sounds legit, I believe the agent is licensed in the state of FL, but I may be thinking of someone else.

Personally, when I purchased my first TS, the seller dragged their feet for months, saying the husband had passed and couldn't get the proper documentation to sell...If the seller wanted to sell, regardless of situation, the POA or lawyer could arrange what is needed. The effort wasn't there, so the agent said to bail on this transaction (which I did) and she found a different (although exact same!) for the same price, with bonus points for my trouble!

Do you have it listed on TUG marketplace?

Check with Yumdrey (another poster on TUG) who had an offer from this company. Maybe he could share his feelings towards this company.
 
Last edited:

sweet76

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Sounds like things happen... Sounds legit, I believe the agent is licensed in the state of FL, but I may be thinking of someone else.

Personally, when I purchased my first TS, the seller dragged their feet for months, saying the husband had passed and couldn't get the proper documentation to sell...If the seller wanted to sell, regardless of situation, the POA or lawyer could arrange what is needed. The effort wasn't there, so the agent said to bail on this transaction (which I did) and she found a different (although exact same!) for the same price, with bonus points for my trouble!

Do you have it listed on TUG marketplace?
Yes, I have it listed on timeshares for sale with tug2.
The "INTERNATIONAL PROPERTY PROFESSIONALS, INC." has a website:
www.discounttimesharesales.com
 

BocaBum99

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There should have been a good faith deposit. In Florida, there is the same 10-day rescission period on resales as for retail purchases. If it were a month later, the seller should be entitled to a portion of the good faith deposit. If you don't get one, I would make a complaint against the license of the real estate broker for not doing their job of getting the signed paperwork and good faith deposit into escrow in a timely matter. You got hosed by your own broker.
 

gnorth16

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There should have been a good faith deposit. In Florida, there is the same 10-day rescission period on resales as for retail purchases. If it were a month later, the seller should be entitled to a portion of the good faith deposit. If you don't get one, I would make a complaint against the license of the real estate broker for not doing their job of getting the signed paperwork and good faith deposit into escrow in a timely matter. You got hosed by your own broker.
Good point. Let's see if Mr. Jay will come defend himself....
 

DeniseM

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See post #12 - they have been discussed on TUG.
 
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