Want to buy this $3 resale Varsity Clubs South Bend TS but TUG Ad disappeared.

[Grammarhero]

After speaking with my little sister, she says the most she can travel with her daughter was to Varsity Clubs South Bend in the summer, maybe an EOY visit although I may purchase an EY TS.

I just visited Chicago for two (2) days. I barely scratched the surface of Chicago and miss the place. I went to the Merchandise Mart, Riverwalk, Grant Park, and Millennium Park.

I can spend an entire week in South Bend/Chicago. I like all the South Bend Museum, East Race Waterway, Battell Park, Oliver Mansion, Studemaker Musem, etc. I also like Chicago might be a day trip away.

Anyhow, I was seriously considering a $3 TUG resale ad for Varsity Clubs South Bend. I was actually going to post the details here. However, the ad just disappeared. I am attaching the disappeared ad.

The alleged TS owner is saying transfer costs of $300. However, I'm going to insist on an estoppel and LT legal (edited to remove insistence on legal insurance and escrow).

Also, I don't care which Williamsburg resort the South Bend pts can exchange into. Apparently, the pts transfer either to II or using the DRI internal exchange program. If I can get at least a Williamsburg weekend using the South Bend transfer, I'd be happy.

Advice?

 

[grgs]

I see an ad in the Marketplace that looks identical to the one you attached, except that it's listed for $1 instead of 3.

Why insist on title insurance & escrow for a $1 (or even $3) timeshare?

 

[sjsharkie]

Concur with the above.

What are you hoping to gain out of title insurance or escrow? Are you escrowing the $300? IMHO, any premiums/costs paid would far exceed the risk you are trying to cover. I'd try to negotiate payment directly to the closing company if you are concerned around loss.

And are you certain it is a deeded transaction versus a strict club/points arrangement?

Good luck. As I mentioned in my other post that you were a part of, title insurance is rare in timeshare transactions. The cost generally outweighs the risk you are trying to cover.

-ryan

 

[Grammarhero]

Thanks for all your help! I was under the impression (possibly mistaken) that I may have to pay for and use the 2019 MF and floating week (though it's late, being June 2019 now). So total costs might be $1,000. For now, I will forgo escrow and title insurance.

I will ask the seller more Qs.

 

[sjsharkie]

Estoppel is your friend ... it will tell you everything you need to know about past MFs and week usage status. Title insurance will not unless HOA has filed a lien.

Good luck and hope it works out.

-ryan

 

[louisianab]

If you are looking at Varisity Club, also look at the rental policies. If you know real far ahead you can't use it, look into if you can rent it out on a football weekend.
Probably much more lucrative than exchanging, because the prices for those weekends are shocking... (My sister's in-laws rent their primary home out for 12ish nights during home games and make enough to take 6 people to Costa Rica for a week plus. - however many nights are under the limit for taxes)
I'm glad you love South Bend, we live in the region and enjoy so much of what there is to offer, plus proximity to Chicago.
I hope you looked into the South Shore train, it is a relaxing way to get to Chicago - if not, make sure you use parking apps in town or you will spend a lot of cash

 

[RX8]

1/3 the original asking price sounds tempting...

 

[Grammarhero]

1/3 the original asking price sounds tempting...

It’s my negotiation skills. =p



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[Grammarhero]

I just talked with the TUGGER. The TS is deeded. He’s getting an estoppel. We are going to use LT transfers (they are Tuggers?). I can pay the closing costs and transfer fees directly to closing company.

The timeshare has the possibility of splitting days into 3-2-2 into three weeks or 3-4 for two separate weeks as well.


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