Help! Timeshare Closing Services Lost Our Check!

[amyah]

Hi!

We purchased 150 points at BWV through The Timeshare Store and were sailing through the whole process until we hit a snag when Timeshare Closing Services lost our check! I'm wondering if anyone has gone through a similar experience, and if so, what were you able to do?

We paid the $45 for the expedited service through Timeshare Closing Services so we could get a jump on booking our October vacation. Once we received our closing documents (on Monday, March 7), we signed everything, had a cashier's check issued, and sent everything via USPS Express Mail. The package was delivered on Wednesday, March 9, and signed for by someone at Timeshare Closing Services, but now they can't find our papers or check. At this point they're requesting we put a stop payment on the cashier's check and then have a second check reissued. We've since learned from our bank that there is a 90-day hold before they will re-issue a second check. I don't feel like we should have to wait 90 days before we can continue the closing process. Not only will we not be able to book our vacation, but also the seller will be delayed in receiving his money. Is it inappropriate to ask Timeshare Closing Services to front our payment to complete the closing process while we wait the 90 days before we can re-issue a second cashier's check? What other options do we have?!

Any help or advice would be greatly appreciated!

Thanks!
Amy

 

[dianeschlicht]

Yikes! I would maybe call and talke to someone else. If you have your reciept of your check and the signed reciept of the delivery of your papers, it is up to them to produce them.

 

[amyah]

Hi again,

At first my husband had just been talking with the receptionist at Timeshare Closing Services, who also happened to be the one who signed for the documents. Last night, after hours, they supposedly had everyone in the office trying to find the documents. Once they still couldn't produce them the Instate Manager at Timeshare Closing Services, Brenda Smith, called and spoke with my husband and gave us an update. She's the one who recommended we try to put a stop payment on the check. She has said they might need to supply the bank an affidavit stating they will not cash the first check if it is ever found. However, our bank is not familiar with such a policy, so right now we're waiting to hear back from the bank manager to see if this is something they will do. Again, however, it seems like more work that we shouldn't bear the responsiblity for since it wasn't our mistake. Also, another day goes by when we can't move forward in the closing process.

We've also been in touch with Jason at The Timeshare Store, although Pat was our first contact and she's the one who worked with us up until closing. Unfortunately Jason doesn't have anything to offer either, other than that this does happen sometimes.

Anyways, if there is anyone else out there with more advice, I would love to hear it!

Thanks!
Amy

 

[JimMIA]

Have you checked with the issuing bank and ensured that the check has not, in fact, been deposited? If it has, you just have a minor administrative oversight on your hands that should be easy to resolve, probably caused by someone just misplacing a file. You'll just need a copy of the front and back of the check and Timeshare Closing will have to honor it if it was deposited in their account.

 

[Alexander]

All I can offer is that you need to be very, very firm and make it clear that this is THEIR problem and not yours! If the documents were signed for, your butt is covered. If they refuse, I would honestly let them know the next contact from you will be through your attorney. They have dropped the ball on this one and you should not have to worry about anything. I am really disgusted to hear that Jason told you "this happens sometimes." It sounds like it's happened frequently. This should be an extremely rare occurrance! Best wishes to you! I hope they get things straightened out for you!

 

[amyah]

Hi,

Unfortunately the check has not cleared the issuing bank and Timeshare Closing does not have any record that a deposit was made. From our understanding, the package with our closing docs and check was delivered, signed for, but then lost before anything was processed. I'm at a loss as to how this can happen, but I'm trying to be patient and understanding...

The bank manager has already left for the day (only works 9:00-3:00 apparently) so we won't learn any more on the whole affidavit thing until the morning...

Any other avenues to explore?

Amy

 

[kathleena]

I agree with Alexander on this one. This is totally unacceptable for them not to accomodate you.

The package delivery was accepted and they lost it. This is their problem to front your money and wait for the bank to replace the check. If they refuse then you should tell them you will place a call to your attorney.

You should also tell them you will post it to the DIS board that it does not matter if the TTS signs for your documents - they will not provide support when they lose them!

 

[amyah]

Alexander,

Thank you for your reply. It's comforting to know I'm not the only who thinks this shouldn't be our problem. We did everything on our end that we could have done and because of their mistake we're having to deal with a much larger headache! I'm hopeful things will get resolved swiftly and without having to get attorneys involved, but still it has really put a damper on this whole resale process. This is our first DVC contract and I can't help but feel a little let down as we were so looking forward to booking our trip. Anyways, hopefully we'll learn some good news in the morning.

Also, I don't want anyone to think Jason or anyone at The Timeshare Store has done anything wrong. Everything on their end was running along just fine and Pat was extremely helpful. Jason's response was a little disappointing, but in all honesty I don't know what he could do in his position since it was Timeshare Closing Services who dropped the ball, not The Timeshare Store.

Thanks again,
Amy

 

[amyah]

Hi again,

Just to be clear, it was not The Timeshare Store who lost our package, but rather Timeshare Closing Services (why do their names have to be so similar?!). Anyways, so far what Timeshare Closing Services has offered to us is the following:

1. Absorb the costs of stop payment on first check, fee for issue of second check, fee for FedEx delivery

2. A credit of $50 on our closing services (it is unclear whether this is in addition to them absorbing those costs listed above; we'll have to front those fees so I don't know if we'll be reimbursed for those separately or if we'll just see the credit of $50 on our closing services)

3. Waive the $45 expedited service fee

If we could get through this process with them fronting the check until the 90-period is over and we could have another check re-issued, we'd be fine with that. But so far they haven't even offered that solution.

We'll see what happens next...

Thanks,
Amy

 

[JimMIA]

Hi again,

Just to be clear, it was not The Timeshare Store who lost our package, but rather Timeshare Closing Services (why do their names have to be so similar?!). Anyways, so far what Timeshare Closing Services has offered to us is the following:

1. Absorb the costs of stop payment on first check, fee for issue of second check, fee for FedEx delivery

2. A credit of $50 on our closing services (it is unclear whether this is in addition to them absorbing those costs listed above; we'll have to front those fees so I don't know if we'll be reimbursed for those separately or if we'll just see the credit of $50 on our closing services)

3. Waive the $45 expedited service fee

If we could get through this process with them fronting the check until the 90-period is over and we could have another check re-issued, we'd be fine with that. But so far they haven't even offered that solution.

We'll see what happens next...

Thanks,
Amy

OR...waive the ENTIRE closing costs, less the cost of the title insurance!

Absorb your extra costs for their screwup? That's generous of them!

Waive the "expedited service" fee? WHAT expedited service??? All they've done is screw you up and slow you down -- again, quite generous!

$50??? That's sporty!

I am also in the middle of closing with this same company, and I'm sending them an email to be sure they haven't lost my check!

 

[JimMIA]

BTW, Amy. I'd also like to know whether they lost your entire file, or just the paperwork enclosed with the check and the check itself, or only the check. From my PM, you know why I'm asking.

 

[amyah]

So, my husband just got back from the issuing bank and they've agreed to have Timeshare Closing Services sign an affidavit stating they will not cash the original check if it is ever found. They have placed a stop payment on the original check and will re-issue a second check once the affidavit is returned from Timeshare Closing Services.

JimMIA - I believe they didn't lose our entire file, rather just the envelope with our signed closing docs and cashier's check. In fact, after learning of a new policy now in place that requires the person signing for the documents to actually have the document in hand, my husband got the impression they believe they never actually received the package from the post office.

Anyways, after several hours of frustration, it looks like this just may end "happily ever after!"

Thank you to everyone for your responses and support; it's much appreciated!

Take care,
Amy

 

[JimMIA]

JimMIA - I believe they didn't lose our entire file, rather just the envelope with our signed closing docs and cashier's check.

Okay...so if we're dealing with a problem, we're dealing with a stupid problem. A smarter one would have made everything go away.

 

[dis-happy]

FWIW, Timeshare Closing Services gave me enough headaches over two different closings that I would not use them again. I can't imagine what you have been through with this....sorry it happened, glad it is working out finally. Hope your closing gets finished up quickly and you get those Oct. ressies!!!

 

[tjkraz]

Amy,

I'm so sorry to hear that you're having to go through this. Hope everything gets resolved to your satisfaction.

Two suggestions:

1. Before you speak to them again, decide what it is that YOU want them to do and then tell them. If I'm reading correctly, you said in one of your posts that they haven't yet offered to front the money. Don't wait for them to offer. If that's where this is headed in your mind, you gotta be up-front and at least give them the opportunity to take the one action that will give you satisfaction.

2. If they don't give you what you want, let them know that your next call will be to the attorney and if that happens, the gloves are off. Based upon the facts presented, it doesn't sound like your request is unreasonable. Make sure they know that if you need to start paying attorney fees to get this resolved, you will no longer be satsifed just having them advance the money--there will be other damages involved.

I don't think you need to be any more specific than that. Realistically, the contract seller is absolutely not going to wait 90 days for the closing to occur. Your attorney could give you better advice on what other damages you might be able to claim if it comes to that. My guess is you'd have a pretty good case.

Keep us posted.

 

[dianeschlicht]

I mentioned this to my DH last night, and he thought at the very least the closing service is on the hook for the money! He feels a well written letter by an attorney stating that will "find" the check and documents more quickly!

 

[cbjl]

FWIW, Timeshare Closing Services gave me enough headaches over two different closings that I would not use them again. I can't imagine what you have been through with this....sorry it happened, glad it is working out finally. Hope your closing gets finished up quickly and you get those Oct. ressies!!!

They were also the company that messed up our closing, and we would never work with them again either.
I'm starting to wonder WHY ON EARTH the Timeshare Store does business with them - there have to be many, many other companies to choose from. Why choose a company that has been known to cause headaches and problems for your customers?
I know that if we ever buy another resale, I will ask the agent who the closing company is before putting in an offer.

 

[dis-happy]

Why on earth? With the similarities in name, I had assumed that they were companion businesses. There might be some cross over on the fee structure as well, but that is just speculation.

On the one hand, with the closeness of the companies, there should be a better flow of contracts and competentcy during the closing process. On the other hand, if the people there aren't keeping up very well and making serious errors (maybe they have just too much business), then free market conditions prevail.

As the purchaser of a contract, YOU get to make the final decision on who handles closing for you. However, it takes research, and most people don't give it a second thought. I found out the same thing here when purchasing houses in the city we live in. It seems like every agent in the city says to use xxx closing agent. Well, xxx closing agent is very expensive--more so than my (excellent) DC attorneys were when we lived there. When I pushed for more choices, I ended up with a wonderful closing agent and saved a ton on fees and needless to say, I recommend her to others.

So, buyer beware and do your research. I know that people have posted the names of other closing companies in the past.

 

[cbjl]

It hadn't occurred to me that they might be "companion businesses," but I can see how that could explain a lot.
I just figured that many businesses working with timeshares might have the word timeshare in their name. We did a prior resale with another broker & a different closing agent & both had "timeshare" in their names (very smooth transaction.)

Still, I would think that if a broker wants to continue to receive positive recommendations by clients that they would either encourage "reform" at a company with a history of problems, or choose a different closing company.

 

[dis-happy]

You know, I could be TOTALLY wrong on that; like I said, I just looked at the names and made an assumption. I suppose one could look up the owners on record and find out. At the very least, I would not be suprised if there were some sort of referral fee paid out between the two--the thought never really bothered me, as it is a common way of doing business and serving clients. But if there are problems with this closing company, it would be nice to be offered some other choices up front.