Timeshare closing services

[samara64]

Anyone here has dealt with this company. have a Marriott TS with them and it is taking them a month to do the "verification process". No progress for over a month.

Any feedback appreciated.

Thanks

 

[DeniseM]

Please clarify -

-Are you the buyer or the seller?

-Did they sell your timeshare for you, or is this the closing company that you selected to handle the transfer?

-Have you paid them any money?

 

[samara64]

Thanks Denise.

No I am the buyer and yes, I did pay them for the TS via a cc.

Did I get screwed. The sale was through discount timeshares.

 

[DeniseM]

Have you signed a purchase agreement, and the new deed?

Has Marriott signed off on ROFR?

 

[Marathoner]

I too am currently in the process of buying from Discount Timeshare Svcs from ebay and using Timeshare Closing Services as the closing agent.

I am currently in the ROFR process which I expect will take a month. Even so, Timeshare Closing Svcs have been very good about sending me email updates frequently to tell me that the ROFR waiver has not yet been received. I've spoken to both the selling broker as well as the closing agent and I've found both to be highly professional and prompt. While this is my first time dealing with them, their ebay rating was high.

I suggest calling them and explaining your concerns to them before fearing the worst. For what its worth, they do alot of volume in timeshares so I believe they know what they are doing.

 

[samara64]

Discount timeshares sent me the estoppel certificate and a copy of the deed.

They are still "verifying". Once it is done, they will apply for ROFR

Did you have bad experience with them. I purchased from discount Timeshares before and it was a good experience.

 

[Ty1on]

Discount timeshares sent me the estoppel certificate and a copy of the deed.

They are still "verifying". Once it is done, they will apply for ROFR

Did you have bad experience with them. I purchased from discount Timeshares before and it was a good experience.

Sometimes these sellers are at the mercy of the current deed-holders. Verifying could be waiting for a signed notarized deed or any number of things.

 

[cory30]

Anyone here has dealt with this company. have a Marriott TS with them and it is taking them a month to do the "verification process". No progress for over a month.

Any feedback appreciated.

Thanks

I am in the middle of a very difficult purchase with this company. Long story short there has been an issue with receiving a clean title (in spite of purchasing title insurance and already having title deeded into my name). It has been a struggle to get any information from this company as everything gets directed back to the broker.

 

[theo]

I'm certainly not in any way endorsing them, but Timeshare Closing Services (based in Orlando, FL iirc) has actually been around for a fairly long time and certainly handles many transactions, notably including lots found on eBay. The sheer volume of their many closings probably ensures that "quick" is never in their vocabulary and the time-consuming complications of Marriott's (laudable, actually) "verification" process and ROFR surely don't help to speed things along.

OP: In short, I wouldn't be concerned about the delay, but neither would I be holding my breath while waiting for the whole transfer process to be completed.

 

[bruce.r.casper]

When does then buyer obtain the financial estoppel? Is it the norm for the seller to provide the buyer a copy in conjunction with signing the purchase contract?


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[DeniseM]

When does then buyer obtain the financial estoppel? Is it the norm for the seller to provide the buyer a copy in conjunction with signing the purchase contract?

When I'm the buyer, I always ask to see the estoppel upfront.

A well-prepared seller will already have it ready, but not all sellers know that, or want to pay for it (if there is a charge) or want to bother with it.

 

[bruce.r.casper]

That's what I thought . Thanks Denise


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[VacationForever]

They have been around a long time and one of the better PCC affiliated closing companies. I have dealt with them and they should make good if there is a problem with the timeshare/seller.

 

[samara64]

Thanks to all. I will report once I have any feedback or new info.

 

[Robert D]

I'm certainly not in any way endorsing them, but Timeshare Closing Services (based in Orlando, FL iirc) has actually been around for a fairly long time and certainly handles many transactions, notably including lots found on eBay. The sheer volume of their many closings probably ensures that "quick" is never in their vocabulary and the time-consuming complications of Marriott's (laudable, actually) "verification" process and ROFR surely don't help to speed things along.

OP: In short, I wouldn't be concerned about the delay, but neither would I be holding my breath while waiting for the whole transfer process to be completed.

I think they are the captured closing company for VI Network (or a successor company) and do all the closings for Discount Timeshares which is one of the high volume Ebay resellers. Their closing costs are usually inflated but it's part of the cost of the timeshare. I've bought quite a few TS's from VI over the years that were closed through TCS but none in the last couple years as their prices have been too high. I agree with Theo that you shouldn't have a problem. I think these guys are pretty reputable.

 

[Saintsfanfl]

A broker with Timeshare Broker Services contacted me a while back and made an offer on a tug listing I had. As we know the TBS/TCS fees are really high so it was a low offer but I ended up agreeing to a deal. I signed the paperwork and then it was passed to TCS. I'm going to make a long story short. Every month I would ask for an update and they would say they are waiting on paperwork from the buyer. Finally after 6 months they tell me the buyer hasn't paid after their deposit and is requesting to make $500 monthly payments. That would put it past a year to get paid in full to escrow so I gave an ultimatum plan and the broker and TCS have ceased communication.

My question is how long can a broker and closing company hold a real estate contract as outstanding? I wanted them to confirm the deal is void but they are silent. The contract does not state any time period but certainly Florida Real Estate law would not allow a seller to be committed indefinitely to a buyer that won't pay. I did not want to be the one not fulfilling my obligation.

Any ideas? And also, I know they have been around a while and they are licensed but let this be a strict warning on doing business with this outfit, especially if the offer is meh. They purposefully hid from me the fact that the buyer never paid anything past their initial deposit.

 

[DeniseM]

If you didn't enforce the contract (and you did) who would you expect to step in and call foul? There is no one monitoring them unless they get in so much trouble that a lawsuit or the Attorney General get involved.

*I would send them a certified letter, firmly stating that since they have defaulted on the contract, you are cancelling it.

 

[drosef]

A broker with Timeshare Broker Services contacted me a while back and made an offer on a tug listing I had. As we know the TBS/TCS fees are really high so it was a low offer but I ended up agreeing to a deal. I signed the paperwork and then it was passed to TCS. I'm going to make a long story short. Every month I would ask for an update and they would say they are waiting on paperwork from the buyer. Finally after 6 months they tell me the buyer hasn't paid after their deposit and is requesting to make $500 monthly payments. That would put it past a year to get paid in full to escrow so I gave an ultimatum plan and the broker and TCS have ceased communication.

My question is how long can a broker and closing company hold a real estate contract as outstanding? I wanted them to confirm the deal is void but they are silent. The contract does not state any time period but certainly Florida Real Estate law would not allow a seller to be committed indefinitely to a buyer that won't pay. I did not want to be the one not fulfilling my obligation.

Any ideas? And also, I know they have been around a while and they are licensed but let this be a strict warning on doing business with this outfit, especially if the offer is meh. They purposefully hid from me the fact that the buyer never paid anything past their initial deposit.

I am curious, have they responded to you. I have sent them a certified letter, then spoke with them a few times and now I'm getting the silent treatment. No calls or responses to my email asking what's going on.

 

[Saintsfanfl]

I am curious, have they responded to you. I have sent them a certified letter, then spoke with them a few times and now I'm getting the silent treatment. No calls or responses to my email asking what's going on.

Nothing for over a month and then I get an email out of the blue stating buyer can pay in full "today". I respond that I thought the deal was dead and I deposited 2018 usage. Buyer can start in 2019 or get another free week elsewhere or kill the deal. They respond back that will wait and see if they really pay before offering alternatives. That was a week ago and nothing since.

I have also received a couple undeliverable emails from them lately. Bounce backs but weird thing is the first was from many months ago. I told the guy I thought he no longer worked there and then I get an email from him. Then today I get the second undeliverable. It was my email from Feb 17 laying down the line and my final offer or kill the deal. So they aren't getting some email which may explain the non responses. In either case it's unsettling on several levels. Not worth the time.

 

[samara64]

I see this thread now. Sorry for not reporting.

Everything went well but it took long time.

Hope that helps.

 

[Saintsfanfl]

I see this thread now. Sorry for not reporting.

Everything went well but it took long time.

Hope that helps.

How long is your "long time"? I'm at 7 1/2 months and the buyer hasn't even paid in full. Even if they paid tomorrow it would be another two months at the earliest and possibly four. One year to complete a deal? That's not normal on any planet.

I went to contract selling my house and I am anxious that it is going to be a week before the inspection and appraisal. It is mind boggling that we have accepted as normal that timeshares take 3 times longer than a house when no inspection, appraisal, or survey is involved. People are literally sitting around waiting because they can. I once had a timeshare in my name 8 days after I won the ebay auction.

I just had a deal with Marriott resales that reached their limit. They are sending a final "7 days to complete or lose your deposit" letter. That is what is supposed to happen with a legitimate broker. Discount Timeshares and Timeshare Closing Services are not legitimate if they mindlessly keep deals open indefinitely. Seriously, if they come to you making an offer to you an your TUG listing just say no unless you are getting the deposit cash in hand up front (which they can't do). It isn't worth it.

 

[Robert D]

I have 9 timeshares in closing with Timeshare Closing Services with the first one starting a couple months ago. The buyer is in Mexico and actually contacted me first and I sent him a contract for a few of them. Then, he brought in a broker, I think it's called Timeshare Broker Services, which I'm almost sure is a sister company to TCS just like Discount Timeshares is. He wanted the broker to handle the transactions and was willing to pay for their fee, so the net to me is the same. The broker insisted on using TCS for the closing. I think TCS is legit and reputable but I have not been impressed. I'm used to getting simple deals like this done quickly and have done many from start to finish within a few weeks. Their fees (which I'm not paying) are high, $599 I think on these, and their paperwork is double or triple the quantity that other closing companies require. They are responsive when I call but everything is very laid back. The buyer has only paid for one of the 9 and the deed on that one has gotten recorded. The buyer has made an earnest money deposit on all 9 so he does have some skin in the game. Since I started the process on this one, I've bought and/or sold 3-4 timeshares from start to finish where the contract was signed after these 9. There are reputable closing companies that charge $300 - $350 for a full escrow closing and I'm amazed that people pay TCS $599 for what I think is inferior service.

 

[Saintsfanfl]

I have 9 timeshares in closing with Timeshare Closing Services with the first one starting a couple months ago. The buyer is in Mexico and actually contacted me first and I sent him a contract for a few of them. Then, he brought in a broker, I think it's called Timeshare Broker Services, which I'm almost sure is a sister company to TCS just like Discount Timeshares is. He wanted the broker to handle the transactions and was willing to pay for their fee, so the net to me is the same. The broker insisted on using TCS for the closing. I think TCS is legit and reputable but I have not been impressed. I'm used to getting simple deals like this done quickly and have done many from start to finish within a few weeks. Their fees (which I'm not paying) are high, $599 I think on these, and their paperwork is double or triple the quantity that other closing companies require. They are responsive when I call but everything is very laid back. The buyer has only paid for one of the 9 and the deed on that one has gotten recorded. The buyer has made an earnest money deposit on all 9 so he does have some skin in the game. Since I started the process on this one, I've bought and/or sold 3-4 timeshares from start to finish where the contract was signed after these 9. There are reputable closing companies that charge $300 - $350 for a full escrow closing and I'm amazed that people pay TCS $599 for what I think is inferior service.

I hope his earnest money on the 9 covers your end of the one that was recorded. They know they can't send a deed for recording without full payment. They aren't even supposed to send you a deed to sign without full payment. Even if it does cover it, there is still supposed to be remaining earnest money on the 8.

TBS/TCS does (or did) a timeshare just like a house. That's the way it is legally supposed to be done. The problem is that buyers don't need a timeshare so there is not the same urgency as a house buyer. They start doing all this paperwork and due diligence and the buyer may change their mind or not have the money. On top of this TBS/TCS seems to be operating less and less efficient so not sure if management is still the same.

I used to hate this outfit because I could never buy from them. They would lie to get the prices higher instead of being up front and honest about it. But at least I respected them for being fully licensed and having a by the book closing process. Not sure about that part anymore.

 

[Robert D]

The buyer has paid all of the purchase price for the one where the deed is recorded and paid the earnest money for the other 8. They don't record the deed until it's paid for.

My favorite closing company is Timeshare Closings for Less. They charge a lot less than TCS, have less than half the paperwork, and get things done three times as fast. It's owned by Susie Bell who is a paralegal and oversees all of the work. I use them whenever I can. For the record, I have no connection or financial interest in either of these firms (or any other closing company for that matter).

 

[Saintsfanfl]

On the flip side it's nice to buy from a broker that only requires earnest money. I went to contract for two units for $7k plus closing and I was pleasantly surprised that I only needed to pay $1,000. The rest will be due once the deeds are ready to be signed which will take a couple months.

Why does a timeshare take 60-90 days when a cash purchase on a house can take around 15? It's not because that's how long it takes.