Resale Purchase Timeline (80 days)

[Jpollo]

Occasionally I see questions regarding the typical timeline and sequence of a resale purchase. For what it's worth I thought I'd share mine.

Day 1 (Aug 18): Won Ebay Auction (Waiohai)
Day 3 (Aug 21): Escrow sent signed purchase agreement to Marriott
Day 28 (Sep 15): Marriott notified Escrow that ROFR is waived
Day 32 (Sep 19): Deed sent to Hawaii to be recorded
Day 39 (Sep 26): Deed recorded
Day 50 (Oct 7): Deed received by Escrow; Escrow forwarded to me same day
Day 81 (Nov 7): Received letter from Marriot indicating that I'm the new owner--owner number is included.

Escrow was handled by American Timeshare Closing. I'm still waiting for the final paperwork, but we're good to go as the new owner.

Jason

 

[dioxide45]

Your still waiting for Marriott final paperwork or paperwork from the closing company?

 

[Jpollo]

I believe it's a copy of the deed. I think the few pages of ownership info is all that I'm going to get from Marriott.

 

[dioxide45]

I believe it's a copy of the deed. I think the few pages of ownership info is all that I'm going to get from Marriott.

You should have received the original deed long ago from the closing company. They only send a copy to Marriott and once they have done that there is nothing more for them to do except send you the original. They don't need to wait for Marriott to recognize your owership to send you the deed.
When we closed in 2007 we had our original deed before Marriott recognized us as owners. With the delays now at Marriott you should have had yours long before they recognized you.

 

[richardm]

That is IAVacations in-house closer.. They don't have the best track record for problem-free transactions. If they can't find your deed, you may want to contact the county and order a certified copy for your records.

 

[Jpollo]

Sorry. My mistake. Escrow mailed it to me the day they got it on October. Thanks for pointing that out.

I must say that I was quite satisfied with IAVacations and American Timeshare Closing. I was a bit wary going into the the transaction based on comments I had read on Tug and elsewhere - but in the end everything went pretty smoothly.

 

[Andar]

Thanks for posting your timeline and experiences. I was just coming to TUG to ask how long it should take.

We purchased Marriott Shadow Ridge on OCt. 30th (EBAY). I put it on credit card and paid it off when it came in. I still have NO paperwork about the transaction. When I contact TS company I am told they are still waiting for Marriott's ROFR. When I pointed out it shouldn't take that long I was told Marriott asked for additional information since it was own by a 'company'

I am beginning to think I was scammed. Any advice or suggestions are most welcomed.

 

[Jpollo]

Andar, at this point I believe you should have only received the Purchase Agreement (to sign and return.)

Who is the TS company and who's handling escrow? Maybe knowing that someone on this forum has dealt with either of them before could allay some of your concerns - or raise a red flag.

 

[FlyerBobcat]

Marriott ROFR timing, my experience

As a general reference for anyone interested, I signed a purchase agreement on 11-5-08, and Marriott signed off on their ROFR on 11-10-08. Pretty fast.

.
We purchased Marriott Shadow Ridge on OCt. 30th (EBAY). I put it on credit card and paid it off when it came in. I still have NO paperwork about the transaction. When I contact TS company I am told they are still waiting for Marriott's ROFR. When I pointed out it shouldn't take that long I was told Marriott asked for additional information since it was own by a 'company'

 

[Andar]

Andar, at this point I believe you should have only received the Purchase Agreement (to sign and return.)

Who is the TS company and who's handling escrow? Maybe knowing that someone on this forum has dealt with either of them before could allay some of your concerns - or raise a red flag.

Thanks Jpollo, it is Stephanie

Customer Service Manager

The Timeshare Company

Just called her again and she said the same thing. I requested some thing in writting she said she would email the deed. I said was feeling like I was being scammed. She did offer a full refund. Maybe I should have taken it but I said I would give it one more week.

 

[Jpollo]

Sorry, I'm not familiar with that company. Perhaps someone else here has worked with them before.

By the way, there should be a separate company handling escrow.

Jason

 

[Andar]

Here is what the listing said:
Closing Process
The closing of this transaction will be handled by a professional closing company with many years of experience in the transfer of resale timeshares. Their price for closing is quite reasonable and very competitive. We use this firm, and this firm ONLY. Why? Because we’ve tried several over the years and most have disappointed us (and our customers) one way or another. This company is fast, thorough, and responsive. And in the rare case that they make an error they admit it, and fix it. Please don’t ask us to close this transaction any other way because we will not be able to accommodate you. The cost to the purchaser will be only $435. This price will include all closing costs including document preparation, deed recording, priority mailings, and all county, state, and municipal transfer taxes and recording fees. They will even register the new deed with the resort on behalf of the new owner. Should you like to contact them or have questions for them, they can be reached at (toll free) 1-800-370-9336 or direct at 608-846-1581. You can also email them at customerservice@thetimesharecompany.com.

It sounded like a separate closing company, but wouldn't I have received esrow instructions?

Sorry, I didn't mean to hijack this threaed.

 

[Robert D]

My guess is if they insist on that closing company they are paying the closing company less than they charged you (which is pretty common among Ebay sellers) and making a nice profit on the closing.

Regarding jpollo's closing, it sounds like your TS got transferred by Marriott in less than a month after Marriott received the recorded deed. That is faster than any deal I've heard of. I bought a Marriott Timber Lodge week and the deed was received by Marriott on Nov 10 and Marriott told me I'd be lucky if it is transferred in my name before the end of the year and that it usually takes 8 weeks. I politely told him I considered that terrible service by a company that touts that it offers its customers exceptional service.