We are considering buying from a person on ebay who owns the timeshare and works for a company that does the closing. Hmmm. We are confused about who would hold our money while the closing is taking place. He has been very helpful in answering probably 15 plus emails from me asking various questions. How does this sound? Thanks. Kelly
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Closing a sale
- Thread starter klconley
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DeniseM
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I would ask to use an independent closing/escrow company and be prepared to pay for it. Otherwise, you have the fox guarding the hen house. Who is the seller (I am assuming it's a resale company?)
spatenfloot
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Are you looking at a Wyndham timeshare or Worldmark? Many Ebay Worldmark sellers add additional unnecessary fees in order to increase their profit. All that is required to transfer a WM account is the $150 transfer fee.
ausman
TUG Member
Sounds like a PCC, and I think it is.
They often do not hold the deeds in their name but employ a power of attorney to transfer the ownership from the existing owner to you.
They offer good deals on ebay since they can be considered a seller of last resort. The owner has paid about $3K to use them and hopefully be rid of the ongoing MF.
In essence there is no closing company involved although there can appear to be.
They often do not hold the deeds in their name but employ a power of attorney to transfer the ownership from the existing owner to you.
They offer good deals on ebay since they can be considered a seller of last resort. The owner has paid about $3K to use them and hopefully be rid of the ongoing MF.
In essence there is no closing company involved although there can appear to be.
ausman
TUG Member
A Post Card Company, who does as described.
A mass mailer who sends out post cards to a list.
A mass mailer who sends out post cards to a list.
Jya-Ning
TUG Member
Post Card Company, you can search on this site. I did not buy from him, so could not tell. But I don't believe he is one of the PCC. And I don't believe that closing company is the one we usually know associate with PCC.
I do know few owner doing selling and doing closing themselves. One simple test is ask him if you want to use a different closing company, to see if he will refuse or not.
But I check several of his eBay deal and they are all buy-it-now type of deal, so very unlikely he is PCC.
Jya-Ning
I did ask it we could use another closing company and he agreed. We would probably do that. My husband is going to talk to him tomorrow morning.
What does everyone think about buying right now with the economy taking a downturn and possible forclosures on timeshares? How will that affect mf? Any opinions on this? Kelly
What does everyone think about buying right now with the economy taking a downturn and possible forclosures on timeshares? How will that affect mf? Any opinions on this? Kelly
Jya-Ning
TUG Member
Make sure you feel comfortable on paying the current MF and expect maybe 6% increase. Make sure you also can afford the travel cost and entertainment cost. It is a long term commitment that you do want to allocate that much for your family vacation so you can spend time together as a family every year.
It will be hard economic, so very likely Wyndham will try to see if they can squeeze more from you by increase their management fee. And the rental market will be soft, you will more likely have to use the TS yourselves for 1 or 2 years.
As long as you are O.K., It is a good commitment. Just don't watch too much stock while you are on vacation.
Jya-Ning
It will be hard economic, so very likely Wyndham will try to see if they can squeeze more from you by increase their management fee. And the rental market will be soft, you will more likely have to use the TS yourselves for 1 or 2 years.
As long as you are O.K., It is a good commitment. Just don't watch too much stock while you are on vacation.
Jya-Ning
ausman
TUG Member
MF's will continue to be due. And be subject to any future rate of inflation as well as individual resort variables.
If buying for the first time, in this economic climate, unless it is something you envision using, or be able to use in other ways, for some years, renting may be better until recovery.
This thread has not been about the deal offered, so don't know how to evaluate.
If buying for the first time, in this economic climate, unless it is something you envision using, or be able to use in other ways, for some years, renting may be better until recovery.
This thread has not been about the deal offered, so don't know how to evaluate.
Thanks
Yes, we are wanting to use the timeshare. We have it in our budget and can afford. No problem. Just wondering how the market is fairing in general and if anyone foresees HUGE increases as a result.
Yes, this thread took a turn. Seems like I got my original question answered. This person we are considering buying from works for the closing co. So, he would have access to our money. We have to decide. Supposedly, it will close in 6 to 8 weeks. Other's have had good experiences with him (feedback on ebay). We'll just have to see. We are also concerned about the primer saying that we should be able to find out who the HOA of the resort is and no one seems to have that info. Those types of things tend to concern my husband. Again, not because we can't afford it, but just because we don't want to be blindsided.
Yes, we are wanting to use the timeshare. We have it in our budget and can afford. No problem. Just wondering how the market is fairing in general and if anyone foresees HUGE increases as a result.
Yes, this thread took a turn. Seems like I got my original question answered. This person we are considering buying from works for the closing co. So, he would have access to our money. We have to decide. Supposedly, it will close in 6 to 8 weeks. Other's have had good experiences with him (feedback on ebay). We'll just have to see. We are also concerned about the primer saying that we should be able to find out who the HOA of the resort is and no one seems to have that info. Those types of things tend to concern my husband. Again, not because we can't afford it, but just because we don't want to be blindsided.
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Being blindsided comes with the territory of timeshare ownership. No way to avoid or insulate from it. You haven't mentioned special assessments, the muther of all blindsidings.
spatenfloot
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Make sure you read the thread about Wyndham's fee increases, just so you'll be informed about it. I'd also expect MF's to continue to rise.
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Yes Patriot's Place and the Kingsgate (also in Wmsburg) had SA's for the last three years (this was the last year). That is a good assumption that we won't see any more in the near future.
Do you know if you're buying a fixed week or has the week been converted to FSP points?
p.s. As for getting the HOA info, that shouldn't be that difficult. What is the issue?
It would be just straight points. I tried to find out the HOA info on Grand Desert in LV and I couldn't get it. I got transferred around until I got the sales staff. I did call Patriot's and left a message today asking for the info. I'll call again tomorrow.
Looking at the mf for Patriot's Place on the spreadsheet I downloaded from the wyndham forum, it looks as though the mf are higher than what the seller on ebay is quoting. I may be a little confused about how mf are figured. I will ask what the fees are when I call tomorrow as well.
Looking at the mf for Patriot's Place on the spreadsheet I downloaded from the wyndham forum, it looks as though the mf are higher than what the seller on ebay is quoting. I may be a little confused about how mf are figured. I will ask what the fees are when I call tomorrow as well.
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If you're buying Patriot's Place FSP points, then there will be an underlying fixed week that the points are tied to. I believe that is important to you as it gives you the "first rights" to the week that the points are tied to.
Well according to him it was straight points and there was no fixed week. There were a lot of things that were inconsistent and it appears that that the timeshare is no longer listed. We had found another closing company and over the weekend I emailed him to let him know I would be talking to a closing co. on Tuesday. this morning the timeshare is not listed.