We bid and won! EBay Auction..what now?

[AwayWeGo]

Timeshare Closing & Escrow.

Any comments?

One reason for using a professional timeshare closing services agency is so that any glitches like seller's overdue fees, assessments, late charges, etc., will be dealt with before the buyer's money that the agency holds in escrow is disbursed to the seller. I understand & appreciate privacy issues, but -- sheesh -- surely the timeshare resort's business office is familiar with the need to provide old-owner account information to closing services agents so that a new owner can take over per agreement between seller & buyer.

We bought our 1st timeshare (resale, 2002) from an overseas owner who was behind in fees, etc., owed to the USA timeshare because of restrictions where he lived on transferring funds out of the country -- e.g., to the USA for timeshare fees. We sent the agreed purchase price to the timeshare closing escrow folks & let them sort it all out. In due time -- i.e., within a month or so -- we were the new owners, the seller received whatever funds he was able to net out of our purchase money held in escrow, & the rest is history.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[cerralee]

One last question, in the meantime, the 12 weeks that take approx. to do all the closing/transfer, can the original owner bank a week or do something like that, or does the timeshare company retain full ownership?

I am not sure if they retain full ownership but I bought a property last year in which I checked with the resort to see about fees etc., and they told me that the maintenance fees were paid for 2006 and 2007. The postcard company listed that I would have use of the unit for 2007. I tried to book a week recently to use the 2007 week and was told that the previous owner banked the weeks with RCI-that was really no problem as I was looking to book because I had to, not because I really wanted to.

I was a bit more perturbed over the fact that they took two additional weeks on the back end of the contract (2022 and 2024) and paid the maintenance fees on those weeks and banked them also. I didn't find out about that until recently either. That is two less weeks that I will be able to use later on down the road. These were deposited into RCI about a month after I won the e-bay auction and in between the paperwork period-so the resort had not been delivered the papers listing me as the new owner. So lesson learned, the original owner can make changes to the account that is supposedly in limbo with the closing company. The closing company was Timeshare Closing and they sent the paperwork off to the resort but did no follow up to see if it was received. Apparently the resort lost the first set of documents and they did not catch the miss. I called after about 6 weeks to see what was up and they discovered that the resort had not changed ownership. The papers were resent and finally everything has gotten to my name.

As of today, I have had no mailings or other non-email correspondence with the resort. They do acknowledge me as owner when I call. Hope thats enough.

Lee

 

[nygiants11991]

Congratulations, Madex! Welcome to the crazy and exciting world of timeshare ownership!

Did you snipe your bid?

Dave

\

What is Snipe your bid mean???

 

[AwayWeGo]

Snipe, Shmype.

What is Snipe your bid mean?

Click here for some recent TUG-BBS discussion about that.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[sernow]

johnmfaeth said: "I would verify that the details on the contract are accurate. Then send the money without fear. They are competant, as is Timeshare Closing Services. The couple of times there was an issue, they made good immediately, including giving me a full refund when a delay on their part made the unit unavailable for that year."

I would listen to John and stop worrying.