Escrow accounts and sending your check in early.

[YoMickey]

We recently purchased a DVC contract. Everything has gone very smooth and the folks at TTS have been very helpful. The contract is scheduled to close at the end of next week. I am wondering why the seller's are not running to the Timeshare Closing Store to get the funds, which have been available for distribution since last week. I smell a fish. Maybe they(sellers) haven't been made aware of the funds being available and maybe the escorw account is a profit center (interest$$) for the closing company.

So as a public service announcement to all those paying cash -- Hold your cash until they have to have it. Otherwise, someone other than you is earning interest on your $$.. Had I known, I would have arranged to have it wired the day of closing.

.........and yes I'm ok with closing next week, I just figured they'd close when the funds arrived and was kind of anxious to get into the DVC system to make our first ressie.

-cheeers

 

[Nedlo2]

We recently purchased a DVC contract. Everything has gone very smooth and the folks at TTS have been very helpful. The contract is scheduled to close at the end of next week. I am wondering why the seller's are not running to the Timeshare Closing Store to get the funds, which have been available for distribution since last week. I smell a fish. Maybe they(sellers) haven't been made aware of the funds being available and maybe the escorw account is a profit center (interest$$) for the closing company.

So as a public service announcement to all those paying cash -- Hold your cash until they have to have it. Otherwise, someone other than you is earning interest on your $$.. Had I known, I would have arranged to have it wired the day of closing.

.........and yes I'm ok with closing next week, I just figured they'd close when the funds arrived and was kind of anxious to get into the DVC system to make our first ressie.

-cheeers

I don't think it is the people at the TTS. We passed ROFR on 4/21 and had a closing date set for on/or before 5/31. We were just notified today by the TTS that our contract has closed and we can call MS in the next 7-10 days to get our member ID and start making reservations That is 20 days before the scheduled closing.

Since we closed early, my guess would be the sellers are slow returning their paperwork.

[edit] Thanks Jerry and everyone else at the TTS

 

[ducklite]

We sold our BCV points through the TSS about a year ago. We were called with a couple offers that we refused--one was for $58/point. Of course they are obligated to present all offers. At any rate, we sold them a couple months after listing. We were told we'd be sent closing paperwork to sign and return, it never happened.

In all honesty we were in the middle of selling one home and moving fully into another, and the last thing we were thinking about was the DVC contract. About four weeks after we had heard that DVC passed on ROFR they called my cell phone and asked if we were going to send back the paperwork. Uh, we didn't get any paperwork.

We were actually in Florida at the time, and made arrangements to go sign it all in person the next afternoon.

But sometimes the sellers might be taking awhile to sign because they haven't gotten the paperwork.

Anne (Whose BWV points aren't for sale )

 

[YoMickey]

I didn't indicate TTS as the ones earning interest or dragging their feet, if anything they've sped it up.

It is the Timeshare Closing Store that has the $$, and it is there that the sellers are to recieve paperwork to sign and deliver in order to distribute the $$. From what I understnad a completely different entity..witha very similar name.

FYI We passed ROFR on 4/5/06 and are set to close on 5/19/06.

 

[Nedlo2]

I didn't indicate TTS as the ones earning interest or dragging their feet, if anything they've sped it up.

It is the Timeshare Closing Store that has the $$, and it is there that the sellers are to recieve paperwork to sign and deliver in order to distribute the $$. From what I understnad a completely different entity..witha very similar name.

Yes the TTS was helpful to us too. You're right about the escrow, ours too went through the Timeshare Closing Store and like I said, it closed 20 days early. I guess our sellers were quick in returning all the paperwork

Since ours went through so fast then I would say either the sellers haven't returned the paperwork yet or somehow they did not receive them and just have not checked to see what is going on.

Did you contact the Timeshare Closing Store to see if they could tell you where the closing of the contract stands?

Good luck on the closing process.

 

[CarolA]

I got my money very soon after I submitted my paperwork... I don't think it's a big "scam" it's just the delays involved when everyone has to send data as opposed to a closing where all parties are physically present...

When I bought my timeshares I pretty much overnighted the money so that it arrived as scheduled so I don't think they made a lot off me...

 

[T.E. Yeary]

I just checked with TCS to verify what I thought was true. The money placed in the escrow account of TCS is in a non-interest bearing account.

My understanding is, if the money were to be placed in an interest bearing account, both parties, buyer & seller must be notified of such and have full disclosure as to whom is the recipient of that interest.

Tom

 

[YoMickey]

Banks must love customers like this!

We're supposed to close by this Friday.

Sent cashiers check 2 weeks ago.

Had I known, it'd be getting sent today instead.

 

[Inkmahm]

I thought the closing was taking a bit longer than expected through the Timeshare Closing Store, too. In my case, I had the names of the sellers and I found their home address/phone number through an internet search.

I informed the TCS that they could find out what was taking the sellers so long or I would call them myself to ask. Funny, but a little after dawn the next morning the sellers had been contacted and the TCS said the paperwork would be on its way.

If it is taking longer than you thought it would, contact the sellers directly if the TCS won't check on the paperwork for you. My bet is that they will.

 

[YoMickey]

I have their info. But plan to respect their privacy.

I do plan to follow-up at TCS and get some answers today.


**UPDATE**
Closed last Thursday
Can call to make ressies in 7 to 10 days!

Thank You Tom, Jerry, Leslie, and Chirstine!


Jerry--> Congratulations!

 

[JimC]

I didn't indicate TTS as the ones earning interest or dragging their feet, if anything they've sped it up.

It is the Timeshare Closing Store that has the $$, and it is there that the sellers are to recieve paperwork to sign and deliver in order to distribute the $$. From what I understnad a completely different entity..witha very similar name.

FYI We passed ROFR on 4/5/06 and are set to close on 5/19/06.

The money goes into a trust account managed by the closing company. I doubt the account is interest bearing.