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First time Seller questions [Bluegreen $450 transfer fee]

supervaughn

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Hi,
We are trying to give our timeshare away. I've had a couple people interested. Yay!
However, it is a Bluegreen and they require a NON REFUNDABLE $450 per account transfer fee. I have 2 accounts to transfer.
Since this is a NON REFUNDABLE fee, I'm nervous the Buyer could walk away at any point prior to close... leaving me out $900.

What have you done to maintain security and protection between the Buyer and Seller?
 

DeniseM

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There isn't much you can do, except find a buyer you trust, because anything you do to make it more difficult for the new owner is likely to discourage them.

But, since you don't have to pay anything until after the new owner signs a contract, I think your risk is limited.

You will use a binding contract, and the new owner will sign the contract.

You won't pay anything until the Docs are submitted to Bluegreen.

Once the Docs are submitted to Bluegreen it's basically a done deal, because you already have a binding contract signed by the new owner and Bluegreen is going to transfer the ownership. At that point, they are committed.
 
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supervaughn

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I'm not sure how much weight the 'contract' holds.
Can;t the buyer still back out?

...

But, since you don't have to pay anything until after the new owner signs a contract, I think your risk is limited.

You will use a binding contract, and the new owner will sign the contract.

You won't pay anything until the Docs are submitted to Bluegreen.
 
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DeniseM

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Thanks for the thoughts, but your statement is false.

They require an upfront NON Refundable transfer application fee of $450.

I am not sure what you mean by "upfront." Won't you get a signed contract from the new buyer first? How can you transfer a timeshare without having a contract in place first?

A contract is a contract - what mechanism would they use to back out?

Let's say everything has been submitted to Bluegreen and they call you and say. Oh, I changed my mind - are you going to let them out of the contract? I wouldn't!
 

supervaughn

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Yes, thank you!
I mis-read that the first time.

So, I'm nervous someone wont stick around for some contract if they change their mind.
 

supervaughn

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...It is so hard to be trusting in this Shady timeshare business.

I was thinking about having the Buyer pay half the costs, then refund them. Thoughts?
 

DeniseM

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Yes, thank you!
I mis-read that the first time.

So, I'm nervous someone wont stick around for some contract if they change their mind.

What does "stick around," mean?

I'm sorry, but you won't get a buyer if you ask them to pay 50% - free Bluegreen timeshares are easily available.

A timeshare transfer with a contract is legally binding - they can't just change their mind. Once it's submitted to Bluegreen, it will be transferred - it's out of their hands.

I don't understand what you think they can do?
 
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supervaughn

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What does "stick around," mean?


I don't understand what you think they can do?

Denise, you are a blessing right now! Thx!

I suppose I'm thinking, who is going to go after them if they back out once submitted to Bluegreen?

I had a home that was under contract, Good Faith money and all, and the buyer still backed out. It hurt!
 

DeniseM

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Denise, you are a blessing right now! Thx!

I suppose I'm thinking, who is going to go after them if they back out once submitted to Bluegreen?

I had a home that was under contract, Good Faith money and all, and the buyer still backed out. It hurt!

Again - if it's been submitted to Bluegreen, and you have a signed contract, are you going to let them back out? Or are you going to say that you have a signed contract, and it's too late to back out.
 

supervaughn

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Again - if it's been submitted to Bluegreen, and you have a signed contract, are you going to let them back out? Or are you going to say that you have a signed contract, and it's too late to back out.

I suppose I'm hoping to hear from someone who has been through this and it went right. And I'm hoping to hear from someone it went wrong and 'don't do this'

Contracts are only enforceable by law. Someone can just walk away and say 'sue me'. And that is really the only option I would have.. to go after someone for $900. Probably not gunna happen.

It seems like such a gamble to me, and I'm hoping to hear about some experiences and methods to help me keep the faith on the deal.
 
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DeniseM

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Again - How can they just walk away? They are going to have the timeshare legally transferred to them, and if they try and walk away after that, you are out of it, and Bluegreen will turn them over to collections. There is no just "walking away."

I am someone who has done it - I gave away 2 timeshares in the last 6 mos. It's very common on TUG.
 

supervaughn

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Again - How can they just walk away? They are going to have the timeshare legally transferred to them, and if they try and walk away after that, you are out of it, and Bluegreen will turn them over to collections. There is no just "walking away."

I am someone who has done it - I gave away 2 timeshares in the last 6 mos. It's very common on TUG.

That made me feel really, good! Thank you!
 

DeniseM

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I suggest that you do a lot of research about the transfer process, so that you understand it and feel comfortable with it.

When you find a new owner, you want to be sure you fully understand the process, so you can explain it and be confident when you talk to the new owner.

I know that with Bluegreen you have to use a specific title company (hopefully a Bluegreen owner can provide that info.) so the first step would be to contact them, and see what info. they can provide.

One of the questions you want to ask is if they will provide a generic contract for you to use, or if you have to provide the contract. If they provide a contract, get one right away. If you have to provide the contract - then your next step is to work on that.

*One thing I would not say is that you are worried that the new owner will back out. If you are worried that a specific buyer will back out - then don't give it to them.

But, if this is just nervousness on your part, then I certainly would not say that to the title company or Bluegreen - if you do, they will have doubts about you.
 
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GrayFal

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I suggest that you do a lot of research about the transfer process, so that you understand it and feel comfortable with it.

When you find a new owner, you want to be sure you fully understand the process, so you can explain it and be confident when you talk to the new owner.

I know that with Bluegreen you have to use a specific title company (hopefully a Bluegreen owner can provide that info.) so the first step would be to contact them, and see what info. they can provide.

One of the questions you want to ask is if they will provide a generic contract for you to use, or if you have to provide the contract. If they provide a contract, get one right away. If you have to provide the contract - then your next step is to work on that.

*One thing I would not say is that you are worried that the new owner will back out. If you are worried that a specific buyer will back out - then don't give it to them.

But, if this is just nervousness on your part, then I certainly would not say that to the title company or Bluegreen - if you do, they will have doubts about you.

Contact Kris Koski at Sterling Title Partners - they are one of the two authorized transfer agents for Bluegreen. You pay them the same $450 fee as you would if you did the closing thru Bluegreen but you will have personal service.
Kkoski2400@aol.com

I would not recommend Talcott, the other agency. Have a very slooooowwwwww experience with them right now.

As Denise said, once the buyer signs a contract and you both sign the transfer paperwork (Bluegreen is a trust transfer, no deed) the transfer is essentially complete....Bluegreen does have a 30 day ROFR where they can opt to purchase your ownership under the same terms but either way, you will be done with your ownership.

Good Luck!
 

csxjohn

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The best thing for you to do is get a contract with the "buyer" that says they pay the transfer costs. Two reasons for this.

One, you will know the "buyer" is serious if they pay the money to BG and second, if BG exercises ROFR, they will take it under the terms of the purchase agreement.

If you agree to pay the transfer fee, you will still pay it if BG takes the contracts. After it is all said and done you can then reimburse the "buyer" for the fess they paid.

I've seen people do deals where the owner and seller agree to an amount to be paid plus closing and then never bill the buyer for the amount agreed to. So they essentially give it away with the buyer paying closing costs.

Contrary to what Denise has been saying, there is plenty of time for the new buyer to back out after you pay the fees. BG will not start the process until the fees are paid, then papers are sent to the buyer to sign. The buyer can easily not sign and send back their paperwork. And like you said, their reply will be "sue me." which will not be worth your time to pursue. You can have a great iron clad contract with the buyer but if they do not perform, what will you do about it?

If the buyer remits the fees they can still fail to complete their end of the deal but they are out the fees.

I also suggest you join the FaceBook group "Bluegreen timeshare secrets" and present your question over there.
 

bogey21

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Send the $900 and the signed contract to BlueGreen. Nothing is foolproof. Life is a gamble. This is a good one. Your ultimate reward is getting rid of your Weeks. Don't screw it up by being overly cautious!!

George
 

GrayFal

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Super, I will again suggest you work with Kris Koski.
It is the same cost (and Bluegreen will just send her the transfer paperwork anyway) but you are dealing with a person who will follow up for you.

You have only something to gain by contacting her.


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csxjohn

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Super, I will again suggest you work with Kris Koski.
It is the same cost (and Bluegreen will just send her the transfer paperwork anyway) but you are dealing with a person who will follow up for you.

You have only something to gain by contacting her.


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I totally agree with this post. Kris will explain it all to you and your options. Don't use other title and closing companies, you will pay them and the BG fees.
 

DeniseM

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The best thing for you to do is get a contract with the "buyer" that says they pay the transfer costs.

This will make it far more difficult to find a taker - which is the whole point.

Sent from my BNTV400 using Tapatalk
 

csxjohn

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This will make it far more difficult to find a taker - which is the whole point.

Sent from my BNTV400 using Tapatalk

When I transfer my BG account, if I plan to pay the fee I will still make the contract say that the buyer will pay them. I will either reimburse the buyer or send them the money first, depending who it is.

What I want to avoid is BG taking my contract through ROFR and me paying the transfer fees. BG will pay what the buyer was going to pay. If my PA says the buyer will pay, then BG will pay.

It would really make me angry if a developer used ROFR and still made me pay the $450 transfer fee. in the OP's case $450 X 2.

That is why I would do it this way. YMMV.

Of course the buyer trusting me to reimburse them would be needed. I think I would be able to establish that trust.
 

DeniseM

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If I were the buyer, and saw that I was expected to front the $450 transfer fee, I would not even consider your Ad - I'd move on to someone offering it for free.

A complicated deal will only scare people off...
 

GrayFal

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If I were the buyer, and saw that I was expected to front the $450 transfer fee, I would not even consider your Ad - I'd move on to someone offering it for free.

A complicated deal will only scare people off...

Totally agree.
 
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