FidelityResales.com Closing costs

[TJK]

I just made a fairly low offer on TimesharesOnly.com. I received an email from Fidelity Real Estate stating that my offer was accepted. But check out these closing costs:
1.Escrow & deed preparation-$375
2.Transaction fee to International Properties GMAC Real Estate-$390 (to be split 50/50 by seller & buyer)
3.Administrative fee to International Properties GMAC real estate-$195
4.Optional title insurance-$500.
5.resort transfer fee-unknown as of yet
Closing costs Total-$765, or $1265 with title insurance.
Sounds crazy. Any suggestions?

 

[capjak]

Lower your offer to account for the high costs or refuse to purchase the unit.

#2 and #3 are profit for GMAC.

 

[djs]

eliminating the optional Title Insurance will also reduce your costs. There have been other posts about TI, most recently in this TUG thread.

 

[TJK]

And then there's still the 2009 maint. fee!

 

[Dave H]

I just made a fairly low offer on TimesharesOnly.com. I received an email from Fidelity Real Estate stating that my offer was accepted. But check out these closing costs:
1.Escrow & deed preparation-$375
2.Transaction fee to International Properties GMAC Real Estate-$390 (to be split 50/50 by seller & buyer)
3.Administrative fee to International Properties GMAC real estate-$195
4.Optional title insurance-$500.
5.resort transfer fee-unknown as of yet
Closing costs Total-$765, or $1265 with title insurance.
Sounds crazy. Any suggestions?

What state is the resort in. Several states require an attorney to conduct the closing and prepare the legal documents. Those fees sound like it could be that. Tell me the state, I can give you more information.

 

[TJK]

What state is the resort in. Several states require an attorney to conduct the closing and prepare the legal documents. Those fees sound like it could be that. Tell me the state, I can give you more information.

PA -I don't think you need an attorney

 

[Dave H]

PA -I don't think you need an attorney

Don't need an attorney, but the state minimum rate on title insurance is $420. Thaty is what the title agent has to charge per the law. That is why your costs for a title policy are so expensive. And that does not incluse the cost of the title search.

 

[weh8625]

Closing Company Recommendations

Any recommendations for a closing company if you were buying a timeshare in Texas? I guess like anyone I am interested in accuracy, speed, and cost.

I will probably have the ability to choose and pay for the closing company.

Or, is there a way to transfer ownership without a closing company?

 

[theo]

My $0.02 worth...

Any recommendations for a closing company if you were buying a timeshare in Texas? I guess like anyone I am interested in accuracy, speed, and cost.

I will probably have the ability to choose and pay for the closing company.

Or, is there a way to transfer ownership without a closing company?

Although I have no personal affiliation of any kind with either one (...other than as a satisfied customer in several prior transactions) I would recommend either Timeshare Transfer and / or JRA Closing Services. Either one will cost you $300, exclusive of transfer fees (if any) imposed by the particular resort. As far as "speed" goes, that's a "relative" concept in timeshare closings. 4-6 weeks is "speedy", longer is far more common, twice that long is not at all unusual.

P.S. I f you want more exposure for your inquiry and / or more recommendations, you might consider posting a new thread with its own new subject line, since this thread actually started out being specific to "Fidelity" Resales.com and your (unrelated) inquiry could easily just get "lost" among posted replies specific to that original topic....your call.

 

[ctyatty]

For the life of me, do the timeshare closing companies hire the slowest people on earth?

Weeks let alone months to close on a two bit real estate deal, anywhere else they would be out of business.

It is frustrating. I have deal going right now where I had another possible deal on a consecutive week in the same unit, well the the first deal isn't done and the other opportunity is now gone.