Sell DIY instead of a Broker or Purchasing without a Broker

[CalGalTraveler]

[Moving comments to this thread from another thread to avoid going off-topic]

Should you use a broker or DIY when you sell? Some factors to consider:

It is easy to DIY and avoid broker fees for both the buyer and the seller, if you research on TUG how the systems work, use Redweek verified (verifies that a deed exists for the property the owner is selling) and TUG to advertise (same places where the brokers advertise), and you use a reputable third party escrow closing company like LT Transfers or Resort Closings to avoid getting scammed on either side.

I would like to see more owners putting the $1000 - $1500 seller-side brokers fee in their pocket instead of the brokers. They are already taking a bath on their developer purchase. Those free timeshares you see are not free for the seller to sell. Consider that $1500+ transaction fee when you get excited about your low cost or free timeshare and want to exit.

You can pay now or pay later. All brokers including Judi take a flat commission no matter the price. If the timeshare selling price is less than $1500 you may be paying the brokers fee plus closing (if you use an eBay liquidator) to get that free/low cost timeshare out of your portfolio. Free is not free when it comes to timeshare.

Consider exit costs when you want to buy that $2000 or less resale timeshare

This is why owning a higher priced timeshare that has resale value, such as an 11,200 Vegas at the FEPS (Flamingo, Elara, Paradise, Strip/Blvd) or ski weeks or OF is a better way to go because you can pay a broker and still get proceeds (or DIY and pocket the fee) but not pay out of pocket to sell unlike that "free" or "low-cost" timeshare that buyers were so excited about acquiring.

For higher priced timeshares like my Westins, which resale for > $10k, I would be happy to use a broker because the flat commission is a smaller percentage of the sales price.

 

[Mr.G]

She's a broker who markets the deed. Once the price is agreed upon the broker hands off to a company like LT Transfers who actually does the paperwork, deed filing, and closing.

IMO...Personally I like to avoid the middleman and save the brokers fees.

A broker can bring you a better deed, IMO.

 

[CalGalTraveler]

Sometimes brokers have a unicorn but many times they don't.

A seller can sell via the same outlets as the brokers on Redweek and TUG and work with the same third party escrow firm to file the deeds correctly and deal with the developer.

Seller and buyer are paying a premium with a broker (commissions can be $900 - $1500 on both sides). If you need that for peace of mind and handholding or don't want to deal with it, then that premium is earned. However a seller could do this on their own very easily as long as they use an LT Transfers or similar. The buyer also is safe using a third party escrow firm when an owner DIYs.

 

[Eric B]

She's a broker who markets the deed. Once the price is agreed upon the broker hands off to a company like LT Transfers who actually does the paperwork, deed filing, and closing.

IMO...Personally I like to avoid the middleman and save the brokers fees.

I believe she uses Grand Vacations Title, which is owned by HGVC. They get HGVC transfers done quickly.

 

[Reisenbeis]

I believe she uses Grand Vacations Title, which is owned by HGVC. They get HGVC transfers done quickly

She's a broker who markets the deed. Once the price is agreed upon the broker hands off to a company like LT Transfers who actually does the paperwork, deed filing, and closing.

IMO...Personally I like to avoid the middleman and save the brokers fees.

Normally I would cut out the middle man as well. I always like to save a money when I can. I am a realtor as well, but this is not my specialty and my knowledge on timeshares was too limited for me to feel comfortable going solo since this is my first purchase. Judi has been great and provided so much information and advice. She quickly responds to texts, always answers the phone and answered my million questions. She has been well worth the money for me and I would advise anyone making their first purchase to use her.

 

[CalGalTraveler]

I believe she uses Grand Vacations Title, which is owned by HGVC. They get HGVC transfers done quickly.

What does Grand Vacations Title charge? I believe they charge more than LT Transfers which is about $250 + deed filing fees.

@Reisenbeis I know this is your first timeshare and a broker can be helpful. I have purchased through brokers in the past (not Judi). What I and many Tuggers have found is that timeshares are much easier and less complex than selling a home e.g. there are no timeshare inspections, mortgages etc. It is basically a deed.

You can buy title insurance via the 3rd party closing company if you desire. The 3rd Party escrow company handles the rest. Our timeshare brokers effectively disappeared once the contract was signed and handed to the 3rd party broker. IMO, I don't believe they could add much value at this point in the process anyway.

 

[hurnik]

I believe she uses Grand Vacations Title, which is owned by HGVC. They get HGVC transfers done quickly.

Not always. Had one a while back where they used something else and it was a total train wreck.
But I do agree that Grand Vacations title does get things done very quickly (and expensively, IMO, compared to LT Transfers)

 

[brp]

You can pay now or pay later. All brokers including Judi take a flat commission no matter the price. If the timeshare selling price is less than $1500 you may be paying the brokers fee plus closing (if you use an eBay liquidator) to get that free/low cost timeshare out of your portfolio. Free is not free when it comes to timeshare.

I like the post, although I have a couple of counterexamples to this. I did sell a couple with Judi that did not have a lot of value. It sold below the total commission that she and the other broker would have gotten, and she just zeroed it out. I did not have to pay anything. In both cases she was able to get current eyar MFs reimbursed and sent me all of that (about $1K on each one).

Not sure it always works this way, but this was 2/2 sales with Judi.

Cheers.

 

[HuskerATL]

unlike that "free" or "low-cost" timeshare that buyers were so excited about acquiring.

There are exceptions to this...

 

[CalGalTraveler]

Of course there are exceptions. However brokers arent charities. So I would not count on that in my buying calculation.

 

[raddoc]

What does Grand Vacations Title charge? I believe they charge more than LT Transfers which is about $250 + deed filing fees.

@Reisenbeis I know this is your first timeshare and a broker can be helpful. I have purchased through brokers in the past (not Judi). What I and many Tuggers have found is that timeshares are much easier and less complex than selling a home e.g. there are no timeshare inspections, mortgages etc. It is basically a deed.

You can buy title insurance via the 3rd party closing company if you desire. The 3rd Party escrow company handles the rest. Our timeshare brokers effectively disappeared once the contract was signed and handed to the 3rd party broker. IMO, I don't believe they could add much value at this point in the process anyway.

I closed my W57 unit with Judi using Grand Vacations Title - they charged $1630. They said it was so expensive because New York requires working with a lawyer to close. I was communicating with John Kushman at Resort Closings recently and he said they charge closer to $1050 for closing a New York deed (depending on recording taxes, variable with purchase price).

Judi has also used Timeshare Resale Closing Service $775 (Nevada) and Timeshare Resale Closing - Simplified (TRCS) charging $750 (Hawaii). Definitely more than the $250 that LT Transfers charges.

I agree 100% that working without a broker will save money in commission and closing fees but it seems like the overwhelming majority of deeds for sale are through a broker. I have seen just a small handful of deeds posted on TUG or Redweek without a broker.

 

[GT75]

All of my resale purchases have been through brokers. I would be comfortable purchasing a DIY but like @raddoc that isn’t where I found the deeds. I would still recommend purchasing through a recommended broker on your first purchase. I look at it this way, you are saving thousands of dollars over a retail “can’t give away deed” with “high MFs” so a few extra $1000 for broker fees is still a huge savings. As for selling, I wouldn’t mind giving DIY a try but haven’t done that one yet.

 

[hurnik]

All of my resale purchases have been through brokers. I would be comfortable purchasing a DIY but like @raddoc that isn’t where I found the deeds. I would still recommend purchasing through a recommended broker on your first purchase. I look at it this way, you are saving thousands of dollars over a retail “can’t give away deed” with “high MFs” so a few extra $1000 for broker fees is still a huge savings. As for selling, I wouldn’t mind giving DIY a try but haven’t done that one yet.

Purchasing is the opposite of the title of this thread which is Selling. Selling DIY can certainly save some money, but just like a FSBO (For Sale By Owner) for residential real estate, it's not for everyone.

 

[brp]

All of my resale purchases have been through brokers. I would be comfortable purchasing a DIY but like @raddoc that isn’t where I found the deeds. I would still recommend purchasing through a recommended broker on your first purchase. I look at it this way, you are saving thousands of dollars over a retail “can’t give away deed” with “high MFs” so a few extra $1000 for broker fees is still a huge savings. As for selling, I wouldn’t mind giving DIY a try but haven’t done that one yet.

I've purchased two through eBay after some broker purchases and it definitely takes more due diligence - especially eBay. But fabulous savings.

Purchasing is the opposite of the title of this thread which is Selling. Selling DIY can certainly save some money, but just like a FSBO (For Sale By Owner) for residential real estate, it's not for everyone.

True. I'm not really up for selling on my own as there seems more involved. If I do sell something in the future, I might look here for steps and advice. or I might not.

Cheers.

 

[CalGalTraveler]

re: Selling DIY. Because it is deeded many owners equate buying and selling a timeshare to the complications of buying and selling a home. Far from it. You use Redweek verified to verify the deed exists, and a reputable 3rd party escrow company. That's it. No inspections nor disclosures nor staging nor open houses like a primary home. No more difficult than writing up a listing and renting out your timeshare week on Redweek.

What value does the broker bring to a timeshare sale? I have used brokers who have made errors on the initial contract**, put clumsy errors on the listing, have been unresponsive about updates and slow responding to buyers, and did no checking of the final paperwork. The third party escrow company communicates with the developer to set up your account and obtain the estoppel. In one case we had to file a corrective deed because of an error we discovered. Brokers were no where to be found.***

Many owners don't even know DIY is an option. Yet I see on TUG and Facebook people arguing about $1000 and $2000 offer differences yet they don't question this element of the sale. IMHO I would much rather see an owner earn this money because it is doesn't require much effort.



** The escrow closing companies will provide you with standard sales contracts where you fill in names of the seller and buyer in the blanks. You don't need a broker for this.
*** We have never worked with Judi so YMMV.

 

[CalGalTraveler]

I closed my W57 unit with Judi using Grand Vacations Title - they charged $1630. They said it was so expensive because New York requires working with a lawyer to close. I was communicating with John Kushman at Resort Closings recently and he said they charge closer to $1050 for closing a New York deed (depending on recording taxes, variable with purchase price).

Judi has also used Timeshare Resale Closing Service charging $750 (Hawaii) and $775 (Nevada). Definitely more than the $250 that LT Transfers charges.

I agree 100% that working without a broker will save money in commission and closing fees but it seems like the overwhelming majority of deeds for sale are through a broker. I have seen just a small handful of deeds posted on TUG or Redweek without a broker.

Good to know that Resort Closings will execute NYC closings for less. I will likely use them one day when we DIY and divest of our W57 deed.

We closed a purchase for Westin through Resort Closings and they are legit and responsive. LT Transfers will not take New York closings due to the requirement for legal face to face meetings to close.

 

[raddoc]

re: Selling DIY. Because it is deeded many owners equate buying and selling a timeshare to the complications of buying and selling a home. Far from it. You use Redweek verified to verify the deed exists, and a reputable 3rd party escrow company. That's it. No inspections nor disclosures nor staging nor open houses like a primary home. No more difficult than writing up a listing and renting out your timeshare week on Redweek.

What value does the broker bring to a timeshare sale? I have used brokers who have made errors on the initial contract**, put clumsy errors on the listing, have been unresponsive about updates and slow responding to buyers, and did no checking of the final paperwork. The third party escrow company communicates with the developer to set up your account and obtain the estoppel. In one case we had to file a corrective deed because of an error we discovered. Brokers were no where to be found.

Many owners don't even know DIY is an option. Yet I see on TUG and Facebook people arguing about $1000 and $2000 offer differences yet they don't question this element of the sale. IMHO I would much rather see an owner earn this money because it is doesn't require much effort.



** The escrow closing companies will provide you with standard sales contracts where you fill in names of the seller and buyer in the blanks.

Agree that this is much simpler than selling "normal" real property particularly with HGVC. I don't have any experience with other systems but HGVC provides the estoppel to confirm ownership interest and identify delinquent MFs due - and will not let a sale proceed if there is an encumbrance (mortgage) on the deed. Combine that with a reputable closing company that sets up an escrow for the closing, that really takes away the fear of fraud.

I'm just getting in the system so I don't expect to sell anytime soon - but when I do I plan on doing it myself.

 

[raddoc]

Good to know that Resort Closings will execute NYC closings for less. I will likely use them one day when we DIY and divest of our W57 deed.

We closed a purchase for Westin through Resort Closings and they are legit and responsive. LT Transfers will not take New York closings due to the requirement for legal face to face meetings to close.

I second the recommendation for Resort Closings, I bought my deed at the District through them. John was very knowledgeable and responsive. He's not one of the brokers frequently recommended on this forum but I had a great experience working with him.

 

[CalGalTraveler]

Resort closings is interesting because they get a deeds when people die and the family doesn't care and wants out. Those deeds can be purchased for a lot less. Many are junk deeds but sometimes they have unicorn deeds.

We didn't use the brokerage side. We worked with a seller that wanted to use their escrow closing service.

 

[GT75]

I second the recommendation for Resort Closings, I bought my deed at the District through them.

I will third resort closing. I have purchased 3 TSs with them now. All were smooth.

 

[Reisenbeis]

For me she was worth her weight in gold for all of the information and insight she provided me prior to the purchase. I already almost made a huge mistake buying from the developer and I didn’t want to have any regrets. From a pure transaction basis I’m sure I could do some additional research and get it done myself. I am a realtor and while I specialize in rental homes, I have always represented myself in the buying and selling of my properties so while I’m no expert, I do have a good amount of experience in the process.
As the buyer, the closing costs were only a few hundred dollars more than the one I considered that was FSBO closing at LT transfers, but I paid $2k less for the exact same deed and she got them to pay the ‘23 MF as well. Also, of all the ones I considered, this was the only one that was not listed with a broker.

 

[hurnik]

An interesting viewpoint(s) I've seen on the FB pages for HGV "ownership" (there's two I'm in) regarding resale purchases is that folks are very leery of resale purchases period EVEN THROUGH BROKERS/REALTORS. Thus they feel comfortable buying direct (and paying a LOT more). While I personally don't see that viewpoint (I'm all about saving money--haha and learned my lessons the hard way), I can definitely see why folks (who have that viewpoint) would also want to sell via Broker/Realtor vs. DIY.

I have sold units DIY on FB and used LT Transfers both times. Worked flawlessly/great.

 

[hurnik]

[Moving comments to this thread from another thread to avoid going off-topic]

Should you use a broker or DIY when you sell? Some factors to consider:

It is easy to DIY and avoid broker fees for both the buyer and the seller, if you research on TUG how the systems work, use Redweek verified (verifies that a deed exists for the property the owner is selling) and TUG to advertise (same places where the brokers advertise), and you use a reputable third party escrow closing company like LT Transfers or Resort Closings to avoid getting scammed on either side.

I would like to see more owners putting the $1000 - $1500 seller-side brokers fee in their pocket instead of the brokers. They are already taking a bath on their developer purchase. Those free timeshares you see are not free for the seller to sell. Consider that $1500+ transaction fee when you get excited about your low cost or free timeshare and want to exit.

You can pay now or pay later. All brokers including Judi take a flat commission no matter the price. If the timeshare selling price is less than $1500 you may be paying the brokers fee plus closing (if you use an eBay liquidator) to get that free/low cost timeshare out of your portfolio. Free is not free when it comes to timeshare.

Consider exit costs when you want to buy that $2000 or less resale timeshare

This is why owning a higher priced timeshare that has resale value, such as an 11,200 Vegas at the FEPS (Flamingo, Elara, Paradise, Strip/Blvd) or ski weeks or OF is a better way to go because you can pay a broker and still get proceeds (or DIY and pocket the fee) but not pay out of pocket to sell unlike that "free" or "low-cost" timeshare that buyers were so excited about acquiring.

For higher priced timeshares like my Westins, which resale for > $10k, I would be happy to use a broker because the flat commission is a smaller percentage of the sales price.

I wonder if it would be helpful (may already be out there) to craft a Sticky, or a "how to" that's specific to HGV (vs. "generic") in terms of how one would go about selling via DIY and LT Transfers? I mean I found out how to do it fairly easily, but most of it was asking questions to LT Transfers.

I know each timeshare system is special in how it works (and possibly location specific which may also affect HGV).

Anyway, just a random thought.

 

[CalGalTraveler]

An interesting viewpoint(s) I've seen on the FB pages for HGV "ownership" (there's two I'm in) regarding resale purchases is that folks are very leery of resale purchases period EVEN THROUGH BROKERS/REALTORS. Thus they feel comfortable buying direct (and paying a LOT more). While I personally don't see that viewpoint (I'm all about saving money--haha and learned my lessons the hard way), I can definitely see why folks (who have that viewpoint) would also want to sell via Broker/Realtor vs. DIY.

I have sold units DIY on FB and used LT Transfers both times. Worked flawlessly/great.

Love the idea of a sticky for how to DIY safely and how owners can save some coin without much more effort than renting out their timeshare week on Redweek or TUG. They should know all of the options.

This was our fearful attitude for our first (gulp) and only developer purchase. We had heard about timeshares resales and potential scammers so we chose developer. We hadn't done much research so were running on rumors. In hindsight we wish we had found TUG and bought resale but we didn't know much about reputable brokers or third party closing firms that could prevent fraud.

 

[CalGalTraveler]

@Reisenbeis Glad to hear this worked out for you. Sometimes families want out (for example, a spouse dies) and they don't know the value, may be in grief and shock. But that's why they hire a broker who knows the market.

Was this a listing that the broker was representing (and was getting paid a commission by the seller) and she negotiated down price with the owner/seller that she was representing? or was this offered by a different broker?

If this was the former this is a dereliction of duty to get the best price as representative broker for the seller. The broker should know these deeds are worth much more.