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Have interested buyer, how to sell privately??

L

Lanier

TUG Member
Joined
Jun 16, 2014
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We currently have an interested buyer of our unit that is for sale. Besides making contact with your home resort, what are the procedures recommended for selling your TS privately? Who pays closing costs, transfer fees, etc. Is this something that is negotiable between seller and buyer? Where does on start?
All help/ suggestions appreciated.
 
Are you sure this is a Legit buyer? Unfortunately, the market is full of scammers who have no intention of actually buying your timeshare. A scammer will always insist on doing the closing themselves, or using their own company, and in most cases, they pocket the bogus closing costs, and ride off into the sunset.

Red flags:
-You got a cold call
-They are offering far more than the current market value
-There are fees they want you to pay to them or their agent

Whatever you do, don't send the buyer, or their agent any money for fees - all payments should go to the reputable closing company of your choice.

Tell the buyer that you will pay all the closing costs, and therefore you want to use your closing company - a scammer will make up all kinds of excuses why they can't do that.

I recommend that you contact a reputable closing company and let them handle everything for about $150. That is the best way to make sure it's done right, AND they can spot a scam, if it is a scam.

I use the following company - they are Tuggers, and they get high marks on TUG:

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709
 
Thanks Denise. Our ad is listed on TUG. When I inquired the person said they are an individual who is interested in the unit and not a broker. They contacted me through the TUG ad. Just wondering how to proceed.
 
As I wrote above, tell the buyer that you will pay all the closing costs and want to use your closing company.

Then give LT Transfers a call, and they will take it from there.

If the buyer makes up all kinds of excuses about why they can't do that - then you know they aren't Legit.

Just so you know - anyone can respond to Ads on the TUG marketplace, and we get scammers from time to time, so you still have to use due caution.

Has the buyer already proposed something else?
 
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No, they have not. No monies mentioned at all. I mentioned that I need to contact the resort first and will get back to him as what the steps are and how to proceed. Denise, once you contact the closing company and pay them, what happens if and when they find out it is a scam? Are you put the $$$??? Thanks again.
 
Last edited:
Lanier said:
No, they have not. No monies mentioned at all. I mentioned that I need to contact the resort first and will get back to him as what the steps are and how to proceed. Denise, once you contact the closing company and pay them, what happens if and when they find out it is a scam? Are you put the $$$??? Thanks again.
Click to expand...

The buyer will not give our their information to the closing company if they are scamming you. Agree on a price and decide who will pay in regards to the transfer fees and recording fees. Put that all in writing, have them agree and send payment if they are paying anything. Then, have your closing company do all the work for the transfer.
 
Lanier said:
No, they have not. No monies mentioned at all. I mentioned that I need to contact the resort first and will get back to him as what the steps are and how to proceed. Denise, once you contact the closing company and pay them, what happens if and when they find out it is a scam? Are you put the $$$??? Thanks again.
Click to expand...

If this is a scam, they buyer will insist on controlling the transfer, so they can scam you. You want to say that you will pay for the closing, so you can use a reputable company of your choice, and make sure 1) it's not a scam, and 2) it's done right. Depending on the area and resort, with LT Transfers the transfer will only be about $150.

As Presley said, if this is a scam, you won't get far, because the buyer will refuse to cooperate from the very beginning. If it's a scam, they don't want to buy your timeshare, they just want to steal your money, so they are not going to expose themselves to a transfer company that will see right through them.

So, the next step is to contact the buyer, and say that you'd like to use a reputable closing company to make sure the transfer is done right, and that you will pay for the transfer - then see how they respond.

BTW - unless this is a RTU timeshare in Mexico, the resort won't help you with the transfer - you need a transfer company for that.
 
The resort is in NJ and it is a deeded TS.
 
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Lanier said:
The resort is in NJ and it is a deeded TS.
Click to expand...

Ok - then that means you want to use a transfer company to handle the paperwork.

So the next thing I'd do is to let the buyer know that you will pay for the transfer and want to use LTT, and see what they say. You will know quickly whether this is a Legit offer or not.

If they agree, you can give LTT a call, and they will walk you right through it.
 
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Denise,
Took all your advice as stated, never heard back. Thanks so much for all your help. Truly appreciated!!!:cheer:
 
Doesn't mean it was a scammer, there are a lot of tire kickers out there
 
Lanier said:
No, they have not. No monies mentioned at all. I mentioned that I need to contact the resort first and will get back to him as what the steps are and how to proceed. Denise, once you contact the closing company and pay them, what happens if and when they find out it is a scam? Are you put the $$$??? Thanks again.
Click to expand...

Why do you feel you need to contact the resort. I've transfered a number of units and did not contact the resort ahead of time. I did know exactly what I owned and all were deeded so your situation may be different.

LTT contacted the resort on behalf of the buyer and sent copies of the new deeds to change ownership.

I'm not saying you should not contact them I'm just saying you may not need to.

As for the other part of your question I have had the buyers pay the recording fees directly to LTT. They will provide you with a purchase agreement to use and it stipulates that if either party back out they will pay LTT.

I'm asking a current buyer to pay LTT directly and then when the deed transfers they can send me the balance. I'm not talking real money, under $500 so if they stiff me I'm still rid of the unit and LTT will get their money.
 
csxjohn said:
Why do you feel you need to contact the resort. I've transfered a number of units and did not contact the resort ahead of time. I did know exactly what I owned and all were deeded so your situation may be different.

LTT contacted the resort on behalf of the buyer and sent copies of the new deeds to change ownership.

I'm not saying you should not contact them I'm just saying you may not need to.

As for the other part of your question I have had the buyers pay the recording fees directly to LTT. They will provide you with a purchase agreement to use and it stipulates that if either party back out they will pay LTT.

I'm asking a current buyer to pay LTT directly and then when the deed transfers they can send me the balance. I'm not talking real money, under $500 so if they stiff me I'm still rid of the unit and LTT will get their money.
Click to expand...

John, I'm just speculating, but I think Lanier was using it as a delaying tactic while getting up to speed on how the transfer process works (coming to TUG was the best step so far!). :)


Sent from my iPad using Tapatalk
 
USCAV8R......couldn't have said it better myself. Thank you.
 
DeniseM said:
Are you sure this is a Legit buyer? Unfortunately, the market is full of scammers who have no intention of actually buying your timeshare. A scammer will always insist on doing the closing themselves, or using their own company, and in most cases, they pocket the bogus closing costs, and ride off into the sunset.

Red flags:
-You got a cold call
-They are offering far more than the current market value
-There are fees they want you to pay to them or their agent

Whatever you do, don't send the buyer, or their agent any money for fees - all payments should go to the reputable closing company of your choice.

Tell the buyer that you will pay all the closing costs, and therefore you want to use your closing company - a scammer will make up all kinds of excuses why they can't do that.

I recommend that you contact a reputable closing company and let them handle everything for about $150. That is the best way to make sure it's done right, AND they can spot a scam, if it is a scam.

I use the following company - they are Tuggers, and they get high marks on TUG:

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709
Click to expand...

Hi DeniseM,

I have never sold a timeshare before and I have a variety of them for sale now. Can L.T. Transfers do the closing/transfer on any timeshare?

Thank you in advance,

Diana
 
mapper said:
Hi DeniseM,

I have never sold a timeshare before and I have a variety of them for sale now. Can L.T. Transfers do the closing/transfer on any timeshare?

Thank you in advance,

Diana
Click to expand...

Hi Diana - They don't to international transfers, but they do most others. Give them a call - they are very nice and helpful.
 
Denise, I am looking to purchase a resale in Aruba. Is there a reputable closing agent I can use? Will they contact Marriott on my behalf to facilitate the transfer?

Thanks in advance for everyone's advice.
 
MikeO said:
Denise, I am looking to purchase a resale in Aruba. Is there a reputable closing agent I can use? Will they contact Marriott on my behalf to facilitate the transfer?

Thanks in advance for everyone's advice.
Click to expand...

A closing company will handle the whole process - you need a company that does international transfers.
 
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