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Thanks and good advise Tonyg!
Update: Resort Closings, Inc., did send me a document (Transfer Confirmation, 2-07-12) that "appears" to be a faxed document from Orange Lake to Resort Closings, Inc., on 01-05-12, indicating the completed transfer of my TS to PPI. If you have read my previous "updates" you would know I have received writen confirmation directly from Orange Lake of the successful completed transfer.
Just reviewed my account with Timeshare Closings, Inc. and learned my account (TS) was "sold" from PPI to a new owner. Below is the "time line" of events from the time I opened my account (donation process) up to this point:
File Opened: 10/19/2011 (start donation process)
New Owner Docs Drafted: 10/27/2011
Documents Sent to Seller: 10/27/2011
Seller Docs Rcvd: 11/08/2011
Account Research Complete: 11/16/2011
Docs Sent to Recorder: 12/28/2011
Completed Docs Sent: 12/28/2011
Documents Sent to Buyer: 01/16/2012
Buyer Funds Rcvd: 01/17/2012
Buyer Docs Rcvd: 01/21/2012
Escrow Closed: 01/24/2012
Transfer Confirmed by Resort: pending / NA
File Closed: no
At the start of this process it was conveyed by Resort Closings Inc., that the process from start to completion should take between 2 - 3 months. According to my time line, this holds to be true. The file will remain open until the new owner completes their purchase, which I am no longer apart of in this process.
I was informed by Resort Closings Inc., at my request, my TS was sold to the "new owner" for $256.76. A HUGE cost disparity between "donor" ($2,695 [pay to escrow] + $674 [2012 MF] = $3,369 [Total Cost]) and "purchaser" ($256.76). It "appears" the monies required by the donor for ecrow ($2,695) are your standard fees. However, one fee, "appraisal fee" ($200) is not a requirement and the "donor" could opt out of it, which I didn't. Resort Closings Inc., did mention to me during this process that I did not have to have an appraisal done - it was my choice. However, Resort Closings Inc., did NOT push or consistantly mention I did not have to have an appraisal. BUT did mention more so in around about way that it "could" be to my interest in having an appraisal done when it came time to do my taxes. This I do know was mentioned specifically at one time... Meaning if I decided to take the "higher" dollor amount as a tax deduction, the appraisal would be it and I would need the appraisal documentation to support my tax deduction. A sales pitch...? This was mentioned when our discussion topic was on my posible tax deductions. It must be noted in all fairness to Resort Closings Inc., when discussions on taxes / reference to taxes were done, Resort Closings Inc., would always state in some way that I would have to consult my tax advisor befor making any tax decisions. GREAT ADVISE. The impresion I get from this is, it's like dealing with a "sales person". Who's objective, as we know is to make a sale, but would ALWAYS have an avenue of escape. Meaning, when after you made your purchase (my case a donation), you come back after the fact and say you lied to / mislead me or you didn't fulfill what you said you would. Perhaps this could be the case here. But we will find out once I learn from the IRS on what actually can be used as a tax deduction. Then we will have more clarity on this issue as well as other issues. Another dollar amount that was mentioned to me by Resort Closings Inc., for tax deduction was my requirement to pay the 2012 MF as part of my donation process. It was mentioned that this amount would be applied to my total donation amount (monies I had to pay into escrow [$2,695]) at the completion of my donation and would be documented on my donation form (frm 8283) for tax purposes. I did receive this form from Resort Closings Inc., on 12-28-11. Briefly, this form has the appraised amount
($9,500; 12-09-11) listed, what I purchased this property for ($7,992), a "Donation" amount ($2,396), "Appraisal Fee" amount ($299) with a disclamor "This amount is tax deductible to the amount allowed by law." The "Donation" and "Appraisal Fee" amounts add up to $2,695 (monies I paid into escrow at the start). It was noted that the actual appraisal fee was $99 more than what was itamized by Resort Closings Inc. with no prior mention of the increase. Resort Closings Inc., did mention that the apraisal fee could be a "little" different, more or less, than the $200 that was calculated. However, this increase was not added to the overall dollar amount I was required to pay ($2,695). They must have re-couped it as a loss on their end. The 2012 MF is not listed on this form. Resort Closings Inc., was MISLEADING when they made this statemment to me. Sales pitch...? Or poorly trained staff? Either way it was WRONG information and NOT acceptable.
My experience in donating to DFC / Resort Closings Inc., for all purposes is complete. They have, for what ever reason, provided miss leading information regarding my 2012 MF would be applied as part of my donation and could be used toward my tax deduction. Escape avenue??? It also was noted throughout my entire experience that ALL representatives with DFC and Resort Closings Inc., they were "gaurded" and not forthcoming with information escept for the very first person I had been speaking with at DFC. I was informed she was on maternity leave as to why I was not dealing with her anymore. Perhaps she was too open / forthcoming with information, as she should be, as the real reason why she was no onger there? The trueth will never be known. I personally find the "gaurded" nature to be extremely troubling and it would raise an immediate "red flag" in "my business". A more thourough review is underway and perhaps more light will be shed on this. They did live up to their claim of taking my TS for a "cost". As you have seen, it cost me $2,695 to donate to DFC plus $674 for 2012 MF in order to complete the donation, for a total cost of $3,369. One could argue about the 2012 MF that this would have to be paid to the resort whether you was donating your TS or not, which is true. However, it was required to be paid in order for me to donate to DFC. I could go with the $3,369 if I was to receive a "benifit" from it. I'm not so I accept the total cost to me as my donation to be $2,695. I'm currently in the "tax phase" from this experience. As I complete the "tax phase", I will provide a more complete update and analagy of this process. Wishing you well.
Update: Resort Closings, Inc., did send me a document (Transfer Confirmation, 2-07-12) that "appears" to be a faxed document from Orange Lake to Resort Closings, Inc., on 01-05-12, indicating the completed transfer of my TS to PPI. If you have read my previous "updates" you would know I have received writen confirmation directly from Orange Lake of the successful completed transfer.
Just reviewed my account with Timeshare Closings, Inc. and learned my account (TS) was "sold" from PPI to a new owner. Below is the "time line" of events from the time I opened my account (donation process) up to this point:
File Opened: 10/19/2011 (start donation process)
New Owner Docs Drafted: 10/27/2011
Documents Sent to Seller: 10/27/2011
Seller Docs Rcvd: 11/08/2011
Account Research Complete: 11/16/2011
Docs Sent to Recorder: 12/28/2011
Completed Docs Sent: 12/28/2011
Documents Sent to Buyer: 01/16/2012
Buyer Funds Rcvd: 01/17/2012
Buyer Docs Rcvd: 01/21/2012
Escrow Closed: 01/24/2012
Transfer Confirmed by Resort: pending / NA
File Closed: no
At the start of this process it was conveyed by Resort Closings Inc., that the process from start to completion should take between 2 - 3 months. According to my time line, this holds to be true. The file will remain open until the new owner completes their purchase, which I am no longer apart of in this process.
I was informed by Resort Closings Inc., at my request, my TS was sold to the "new owner" for $256.76. A HUGE cost disparity between "donor" ($2,695 [pay to escrow] + $674 [2012 MF] = $3,369 [Total Cost]) and "purchaser" ($256.76). It "appears" the monies required by the donor for ecrow ($2,695) are your standard fees. However, one fee, "appraisal fee" ($200) is not a requirement and the "donor" could opt out of it, which I didn't. Resort Closings Inc., did mention to me during this process that I did not have to have an appraisal done - it was my choice. However, Resort Closings Inc., did NOT push or consistantly mention I did not have to have an appraisal. BUT did mention more so in around about way that it "could" be to my interest in having an appraisal done when it came time to do my taxes. This I do know was mentioned specifically at one time... Meaning if I decided to take the "higher" dollor amount as a tax deduction, the appraisal would be it and I would need the appraisal documentation to support my tax deduction. A sales pitch...? This was mentioned when our discussion topic was on my posible tax deductions. It must be noted in all fairness to Resort Closings Inc., when discussions on taxes / reference to taxes were done, Resort Closings Inc., would always state in some way that I would have to consult my tax advisor befor making any tax decisions. GREAT ADVISE. The impresion I get from this is, it's like dealing with a "sales person". Who's objective, as we know is to make a sale, but would ALWAYS have an avenue of escape. Meaning, when after you made your purchase (my case a donation), you come back after the fact and say you lied to / mislead me or you didn't fulfill what you said you would. Perhaps this could be the case here. But we will find out once I learn from the IRS on what actually can be used as a tax deduction. Then we will have more clarity on this issue as well as other issues. Another dollar amount that was mentioned to me by Resort Closings Inc., for tax deduction was my requirement to pay the 2012 MF as part of my donation process. It was mentioned that this amount would be applied to my total donation amount (monies I had to pay into escrow [$2,695]) at the completion of my donation and would be documented on my donation form (frm 8283) for tax purposes. I did receive this form from Resort Closings Inc., on 12-28-11. Briefly, this form has the appraised amount
($9,500; 12-09-11) listed, what I purchased this property for ($7,992), a "Donation" amount ($2,396), "Appraisal Fee" amount ($299) with a disclamor "This amount is tax deductible to the amount allowed by law." The "Donation" and "Appraisal Fee" amounts add up to $2,695 (monies I paid into escrow at the start). It was noted that the actual appraisal fee was $99 more than what was itamized by Resort Closings Inc. with no prior mention of the increase. Resort Closings Inc., did mention that the apraisal fee could be a "little" different, more or less, than the $200 that was calculated. However, this increase was not added to the overall dollar amount I was required to pay ($2,695). They must have re-couped it as a loss on their end. The 2012 MF is not listed on this form. Resort Closings Inc., was MISLEADING when they made this statemment to me. Sales pitch...? Or poorly trained staff? Either way it was WRONG information and NOT acceptable.
My experience in donating to DFC / Resort Closings Inc., for all purposes is complete. They have, for what ever reason, provided miss leading information regarding my 2012 MF would be applied as part of my donation and could be used toward my tax deduction. Escape avenue??? It also was noted throughout my entire experience that ALL representatives with DFC and Resort Closings Inc., they were "gaurded" and not forthcoming with information escept for the very first person I had been speaking with at DFC. I was informed she was on maternity leave as to why I was not dealing with her anymore. Perhaps she was too open / forthcoming with information, as she should be, as the real reason why she was no onger there? The trueth will never be known. I personally find the "gaurded" nature to be extremely troubling and it would raise an immediate "red flag" in "my business". A more thourough review is underway and perhaps more light will be shed on this. They did live up to their claim of taking my TS for a "cost". As you have seen, it cost me $2,695 to donate to DFC plus $674 for 2012 MF in order to complete the donation, for a total cost of $3,369. One could argue about the 2012 MF that this would have to be paid to the resort whether you was donating your TS or not, which is true. However, it was required to be paid in order for me to donate to DFC. I could go with the $3,369 if I was to receive a "benifit" from it. I'm not so I accept the total cost to me as my donation to be $2,695. I'm currently in the "tax phase" from this experience. As I complete the "tax phase", I will provide a more complete update and analagy of this process. Wishing you well.
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