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Author
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Topic: Closing companies for WorldMark credit account?
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PerryM
TUG MemberPosts: 1483
From: Ballwin, MO, Park Plaza in Park City; WorldMark &TrendWest; RCI Points; Windjammer tall ship; SA
Registered: May 2002
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posted 02-05-2005 09:24
    
Can anyone recommend a good, cheap closing and escrow company to handle a WorldMark credit sale?Thanks, Perry ------------------
Have snowboard - will travel IP: Logged |
BocaBum99
TUG MemberPosts: 1474
From:
Registered: Jul 2004
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posted 02-05-2005 11:45
Call Susan Gale from Timeshare Transfer. She does the escrow for $100.IP: Logged |
busymom_of4
Non MemberPosts: 169
From: Oregon- *Owner of Worldmark*
Registered: Apr 2002
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posted 02-05-2005 12:12
Perry,
Do you need a closing company? I have bought 2 memberships from private parties and both times I met them at their bank with a cashiers check, and we had the paperwork notorized by the bank teller right there.
Of course, I first had them call WM and ok for me to get info on their account. Then I called WM to make sure everything was as they said, checking credits avail, paid off account, and maintnence fees paid in full.
Although, for $100 it may be worth it to have it all professionally done.[This message has been edited by busymom_of4 (edited 02-05-2005).] IP: Logged |
busymom_of4
Non MemberPosts: 169
From: Oregon- *Owner of Worldmark*
Registered: Apr 2002
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posted 02-05-2005 12:16
Of course, I have only bought from people within 100 miles of my home, so I could do that. I am sure that doesn't work for everyone!IP: Logged |
PerryM
TUG MemberPosts: 1483
From: Ballwin, MO, Park Plaza in Park City; WorldMark &TrendWest; RCI Points; Windjammer tall ship; SA
Registered: May 2002
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posted 02-05-2005 12:50
BB and mom,
Does TimeshareTransfer handle the paperwork or is that something I can do on my own with the seller? We have always used a broker for our WM purchases, this time we found the seller on our own.I know you just fill out the 4 page WM document & pay the $150 transfer fee – it is that simple? TimeshareTransfer would handle escrow. First time with a do-it-yourself WM sale. Thanks, Perry ------------------
Have snowboard - will travel IP: Logged |
BocaBum99
TUG MemberPosts: 1474
From:
Registered: Jul 2004
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posted 02-05-2005 15:25
PerryM,You can do the whole transfer process yourself if you seller trusts you. That would cost you only the $150 transfer fee. To effect the transfer, the owner needs to contact Trendwest and ask for a transfer package. That gets sent to the seller. The seller notarizes their signatures and then forwards it onto the buyer. The buyer than signs with notaries and then send a check and a credit application into Trendwest. It takes about 2 weeks to do the transfer. No escrow or timeshare transfer company is required if everyone trusts each other. However, if you are buying from a private party, you probably low balled them (like I did). I that case, you generate trust with them by telling them you will pay for escrow and transfer fees. They immediately get trust and it softens the blow of the below market deal. The psychology is that the seller feels very confident they will get their money if it is escrowed by a company they can verify independently. In the case of escrow, the process works in reverse. The seller requests the transfer package from owner services and authrorizes access to the account for the buyer to verify details. Then, the seller then sends the transfer package to the buyer. The buyer is the first to sign and notarize the documents. Then, full payment is sent to the escrow agent such as timeshare transfer. The transfer package is then sent to the seller along with the $150 transfer check. Once funds clear and are firmly in the escrow account of the escrow agent, the escrow agent notifies the seller. The seller then signs and notarizes the documents and send them to trendwest for processing. At the same time, the credit/application must be sent to Trendwest by the buyer. The buyer needs to send a letter that marries the transfer documents sent by the seller to the application sent by the buyer. You dont want to send the credit application to the seller because it has all your personal info such as income and assets on it. Then, trendwest does the transfer. When it's in the buyers name, the buyer tells the escrow agent who then releases the money to the seller. That's it. It's really simple. BB IP: Logged |
PerryM
TUG MemberPosts: 1483
From: Ballwin, MO, Park Plaza in Park City; WorldMark &TrendWest; RCI Points; Windjammer tall ship; SA
Registered: May 2002
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posted 02-05-2005 15:53
BB,Thanks, I'll do your second version! Perry ------------------
Have snowboard - will travel IP: Logged |
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