Help, I am selling my timeshare.

[topmom101]

Hello all, I need some help, please.

I am trying to sell my timeshare at the Divi Phoenix in Aruba. I priced it to sell quickly ($3,500) and sure enough, I found someone who is familiar with the resort and was very interested. He called the Divi and confirmed my ownership. I, myself called Divi to inquire what the process was. I followed instructions, printed the required form, called the prospective buyer, had a nice conversation with him. They were very excited. He asked for a bill of sale which I was happy to type up. He promised to send a check at which time I would mail the bill of sale and the signed and notarized form for his signature. At this point he would mail said form with a check for the transfer fee and the deed would be mailed to him within weeks.

Yesterday, he emailed me saying that after speaking with several people (including Divi) he was advised to not forward payment until the deal was finalized and the deed was in his hands.

I understand he needs to protect himself, after all, he doesn't know me from a hole in the wall but how do I protect myself? Should I transfer ownership before any payment?

I suggested that I'd be agreeable to submit signed and notarized forms and bill of sale, and once he ascertained the Divi was in receipt of forms he could mail payment.

I just received an email from him saying he is sorry but doesn't feel comfortable and is withdrawing his offer.

What should I do differently next time? How do both parties protect themselves? Please advise. Thanks.

 

[DeniseM]

First of all, the buyer should have stated this requirement upfront - that's on him.

You could use a licensed escrow company - the escrow company holds the $$$ until the sale is complete - protecting the buyer.

I suggest that you contact him and let him know that you'd like to use a licensed escrow company (check on the company that Redweek uses) and split the fee with him, and if he still says no, then that wasn't the reason, and he just made an excuse because he wanted out of the deal.

 

[topmom101]

First of all, the buyer should have stated this requirement upfront - that's on him.

You could use a licensed escrow company - the escrow company holds the $$$ until the sale is complete - protecting the buyer.

I suggest that you contact him and let him know that you'd like to use a licensed escrow company (check on the company that Redweek uses) and split the fee with him, and if he still says no, then that wasn't the reason, and he just made an excuse because he wanted out of the deal.

Thanks, Denise. I will do that and let you know what happens.

 

[topmom101]

Hi Denise, just to let you know I suggested the use of the escrow company, but he said he has decided to pass on the deal.

 

[DeniseM]

Then I suspect that was just an excuse to back out. Thanks for letting us know.

 

[silentg]

Hope you find another buyer, this has happened to us. People want you to give away your timeshares and even when you do they think there is a "catch" . We sold a timeshare( actually gave it away) we payed closing costs transfer fees and even gave the buyer a week to use at the resort.
After all this she still had second thoughts. We waited for her to come back to us, luckily she did.
I'm not suggesting that you do that for your timeshare. Yours probably has more value than ours since it's in Aruba.
Silentg

 

[Theousaf]

[This would be a good time to use a private message. Click on tipmom101's blue user name and then click START A CONVERSATION.]

 

[silentg]

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Ok sorry

 

[DeniseM]

My message is an edit in the post from Theousaf - it refers to his post, which has been removed.