Buying Resale -- Do you *have* to use a closing service?

[JudyS]

I've found a resale that interests me. It is "for sale by owner," not through a realtor. It's a very small contract -- only 65 points. With such a small contract, it seems to me that the closing cost would really add a lot to the per point cost. Is it possible to buy a resale without using a closing service? (I understand that there would be risks involved in forgoing a title search and not using an escrow account.)

Has anyone here done this? Is it possible for a private buyer to obtain an estoppel letter from Disney? And what is involved in registering the deed?

Thanks in advance for any information!

 

[Grumpy37]

DVC has a first right of refusal on those point being offered to you. That fact alone would would make me want either a real estate attorney or title company. Remember, it really is real estate (i.e. deeded property)! Not to mention that you may be buying something that has a lien on it or the payments or maint/taxes may be in arrears or any number of other scenarios.

I'm not an attorney or a real estate agent/broker, nor do I work for a title company. But my dad appraised real estate for 20 years as I was growing up, and I've seen how "good deals" can go bad on unsuspecting people. Your deal may be fine, but you won't know until you're in to it too deep to do much about it (i.e. the money's gone).

Just my two cents.

 

[Dean]

You do not have to use a closing service. You can do a contract yourself and submit to DVC for the ROFR. The real issue is the deed prep. You could always do your own though rather risky. You could also do a quit claim deed which has some risk as well. The transfer fees ($100) and recording fees are unavoidable. There are on line services that will do it for $200 and you should be able to get deed prep alone done for around $100. I can tell you how to submit the contract to DVC for the ROFR if you need it, just email me directly.

You sill not be able to get title insurance unless you go through a closing service if that's important.

 

[Beth]

Thanks for posting this question. We're actually looking to <i>sell</i> a small add-on, and are offering it to a family member. I hate the thought of them having to pay all those closing costs, if there's a way around it.

So what could I (or they) expect to pay - total - to get the deed in their name?

 

[Dean]

Originally posted by Beth
Thanks for posting this question. We're actually looking to <i>sell</i> a small add-on, and are offering it to a family member. I hate the thought of them having to pay all those closing costs, if there's a way around it.

So what could I (or they) expect to pay - total - to get the deed in their name?

The cheapest you could get out is around $125. That assumes you do the deed yourself, no title insurance and you handle all the process. An in between option of using on online servcies should get you buy for around $300 or slightly more. If you can find someone that will do a deed only and you do all else, you may be able to get it down to $225-250. Good luck.

 

[JudyS]

To everyone who replied -- thanks for the information!

Dean, you are a fount of timeshare knowledge!

 

[mickeyc]

I have purchased resales directly from owners and used the Timshare Closing Sevice located in Sand Lake Road, Orlando, Fl. They are very reasonable and include title insurance. Their phone number is: 407-370-2373.

In the latter case where you are selling to a family member you may want to use ProDox, which I think charges $100--200 for document prepartion including attorney review. If you opt for title insurance they are more expensive than TCS.

Also, a good website for this topic is timeshare user group ( www. tug2.net). You will find a weath of information there in addition to the great information at this website.

Good luck and enjoy your timeshare!!