Aulani - Issues with Escrow

[RoseGold]

I would be furious in this whole situation. Hopefully, they just give you your deposit down to make you go away. That's the best outcome for you.

 

[Curiousporpoise]

RoseGold speaketh the truth, and I'm not one prone to run away from any Aulani contract. If you cannot get title insurance, its very unavailability points to something wrong with the contract's ownership, and even possible fraud on the seller's part. Don't buy it unless you get valid title insurance, and a logical explanation as to what the difficulties were. Maybe there's a simple explanation, maybe not. And it couldn't hurt to voice your frustration to the broker, and I'm not sure I'd do it courteously either.

I will definitely make sure that I have title insurance before this transaction goes any further. I'm hoping there is a simple explanation for what is going on....my original email to broker said I would like to purchase title insurance, so why send it to an escrow company that couldn't provide it? I'll make some additional calls if I don't hear back from broker by tomorrow.

 

[Curiousporpoise]

I would be furious in this whole situation. Hopefully, they just give you your deposit down to make you go away. That's the best outcome for you.

Yes, I agree with you there. I wish my earlier thread didn't get deleted, as there were a few people there that told me to run..... I don't think they gave a reason though.

 

[Paul Stupin]

I'm also wondering if FirstAm declined to insure the deed. The whole transaction is very strange. I called and emailed my broker today to ask where she moved escrow/my deposit to, and didn't receive a response. I went back to the escrow company and asked where my file was sent, and they gave me a name of an escrow company that had no idea what I was talking about and can't find me in their system. So that's where we are today.....

Is it crazy that I'm hoping for a rational explanation from my broker who is obviously avoiding me?

 

[Paul Stupin]

At this point I’d call the resale brokerage firm and ask to speak to someone in charge.

 

[Curiousporpoise]

I tried. My broker is the broker in charge. It’s a small agency.

 

[Curiousporpoise]

Quick update for anyone following this... my broker emailed yesterday that she had transferred the file to Hayes Title (AR) and I would hear from them within 48 hours. Imagine my surprise when the escrow agent emailed me directly after that. The buyer's closing statement noted all recording, closing and title insurance fees, and it was just a few dollars more than the broker estimated. Broker said that a lot of companies are no longer issuing title insurance for Hawaii, and that was an issue. First Am is providing title insurance at a very reasonable price, its much less than the price they quoted me directly to close the transaction and provide title insurance. I am keeping my fingers crossed and hoping that this transaction goes through - the price is pretty good.

Thank you all for your advice! Next time I think I might purchase direct to make my life easier.

 

[Paul Stupin]

Quick update for anyone following this... my broker emailed yesterday that she had transferred the file to Hayes Title (AR) and I would hear from them within 48 hours. Imagine my surprise when the escrow agent emailed me directly after that. The buyer's closing statement noted all recording, closing and title insurance fees and it was just a few dollars more than the broker estimated. First American in Hawaii quoted a much higher fee to close. I am keeping my fingers crossed and hoping that this transaction goes through - the price is pretty good.

Thank you all for your advice! Next time I think I might purchase direct to make my life easier.

Well that’s a relief! A guarded congrats. Don’t blame you for potentially switching to buying direct. I did as well. My tipping point was a delayed closing of 6 months on a CCV contract. It was a great deal, but a huge hassle.

 

[Curiousporpoise]

Well that’s a relief! A guarded congrats. Don’t blame you for potentially switching to buying direct. I did as well. My tipping point was a delayed closing of 6 months on a CCV contract. It was a great deal, but a huge hassle.

It's a huge relief, but I won't celebrate quite yet! I don't know why I thought buying resale would be easy. When I reviewed the ROFR thread it looked like most contracts closed within 60 days. After this I have to decide if great deals are worth the huge hassle! Wow, 6 months seems crazy, but I can see why you would wait it out for a great deal. I'll post my information if/when this transaction closes.

 

[Paul Stupin]

It's a huge relief, but I won't celebrate quite yet! I don't know why I thought buying resale would be easy. When I reviewed the ROFR thread it looked like most contracts closed within 60 days. After this I have to decide if great deals are worth the huge hassle! Wow, 6 months seems crazy, but I can see why you would wait it out for a great deal. I'll post my information if/when this transaction closes.

Purchasing direct is pricier, but there are advantages, and you get the points in your account within hours!

 

[RoseGold]

Huh. I guess you still want it? This is in the agreement. They can't just casually swap it out. I would ask about going back to ROFR, and I'm not sure I would be so quick to accept this.

That's a screaming red flag that so many companies aren't even doing this in Hawaii anymore...

 

[sethschroeder]

Broker said that a lot of companies are no longer issuing title insurance for Hawaii, and that was an issue.

Have you fact checked this? I wouldn't be taking their word for it. I would be calling every single larger company that does AUL contracts.

I would not just trust the broker at this point.

 

[sethschroeder]

That's a screaming red flag that so many companies aren't even doing this in Hawaii anymore...

Bingo

Please OP take the blinders off. You even said in one of your posts that others told you to run on a previous thread for some reason.

It can not be that amazing of a deal. If its that amazing of a deal and Disney passed on the contract then its even more red flags.

 

[Paul Stupin]

Have you fact checked this? I wouldn't be taking their word for it. I would be calling every single larger company that does AUL contracts.

I would not just trust the broker at this point.

No, I wouldn’t either. If so many companies aren’t offering title insurance for Hawaiian time shares, then why is this the only case to manifest on these boards with this issue?

 

[DonMacGregor]

No, I wouldn’t either. If so many companies aren’t offering title insurance for Hawaiian time shares, then why is this the only case to manifest on these boards with this issue?

I still find it surprising (even after the OP verified independently) that First American is no longer closing DVC titles in Hawaii. They are the largest (by a massive margin) title insurance company in the US (although maybe not the biggest in Hawaii).

 

[HappyThoughtsTees]

I'm a little late to the party here, but wanted to let you know that I just closed on a resale AUL with no issues. Broker is not allowed to be mentioned on this site, title agent was Julie at First American in Honolulu. No issues with title insurance.

 

[HappyThoughtsTees]

I'm a little late to the party here, but wanted to let you know that I just closed on a resale AUL with no issues. Broker was Lauri at ******************, title agent was Julie at First American in Honolulu. No issues with title insurance.

Oops I forgot to check and see if the broker was allowed to be mentioned, sorry admins. Remove if needed. update: edited original post..sorry!

 

[Paul Stupin]

I still find it surprising (even after the OP verified independently) that First American is no longer closing DVC titles in Hawaii. They are the largest (by a massive margin) title insurance company in the US (although maybe not the biggest in Hawaii).

Yeah, me too. Maybe they have enough business on non time share real estate, or perhaps DVC presents additional complexity.

 

[Curiousporpoise]

Sorry, quick update. The deed has been recorded and sent to Disney.

Thank you everyone for taking the time to reply and give advice on what has been a very interesting transaction.

Just to clarify, First American Title is closing Aulani transactions. However, it seems like your broker has to have a direct contact at First American/Honolulu in place to do so. Mine did not have a contact there. When I called First American in Honolulu, I was routed to a different number, and told they were referring DVC Aulani transactions to a small escrow company. I did speak to an agent at this small escrow company, they confirmed that First Am was sending them a lot of DVC Aulani transactions, and they were running 60+ days out. In the end, we went with an escrow company my broker recommended, and they had a contact at First American in Honolulu that they purchased title insurance through. I did purchase title insurance for this transaction after all of you confirmed that I should not close without it.

 

[Curiousporpoise]

I still find it surprising (even after the OP verified independently) that First American is no longer closing DVC titles in Hawaii. They are the largest (by a massive margin) title insurance company in the US (although maybe not the biggest in Hawaii).

I think that First American Title is closing DVC Aulani titles in Hawaii. However, it seems like your broker has to have a relationship in place for them to do so. If you call the Honolulu office, they will route you to a different First American agent, and they will tell you to call https://dedicatedtimeshare.com for DVC Aulani closings.