smartshare.com timeshare resale brokers

[trader14]

i saw a unit that i was interested in purchasing from these guys but i have never purchased from a 3rd party outside of ebay. the price seems way too cheap for the unit so i was wondering if anyone has ever heard of these guys or can give me some reccomendations on how to manage the closing. in life it if it is too good to be true it usually is which makes me a bit uneasy
has anyone had any exp with them?

 

[theo]

Never heard of 'em, but...

so i was wondering if anyone has ever heard of these guys or can give me some reccomendations on how to manage the closing.

My first suggestion would be to conclusively determine whether or not you have the option to select and utilize a closing company of your own choice. If so, then you can more easily back away from concluding the transaction if things are not exactly as being represented to you now. If it's an outfit which insists upon your using a (usually overpriced, only possibly competent) closing company of their identification, then it's time to go on "high alert" and put the "due diligence" setting on high --- including finding out if there are any unpaid fees, imminent (or already unpaid) special assessments, banked weeks or any other such "shortcomings" which might not be readily apparent. Like the yellow signs say --- proceed with caution.

 

[trader14]

they said i could use a closing company other than themselves, they charge $350 however the last unit i purchased i also paid $350. so they want a deposit of $500 via paypal and if they let me choose my own closing co you think i will be ok?

 

[theo]

Not enough information...

they said i could use a closing company other than themselves, they charge $350 however the last unit i purchased i also paid $350. so they want a deposit of $500 via paypal and if they let me choose my own closing co you think i will be ok?

1. Since they are apparently not actually a closing company at all in the first place, but are seemingly just conducting their own closings "in house" (...and they are not exactly a detached, objective, third party, since they are also the seller here), if you proceed with this purchase I strongly recommend that you engage the services of your own professional closing company of choice. I can think of at least two right off the top of my head that do nothing else but timeshare closings --- and charge only $300. I'll avoid "naming names", so as not be assailed by moderators for perceived "advertising" (I have no personal affiliation with any closing company, just for the record).

2. Have you seen the current deed? Have you confirmed the accuracy of all details in the advertising vs. what's actually reflected in the deed?
Have you determined whether there are any unpaid fees, or imminent (or exisiting) special assesments? Spacebanked weeks?

In my opinion, you shouldn't be considering sending $500 off to a completely unknown entity PayPal account as a "deposit" on something which may or may not even be what you think you are purchasing in the first place. In my opinion, since this is a completely unknown entity in timeshare circles (at least to my knowledge), the only place I'd be sending my deposit would be to the closing company which I just hired ---and I wouldn't even be sending that before reviewing the current deed for myself, verifying week / unit details.

Maybe I'm overly cautious, but in my experience "due diligence" is always easier than cleaning up a (avoidable) mess later. Your mileage may vary.

 

[vacationtime1]

Theo's advice is very sound. The only thing I would add is that you should definitely have your escrow agent obtain an estoppel letter from the resort. That will show unpaid fees, special assessments, and purchase loans made by the developer (most loans are developer purchase loans).

If the purchase involves more than a few thousand dollars, you should consider title insurance; that would protect you against other liens.

 

[trader14]

theo if you could either post or pm me the names of the closing companies that would be helpful. They have verbally verified the name of the resort, the week, type of unit ie studio, 1bd, 2bd, they have stated there are no liens or fees outstanding. per whois they have had their site for over 10 years and when googled there is nothing bad but equally concerning is there is nothing good, i will def use my own closing co. you have offered good advice not just for me but hopefully for anyone else reading this

 

[theo]

My $0.02 worth...

theo if you could either post or pm me the names of the closing companies that would be helpful.

Since you have overtly asked for names, I believe that I am now allowed to respond without invoking the wrath of site moderators. I'd recommend either Timeshare Transfer or JRA Closing Services. A little searching around will easily find either one on the Internet. There are others as well, but these are two with which I am personally familiar by way of direct, actual experience. Some here also speak highly of PCS Closings, but I have no personal knowledge about or any prior dealings with them.

Re: >> They have verbally verified the name of the resort, the week, type of unit ie studio, 1bd, 2bd, they have stated there are no liens or fees outstanding.<<

No disrespect intended, but verbal statements from a reseller are absolutely meaningless. Accordingly, I'll ask once again --- have you actually even seen and reviewed a copy of the current deed? In many instances, you can even review the deed online in that County's public records (...I'm assuming it's a U.S. timeshare), if the seller will just provide you a book and page number with which to "pull up" the document.

Your closing company can independently confirm with the resort whether the account is current via the estoppel letter process. The seller will likely have to sign a release, allowing that info to be provided to third parties. Closing company will take care of that detail.

Re; >> per whois they have had their site for over 10 years and when googled there is nothing bad but equally concerning is there is nothing good<<

I wouldn't put much stock in that observation, personally. The site "domain name" could have been obtained and registered ten years ago, but actively utilized for the first time late last week. I would also point out to you that if on a site like this (TUG) with thousands of experienced timeshare owners and users, if the name of a particular reseller is completely unknown to anyone in this "audience", then you definitely have some cause to proceed slowly and with caution.

Re: >> you have offered good advice not just for me but hopefully for anyone else reading this<<

Kind words and thank you, but that's really the purpose of these discussion forums --- to share information and knowledge, ask questions of others more experienced in the arena, etc. Knowledge and information hoarded and not shared is knowledge and information not put to best use.

 

[richardm]

i saw a unit that i was interested in purchasing from these guys but i have never purchased from a 3rd party outside of ebay. the price seems way too cheap for the unit so i was wondering if anyone has ever heard of these guys or can give me some recomendations on how to manage the closing. in life it if it is too good to be true it usually is which makes me a bit uneasy
has anyone had any exp with them?

They are a very small brokerage out of Washington with a good reputation, although they may be relatively unknown outside of their region. They have been a cooperating broker with transactions dating back to early 2003, and there have been no buyer complaints documented. They focus primarily on points systems such as Worldmark and RCI pt programs. I know they were also the designated rci pt broker for a few small HOA-controlled resorts in the Northwest, so often their inventory was from HOA intervals from either foreclosures or deedbacks.

I would recommend a third-party closing agent, but since they buy and sell out of their own names- they would have the legal right to handle the ownership transfer themselves.

Good luck and enjoy your future ownership!

Rich

 

[trader14]

i offered them their full asking price and let them know that I would send a deposit and the balance of the funds to one of the closing companies mentioned above and haven't heard back from them so i am assuming that they were not legit to begin with. I will update this thread if i hear back and as things progress however based on my experience so far I would advice anyone to stay away from smartshare located at smartshare.com.

 

[richardm]

Wow.. I little quick on the trigger to be throwing out the scam allegations in my opinion, but I still wish you the best.. Keep shopping eBay and I'm sure you'll find a seller to meet your expectations!

Many of them are known to respond within seconds!

:hysterical:

 

[DeniseM]

Since you have overtly asked for names, I believe that I am now allowed to respond without invoking the wrath of site moderators.

Theo - it is always OK to recommend a company that you are not affiliated with.

 

[trader14]

Wow.. I little quick on the trigger to be throwing out the scam allegations in my opinion, but I still wish you the best..

I never used the word scam but if you are comfortable using it i wouldn't argue with you. It should give pause to everyone if a company insists on getting money upfront rather than sending it to a 3rd party closing co. other things that conncern me that i don't think i mentioned is that they sent me a paypal request for money yet they have never had a single verifiable transaction on paypal which is strange if the company has been transacting business for years...just as a point of reference i personally have several hundred transactions on paypal

 

[trader14]

update: Spoke with them and they are fine with using whatever closing co i want so things are looking better...very exited