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just FINALLY completed a resale WKV purchase

seenett

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As the title states, I just completed a private resale (purchase) for Kierland. This is a 1 bedroom (large) annual gold week. Both parties lived out of state, so it was done by mail. No agents or 3rd parties involved.

  • Late August 2015: Purchase agreement signed. Seller had to draw up a new title, we both signed, and sent it to the Maricopa County Clerk for recording.This took FOREVER! Seller actually had to do this twice (some kind of error the first time)
  • Late December 2015: Learned the title had been recorded. Seller then sent a copy of the recorded title to Starwood to make sure he was completely removed from SVN.
  • Early February 2016: I received a very generic computer generated statement confirming SVN's acknowledgment of my ownership and the contract number. SVN had set up a new ownership accounts even though the title information was exactly the same as my existing SVN property. I asked them to "merge" the accounts so I could combine Options if I wanted, and of course also to avoid a 2nd SVN annual fee.
  • Mid February 2016: My SVN owner account now shows both weeks, everything is kosher and correct.

Overall, a pretty smooth transaction - but it did take almost 6 months!
 

DeniseM

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Congrats! And nice seeing you!!!! :hi:

That is the problem with dealing directly with an owner. It's worth a few bucks ($150) to use a reputable closing company that knows what they are doing.

You will have a 2nd, but reduced, SVN fee.
 
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seenett

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Nice to "see" you too Denise!

If I were the seller, I'd absolutely use a closing company. But since the seller was willing to pay all the closing/transfer fees, I figured I'd just see how things went with him trying it his way. And I paid him a total of ONE CENT for the unit. If I ended up with a free one bedroom WKV after the process, great. If not, no big deal. Just cost me a few stamps, a penny and some waiting time!
 

DeniseM

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I am not as patient, or trusting - I'd rather spend $150! But I'm glad it worked out for you!

Just in time for Starwood to leave and new Mgmt. to take over... :D
 

sjsharkie

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Almost all reputable closing companies have access to electronic recording -- (I'd say "all", but no doubt someone would come up with a corner case somewhere).

This totally speeds up the process. Going the do it yourself snail mail route is asking for a large delay in the process since most county recorders are now staffed to accommodate mostly electronic recording.

Glad it worked out for you.

-ryan
 

Sugarcubesea

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Nice to "see" you too Denise!

If I were the seller, I'd absolutely use a closing company. But since the seller was willing to pay all the closing/transfer fees, I figured I'd just see how things went with him trying it his way. And I paid him a total of ONE CENT for the unit. If I ended up with a free one bedroom WKV after the process, great. If not, no big deal. Just cost me a few stamps, a penny and some waiting time!

I think for a penny I would have done the same thing… CONGATS on your purchase...
 
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