Anyone ever use Timeshare Closing Services, Inc to close on their DVC resale?

[KANSAS]

i highly recommed TCS,INC
I work with nancy kirsch. She is great to return phone calls!!

 

[Torontogal]

and they were just as efficient as Disney and the Timeshare Store. i think I was corresponding with Brenda and they were really good.
I paid the extra $$ to have things sent a little quicker. They were really efficient and I ended up closing 2 weeks before the actual closing date.
I should also tell you that ALL parties need to be on top of things for things to go smoothly. As soon as we got the documents - we made arrangements immediately to get things sent to them. The Timeshare people even told the sellers that "we have your money!!!" in order to politely rush them. The sellers were quick as well so things went great.
I called them several times to find out the process and they never got aggitated from my many questions. It is also good to know where the seller/buyer is located. There are several sellers/buyers in Europe and because of the distance and time change - things can be slower.
They are very good!

 

[Y-ASK]

I'm going to reserve my opinion until I close on a small contract next month. My biggest beef so far is that they will not take a Credit Card or Personal Check for the transaction (TSS said that I could use a CC check when I signed the contract so we'll see). As far as I'm concern that's total BS! I planned to use a rather low interest rate CC account for the transaction (CC Check) and since we're only talking about $3.5 grand it really shouldn't be a big deal although their accompanying paperworks says they will not accept it. I used a personal check for the down payment so what's the deal? I'm going to Fed-Ex the closing documents tomorrow with the CC Check and we'll see what happens. If they don't accept it, it will be a deal breaker for me based more on principle than anything else. Either take the form of payment I choose to use or you don't get my business. I'm not messing around on this one. It really made me MAD when I read that for the 1st time in their closing documents. Check will be in the mail tomorrow and we'll see what happens.

Y-ASK

 

[T.E. Yeary]

They will accept a personal or credit card check. They just have to deposit it and wait for the funds to clear. The problem created: It holds up the closing until it clears. Legally, they cannot transfer title until all funds are "good" and accounted for. (Any legal eagles out there are welcome to chime in now, as I am not an attorney and this is my own personal understanding of the situation).

If you and the seller don't mind waiting, have at it.

Tom

The waiting problem can be easily solved by sending in the personal or credit card check to the closing company PRIOR, (possibly a week) to the actual closing. They can give you an "estimate" of your final closing amount. If there is a discrepancy when the actual closing takes place, they can credit the amount to you and issue you a check if you sent more than needed. If you sent slightly below, then send the difference to them in the manner they suggest. PROBLEM SOLVED!

 

[Y-ASK]

Guess we'll have to wait and see what happens. Here's a quote from the closing paperwork sent from TCS "Cashier's check or Money Order (we DO NOT accept credit card and or personal checks) made payable to Timeshare Closing Services Inc. are the only forms of payment accepted by our company." If they will indeed accept a Credit Card Check then they should change the wording in their documents and stop being so negative.

As far as length of time for closing, I'm not in that much of a hurry because I'm already a DVC owner three times over. But I find it interesting that since I did not pay for what I consider a non-necessary secondary fee for expidited service that they decided to wait the entire full two weeks after ROFR notification before they sent me my closing documents. I'm already paying my necessary fees for the closing process (and it's not cheap) and I don't think I should be treated as low man on the todum pole as far as processing paperwork is concerned. In my opinion, every customer should be treated equally because that is what the fee should be for. No extra fee should've be charged to expidite the paperwork in the 1st place. I know I'd be pissed off if someone was able to cut in line because they paid some extra service fee, which is one reason why I really dis-like Unverisal Studios. Offer fast-pass if you want but offer it to everyone who pays the for the closing not just those who pay the extra fee.

Y-ASK

To everyone following this thread, my comments are directed solely at Timeshare Closing Services, Inc and not The Timeshare Store as the title of the thread indicates. So far Tom and his group at TSS have been wonderful to work with and I would purchase from them again tomorrow if I could . The paper pushers on the other hand have been some what less than enjoyable to deal with. If they would make the process a little more accommadating and less restrictive by toning down the demands in their paperwork and get rid of the unnecessary expidite fee then I would have no complaints.

 

[LisaS]

As far as length of time for closing, I'm not in that much of a hurry because I'm already a DVC owner three times over. But I find it interesting that since I did not pay for what I consider a non-necessary secondary fee for expidited service that they decided to wait the entire full two weeks after ROFR notification before they sent me my closing documents. I'm already paying my necessary fees for the closing process (and it's not cheap) and I don't think I should be treated as low man on the todum pole as far as processing paperwork is concerned. In my opinion, every customer should be treated equally because that is what the fee should be for. No extra fee should've be charged to expidite the paperwork in the 1st place.

I paid the fee to expedite things and when TCS called me yesterday to tell me I had passed ROFR, they said the closing docs would arrive in about 2 weeks, the same amount of time that you had to wait for your docs.

My guess is (though I'm not sure) that the extra fee is used to overnight some of the paperwork that they send out after they receive the signed closing docs and my check: sending the deed out to be recorded with the county, and then (when the recorded deed comes back), overnighting the paperwork to Disney with the new owner info. In other words, it doesn't necessarily speed up the time needed to prepare the closing docs, but can speed up what happens afterwards, reducing the time it takes to get into DVC's system.

When you think about it, their extra fee is $45 and it costs around $20 to overnight something via Fed Ex (depending on how far it needs to go) so they can probably only overnight two mailings for that amount of money. I'm guessing that will be the one to the county and the one to Disney.

 

[KANSAS]

i have used timeshare closing services,INC for 12 timeshare closings
purchases or sales.

I ahve been 100% happy.


If anyone is unhappy with their services. I encourage you to contact Nancy Kirsch, she has never let me down
and would want to address your concerns

 

[Y-ASK]

I paid the fee to expedite things and when TCS called me yesterday to tell me I had passed ROFR, they said the closing docs would arrive in about 2 weeks, the same amount of time that you had to wait for your docs.

That is very interesting and you could very well be right about the use of Fed-Ex instead of regular mail. That would explain the extra cost but please respond back and let us know when you actually receive your closing documents to sign. I received mine via E-Mail at exactly two weeks to the day of being told that we passed ROFR.

Thanks,
Y-ASK

 

[DisneyMomOK]

Could anyone tell me what the typical length of time between the return of the deed by the Seller and the Seller's receipt of the proceeds? Thanks.

Sharon

 

[LisaS]

That is very interesting and you could very well be right about the use of Fed-Ex instead of regular mail. That would explain the extra cost but please respond back and let us know when you actually receive your closing documents to sign. I received mine via E-Mail at exactly two weeks to the day of being told that we passed ROFR.

Thanks,
Y-ASK

Will do!

 

[DVCconvert]

"Cashier's check or Money Order (we DO NOT accept credit card and or personal checks) made payable to Timeshare Closing Services Inc. are the only forms of payment accepted by our company." If they will indeed accept a Credit Card Check then they should change the wording in their documents and stop being so negative.

Y-ask--
Perhaps this wouldn't seem so 'negative' if they used the phase credit cards in that statement. It is my belief and understanding that the Closing company will accept credit card checks,and that all checks have to have a minimum of 3 days day (or more) to "clear" TCS's bank.

I don't believe you'll have a problem so long as your credit card company honors the check and it clears.

Best of Luck to you in your purchase!

 

[LisaS]

That is very interesting and you could very well be right about the use of Fed-Ex instead of regular mail. That would explain the extra cost but please respond back and let us know when you actually receive your closing documents to sign. I received mine via E-Mail at exactly two weeks to the day of being told that we passed ROFR.

Thanks,
Y-ASK

I received my closing docs via email about 20 minutes ago. So, here is the timeline:

Tuesday 07/26/05 - Notified by Jason Erpelding (TTS) that we passed ROFR.

Friday 07/29/05 - Notified by Timeshare Closing Services, Inc. that we passed ROFR. Told to expect closing docs within 2 weeks.

Friday 08/05/05 - Closing docs received from TCS, Inc.

So it has been 11 days elapsed (9 business days) since we passed ROFR. Given today is Friday and assuming they do not work on the weekend, then the next business day after today is Monday 08/08/05 and that would have been 2 weeks since passing ROFR.

So the bottom line is, I received my closing docs one day short of 2 weeks after passing ROFR.

 

[Y-ASK]

That's interesting and you paid the extra fee, right?

You lost me on your bottom line of days. I would say that you got your paperwork for closing 11 days after you were notified by TSS and 8 days after you were notified by TCS. Not sure how you got 13 days but no matter. Here is how my timeline worked out and I did not pay the fee:

Wednesday 07/13/05 - Notified by TSS that I passed ROFR

Thursday 07/15/05 - Notified by TCS that I passed and the paperwork would be there in two weeks. (it was either that Thursday or Friday)

Friday 07/29/05 - Technically the E-Mail was sent at 07/28/05 at 04:28 PM but I did not get it until the following morning.

So my numbers would be 16 days from TSS notification and 14 days from TCS notification.

So in comparision you got yours about 5-6 days or so before I got mine. Any body want to talk about the process between ROFR and closing paperwork being sent? Is it all in house paper pushing and if so why the difference in time frame or is there something that needs to be sent to the seller and then sent back. The latter would explain the extra time but if it's all in house processing then what could possible be the difference in 5-6 days of processing? Don't want to jump to any conclusions but on the surface there looks to be something there.

Y-ASK

 

[vascubaguy]

After you pass ROFR, the title company has to request the estoppel letter from DVC. They also have to conduct the title search. I've been told that normally takes about 10 days, but depends on the response time of other entities. The time could also be influenced by your scheduled closing date. If someone had sent in their contract for ROFR waiver before you but DVC took longer to get the waiver back, they might be moved ahead of you because they would have an earlier closing date in their contract. (That's what is happening to me.)

 

[Y-ASK]

After you pass ROFR, the title company has to request the estoppel letter from DVC. They also have to conduct the title search. I've been told that normally takes about 10 days, but depends on the response time of other entities. The time could also be influenced by your scheduled closing date. If someone had sent in their contract for ROFR waiver before you but DVC took longer to get the waiver back, they might be moved ahead of you because they would have an earlier closing date in their contract. (That's what is happening to me.)

Cool! I'll buy that as reasonable and they have accepted my Credit Card check so all is well so far. At this point in time it seems that business has been conducted in a reasonable manner with the small exception of the wording in the closing documents about the policy of not accepting a personnal or CC check. And since they accepted the CC check after all then no complaints here.

Y-ASK

 

[LisaS]

That's interesting and you paid the extra fee, right?

Yes I did. The question we had was whether that fee just covers the cost to "overnight" paperwork to the county and to Disney (thus speeding up what happens after I sign and return the closing docs), or does it also speed up the process of preparing the closing docs.

You lost me on your bottom line of days. I would say that you got your paperwork for closing 11 days after you were notified by TSS and 8 days after you were notified by TCS. Not sure how you got 13 days but no matter.

Yes, you are correct on the 11 days and 8 days. Today is Friday and assuming that TCS, Inc. is closed on Sat and Sun, if they hadn't finished the paperwork today (Friday) but instead needed one more day, then that day would have been Monday, and Monday will be 14 days since I passed ROFR. So since Monday is the 2-week deadline, then they beat the deadline by 1 (business) day.

Here is how my timeline worked out and I did not pay the fee:

Wednesday 07/13/05 - Notified by TSS that I passed ROFR

Thursday 07/15/05 - Notified by TCS that I passed and the paperwork would be there in two weeks. (it was either that Thursday or Friday)

Friday 07/29/05 - Technically the E-Mail was sent at 07/28/05 at 04:28 PM but I did not get it until the following morning.

So my numbers would be 16 days from TSS notification and 14 days from TCS notification.

OK, I didn't pick that up when I read your original post. I thought when you said it was 2 weeks, you meant it was 2 weeks from when you passed ROFR.

So in comparision you got yours about 5-6 days or so before I got mine. Any body want to talk about the process between ROFR and closing paperwork being sent? Is it all in house paper pushing and if so why the difference in time frame or is there something that needs to be sent to the seller and then sent back. The latter would explain the extra time but if it's all in house processing then what could possible be the difference in 5-6 days of processing? Don't want to jump to any conclusions but on the surface there looks to be something there.

Y-ASK

Remember, though, you have to look at business days, not just elapsed time so I got my docs 4 business days earlier than you did. As vascubaguy just explained TCS needs the results of the title search and the estoppel letter from Disney before they can proceed and they have no control over how long that takes. It would depend on how many estoppel requests are already in the queue at Disney at the time yours is submitted and whether or not they were short staffed that week because somebody was out on vacation, or out sick, etc., etc.

You can certainly gather more data points but maybe you should just give TCS, Inc. a call and ask them exactly how that $45 fee helps to expedite things.

 

[T.E. Yeary]

I made this post on the Community Board yesterday, so it looks like it needs to be here as well.

In answering the many recent questions concerning, I've passed ROFR, where are my closing documents?


Disney speeded up the ROFR process, now they're behind on sending the estoppel information to the Closing Company. This is a "must" to have in order to do the closing. It establishes the money needed for payoff to all parties involved, points distribution, and probably something else that I can't think of right now. (Legal Eagles, this is your opportunity to chime in.)

From the posts on this board and the information I've gathered, it appears to be happening to "ALL" the Resale Brokers and "ALL the Closing Companies!

Try to be patient, we all want to close as badly as you do. That's when everyone gets paid, so it is a priority for "ALL" parties. We are working behind the scenes to try to speed up this process.

Thomas E. Yeary (Tom)
Owner/Broker

 

[JimC]

They will accept a personal or credit card check. They just have to deposit it and wait for the funds to clear. The problem created: It holds up the closing until it clears. Legally, they cannot transfer title until all funds are "good" and accounted for. ...The waiting problem can be easily solved by sending in the personal or credit card check to the closing company PRIOR, (possibly a week) to the actual closing. They can give you an "estimate" of your final closing amount. If there is a discrepancy when the actual closing takes place, they can credit the amount to you and issue you a check if you sent more than needed. If you sent slightly below, then send the difference to them in the manner they suggest. PROBLEM SOLVED!

Two comments:

1. The clearing process in our banking system is so fast now there should not be any holdup. I don't know if this applies to international clearings or not.

2. Tom's suggestion is right on. I take it a bit further. When I have bought resale I send a check back with the contract for the whole amount, including any closing costs. I have neither the time nor interest in getting checks certified or writing two checks. I say give the closing company the money and their paperwork then let them do what they do.

 

[Y-ASK]

Tom's suggestion is right on. I take it a bit further. When I have bought resale I send a check back with the contract for the whole amount, including any closing costs. I have neither the time nor interest in getting checks certified or writing two checks. I say give the closing company the money and their paperwork then let them do what they do.

I too agree with this plan and while I thought of doing this at the start of the process, I should have followed through and sent the entire amount. Both TSS and TCS are very trustworthy companies and I would have no problem sending the entire cost of the DVC contract including estimated closing cost whether is $5,000.00 or $25,000.00.

Y-ASK