CTighe
newbie
Has anyone done any deals with PremierVacationMarketing on eBay? They only have like 54 feedbacks. Just worried I could lose my money.
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eBay seller [PremierVacationMarketing]
- Thread starter CTighe
- Start date
Be aware that using a credit card for this transaction does NOT guarantee you can dispute the transaction and walk away unharmed. In this case, the credit card company will help YOU in YOUR efforts to get YOUR money back. This was my experience with a different seller on EBay.
Stay on top of this until you are sure it is legitimate. Time is of the essence.
CTighe
newbie
I haven't paid anything yet, I didn't like that fact that they wanted full payment. I should of read the fine print before I bid.
The bid was non-binding. You are not obligated to go through with the sale.
That said, I don't know of any resellers that don't want payment up front. If they transfer the contract before you fully pay, they lose all leverage to get payment.
CTighe
newbie
Resellers like Seth and Judi only require a down payment, not full payment.
natarajanv
TUG Member
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not really
They need a down payment to start the process, but before the deed is sent for recording you have to pay them in full....
They need a down payment to start the process, but before the deed is sent for recording you have to pay them in full....
CTighe
newbie
I understand that, but isn't that after ROFR has been waived, at least at that point I know things are moving in the right direction and have more trust.
natarajanv
TUG Member
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transfer process
Yes, you are correct.
I found this article by googling about the transfer process....
Once you have an agreement from the seller to purchase a property, the broker you are working with will send a contract for Sale and Purchase to you along with other necessary real estate documents including Buyer and Broker Agency, Consumer Notice, Buyer Information Form and Instructions for Deposit.
You will complete all documents, sign and return them to the brokerage or closing agency with a deposit so that the property will be removed from the inventory. This deposit will be deposited into a Real Estate Brokers or Title Company Escrow Account until closing. A week listed for sale will usually not be removed from inventory until a signed agreement and deposit is received. Other Buyers will be able to purchase this week in the meantime. Real Estate Brokers usually suggest all documents are sent by overnight delivery via the US Postal Service or a ground carrier such as Fed Ex or UPS etc to insure you are not beaten out of the purchase....
Usual costs associated with a purchase:
1. Purchase price
2. Closing costs estimated at approximately $400 (Deed preparation, account searching, postage, recording fees, real estate transfer fees)
3. Resort transfer fees ( if applicable, these fees vary from resort to resort )
4. Current years maintenance fees if week is available to buyer.
*Exchange company fees if you are purchasing a points program such as RCI Points.
Once the paperwork and deposit is received, the brokerage will send the documents to the Sellers for their signature(s). Once received, they will forward a copy to you for your file and we will prepare all the Sellers documents to be sent to the Closing Company. The closing companies work very closely with all major developers and know the process to get your property closed quickly and properly.
The Closing Company will once they receive the documents:
1. Send the contract to the resort management group if a right of first refusal is required
2. Order a Right of First Refusal
3. Perform a search in the county courthouse in which the resort is located if ordered by the buyer.
4. Request an Estoppel from the resort giving us an up to the minute look at the Sellers account with the resort.
Once all these documents come into the closing company, it will tell the brokerage if everything is exactly what the Seller states it is. For example, is it a 2 bedroom, annual usage, platinum season float, that the seller states it is. This process will insure the account is checked for any money owed by the sellers and that a zero balance on the account will be transferred to the Buyer.
If everything checks out, the closing company will prepare the documents to transfer title to the Buyer. They will also send out closing statements to the Buyer and Seller for their signatures, along with a new deed for the Sellers Notarized signature(s) transferring ownership to the Buyers. These documents will be returned to the title company by the Sellers. The Closing Company will prepare a closing statement indicating deposit held and balance due from the Buyers. This statement will require Buyers to sign and return to the Closing Company immediately in order for the Closing Company to sent the deed to recording. Once these are returned, the Closing Company will prepare a package to record the deed transferring ownership to the Buyer to the Courthouse in which the resort is located.
Once the deed is recorded, the closing company will obtain a conformed copy showing ownership transfer in the Buyers name. This copy along with the Buyer's Information originally completed by the Buyers will be forwarded to the resort to inform them that a transfer of ownership has taken place and that these are the new owners.
Yes, you are correct.
I found this article by googling about the transfer process....
Once you have an agreement from the seller to purchase a property, the broker you are working with will send a contract for Sale and Purchase to you along with other necessary real estate documents including Buyer and Broker Agency, Consumer Notice, Buyer Information Form and Instructions for Deposit.
You will complete all documents, sign and return them to the brokerage or closing agency with a deposit so that the property will be removed from the inventory. This deposit will be deposited into a Real Estate Brokers or Title Company Escrow Account until closing. A week listed for sale will usually not be removed from inventory until a signed agreement and deposit is received. Other Buyers will be able to purchase this week in the meantime. Real Estate Brokers usually suggest all documents are sent by overnight delivery via the US Postal Service or a ground carrier such as Fed Ex or UPS etc to insure you are not beaten out of the purchase....
Usual costs associated with a purchase:
1. Purchase price
2. Closing costs estimated at approximately $400 (Deed preparation, account searching, postage, recording fees, real estate transfer fees)
3. Resort transfer fees ( if applicable, these fees vary from resort to resort )
4. Current years maintenance fees if week is available to buyer.
*Exchange company fees if you are purchasing a points program such as RCI Points.
Once the paperwork and deposit is received, the brokerage will send the documents to the Sellers for their signature(s). Once received, they will forward a copy to you for your file and we will prepare all the Sellers documents to be sent to the Closing Company. The closing companies work very closely with all major developers and know the process to get your property closed quickly and properly.
The Closing Company will once they receive the documents:
1. Send the contract to the resort management group if a right of first refusal is required
2. Order a Right of First Refusal
3. Perform a search in the county courthouse in which the resort is located if ordered by the buyer.
4. Request an Estoppel from the resort giving us an up to the minute look at the Sellers account with the resort.
Once all these documents come into the closing company, it will tell the brokerage if everything is exactly what the Seller states it is. For example, is it a 2 bedroom, annual usage, platinum season float, that the seller states it is. This process will insure the account is checked for any money owed by the sellers and that a zero balance on the account will be transferred to the Buyer.
If everything checks out, the closing company will prepare the documents to transfer title to the Buyer. They will also send out closing statements to the Buyer and Seller for their signatures, along with a new deed for the Sellers Notarized signature(s) transferring ownership to the Buyers. These documents will be returned to the title company by the Sellers. The Closing Company will prepare a closing statement indicating deposit held and balance due from the Buyers. This statement will require Buyers to sign and return to the Closing Company immediately in order for the Closing Company to sent the deed to recording. Once these are returned, the Closing Company will prepare a package to record the deed transferring ownership to the Buyer to the Courthouse in which the resort is located.
Once the deed is recorded, the closing company will obtain a conformed copy showing ownership transfer in the Buyers name. This copy along with the Buyer's Information originally completed by the Buyers will be forwarded to the resort to inform them that a transfer of ownership has taken place and that these are the new owners.
boris-bear
TUG Member
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- Feb 17, 2015
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- 43
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- Location
- Fredericksburg, VA
- Resorts Owned
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Umbrella Beach Club (AMI,FL),
Veranda Beach Club (LBK,FL)
I recently acquired a unit through this outfit, with generally positive results, although there were a few bumps along the way to advise caution.
Based on my experience, I did give them a positive feedback in eBay's feedback system because the transfer went off quickly (~3 weeks to deed recording, ~40 days total to resort acknowledgment, and ~50 days to receive my incentive) and they were responsive to inquiries and issues brought up in emails.
That said, there are a few things I found I needed to be careful about. Your experience may be different, of course. There are certainly easier and less risky ways of acquiring a unit, but this was a rarely available location I wanted at a price worth putting up with a little mild turbulence. Again, a risk/reward profile I felt was worth it.
But, caveat emptor, to wit:
1. The eBay ad included an incentive and present-year use as bonuses. Being that it was a floating week unit late in the year, it was a significant risk that the "free use" would be unavailable, and that turned out to be so. I knew this risk going in, decided to bid as if that were not part of the deal, and priced my bid accordingly.
2. They would not provide an estoppel prior to the completion of the sale, despite my asking. I knew this as a risk and bid accordingly.
3. My total risk was small, as my winning bid wound up on the order of $100.
I minimized my risk of private listing/shill bids by using a bid-sniper, and wound up winning it for a little over $100. (I think I had set my max snipe bid at 200).
(Thanks to many threads on TUG for that little aggravation-saver...)
After winning the auction, I needed to be careful too:
4. They sent me a draft contract to sign, along with a form for credit card payment in full. In it they indicated the week and unit number for the deed.
They at first would not provide an estoppel, citing their "policy" to protect their client's personal info (despite the contract indicating that they were in fact the seller...).
5. Using the info from the contract I did my own deed/title research and was able to ascertain that mortgages on the property had been satisfied and that there were no other issues posted with the county.
6. I pushed back on the estoppel issue, asking them to simply redact the personally identifying information, and I also noted the apparent contradiction between their being listed as the "seller" (as opposed to "seller's agent") and their having a "client" to protect. They complied and sent me a redacted estoppel. The estoppel was their own title company's form filled out from a phone interview, although given this was for a small, independent resort that wasn't surprising.
7. I called the resort to confirm that the info in the estoppel was accurate and within reasonable bounds of confidentiality concluded the info was accurate.
8. There were a few things missing from the contract document--notably the reference to the "free use week" and the post-closing incentive. I insisted they add these explicitly into the contract and they complied. If I hadn't noticed it, though, not sure they would have given me the incentive later.
9. There were a few other terms I took issue with on the contract, and proposed a re-worded version which they agreed to. I signed and transmitted my re-worded version which they evidently agreed with sufficiently to execute.
10. I used docuSign to send all my documents to them as a more secure way to send sensitive information in attachments, and to minimize any issue with "we never got what you sent" later.
11. Their sales person was communicative and let me know when the contract had been accepted and passed to the closing agent. The next day I got an email from the closing agent and she was very responsive throughout the process, including going through the ultimately failed effort to get my free use for the remainder of the year.
12. The closing was fast by timeshare-resale-through-ebay standards. They prepared the deed in 2-3 days, and it took a little over a week to get the signatures from the client (PVM had not gotten a POA or anything, apparently). Less than 2 weeks later, the deed was filed, and 12 days later I got my "welcome" letter from the resort, and received my incentive about 10 days after that. From auction close to receipt of incentive was 47 days.
So, you decide for your situation whether or not the risk is worth it. I would perhaps do business with them again, although I would be wary and act/bid accordingly.
Based on my experience, I did give them a positive feedback in eBay's feedback system because the transfer went off quickly (~3 weeks to deed recording, ~40 days total to resort acknowledgment, and ~50 days to receive my incentive) and they were responsive to inquiries and issues brought up in emails.
That said, there are a few things I found I needed to be careful about. Your experience may be different, of course. There are certainly easier and less risky ways of acquiring a unit, but this was a rarely available location I wanted at a price worth putting up with a little mild turbulence. Again, a risk/reward profile I felt was worth it.
But, caveat emptor, to wit:
1. The eBay ad included an incentive and present-year use as bonuses. Being that it was a floating week unit late in the year, it was a significant risk that the "free use" would be unavailable, and that turned out to be so. I knew this risk going in, decided to bid as if that were not part of the deal, and priced my bid accordingly.
2. They would not provide an estoppel prior to the completion of the sale, despite my asking. I knew this as a risk and bid accordingly.
3. My total risk was small, as my winning bid wound up on the order of $100.
I minimized my risk of private listing/shill bids by using a bid-sniper, and wound up winning it for a little over $100. (I think I had set my max snipe bid at 200).
(Thanks to many threads on TUG for that little aggravation-saver...)
After winning the auction, I needed to be careful too:
4. They sent me a draft contract to sign, along with a form for credit card payment in full. In it they indicated the week and unit number for the deed.
They at first would not provide an estoppel, citing their "policy" to protect their client's personal info (despite the contract indicating that they were in fact the seller...).
5. Using the info from the contract I did my own deed/title research and was able to ascertain that mortgages on the property had been satisfied and that there were no other issues posted with the county.
6. I pushed back on the estoppel issue, asking them to simply redact the personally identifying information, and I also noted the apparent contradiction between their being listed as the "seller" (as opposed to "seller's agent") and their having a "client" to protect. They complied and sent me a redacted estoppel. The estoppel was their own title company's form filled out from a phone interview, although given this was for a small, independent resort that wasn't surprising.
7. I called the resort to confirm that the info in the estoppel was accurate and within reasonable bounds of confidentiality concluded the info was accurate.
8. There were a few things missing from the contract document--notably the reference to the "free use week" and the post-closing incentive. I insisted they add these explicitly into the contract and they complied. If I hadn't noticed it, though, not sure they would have given me the incentive later.
9. There were a few other terms I took issue with on the contract, and proposed a re-worded version which they agreed to. I signed and transmitted my re-worded version which they evidently agreed with sufficiently to execute.
10. I used docuSign to send all my documents to them as a more secure way to send sensitive information in attachments, and to minimize any issue with "we never got what you sent" later.
11. Their sales person was communicative and let me know when the contract had been accepted and passed to the closing agent. The next day I got an email from the closing agent and she was very responsive throughout the process, including going through the ultimately failed effort to get my free use for the remainder of the year.
12. The closing was fast by timeshare-resale-through-ebay standards. They prepared the deed in 2-3 days, and it took a little over a week to get the signatures from the client (PVM had not gotten a POA or anything, apparently). Less than 2 weeks later, the deed was filed, and 12 days later I got my "welcome" letter from the resort, and received my incentive about 10 days after that. From auction close to receipt of incentive was 47 days.
So, you decide for your situation whether or not the risk is worth it. I would perhaps do business with them again, although I would be wary and act/bid accordingly.
After my TUG-mandated one year lurking/researching period, I finally bought in and won an eBay auction last night!
From these guys.
Let's see how it goes....
Congrats, Enjoy!
natarajanv
TUG Member
- Joined
- Jan 15, 2009
- Messages
- 644
- Reaction score
- 312
congrats
congrats. LV Strip -- $3500 for 7000 platinum points is a great buy. Keep us posted about your closing experience.
After my TUG-mandated one year lurking/researching period, I finally bought in and won an eBay auction last night!
From these guys.
Let's see how it goes....
congrats. LV Strip -- $3500 for 7000 platinum points is a great buy. Keep us posted about your closing experience.
First I will say I don't know how the law works in the us when using a credit card.
But in my country if you use your credit card and the seller scam you, then you will get ALL you money back paid with the credit card. So if I pay for a timeshare and use my credit card (does not matter if it's on eBay or not) then I get all my money back if I file a dispute with my credit card company. The credit card company will do a charge back on my behalf and if this for some odd reason is not possible then the credit card company will take the hit. In most cases if you file for a charge back within 40 days of the transaction then there should not be any problems for the credit card company getting your money back.
In some cases if you knew that you were scammed and didn't react until several weeks/months after the transaction date then you might loose your money.
This is actually why I have paid for my timeshares with my credit card even though you pay a smaller fee to do so.
Regards
- Joined
- Apr 25, 2012
- Messages
- 6,552
- Reaction score
- 134
- Location
- North East Ohio
- Resorts Owned
- Tropic Shores Resort, Bluegreen points
Not all resellers on eBay charge a premium to use a cc. Those that do also have other issues that preclude me from bidding in their auctions.
Cyberc,
I don't know the laws in the US either. What I do know is what I experienced last year. Here's an excerpt from a disboard post I made last year about the CC situation I experienced......
http://www.disboards.com/threads/blt-ebay-purchase-gone-south.3421058/
"I've learned a few things through this attempt to purchase....
This I already knew. Ebay offers no protection. They do NOT offer any money back guarantees on timeshare transactions. The only thing they offered to do is send messages to the seller on my behalf.
This I did not know. My credit card company would not guarantee that I would get my money back if the seller did not complete his side of the deal. The CC company would fight on my behalf and if they were not successful, I would need to work with Visa to get my money back. No guarantees though. This surprised me because I called CC company and asked this specific question. The rep during my pre-purchase call assured me I was protected.
Credit card processing services (which is what this seller used) often have verification and holding policies to protect from fraudulent transactions. In my case, the processing company had not released the funds to my seller's bank account yet. They were concerned about this and other transactions with this seller. So the funds were on hold. This is what really saved me a lot of hassle and possibly my money.
So in my case, I did not fully understand the limitations of the credit card protection I had. I thought I was more protected than I actually was.
Using an escrow company or settlement company for an Ebay transaction would offer a much better level of buyer protection.
I have bought many things on Ebay over the years with very few problems and no problems that were not settled fairly. I felt comfortable with Ebay, too comfortable. This is the first one that went totally south. I will continue to buy from Ebay but will be much more cautious with real estate transactions. I will only use an escrow company if I ever decide to buy a timeshare on Ebay again
"Don't take this as legal advice, just a warning to be sure to fully understand your risk in any transaction
And we're off to an outstanding start with our friends at Premiere Vacation Marketing. They'll only accept American Express which was plainly stated in their ad - I overlooked it! They further informed me that they need to have received funds within 3 consecutive (not business) days of completion of the auction or they're in breach of contract with their seller (who was never mentioned prior to this).
I haven't so much as seen an estoppel and this point and they're requesting essentially a cash deal that would have to be in place on Monday. Also no mention of what escrow company would be handling this (if any).
I haven't so much as seen an estoppel and this point and they're requesting essentially a cash deal that would have to be in place on Monday. Also no mention of what escrow company would be handling this (if any).
If I felt like I was being rushed, I'd back away and take a shot at the next one.
It's not only eBay sellers that charge a premium for credit cards also the more "reputable" ones charge it.
Regards
Cyberc,
I don't know the laws in the US either. What I do know is what I experienced last year. Here's an excerpt from a disboard post I made last year about the CC situation I experienced......
http://www.disboards.com/threads/blt-ebay-purchase-gone-south.3421058/
"I've learned a few things through this attempt to purchase....
This I already knew. Ebay offers no protection. They do NOT offer any money back guarantees on timeshare transactions. The only thing they offered to do is send messages to the seller on my behalf.
This I did not know. My credit card company would not guarantee that I would get my money back if the seller did not complete his side of the deal. The CC company would fight on my behalf and if they were not successful, I would need to work with Visa to get my money back. No guarantees though. This surprised me because I called CC company and asked this specific question. The rep during my pre-purchase call assured me I was protected.
Credit card processing services (which is what this seller used) often have verification and holding policies to protect from fraudulent transactions. In my case, the processing company had not released the funds to my seller's bank account yet. They were concerned about this and other transactions with this seller. So the funds were on hold. This is what really saved me a lot of hassle and possibly my money.
So in my case, I did not fully understand the limitations of the credit card protection I had. I thought I was more protected than I actually was.
Using an escrow company or settlement company for an Ebay transaction would offer a much better level of buyer protection.
I have bought many things on Ebay over the years with very few problems and no problems that were not settled fairly. I felt comfortable with Ebay, too comfortable. This is the first one that went totally south. I will continue to buy from Ebay but will be much more cautious with real estate transactions. I will only use an escrow company if I ever decide to buy a timeshare on Ebay again
Don't take this as legal advice, just a warning to be sure to fully understand your risk in any transaction
I have filed for a charge back when I tried to buy from a seller this was however not through eBay but with a broker, and I got my money back - no questions asked.
With eBay I have done the same when I didn't receive an item. It too much hassle to go through the eBay /PayPal protection program just file the complaint and you get your money back.
Regards
MikeinSoCal
TUG Member
- Joined
- May 1, 2012
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- 242
- Reaction score
- 32
I don't trust the feedback on ebay for TS sellers. You only have 60 days to leave feedback.
That effort failed miserably. I never did get an estoppel. I enquired about using an escrow company and the response was "We have one but you have to give us the money to give to them". Kind of defeats the purpose of escrow, no? I decided there was way too much risk to reasonably assume and bailed.
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Sent from my iPad using Tapatalk
CTighe
newbie
I bailed myself