Great, they don't take checks for resale

[Caren]

We just got the closing documents for our first resale (Timeshare Store) and discovered that they don't take personal checks of any kind--only cashier's checks and money orders. We were going to pay with a check from our money-market account, so this is a major nuisance.

 

[DVCconvert]

We just got the closing documents for our first resale (Timeshare Store) and discovered that they don't take personal checks of any kind--only cashier's checks and money orders. We were going to pay with a check from our money-market account, so this is a major nuisance.

The TTS uses Magic Vacation Title. They will take a personal check for the 10% deposit, but not for one cent more. The balance (at Magic Vacation Title) will only be accepted in the form of cashier's/bank/mo.

This is stark contrast to Timeshare Title & More (another closing company) who gladly deposited my nearly $6K personal check.

Magic Vacation Title told me they're required to do this by their underwriter.

I wish the The Timeshare Store would change closing companies!

 

[hellerjw]

Why not write the money market check to yourself and then get a cashier's check from your bank in the same amount?

 

[DMKEDM]

Bank practices vary, of course...but my bank would make me wait 2-10 days (depending on my bank balance at the time) before it would clear a mutual fund check written to myself...and the money has to be available to get a cashier's check...

So, the need to move money from the mutual fund to a check account and then get the cashier's check adds significant time to the transaction...

I don't know if any mutual fund companies would issue a cashier's check or not...probably worth asking, especially if the mutual fund company the OP is using has a brick-and-mortar store near where the OP is...

Otherwise, I don't see a way around the two to 10 day delay...

I'm sorry to hear about this...altho I'm not in the market for more points (or to sell points), it does seem like this adds a needless layer of complication/delay...it's gotta be a problem for people trying to beat the 3/20 deadline...

Good luck!

 

[SFD998]

Why not write the money market check to yourself and then get a cashier's check from your bank in the same amount?

You beat me to it.

 

[Caren]

Why not write the money market check to yourself and then get a cashier's check from your bank in the same amount?

That's what we plan to do, but it means that someone (probably me) needs to find time to make a trip to the bank. I wish they'd warned us ahead of time.

 

[JimMIA]

You might be able to just wire-transfer the money directly from your money market account to ***.

Our experiences with *** have been great. Everything has been very thoroughly explained and the follow-through has been wonderful. For example, on a recent sale, instead of waiting 2-5 days to send the contract to ROFR, they sent it the next morning. We've been very pleased.

 

[Brian Noble]

I wish the The Timeshare Store would change closing companies!

In many cases, you can negotiate for a different closing company, provided it is mutually acceptable to the buyer and seller.

 

[Caren]

You might be able to just wire-transfer the money directly from your money market account to ***.

Our experiences with *** have been great. Everything has been very thoroughly explained and the follow-through has been wonderful. For example, on a recent sale, instead of waiting 2-5 days to send the contract to ROFR, they sent it the next morning. We've been very pleased.

How does a wire transfer work?

 

[jstarcze]

That's what we plan to do, but it means that someone (probably me) needs to find time to make a trip to the bank. I wish they'd warned us ahead of time.

My rep at TSS (Robert) told me that a cashiers check was required for closing at the time I made my offer.

 

[JimMIA]

it does seem like this adds a needless layer of complication/delay...it's gotta be a problem for people trying to beat the 3/20 deadline...

Naw...OP is talking about closing. The 3/20 deadline is for the deal to be submitted for ROFR (see my post above about ***'s great ROFR performance for us).

 

[Mousewerks]

That's what we plan to do, but it means that someone (probably me) needs to find time to make a trip to the bank. I wish they'd warned us ahead of time.

I should point out that we're waiting on closing with TTS as well and we were made aware of this requirement from the beginning. I suspect it's written in your documentation.

 

[JimMIA]

How does a wire transfer work?

Call whoever you have your money market account with and see if you can do a direct transfer from your account to ***'s. If they will do that, you just need to call Nancy Kirsch at *** and get their bank account info into which the transfer will go. You give that to your bank/broker and they do an electronic transfer. Quick, easy, done.

There may be a fee (or fees) for that, but it's a quick, secure way to get the closing payment done if your financial institution will do it.

 

[dbs1228]

My rep at TSS (Robert) told me that a cashiers check was required for closing at the time I made my offer.

I was told the same thing and I do think it is in the contract somewhere also if I am not mistaken

 

[Caren]

I was told the same thing and I do think it is in the contract somewhere also if I am not mistaken

Probably is in the contract and we missed it.

 

[Caren]

Call whoever you have your money market account with and see if you can do a direct transfer from your account to ***'s. If they will do that, you just need to call Nancy Kirsch at *** and get their bank account info into which the transfer will go. You give that to your bank/broker and they do an electronic transfer. Quick, easy, done.

There may be a fee (or fees) for that, but it's a quick, secure way to get the closing payment done if your financial institution will do it.

I'm going to do that--it's worth it if it saves me a trip to the bank. Thanks.

 

[AlwaysDreamofDisney]

We just made an offer on Saturday morning and Jamie at TSS told us about needing a cashier's check before we even had anything in writing. She did tell me that they could take a personal check for the final payment but that it would tie up the closing for about 2 weeks.

Just easier to get your bank to either make up a cashier's check for final cost and then mail - or do the wire transfer which is done by closing of bank day. It may cost more than the cashier's check but it'll probably be the same final cost when you add in postage!

 

[DVCconvert]

We just made an offer on Saturday morning and Jamie at TSS told us about needing a cashier's check before we even had anything in writing. She did tell me that they could take a personal check for the final payment but that it would tie up the closing for about 2 weeks.

My TTS broker was someone else, but Brenda at Magic Vacation Title told me yesterday that apparently there was some confusion at TTS about this as they were returning quite afew checks to buyers as they were not cashiers's etc.

 

[cvjw]

I asked upfront about payment methods so that we could be prepared to pay the correct way at closing. FYI, we have done the cashier's check and the wire transfer. My bank charged me $12 to wire the money, and the title company charged me a fee to accept the transfer. We have also transferred money from our investment account to our regular bank account to pay for DVC. My bank wanted to make me wait 12 business days for my money to become available to get a cashier's check. I spoke with a manager - that wait was unacceptable. They waived the wait to only 4 days.

 

[KGD]

Thank you SO much for posting this...........It would have never crossed my mind as we are paying cash from investments as well.

After reading this thread this morning, we are hustling to try and get the money quicker. We are supposed to close by Apr 6 and now feel like we are behind the 8 ball. Just found out today that the seller already has his paperwork in.....YIKES! And we are so anxious to close and make our first reservation!

We just found out that it looks like our investment manager can wire the funds directly, which will hopefully save some time. However, if not then it looks like our bank may be 10 days. Thanks to the PP - I may see if they can shorten that time as well.