Resale Due Diligence - What to ask for?

[carters4usm]

Ok...I need some advise from some of you folks experienced in resales. When dealing with a reseller, what are the things you normally want them to provide you prior to sending the money? Do different rules apply if they are simply serving as a broker with power of attorney to negotiate the sell for an owner?

I want to purchase resale, but also want to make sure I get the information I need to make a smart buy. These boards are great for sharing wisdom like this....thanks.

Cindy

 

[irish]

i can only speak to my experience purchasing resale.
i purchased from HOLIDAY GROUP. i was given the sellers name and the unit week and number. i then contacted OWNER SERVICES at the resort and verified
1-if seller actually ownes the week and unit number i was given and
verified that it was 1bedroom /1bath unit
2-m/f's and taxes for the unit were paid in full and up to date.
3-it was an annual (every year) usage.
4-i asked if there was a special assessment coming due.
when all facts were verified i went ahead with the purchase.
5-i went to the website of the county that recorded the original deed and verified that everything i was told by both HOLIDAY GROUP AND OWNER SERVICES was exactly how the deed was recorded.

now if you purchase from EBAY that's a whole different story.
they won't give you the sellers name until after you send the money.. so in that case,i post on tug to ask for information on the EBAY SELLER, i read the contract very very carefully, and still do all of the above. in one case i had them redo the contract to add the word "FIXED" week, as this particular resort has both fixed and floating weeks and i only wanted a FIXED week.
good luck

 

[3Js]

I bought resale thrice, and twice I was successful in getting information from the resort. I failed on one though, because the resort would not give me any information, even if I had the owner number, etc., saying that they can't give me private information.

 

[pammex]

I have purchased 3 times on ebay, have always gotten contract number and owners name after winning bid, then call resort for all the info posted above, as well as if there has been any acceleration of weeks. Only once have I been told by resort that that personal info could not be given out, so I waited a bit and then called back , got another person and got my info. In essence, you want to ask all of above and everything in unit description to verify it. I learned how to do this from another wonderful Tugger after my first ebay purchase Angela, who advised me what to do...her name fit her well an angel, as I was petrified and had no clue what to do...good luck. I never pay until the info is as written, verified and to my satisfaction. Best wishes.

 

[riverdees05]

You also want to verify if it is a floating week, what are the weeks that it floats, how soon in advance can you reserve and what is the procedure for making reservations. Another good thing to know if it exchanges with RCI, II and/or Independent exchange companies and do they deposit the week you reserve or a spacebanked week.

DO NOT ASSUME THAT ANYTHING YOU SEE IN AN AD IS CORRECT. Some owners do not know what they, therefore their ad are incorrect and the information they give to a company selling their unit are incorrect.

 

[RIMike]

I have purchased 3 times on ebay, have always gotten contract number and owners name after winning bid, then call resort for all the info posted above, as well as if there has been any acceleration of weeks. Only once have I been told by resort that that personal info could not be given out, so I waited a bit and then called back , got another person and got my info. In essence, you want to ask all of above and everything in unit description to verify it. I learned how to do this from another wonderful Tugger after my first ebay purchase Angela, who advised me what to do...her name fit her well an angel, as I was petrified and had no clue what to do...good luck. I never pay until the info is as written, verified and to my satisfaction. Best wishes.

When buying on Ebay do you have a closing company you perfer? Also if if it is points at Wyndham or Marriott, is there anything special I should be aware of?
I have a couple of bids in now.

 

[TheTimeTraveler]

Escrow & Closing Company

The Escrow & Closing Company I have always used is Duncan Escrow which is run by Susan Duncan.

She does many closings for Seth Nock and a lot of resellers (private and otherwise).

She knows her stuff and does most of transactions electronically which speeds things up getting thru the ROFR process.

Here is Duncan's email address: Duncansjs@aol.com

email her directly if you have any purchase or resale questions.

 

[Cathyb]

This has been a very helpful question and answer spot. Thank you!