sELLING MY TIMESHARE

adilk wrote:

judy1197 wrote:

does anyone know a good closing company that won't charge too much if I sell my timeshare? I am trying to price my timeshare low enough to sell but a low closing price would also help.

i am the owner of weeks 30 &31 Patricia 111,At Dona Lola Spain.please advise .

Judy; I am not positive about overseas sales, but usually any title company can handle the matter. I have never paid more than $250 in costs and usually split the costs with the buyer/seller.

Call a Title Company and ask your questions. Sometimes the resort can handle. Ask.

I would also commend you for pricing your unit to sell. Just the opposite of most folks. Good luck and hope you are listing it on RedWeek.Com.

joyc23 wrote:

Who normally pays for the closing costs, attorney fees, etc. in a timeshare sale? The buyer or the seller?

Joy; See above post.

Buyer "normally" pays the costs, but usually is easier if you agree to split the costs. I have never used an Attorney, just a title company.

joyc23 wrote:

Who normally pays for the closing costs, attorney fees, etc. in a timeshare sale? The buyer or the seller?

As jons said the buyer normally pays closing costs, however it can be negotiable. We paid for all closings cost when we bought our 8 resale timeshares and when we sold them the buyer paid closing costs.

jayjay wrote:

jons29 wrote:

We are never going to convinence people that upfront fees are a sham. When one of the companies tells you that your TS is worth three or four times it's actual worth and that they have a buyer standing by, a large percentage of "sellers" are going to bite.

If "sellers" would simply price their units at their true value, they would most likely sell them. But that's not our nature. If "sellers" (at least those who read Redweek) haven't figured that out by now, there's little hope for them.

It would appear that at least one of the problems is that "sellers" don't understand "upfront" fees. All of the sites try to sell them on the idea that the $1,000 they request is for "marketing/advertising". As a "people" we are simply too gullible!!

That's why it's so important to research, research, research ALL RESALE sites to see what comparable weeks have sold for.

And it's forums like these at Redweek that are trying to educate the public on all scams involving timeshares including upfront fee resale companies. True, there are those people that will not research the subject and will fall for anything told them by a reseller.

It doesn't matter if the upfront fee is called a marketing fee, advertising fee, selling fee or whatever kind of fee ... NEVER PAY AN UPFRONT FEE TO A TIMESHARE COMPANY TO SELL YOUR TIMESHARE. And do not believe what an upfront fee reseller will tell you your timeshare is worth ..... it's all baloney as they will tell you some extravagant price.

The word has gotten out to those who peruse Redweek and other timeshare forums concerning upfront fee resale companies, and if we have helped only 10 people then it's all worth our time and effort.

I can say that Reweek has helped my out tremendously since I stumbled upon the site a few days ago. I wish I had know about it sooner. Thanks for the Info.

Does anyone know of a good place/conpany to unload these timeshares (WITH NO UPFRONT FEES) for a reasonable price? We know that we will never get out of them what we paid for them, but we are looking for an honest dollar and someone to take them off our hands. Thanks!

robk43 wrote:

Does anyone know of a good place/conpany to unload these timeshares (WITH NO UPFRONT FEES) for a reasonable price? We know that we will never get out of them what we paid for them, but we are looking for an honest dollar and someone to take them off our hands. Thanks!

Check out the thread below:

http://www.redweek.com/forums/messages?thread_id=11977;page=1

jayjay wrote:

robk43 wrote:

Does anyone know of a good place/conpany to unload these timeshares (WITH NO UPFRONT FEES) for a reasonable price? We know that we will never get out of them what we paid for them, but we are looking for an honest dollar and someone to take them off our hands. Thanks!

Check out the thread below:

http://www.redweek.com/forums/messages?thread_id=11977;page=1

Thanks for the info

judy1197 wrote:

does anyone know a good closing company that won't charge too much if I sell my timeshare? I am trying to price my timeshare low enough to sell but a low closing price would also help.

I have the same problem.

urbanlj wrote:

judy1197 wrote:

does anyone know a good closing company that won't charge too much if I sell my timeshare? I am trying to price my timeshare low enough to sell but a low closing price would also help.

I have the same problem.

=======================================

I've had experience with several different timeshare closing companies over the years, as both buyer and seller. I believe that you should expect to pay a minimum of $250 for a reputable, well established closing company. Estoppel letters and resort transfer fees are NOT included in that amount. Deed preparation and recording fees ARE included in that amount.

You should be aware in advance that most closing companies do NOT offer their services for closings in ALL states, for a variety of reasons I won't bore you with. My personal favorite closing company is Timeshare Transfer, located in Vero Beach, FL. That's all they do and they do it well (I have absolutely no affiliation with the company, except as a satisfied customer) . That said, they do NOT handle closings for about half the states in the U.S. When I refer to a "state", I specifcally mean the state in which the timeshare is located -- it does not matter at all where either the buyer or seller lives (except in those instances where either the buyer or seller lives outside the U.S., buying a U.S. timeshare). I have also seen references to JRA Services as another closing company charging a comparable fee, but since I do not personally know anyone who has used their services, I can't comment on JRA Services. Good luck.

ken1193 wrote:

urbanlj wrote:

judy1197 wrote:

does anyone know a good closing company that won't charge too much if I sell my timeshare? I am trying to price my timeshare low enough to sell but a low closing price would also help.

I have the same problem.

=======================================

I've had experience with several different timeshare closing companies over the years, as both buyer and seller. I believe that you should expect to pay a minimum of $250 for a reputable, well established closing company. Estoppel letters and resort transfer fees are NOT included in that amount. Deed preparation and recording fees ARE included in that amount.

You should be aware in advance that most closing companies do NOT offer their services for closings in ALL states, for a variety of reasons I won't bore you with. My personal favorite closing company is Timeshare Transfer, located in Vero Beach, FL. That's all they do and they do it well (I have absolutely no affiliation with the company, except as a satisfied customer) . That said, they do NOT handle closings for about half the states in the U.S. When I refer to a "state", I specifcally mean the state in which the timeshare is located -- it does not matter at all where either the buyer or seller lives (except in those instances where either the buyer or seller lives outside the U.S., buying a U.S. timeshare). I have also seen references to JRA Services as another closing company charging a comparable fee, but since I do not personally know anyone who has used their services, I can't comment on JRA Services. Good luck.

You say many closing companies do not include estoppel letters as part of their service. What is an estoppel letter in the context of selling a timeshare and why would these estoppel letters be needed? You also say that resort transfer fees are not included in the typical $250 closing fee. Does that mean the closing company does not notify the resort that the ownership has been transferred? I am thinking that high on my list of things I want the closing company to do is notify the resort of the transfer so that I don't get future maintenance fee bills. My closings have always included a notification to the resort. The typical notification fee can range from $75 for a Marriott resort to $500 for a Hyatt resort.

I just finished my hellish experience with:

Timeshare Adventures

They wanted $600 for the full service closing costs and to list my ad. I should have done some research first. I was desperate to unload my timeshare.

My ad was there for one year and not one bite for sale. I kept lowering and lowering the price. I finally put an ad on www.redweek.com for $15 and found my own buyer.

We ended using Timeshare Adventures to do the deal since I had already shelled out the money. It took from April to September to get the deal done. In the end, the check they mailed never arrived. Five weeks after the sale I did not have my check. I had to pay $50 myself to get them to put a stop payment on the check and Fed Ex me a new check!!! They do not want to take any responsibility or pay any funds.

The $600 did NOT cover the tax money I had to pay to the state of Hawaii. Beware, that isn't included.

I would stay away from this company. Once they have your money, they really don't do anything for you.

carvana states / asks, quoted only in pertinent part:

>> You say many closing companies do not include estoppel letters as part of their service. What is an estoppel letter in the context of selling a timeshare and why would these estoppel letters be needed? << ======================================

An estoppel letter, while not legally required, is a statement in writing from the resort addressing the presence or absence of any outstanding debts or fees or liens currently existing in the seller's name. Is it legally required? No. Is it a good idea? Yes. Is it worth an additional $50 to you (or to your buyer) for peace of mind? That's for each to decide on his / her own.

=====================================

>> You also say that resort transfer fees are not included in the typical $250 closing fee. Does that mean the closing company does not notify the resort that the ownership has been transferred? <<

======================================

First, I did not say that $250 is a typical fee. That figure is actually below the average, which is closer to $350. The closing company (if competent) will always notify the resort, generally by sending the resort a copy of the recorded deed. That fact aside, many resorts STILL demand and collect an additional "transfer fee" ($75 on average) just to change the names in their records. You can argue that the practice is just petty larceny, but the argument won't get you around paying the fee...... I don't know anything about Marrioott or Hyatt policies; it is my custom and preference to not comment on subjects about which I have no personal knowledge.

ken1193 wrote:

urbanlj wrote:

judy1197 wrote:

does anyone know a good closing company that won't charge too much if I sell my timeshare? I am trying to price my timeshare low enough to sell but a low closing price would also help.

I have the same problem.

=======================================

I've had experience with several different timeshare closing companies over the years, as both buyer and seller. I believe that you should expect to pay a minimum of $250 for a reputable, well established closing company. Estoppel letters and resort transfer fees are NOT included in that amount. Deed preparation and recording fees ARE included in that amount.

You should be aware in advance that most closing companies do NOT offer their services for closings in ALL states, for a variety of reasons I won't bore you with. My personal favorite closing company is Timeshare Transfer, located in Vero Beach, FL. That's all they do and they do it well (I have absolutely no affiliation with the company, except as a satisfied customer) . That said, they do NOT handle closings for about half the states in the U.S. When I refer to a "state", I specifcally mean the state in which the timeshare is located -- it does not matter at all where either the buyer or seller lives (except in those instances where either the buyer or seller lives outside the U.S., buying a U.S. timeshare). I have also seen references to JRA Services as another closing company charging a comparable fee, but since I do not personally know anyone who has used their services, I can't comment on JRA Services. Good luck.

Thanks for your response. Do you know if they have worked with timeshares in Mexico. I am selling a week in the Pueblo Bonito the Rose in Cabo.

Re: >> Thanks for your response. Do you know if they have worked with timeshares in Mexico. I am selling a week in the Pueblo Bonito the Rose in Cabo.<< ======================================

I have no idea. You can easily contact and ask either company mentioned above directly. Timeshare Transfer has a toll free phone number, don't know about JRA Services.

ken1193 wrote:

carvana states / asks, quoted only in pertinent part:

>> You say many closing companies do not include estoppel letters as part of their service. What is an estoppel letter in the context of selling a timeshare and why would these estoppel letters be needed? << ======================================

An estoppel letter, while not legally required, is a statement in writing from the resort addressing the presence or absence of any outstanding debts or fees or liens currently existing in the seller's name. Is it legally required? No. Is it a good idea? Yes. Is it worth an additional $50 to you (or to your buyer) for peace of mind? That's for each to decide on his / her own.

=====================================

>> You also say that resort transfer fees are not included in the typical $250 closing fee. Does that mean the closing company does not notify the resort that the ownership has been transferred? <<

======================================

First, I did not say that $250 is a typical fee. That figure is actually below the average, which is closer to $350. The closing company (if competent) will always notify the resort, generally by sending the resort a copy of the recorded deed. That fact aside, many resorts STILL demand and collect an additional "transfer fee" ($75 on average) just to change the names in their records. You can argue that the practice is just petty larceny, but the argument won't get you around paying the fee...... I don't know anything about Marrioott or Hyatt policies; it is my custom and preference to not comment on subjects about which I have no personal knowledge.

Thanks for clarifying the term "estoppel letter". It seems to me that you are referring to a lawyer's title opinion. The use of estoppel puzzled me in that the general meaning of estoppel is that "a party is prevented by his own acts from claiming a right to the detriment of another party who was entitled to rely on such conduct and had acted accordingly". An example would be a grantor in a warranty deed who does not have title at the time of the conveyance but who subsequently acquires title is estopped from denying that he had title at the time of the transer and such after-acquired title inures to the benefit of the grantee.

The best protection for a buyer is not "estoppel letters" that comment on outstanding liens and debts but provide no assurance other than the integrity and competence of the one who wrote the letter but instead title insurance that in effect gurantees a good title or compensation from the title company in the event of a overlooked unpaid special assessment or tax.

I have always insisted on title insurance when closing a timeshare purchase and the expense is minimal when compared to the peace of mind it provides.

To say, "typical $250 closing fee" is not the same as saying that the "typical closing fee is $250". One refers to what one can expect when paying $250 and the other is giving the mean amount typically charged in a timeshare closing.

carvana offers, quoted in pertinent part:

Re: >> It seems to me that you are referring to a lawyer's title opinion. << ==================================

Actually no, I'm not. In most estoppel letter submissions to (and responses from) a resort, there is no attorney participation or involvement whatsoever. That said, I agree that an estoppel letter is a poor substitute for title insurance, but in those timeshare sales involving only a few hundred or a few thousand dollars, most transaction participants are simply unwilling to absorb the expense of title insurance.

======================================

RE: >> To say, "typical $250 closing fee" is not the same as saying that the "typical closing fee is $250". One refers to what one can expect when paying $250 and the other is giving the mean amount typically charged in a timeshare closing. <<

You are evidently correcting what I have never stated. My original words (see pertinent post of 9/11 at 10:07 above) were that one "should expect to pay a minimum of $250...". I did not use the word "typical" at all (until correcting its inaccurate attribution to me in your subsequent reply to my post). A small point, to be sure, but I much prefer to be corrected when wrong --- instead of being corrected on what I never actually stated in the first place.....

[Where is your timeshare in PV? We love PV and were thinking of buying something at Buganvilias, just haven't yet found the right opportunity.

To all concerned: My name is Nori Nadzri-Romero and I made a comment that was negative about Land Ahoy Properties. They are a good company and they are not a scam! I'm sorry that I made that comment, it was out of character and not true.

norin wrote:

To all concerned: My name is Nori Nadzri-Romero and I made a comment that was negative about Land Ahoy Properties. They are a good company and they are not a scam! I'm sorry that I made that comment, it was out of character and not true.

With all due respect, you haven't really presented any facts or evidence of any kind for either position. Without some specific information and details about what this company has (or has not) done to you (or for you), any claim that they are either a "scam" or "wonderful" just isn't very convincing. Can you elaborate a bit on why you previously thought they were a scam, and/or why you have now apparently reversed your belief? Have they threatened with a legal action for libel, or have they actually done something specific and positive to now have your favor? Inquiring minds (at least mine) would certainly like to know more......

Hi Ken1193,

That timeshare cpmpany and I came to a mutual understanding and I posted the retraction in exchange for a refund.