HH closing cost differences?

[stocker1042]

I thought what I found to be a really nice add on 30 point contract at HH island.

The salesperson told me that closing costs on SC properties is double that of FL properties. In other words, instead of being the usual $400 or so as they are on most every other DVC closing, the costs on this contract would be double for a full search-$800.

Anyone else ever ran into this situation?

 

[tammymacb]

Per SC law, property sold in SC must be closed by the state of SC. So, while there are many timeshare closing services in Florida, closing on HHI properties take place in private attorney offices in Hilton Head and Bluffton.

 

[Homemom]

I just found out it's the same for California. I was looking at a VGC property (still trying after Disney ROFR'd mine last month) and was told it would be $600-700.

 

[csharpwv]

When we closed on our HHI points just a few months ago the closing costs ended up being less than what they were quoted to us originally. Don't get me wrong, not MUCH lower, but a little lower.

The PP's are correct - laws vary from state to state in how fractional ownership real estate transactions occur. SC is a state where there are no closing services - it is all done through attorneys and the local government.

However, after doing some research in the process of our closing - I found that there are a few attorney owned and managed closing services that are approved to do fractional ownership closings without full attorney presence, just supervision.

Always remember - as the BUYER you have the right to choose your closing agent. You are paying for the service, so you are able to choose the provider. Many people don't realize that, they just use the company/service recommended by the sales agent/real-estate agent.

Shop around - even if your save $75 - that's $75 that you didn't have to spend for the same service! Just make sure they possess the necessary credentials, and are insured!

 

[KAT4DISNEY]

I just found out it's the same for California. I was looking at a VGC property (still trying after Disney ROFR'd mine last month) and was told it would be $600-700.

What size contract? Closing costs vary depending on the contract size and if it were 250-300 points that would be fairly typical for all the FL properties too. I haven't heard of any excessive closing amounts for the CA property both when I bought (direct, but you still see the closing costs on the statement) and when I sold one small contract.

 

[Homemom]

What size contract? Closing costs vary depending on the contract size and if it were 250-300 points that would be fairly typical for all the FL properties too. I haven't heard of any excessive closing amounts for the CA property both when I bought (direct, but you still see the closing costs on the statement) and when I sold one small contract.

100 points

 

[stocker1042]

It will be a 30 point contract.

 

[tammymacb]

It will be a 30 point contract.

You already said it was a 30 point contract. It's still going to cost approx twice as much to close because of the reasons listed above. It's a big con to buying a resale HHI contract.

The best you can do is ask the seller to split closing.

 

[Tall Disney Guy]

We just had an offer accepted at HHI this week. 290 points with $650.00 closing costs. We had been looking at a 440 point contract and the closing costs were the same.

 

[KAT4DISNEY]

100 points

Interesting. TTS lists closing costs of less than that for 250 pt contracts and $850 for a 500 pointer.

 

[Homemom]

Interesting. TTS lists closing costs of less than that for 250 pt contracts and $850 for a 500 pointer.

Yeah, this one's from Fidelity.

 

[stocker1042]

Yes..it really does seem to be a big drawback to buying a small contract at HHI. Kinda makes what seems to be a decent deal...not so decent anymore.

 

[marynvince]

dont believe everything you read bought in feb. 220 pt through timeshare store $350 closing, $10 deed recording, $23.10 HH transfer fee, $35.15 deed state tax, $418.68 total

 

[Dean]

It should be a little more but not double. Most closing companies have someone in state they work through.

 

[tammymacb]

It should be a little more but not double. Most closing companies have someone in state they work through.

Nope, it's close to double. I've bought 3 HHI resale contracts, but all of them were for 150 points, and then I've asked for seller pay/split closing depending on final cost. I've always gotten what I wanted, but you have a way better chance of finding a seller who will work with you when it's 150 points vs 30.

 

[tammymacb]

dont believe everything you read bought in feb. 220 pt through timeshare store $350 closing, $10 deed recording, $23.10 HH transfer fee, $35.15 deed state tax, $418.68 total

Who closed your contract? If I remember TTS still closes HHI contracts with their people in Florida which isn't exactly legal.

 

[Dean]

Nope, it's close to double. I've bought 3 HHI resale contracts, but all of them were for 150 points, and then I've asked for seller pay/split closing depending on final cost. I've always gotten what I wanted, but you have a way better chance of finding a seller who will work with you when it's 150 points vs 30.

You likely used the same firm each time. I think you're assuming that because you paid that much, that all costs are that much. I've bought multiple units on HH (Marriott's) and none of mine were that high even using a full service law office in the area. the companies that specialize in no frills timeshare closings can get you in for HH for less than you paid for Orlando. I don't think I paid that much in closing costs for a full condo on HH.

 

[tammymacb]

You likely used the same firm each time. I think you're assuming that because you paid that much, that all costs are that much. I've bought multiple units on HH (Marriott's) and none of mine were that high even using a full service law office in the area. the companies that specialize in no frills timeshare closings can get you in for HH for less than you paid for Orlando. I don't think I paid that much in closing costs for a full condo on HH.

Nope, I actually used different brokers for a couple of the contracts, and used different attorneys for all of them. ( I specifically remember Bluffton and Hilton Head as a couple of the different offices ). I don't doubt you, I guess I need to look around more if I add on again.

 

[Dean]

Nope, I actually used different brokers for a couple of the contracts, and used different attorneys for all of them. ( I specifically remember Bluffton and Hilton Head as a couple of the different offices ). I don't doubt you, I guess I need to look around more if I add on again.

There was a recent thread on TUG about doing it for $75 plus recording fees and the Marriott transfer fee, so roughly $250 or less out the door. Most brokers won't allow you to use such a closing, they want someone they are used to working with plus often the closing company is tied to the broker and/or they get a kick back for using their services. So while it's not difficult to do a cheaper closing, buying from an established broker will make it difficult to do a cheaper closing.

 

[marynvince]

Who closed your contract? If I remember TTS still closes HHI contracts with their people in Florida which isn't exactly legal.

brought through TTS, closing done in SC