3 bids so far...

[Richyams]

Actually, in Florida things are different. I moved here five years ago, I was shocked to do a closing in a title office, no attourneys from either side, no nothing, just the buyer, us, and the title company. Title companys do quite a bit more down here than simply guaranty clear title. They do it all, handle the escrows, make up the closing documents, everything.

Every closing I had ever participated in up north was attended by lawyers, they were held in lawyer offices or banks. I would guess its the same in Boston. The two closings I took part in down here have both been in title company offices with no attourneys and not even the seller or and representitive of the seller.

Some here feel title companies are a scam, but when you talk to one you find out that they actually do quite a bit and can alleviate the need for an attourney. Anytime the need for an attourney is nixed, it is a good thing.

 

[EROS]

Thanks, RICH. Interesting .

 

[Dean]

Originally posted by Richyams
Actually, in Florida things are different. I moved here five years ago, I was shocked to do a closing in a title office, no attourneys from either side, no nothing, just the buyer, us, and the title company. Title companys do quite a bit more down here than simply guaranty clear title. They do it all, handle the escrows, make up the closing documents, everything.

I think they all work with and under the legal aspects of an attorney in FL, I know all the ones I've dealt with have.

 

[Richyams]

I believe there is a lawyer associated with the title company, but none is present at the closing. I don't even think that a lawyer is on staff at a title company. I really don't know the specifics, just how shocked I was to have a closing in the manner that we did.

That was what I found so odd. I attended seven or eight closings in New York and New Jersey. They hold them in banks or lawyer offices. There are lawyers at each and every one of them.

Title companies back home have nothing to do with you closing, they are simply one more check that you have to write at the closing, all they do is search public records and guaranty clear title.

Dean, are you from Florida forever?

I don't know how things are done out west, in the mid-west or anywhere else. I do know that NY, NJ and CT closings are radically different from what is done down here in FL.

Are there other states where closings take place in a title company office?

 

[Granny]

As of 7:45 am EST today, the bid is at $48.82 per point. Slowly but surely finding its way up there.


Terry S....thanks for confirming the opening price of BCV with incentive...nice to know my memory isn't completely shot!



Desperado....tsk, tsk, tsk

 

[Dean]

Dean, are you from Florida forever?

Feels like it but only 14 years almost. Originally from AL with small excursions to TN and HI for 3 years each. All the title companies I'm aware of are actually owned and controlled in some way by a lawyer and I think there's a requirement to do so but am not certain. I think there's someone on the list from FL who's a lawyer and at least one real estate person beside Shontell who should also know.

 

[KNWVIKING]

... When we closed on our home in NJ it was at a title co. office and no lawyers were present,just us,sellers,sellers realitor and title co. rep. You could have a lawyer at your own expense if you wished but for a "simple" home purchase the laws on the books pretty much protect everybody. When we sold some land we owned, the whole deal was handled by the buyers lawyer,at his office and a title co. rep was there to juggle checks and paperwork.

 

[Gillian]

It's true. In NJ & PA you do not need to have lawyers for real estate transactions. NJ is kind of split - north always uses attorneys, south never does. It's always an option, of course, but a lot of people choose to skip the extra expense.

As a former realtor here in the middle of NJ (where we're confused ), I have to say that transactions done by title companies are almost always handled better than those by lawyers. This is especially true if you use a lawyer (or office) that doesn't do a lot of real estate business.

 

[Richyams]

Its up to $53.25 per point.

That is the point, down here, there are no sellers or the reps present, I guess you could bring a lawyer, but it is only you, the buyer and the title agent, no seller.

The one I did in NJ was at a bank with sellers, lawyers, and now that I think of it, a title agent....I guess it was New York that was missing something, the title agent.

I find it interest how different closings can be from state to state.

 

[Gillian]

The seller doesn't have to be there in NJ either The realtors go, but really only to collect a check and hold their clients hands.

 

[crisi]

Being an e-bay deal, anyone want to give odds on it going over $84 a point by the time its done?

(In Minnesota, every closing I've had is done with the title clerk and the buyer, the seller, and the realtors. I've bought two houses, sold one, refinanced twice and have never seen an attorney. Last closing was a refi, so it was us and the title clerk)

 

[Richyams]

There is a real, real, real good chance of that. I can't think of any justification for it....the seller could possible bank 2002 points, if it an early use year, a buyer could walk away with 680 point in the first year....eveb the extra 340 points would not justify the closing costs.

But on Ebay, way stranger things happen.

 

[disynut]

How would this work? Would it still go before DVC(the price right now is still very low)? I am curious about this, as we love BCV, and would be interested in these points, but such a large purchase on EBay makes me nervous.

Thanks,


Jen

 

[Richyams]

Since this is a real estate transaction, it would not follow the usual form, send a check and wait for the merchendise. It has to close, there will be escrow, there will be closing costs, unless someone was a real moron and this guy is simply out to steal, there isn't much chance of being taken.

Before you even bid, you will send the seller an e-mail asking how he expects the transaction to go, what title agency he intends to use, how much down payment should be given in escrow, let him know how serious you are, haw you plan to finance it or if you plan to pay cash.

He wouldn't get one dime until the closing where you would be in posession of the property free and unencumbered. You will probably have to show up at a title office in fFlorida, but that may not even be needed.

I don't see much downside for the buyer or the seller as long as a fair price is reached and a small amount of due dilligence is done.

 

[spruce]

A real estate auction on ebay is not binding as other ebay auctions. Ebay really just brings buyers and sellers together to make a real estate transaction. It's up to the buyer and seller to work out how the transaction will go. Check out the real estate rules on ebay and you'll see what I mean.

I have bought a timeshare on ebay from a private party. This timeshare is a small family run Gold Crown resort in Sattelite Beach Fla. The owner was from NJ and I'm in Pa. I sent the cash to the resort and the owner sent a quit claim deed to the resort. The resort prepared the Docs, sent them to me I signed them sent them back and they had them recorded. Got my deed soon thereafter. For a purchase this large, I'd want a warrenty deed though, which means title insurance. As far as I know, DVC requires title insurance anyway. So all you need is a title and escrow company a winning bid and the seller willing to sell. He may sell to the number 2 bidder for cash instead of waiting for the number 1 bidder to get financed.....spruce

 

[Richyams]

No bid in almost two days. This is how Ebay works. Usually, these get heated up at the end. I still think there is a real good shot of this going over $84.

 

[Dean]

340 points, March use year with all 2002 points banked to next year; it will likely go right around $70 pp which is a fair price for someone who wants BCV and around that many points. I'd ask seller to pay closing at that price and at least not reimburse for any fees.

 

[chris1gill]

It's up to 59.12 per point & the reserve isn't met yet... They'll get to at least 70 per point I would think....

 

[Richyams]

The reserve being much higher makes him look greedy and less trustworthy. There was never a chance of that going for under $70, I hope his reserve is met when it gets to 60.

 

[Dean]

Over $62 pp now and I'm sure the reserve is at or over $70 pp. Still, if the contract fits, number of points are right, closing costs are controllable and one is set on BCV; it could still be a good deal. It's still cheaper than buying through Disney.