ebay seller timesharin - legit seller?

[ladixson]

Hello! I am new to the forum and timeshares in genral. I have read several threads and posts on this forum and they are all full of great information. I'm sure I have several questions but my most pressing right now is about ebay seller timesharin. Has anyone purchased from them? Are they legit? I am trying to purchase a 3 bedroom at Clover Ridge in Panora, IA (don't laugh, it's within 2 hours, on a lake, week 26 and enough room to house the kids to ) They sent me a Vesting Indication Form. I reviewed it and it seemed okay except one bullet point indicated that the buyer was responsible for recording fees and transfer taxes but the listing indicated that the seller paid all closing costs. I did not sign the docusign form and asked about this. I received a response today that the seller is paying all closing costs that the document would be updated. I've seached this forum for timesharin and yourvacationservices but did not find any hits... Please advise! Also, if you have an opinion on the resort that would be awesome as well

 

[ladixson]

I still haven't received the updated forms... any help is appreciated!

 

[PamMo]

There isn't much info on Timesharin other than they've used two other ID's on eBay, and have three (private) ratings as a seller. Almost all of the ratings are for purchases. They've sold 35 timeshares since August 2, so I suspect Timesharin is an offshoot of one of the PCC's. Unfortunately, it's pretty typical that closing will have some bumps in the road. Stay on top of it, and make sure your paperwork states clearly what you think you purchased. Here is a TUG thread on the closing company Your Vacation Services: http://www.tugbbs.com/forums/showthread.php?t=223323

Looking at the auction, you only paid $1.25 for a 3BR annual Week 26 at a lake resort within driving distance of your home? If you're familiar with Clover Ridge (I don't know anything about it), and you indeed bought a fixed week 26, you may have found a sweet little timeshare for your family.

Good luck to you - and welcome to TUG! Let us know how it goes.

 

[ladixson]

Thank you so much for your input, I truly appreciate it! I don't have any personal experience with Clover Ridge, however, the reviews on RCI and II are decent. The worst review stated that they were a little outdated... Well, I can live with that given all of the advantages.

 

[55plus]

Thank you so much for your input, I truly appreciate it! I don't have any personal experience with Clover Ridge, however, the reviews on RCI and II are decent. The worst review stated that they were a little outdated... Well, I can live with that given all of the advantages.

If 'outdated' means outdated resort that could mean a special assessment down the road to bring the resort up to standards. Special assessments means $$$ out of pocket.

 

[glmyers]

If 'outdated' means outdated resort that could mean a special assessment down the road to bring the resort up to standards. Special assessments means $$$ out of pocket.

Talk with the management about the budget and reserves because special assessments and/or rapid increases in maintenance fees are not unheard of by any means. Take the time to read the documents that govern the units. While all timeshare units have some things in common, no two are exactly alike. Know what it is you are buying.

 

[ladixson]

Talk with the management about the budget and reserves because special assessments and/or rapid increases in maintenance fees are not unheard of by any means. Take the time to read the documents that govern the units. While all timeshare units have some things in common, no two are exactly alike. Know what it is you are buying.

Can I just call as an interested buyer and ask these questions?

 

[glmyers]

Yes, in most cases.

Can I just call as an interested buyer and ask these questions?

Yes, but make sure you are calling the right person. You want the person running the resort, not a desk clerk or reservation agent. It will vary quite a bit between resorts as to whether the person works at the resort or other location. Some resorts are locally run, but others are part of multinational companies. The seller should have the contacts you need.

I looked quite a bit at purchasing several different timeshares in Florida at one time. All but a few were very forthcoming with information about the financial condition of the properties when I told them them I was looking at buying a unit. Occasionally I needed the owner to ask for it to be given to me. I never did find one where the numbers made sense to move forward. Typically the maintenance fees were a couple hundred dollars more than just renting a place or the likelihood of a special assessment was very high because little to no reserves existed. I never did make a purchase, but just kept trading with the weeks I inherited.

 

[DeniseM]

ladixson:

1) A reputable management company will not talk to a buyer about someone else's ownership - period. That is confidential info. (An ebay reseller probably does not own the unit he is selling and will not have the ability to authorize it, either.)

2) It really does not matter what someone at the resort "tells you," because a verbal discussion has no legal standing if you are given mis-information.

3) Before buying a timeshare you need to do your own due diligence by getting an official estoppel letter from resort management.

4) It's also best if you use an experienced and reputable closing company, that can spot any discrepancies. However, ebay resellers usually want to process the transfer themselves, because that is extra revenue for them.

On the TUG Advice page there are a number of articles about buying resale, that would be helpful to you to read: http://tug2.net/timeshare_advice/tug_timeshare_advice.shtml

*If you are only 2 hours away from this resort, you should absolutely drive there and do a thorough tour of the property, before you even consider buying there. Talk to the staff, walk the grounds, and ask to see the type of unit you are considering buying.

 

[glmyers]

ladixson:

1) A reputable management company will not talk to a buyer about someone else's ownership - period. That is confidential info.

This is true in regards to the individual unit accounts (and ownership in some instances), but not true of the property as a whole.

2) It really does not matter what someone at the resort "tells you," because a verbal discussion has no legal standing if you are given mis-information.

Yes, when you talk with them you want to get written confirmation should you decide to move forward, but a conversation is a good place to start.

3) Before buying a timeshare you need to do your own due diligence by getting an official estoppel letter from resort management.

Documentation from management about the unit ownership is a must, but don't stop with that. The unit does not exist apart from the whole. Make sure you get documentation on the governance of the property. Know at least the basics of the condominium laws and timeshare laws in Iowa. Know how the taxes handled for the units and the property as a whole. Check on how the common facilities are held. Sometimes they are merely available to use and not common area you own; it is a rude awakening when something like a golf course closes or a lake is drained. Those are not common occurrences, but they do happen.

Very likely it is a well run place that you will enjoy for many years, but be sure you take your time and know exactly what you are buying.

 

[DeniseM]

Documentation from management about the unit ownership is a must, but don't stop with that. The unit does not exist apart from the whole. Make sure you get documentation on the governance of the property. Know at least the basics of the condominium laws and timeshare laws in Iowa. Know how the taxes handled for the units and the property as a whole. Check on how the common facilities are held. Sometimes they are merely available to use and not common area you own; it is a rude awakening when something like a golf course closes or a lake is drained. Those are not common occurrences, but they do happen.

This is completely unrealistic. Most resorts do not have this info. available for potential resale buyers. These kinds of documents are provided when someone buys from the developer, and they are not given to resale buyers. An ebay reseller certainly isn't going to have it.

glmyers - no offense, but since you have never bought or sold a timeshare, please stop giving unsubstantiated advice.

 

[glmyers]

This is completely unrealistic. Most resorts do not have this info. available for potential resale buyers. These kinds of documents are provided when someone buys from the developer, and they are not given to resale buyers. And an ebay reseller certainly isn't going to have it.

glmyers - no offense, but since you have never bought or sold a timeshare, please stop giving unsubstantiated advice.

It is not unrealistic. The documents are important to the operation of the property and every owner should have them regardless of who they purchased from. Anyone who does not has no clue what they bought regardless of how many times they buy or sell. There is very important information in those documents and only a fool would buy without them.

 

[DeniseM]

It is not unrealistic. The documents are important to the operation of the property and every owner should have them regardless of who they purchased from. Anyone who does not has no clue what they bought regardless of how many times they buy or sell. There is very important information in those documents and only a fool would buy without them.

You simply don't understand the timeshare resale market:

1) The vast majority of the time with resales, the resale buyer cannot get these documents. They are simply not available. This is something the original buyer gets from the developer.

2) It is not standard procedure on the resale market to ask for or expect these documents.

3) As a resale buyer you get a deed, and a welcome letter, and that's about it.

So all the regulars on this forum have been fools many times over.

 

[Passepartout]

Don'cha love it when someone who joined 2 weeks ago and has never bought/sold a resale throws advice around without considering that someone might actually think it was worth something?

Countdown to the 'ignore' file....3...2...1....

Jim

 

[DeniseM]

Don'cha love it when someone who joined 2 weeks ago and has never bought/sold a resale throws advice around without considering that someone might actually think it was worth something?

Countdown to the 'ignore' file....3...2...1....

Jim

It is just a little frustrating….

 

[Passepartout]

My $.02 worth. I agree with DeniseM. If the place is 2 hours away, drive over there and ask for a tour. You might just find out more than you could any other way. If the place is run down, ask what their schedule is for refurbishment. You should find out about the management company, which exchange it is associated with, and some sort of relative trading value. You should ask whether the owners control the HOA or a developer. You might even find someone who offers more information than they should.

In the end though, you're risking $1.25, as eBay sales are not binding. If it turns out that the final written contract differs from the eBay listing, you're not obligated to complete the sale.

Lots of luck. We have a mid-Summer fixed week that we like a LOT. Almost like having a second home. You get to know the other families who go there during that week, and it gets to be a sort-of reunion.

Welcome to TUG.

Jim

 

[ladixson]

Again, thank you all so much! Your input has been more than valuable - and please feel free to continue with the advice! I'm taking it all in. When you say "final written contract" - is that different from the Purchase Agreement they are asking me to sign now? When I read the purchase agreement, I read it to mean that as long as everything that is in the purchase agreement is as defined, then I am bound to continue with the purchase. Of course, if it is all defined correctly, then I have no problem with making the purchase.

 

[Ty1on]

Again, thank you all so much! Your input has been more than valuable - and please feel free to continue with the advice! I'm taking it all in. When you say "final written contract" - is that different from the Purchase Agreement they are asking me to sign now? When I read the purchase agreement, I read it to mean that as long as everything that is in the purchase agreement is as defined, then I am bound to continue with the purchase. Of course, if it is all defined correctly, then I have no problem with making the purchase.

Are the RCI Points defined in the Purchase Agreement?

 

[DeniseM]

The purchase agreement and contract are the same.

Here is the usual transfer process:

-Both parties sign purchase agreement
(Some ebay seller don't require the buyer's signature - some require notarization.)

-Title company prepares new deed in buyer's name

-New deed in buyer's name is sent to County Recorder's Office for recording.

-Recorded deed is sent back to title company.

-Title company sends recorded deed to resort management.

-Management company records the change of ownership.

-Some resorts will contact you with a welcome letter, but with some, you won't hear anything from them until you get the next maintenance fee bill.

This whole process takes 2-6 months, depending on how efficient the title company and resort management are.

 

[DeniseM]

Are the RCI Points defined in the Purchase Agreement?

I don't see anything in this thread about it being in RCI points?

 

[ladixson]

Are the RCI Points defined in the Purchase Agreement?

There aren't any RCI Point, I don't think and I'm not expecting them. I'm not sure I'm ready to dive into the world of points. Sigh. I did take a gander on this forum, but got confused. I thought I saw a post that said that RCI would convert from weeks to points for a couple hundred dollars, but RCI told me that I have to go thru the resort. I'm not sure I even care until at least 4 years from now when the kids (supposedly) will be moved out :whoopie:

 

[DeniseM]

Nope - costs thousands of dollars to convert to RCI points.

However, that is just one way of exchanging. For a modest fee ($100ish) you can joint II or RCI (not RCI points) and trade it that way.

I wouldn't even think about that yet.

 

[Ty1on]

I don't see anything in this thread about it being in RCI points?

I crossed threads.....