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Yvonne C.
I received a purchase offer for my timeshare but the seller wants me to "gift" it to him to avoid a 3-6 month delay in waiting for Marriott approval. He says he will put 1/4 of the price in Escrow upfront and then the balance after he receives the deed transfer from the title company. Is this legitimate? Does Marriott need to approve the sale?
Thanks for any help.
KC
Question: Once the deed got recorded in the name of the new "grantee", what leverage and / or assurance would you have to ever receive the unpaid (75%) balance of the total transaction amount?
Answer: NONE.
Does this help? It seems to me that Marriott exercising ROFR might be the least of your concerns in this crazy request.
Last edited by ken1193 on Jun 25, 2021 10:56 AM
Den
The closing process is not 3 to 6 months and is more like 30 to maybe 60 days. I suggest you just list your week for sale on Redweek at a low price. OceanWatch is a premier property and it sells! Please don't even attempt to engage in this nonsense - you don't want the exposure.
This idea of gifting, skipping the ROFR, etc. is just nuts and probably the suggestion of a scammer.
Why don't you tell us when you list your OceanWatch property on Redweek, some of us might be interested in buying the "right" way.
Good luck!
6/27/21 Additional comment - The only reason the buyer would want to avoid the ROFR is to avoid the prospect that Vacation Club would exercise (and buy) under the ROFR). I see no advantage from the seller's perspective as the seller will get the same amount regardless (either from a buyer or from Vacation Club). So, as seller you are advantaged by letting it go through the normal sales process.
Last edited by dennish144 on Jun 27, 2021 09:37 AM
Kevin G.
Does not sound like a legit buyer, but rather a scammer.
All real estate is paid with cash at closing, either from the buyer or his lender, before the deed is transferred. That is why we have title companies because you can't "trust" strangers. If you take 25% rather than 100% you are essentially providing seller financing for 75% except that you have no paper to back you up and no lien or deed of trust. So you will have no recourse if he fails to keep his promise to pay.
If the issue is that the buyer wants to make a reservation now you could always offer to make him one in return for the 25% deposit (similar to renting it to him). That way you get something if he fails to close.
