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I'm new to buying on the resale market and am considering purchasing a unit from one of the online companies (sellmytimesharenow.com). They are charging $450 for the escrow plus the transfer fee's. Is there anything I should be concerned about or watchful of. This is one of those deals that seems too good to be true. The price of this unit is about 1/4 of what other units are selling for on other sites.
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re-sale
What are you buying and what time period? The price of the transfer is about what I normally pay on a re-sale or better. Also, what is your maintenance fee amount per year? -
Advertised resale prices are highly variable. Those who know nothing of the resale market will think they can recoup what they paid the developer, then there are those who have an idea of the actual market value.Comment
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It has been my experience that the escrow is closing cost and transfer fees are resort charges. Who is the resaler?Comment
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sellmytimesharenow often has out-dated and old listings - so before u get too excited, contact them, make your offer and see where this takes u.
Please consider in your offer the closing costs as part of the cost of purchase - this is usually how these companies make their money.
Let us know how u make out.Comment
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the unit is for sale by "sellmytimeshare.com". I'm just concerned about buying a timeshare from an on-line resaler. Are they reputable?Comment
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Am I able to use my own Escrow company. The on-line resaler has advised me to use a specific company. If I am paying the closing costs, shouldn't this be my choice. This is a Canadian timeshare. Do I need a Canadian Escrow company. So many questions I know, just not sure how to go about this. Thanks for your help and support.Comment
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Timeshare resale
Check out the company on the website (the closig company).
Also check out ebay and see if you see anything close to what you are looking for. So far, I have bought 5 from ebay and (one is brand new) and have always had legitimate timeshare experience with them from the deed delivery, and so forth. Shell Vacation club is one I purchsed and it has one in Canada along with many other choices of places you can stay (San Fran. Arizona, Calif., Hawaii).
I think I only paid $1 for that one and closing was paid but had to pay the resort transfer fee. Please note it did take for ever for transfers when it involves, Shell, Wyndham or any major corportion to get the traansfer done.Comment
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Tonik;
I appreciate your response. I'm not sure I understand what you mean by your statement "Please consider in your offer the closing costs as part of the cost of purchase - this is usually how these companies make their money". If they are asking $500, would you offer a specific amount and ask the seller to pay closing ? or are you talking about something else.Comment
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Most of these sales co have a relationship with the closing co. The closing cost is part of their revenue stream.Some of these co specify a closing co as part of the deal.
We did a purchase thru sellmytimesharenow and I do not think a certain closing co was part of the deal. I kind of remember e-mailing the seller and discusing choosing a closing co. In the end we went with sellmytimesharenow's recomendation. It was a disaster. Part of it was I got in the middle because I wanted to prepay maint fees to secure reservation but that was not until it was approaching 6 months of waiting.
The good news is sellingmytimesharenow understood what they were selling. I have bought on e-bay and I have really been astonished by what I get, or what they try to give me.
A 2 bedroom lockout in a resort that does not have lockouts.
A one bedroom that the deed shows 2 one bedroom units.
A unit for week 48-18 at a resort where all units are 1-52.
A unit 1-50 at a resort where all units are 1-52.Comment
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Timeshare resale
Pat made the comment about " "Please consider in your offer the closing costs as part of the cost of purchase - this is usually how these companies make their money". However, I believe another person just answered your question.
As far as buying timeshares from e-bay, I have bought 5 timeshares from E-bay and (not sure if all is correct on the last one as I just purchased it) and have not had any probems with any of them. I purchased a studio unit, Hospitality grade at the Driftwood Resort in Vero Beach for $1 plus around $500 closing for week 35. Although, that week is hurricane season, it is considered red and it trades very well as I traded for a gold star 2 bedroom lockouot condo at the Vacation Village at Parkway Orlando last year and Donetello in San Franciso for this October. Also, I have purchased 2,500 annual shell points for $1 with no closing with a bonus of 2,500 unused points. Got exactly what I paid for and already banked part of it and used part at the Fisherman's Wharf for a gift to a friend for another trip to San Francisco. Float week (1-52) at the Resort on Cocoa Beach, 2 bedrooms, 2 baths ($700 & $500+ closing). Also purchsed 154,000 Wyndham plus points for $300 plus closing of around 500+ Myrtle Beach. Banked half of it 77,000 points as a red studio in RCI and booked a trip to Cabo at the Grand Mayan (5 star resort) 2 bedrooms, 2 baths for March. This was before the swine flue epedimic so I may see if I can cancel that one although it is tempting to go as it is so nice! I may have paid too much for the Resort on Cocoa Beach but I plan on using that one for my nephew and my husband who wants to go see the Kennedy Space Center in the future. I traded the Resort on Cocoa for the Lake Tahoe Vacation Resort during the labor day week for next year.
The only time I ever had a problem is when I tried buying a diamond resort timeshare and it turned out to be bi-annual and not annual. No problems there as I had not paid yet and they realized they made a mistake so it was cancelled immediately.
Hopefully, my last deal that I bought 164,000 bi-annual Wyndham points will go through without a hitch as all the others.
I love to travel and use them as much as possible and for the left over, I use it for my business and write it off.
Sorry to bother you with this long e-mail but for the money, I think one may come out ahead as the amount of MF for all the resorts together do not exceed 2 weeks of vacation I normaly spend for a hotel/condo each year. It is exciting to get so many vacations!Comment
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