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Is a buyers deposit standard with redweek?

ranishi

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I am conversing back and fourth with a person through redweek regarding a timeshare I am interested in to buy. When asking her about the final closing costs and who would be responsible for paying for what she mentioned a $600 deposit that I had never heard of before and was not mentioned in the listing. Or in any other redweek ads or even with any other conversations I’ve had with redweek on the past.

Every time I asked her about the deposit she was very vague as to who it would be paid to and why was there a deposit. After 3 tries of asking different questions regarding the deposit she finally told me it was a deposit that is usually customary for the closing companies that the closing company requires a deposit of $550 but for my case it would be 600. They do this in case transaction falls through. She did not mention if it was refundable or not. I have never heard of this before. is this a standard thing that Redwick does?
This is my first attempt at purchasing a resale through them. So far, I am finding it an odd experience. They respond to my communication every 2 days
 

Limace

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I am at the end of purchasing through Redweek and was surprised by this charge too. It is refundable and I will get it back at closing, but it’s a pain. (And I am now over 6 months from offer and not yet closed-some if that’s been the resort’s slowness but it’s been frustrating-not sure I’d buy through them again).


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theo

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RedWeek is just a web site. Since you are apparently communicating directly with a seller, I am assuming that this is a listing which is not actually being handled by RedWeek personnel, but instead perhaps involves a private seller merely using the RedWeek site to advertise their resale.

If my assumption is correct, my suggestion would be to offer to hire (and pay) a closing company of your choosing (I recommend LT Transfers). That way, your written purchase agreement will be prepared by an objective third party, who can also handle deposit and sale funds (additional $50 charge for escrow when using LTT). No risk to either party and you're not sending $600 for unspecified purposes.

And by the way, the total closing cost with LTT would be about half of this "mystery $600 deposit" that you mention.

Just a thought and recommendation as an alternative to dealing with a seller who is apparently vague in responses and short on specifics.
 

ranishi

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Wow! 6 months! Thanks for the input. Based on the communication I have had with the representative and how she knew less of the terms stated in the ad than I did, and the lack of prompt communication, I think I will move on. They seem disorganized at best. 6 months is far too long! I would love to know if there are any other companies that do this effectively. years ago we picked up a week in Branson. Back then the internet was not as advanced and we purchased it in an office in Seattle called Holiday Timeshares. The transaction was so easy and all done in an hour and a half with a rep at his desk. Transaction closed in just a few short weeks! I MISS those days!
 

ranishi

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RedWeek is just a web site. Since you are apparently communicating directly with the seller, I am assuming that this is a listing which is not being handled by RedWeek personnel, but instead involves a private seller merely using the RedWeek site to advertise their resale.

If my assumption is correct, my suggestion would be to offer to hire (and pay) a closing company of your choosing (I recommend LT Transfers). That way, your written purchase agreement will be prepared by an objective third party, who can also handle deposit and sale funds ($50 charge for escrow using LTT). No risk to either party.

And by the way, the total closing cost with LTT would be about half of this "mystery deposit". Just a thought and recommendation as an alternative to dealing with a seller who is apparently vague in responses and short on specifics.
No, I have no idea who the seller is. It is all being handled by Redweek. And I’m not going to go through with it because the communication is so poor! I am not confident in Redweek at all.
 

ranishi

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Your assumption is the opposite. I have no idea who the seller is. It is all being handled by Redweek as a third party. Ive decided not to go to go through with it because the communication is so poor! I am not confident in Redweek at all.
[/QUOTE]
 

theo

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No, I have no idea who the seller is. It is all being handled by Redweek. And I’m not going to go through with it because the communication is so poor! I am not confident in Redweek at all.

Unfortunately, matters could have been much easier if you were actually dealing directly with a owner / seller.

Resales handled by RedWeek "agents" are often fraught with delays and problems, not least of which is a frustrating inability of the agent to answer specific questions about the "product" clearly, accurately and in a timely manner. Often, truth to tell, the "licensed agent" possesses absolutely no knowledge of the "product" in the first place; they are merely representing a seller who does not want to bother with the details and effort of selling their timeshare on their own. Many (most?) questions you ask the agent will involve the agent having to (maybe) get an answer from the owner and then (maybe) get back to you with an accurate and detailed response.....sometime. Their closing costs are also too high.

Frankly, I think you've probably made a good decision to just walk away from the frustration and delay that dealing with "RedWeek Middleman Agent" often involves.
 
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SteveinHNL

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By the way I believe LT Transfer is now charging $100 for escrow services.
 

foxs13

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Redweek process is the slowest ever! And yes, when purchasing a Redweek verified week, (meaning they communicate with seller for you) it is standard that a deposit is required. Deposit is to be paid directly to closing company.
 

The Colorado Kid

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Redweek has been slow but reliable for me for several resale purchases. Agree with the 6 month timeframe which is a bummer but often I have negotiated zero or close to zero purchase and final total costs for me so I figure the wait is just part of the benefit of the low low acquistion cost.
 

theo

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By the way I believe LT Transfer is now charging $100 for escrow services.

No real surprise. The escrow fee is actually charged by an attorney with whom LTT has a working arrangement to hold funds in escrow (i.e., it's not a LTT-determined fee).
 
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armrecsys

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Hi I am trying to purchase two timeshare units thru redweek.
someI neave get and answer back. One was a 100 dollar lower then the asking price, still no answer back.
I don’t understand , redweek slow on returning request.
 
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