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Can I do my own closing for my Marriott's Willow Ridge Lodge timeshare?

JaxCalle

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Hi Friends:

I used to come here about 12 years ago when I sold my first timeshare, then bought another, and now I wish to sell my Marriott's Willow Ridge Silver week. Yes, not the greatest in trade value, but I've gotten some GEMS here in Orlando, FL in exchange (via II) - even a 3 bedroom townhouse in the gorgeous Marriott Harbour Lakes. It's a TWO bedroom Lock Off, so I get two weeks out of it.

My situation has changed in life and I can't use my week any further. I'm thinking of selling it for something around $1,000, but I'm confused by the closing costs. I'm administratively savvy, so I can do title filings, Right of First Refusal forms with Marriott (I live in Orlando), and so forth.

I don't know if BUYERS today EXPECT that the seller will pay for all closing costs (I'm not a broker or in real estate, so I am not licensed to manage real-estate). If one is not a Real Estate company, how can we offer FREE CLOSINGS when you sell our timeshare?? Are people doing the closings themselves or are they hiring a company to do it?

If you think I should DEFINITELY use a Timeshare Closing Company -- who is the least expensive and trust worthy? And IS the SELLER expected to pay for these closings always?

Thanks for your kind assistance fellow owners!

Jackie
 

theo

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I don't know if BUYERS today EXPECT that the seller will pay for all closing costs (I'm not a broker or in real estate, so I am not licensed to manage real-estate). If one is not a Real Estate company, how can we offer FREE CLOSINGS when you sell our timeshare?? Are people doing the closings themselves or are they hiring a company to do it?

If you think I should DEFINITELY use a Timeshare Closing Company -- who is the least expensive and trust worthy? And IS the SELLER expected to pay for these closings always?
Closing costs are negotiable in any transaction; there is no universal standard or "expectation" regarding whether they will be paid by buyer or seller. Likewise for any "transfer fee" which may be separately imposed by the resort / developer, apart from and unrelated to other closing costs; I dunno about Marriott. :shrug:

That being said, closing costs (excluding any resort / chain imposed "transfer fee") would be under $200 with LT Transfers. I strongly recommend against the "do it yourself" approach. Time is money too and errors or oversights in deed preparation and / or recording (and later resort notification) can cause avoidable delays and errors or problems to correct. For $200, I would (and I do) just leave all the deed work and notifications to the people who do this stuff every day. It's penny wise and pound foolish to do otherwise (in my opinion), if you do not already have prior personal experience in the new deed / transaction process.

Your first and biggest obstacle will be finding a willing new recipient and agreeing to mutually acceptable transaction terms.
That part of the process is solely your responsibility; closing entities are not salespeople or negotiators. Good luck.
 
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RX8

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The question as to who pays closing fees really depends on the demand for your week and if the buyer is satisfied with the overall price (selling price plus fees). While you can ask anything you want for your timeshare if it was $1,000 plus buyer paying closing/transfer fees I think it will be difficult to sell quickly, if at all.

Looking at EBay, there was a recent sale of a platinum week which sold for $355 with all closing and transfer fees paid by the seller. A silver week such as yours sold for one dollar with the buyer responsible for $720 in closing/transfer fees.

You could handle closing yourself but there would still be the transfer fee. Many recommend a professional closing company call LT Transfer which for a somewhat nominal fee will handle that process for you.

Good luck!
 

JaxCalle

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You guys just saved my LIFE! Thank you sooo much for being so kind with your guidance and time. <3 <3
 

JaxCalle

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P.S. I do work with county title transfers and such, due to a client's properties that have to change names every so often. Also, I live in Orlando, down the street from Marriott International office (literally down the street), and I could process the Marriott part easily. Hmmm... so I wonder why I would need the Title services... maybe for the escrow if I end up selling to someone who is not a relative or a friend. I found an escrow service for $50 online... not sure if it's trustworthy though.
 

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LTT is usually only about $150 - and they are professionals and will do it right the first time.

Trying to save a few dollars by doing it yourself, or using an unknown company could cost you far more in the long run. It's worth every penny to have it done right, and LTT can guide you through the whole process.

*I woud definitely not ask my buyer to send their money to an unknown internet escrow company. Ask LTT about "poor man's escrow."
 

taterhed

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Here's my take: Even if I wanted to buy your unit (which I don't), as soon as I read/heard "Seller will perform closing and use escrow of their choosing...." I would run to the hills.
Take the professional advice given: use a trusted closing service and avoid the 'perceived' conflict of interest etc...

I certainly wouldn't escrow my money with Bart's bail bonds and escxxx escrow service....
 

JaxCalle

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Thanks Denise! :) And Rob! That's funny -- I totally hear ya! It makes perfect sense. I will only do the closing myself if it is a friend or a relative. But if I put it in the general market, I will use the closing company.
 
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brianfox

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I sold my Silver Willow Ridge 7 years ago for $0. I (seller) paid all fees. Forget what company did the closing, but it cost me upwards of $300 in total ($120 Marriott transfer + $150 closing + notary fees).

But the key here is that it was a Silver 2BR Willow Ridge that Marriott chose not to buy back for $0.
Gives you an idea of what you can expect to get for yours today.

I advertised mine on TUG and aimed it directly at people who wanted to do what you did (split the unit and hope to get good weeks on Flexchange).
I had one person bite after about a month and clearly and honestly discussed the pros and cons of this approach.
Willow Ridge did get me into Hawaii several times (Ko Olina, Maui OC, Kona Coast) - one of those was outside Flexchange.

If you really want to sell it, put it on the FREE listings in the TUG site. Heck even consider listing it on Redweek. But say you will pay all costs.
 

JaxCalle

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Thank you Brian... I am getting a few bites on my FB page right now from friends/family with whom it is easier to transfer. I will consider this second option if that doesn't work. Thanks so much!


If you really want to sell it, put it on the FREE listings in the TUG site. Heck even consider listing it on Redweek. But say you will pay all costs.[/QUOTE]
 

brianfox

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Sounds good. Just make sure you are up front with your friends and family about what they can expect. You would be giving them something that has literally no value but has a yearly cost. They will hear you traded to Hawaii or other exotic locations and that will be all they actually listen to. When it doesn't work for them because they didn't realize how much effort is needed to get good exchanges, they may become your ex-friend. And worse if it's a family member. You might have to jump in every year and help them get an exchange.

A Silver Willow Ridge in a timeshare newbie's possession is the proverbial Monkey's Paw.

If you do end up giving to friend or family, you might consider a Quit Claim Deed, which may be the cheapest way to do it.
 

JaxCalle

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And worse if it's a family member. You might have to jump in every year and help them get an exchange.

A Silver Willow Ridge in a timeshare newbie's possession is the proverbial Monkey's Paw.

If you do end up giving to friend or family, you might consider a Quit Claim Deed, which may be the cheapest way to do it.[/QUOTE]


You are ABSOLUTELY RIGHT Brian -- One friend has a sister who is not a newbie and is guiding her through the process right now... of looking at what possible trades she can get. And my other friend who is interested also told me to help him the first year. He only will trade to Orlando, so it's not too difficult. But I HEAR YA -- I don't want to be babysitting this timeshare forever.
 

brianfox

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Trading to Orlando is a piece of cake. But much easier is for you to buy him a Getaway and have him pay you back. Orlando Getaways are dirt cheap and plentiful. And for the record, once you sell or give away the Willow Ridge, it will forever remain on your account in II unless you tell them (and prove to them) it is not in your possession anymore. So I still show two properties on my account that I sold a long time ago. There is a decent reason for keeping them in the II account. You can always go in and play "what if" to see potential exchanges. So I can see that Desert Springs Villas II could pull a Caribbean resort, while my Willow Ridge can pull....downtown Pittsburgh.

I imagine Willow Ridge is north of $600 now in MF. Probably more like $700. If you split the week and exchanged both units, that's $350+exchange fee per week. That's what, about $500 after you figure in the split fee as well? An Orlando Getaway is $100-$200 less than that.

What I am saying is that a free Willow Ridge that will be used for exchanges to Orlando is not cost effective. In any way. Ever.

It's interesting that I'm in another thread right now started by someone asking what Marriott properties have enough power to trade into Hawaii. I wrote the exact same questions many years ago. I wonder if this person will take the advice I politely refused back then.
 
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JaxCalle

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Brian the MF for this Silver Willow Ridge is $1140 now. When I bought it in 2008, it was in the 700s. It used to be a Horizon Resort. You know how they changed that and upgraded all the units to reflect the upgrade... so the same ocurred with the MFs. To SPLIT IT into two weeks, it costs $85, then the II Membership costs $89. To exchange each week, it's $149 each time. So the total cost per week becomes about $750.

With these weeks I've gotten some nice exchanges to Las Vegas (super central and high season too), Ft. Lauderdale, all around Florida and beaches, Disney's Saratoga Springs, 3 Bedroom Marriott Units (using a 0 bedroom exchange)... So the power for trading is there, as long as there's availability and it's within that 60 day window... for II.

So you're saying if I sell my timeshare, I'm still considered to be the owner of that unit with Marriott as far as II is concerned? So does that mean the new owner can't deposit weeks or join II?

I was thinking that once I sell my timeshare, I can no longer be a member of Intervalworld. Is that not the case?

Thanks for your kind advice.

Jackie



Trading to Orlando is a piece of cake. But much easier is for you to buy him a Getaway and have him pay you back. Orlando Getaways are dirt cheap and plentiful. And for the record, once you sell or give away the Willow Ridge, it will forever remain on your account in II unless you tell them (and prove to them) it is not in your possession anymore. So I still show two properties on my account that I sold a long time ago. There is a decent reason for keeping them in the II account. You can always go in and play "what if" to see potential exchanges. So I can see that Desert Springs Villas II could pull a Caribbean resort, while my Willow Ridge can pull....downtown Pittsburgh.

I imagine Willow Ridge is north of $600 now in MF. Probably more like $700. If you split the week and exchanged both units, that's $350+exchange fee per week. That's what, about $500 after you figure in the split fee as well? An Orlando Getaway is $100-$200 less than that.

What I am saying is that a free Willow Ridge that will be used for exchanges to Orlando is not cost effective. In any way. Ever.

It's interesting that I'm in another thread right now started by someone asking what Marriott properties have enough power to trade into Hawaii. I wrote the exact same questions many years ago. I wonder if this person will take the advice I politely refused back then.
 

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Jackie - Unless you tell II that you have sold your timeshare, they won't know. So it's convenient to keep paying the membership fee so you can still have access to rental Getaways. This will not impede the new owner's use of II.
 
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JaxCalle

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Jackie - Unless you tell II that you have sold your timeshare, they won't know. So it's convenient to keep paying the membership fee so you can still have access to rental Getaways. This will not impede the new owner's use if II.
Oh... shhh... ;-) I just upgraded my membership, so I hope it continues like this for a bit... Thank you Denise. BTW that's my daughter's name, so it sounds like music to my ears. lol
 
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brianfox

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Brian the MF for this Silver Willow Ridge is $1140 now.

...So the power for trading is there, as long as there's availability and it's within that 60 day window... for II.
Jackie
First of all, $1140!!! Ouch! The reason I bought Willow Ridge way back when is that it had about the lowest MF around at the time. No way would I take one for free. Here's my reasoning: Knowing this 2BR could never pull a very good trade on its own, I'd split it into two units. That will cost $75. So that means (1140+75)/2=$607 per week to get two trades. Each of those may see something nice during Flexchange. But we are talking another $180 per exchange. So now it's almost $800 per week. I'd have to be able to get two exchanges that are worth more than $800 to break even. "Worth" meaning the price at which I could rent into them.

Regarding "power within 60 day window". As Inigo Montoya might say: I do not think that means what you think it means....
At Interval, any searches done within 59 days of travel are "Flexchange" searches. This means you can trade for ANYTHING that is available. So within 59 days of travel, a Willow Ridge Studio has the "same power" as a 3 BR Ko Olina. Conversely, within 59 days of travel, a 3 BR Ko Olina has no more power than a Willow Ridge Studio.

Trading Power refers to what Resort A can pull vs Resort B given the same time frame (outside of Flexchange).

Some magical inventory sometimes appears in Flexchange. It can make people believe they have high trading power. In reality you are seeing last minute cancellations or expiration of a hold someone with high trading power had.
 
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JaxCalle

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Yes Brian, 8 years ago, the MF was $750 -- it was a Marriott Horizon, and since they did away with the Horizons, they upgraded the resort and have steadily increased the MF to become more in-line with the rest of the properties, supposedly to give it a similar trading power -- we all know that's not always possible for all the reasons we all understand here. Anyway, just as an FYI, I only trade to Marriott Resorts, so the fee is $139 per week, so my situation looks like this:

Two Week Separate- Using Lock-Off
Yearly Maintenance $ 1,140
Interval Membership $ 85
Lock-Off Fee $ 80
Exchange Fee $ 139
Exchange Fee $ 139

TOTAL $ 1,583


Cost per Week $ 792
Cost Per Night $ 113

I ALWAYS use Flexchange because I don't plan my vacations any sooner than 40 days ahead at most. So yeah, I've gotten AMAZING trades -- but mostly in Florida, because I like to vacation here. I traded to a GORGEOUS 2 bedroom in VEGAS, and then another time in BOSTON, which was wild, frankly that I even got that, but heck. I've had great exchanges overall. I have a friend who wants to come just to Florida, so he's looking at the week now.

PLEASE TELL ME -- how do YOU go about RENTING your weeks? I've never tried renting them except to relatives. Thanks for you thoughts.
 
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