Seller used points AFTER estoppel

[Minniesgal]

I did not ask to start negotiating. In fact, I had been pestering for the cancellation addendum. I do understand why negotiating is easier though and if the sellers were willing to offer fair compensation, I think everyone would be better off. (Including the sellers.. They will pay more in closing costs and commission and then still have their unsold timeshare than they would have needed to pay me to sign the waiver. It seems they are dug in on the point that I paid for the timeshare (although the banked points were explicitly named in the contract) and they view the points as free.)

Actually thinking about this in the cold light of day you might actually be better off if the sellers pay you a compensation per point.

If I read you correctly these were points that would have expired 2 months from closing, your chances of renting these were low, your chances of renting these at a high rate were even lower.

So if you manage to negotiate with the sellers that you get $15 per point or even $10 per point you are probably ahead of where you would have been if this had not happened.

Just make sure with the title company that they pay you that compensation out of the escrow and don't leave you chasing for it.

 

[MouseOfCards]

For direct the points are available for use the day you pay the deposit i.e. before deed recording

Thanks. Yep, big difference between direct (points available to buyer before deed recording) and resale (points available to buyer weeks after deed recording).

Actually thinking about this in the cold light of day you might actually be better off if the sellers pay you a compensation per point.

If I read you correctly these were points that would have expired 2 months from closing, your chances of renting these were low, your chances of renting these at a high rate were even lower.

So if you manage to negotiate with the sellers that you get $15 per point or even $10 per point you are probably ahead of where you would have been if this had not happened.

Just make sure with the title company that they pay you that compensation out of the escrow and don't leave you chasing for it.

Agree that this is probably the easiest and quickest resolution to pursue, and especially that the compensation should come from sellers funds in escrow.

 

[zavandor]

I think it's time to give the realtor an ultimatum: the seller accepts compensate you with $3000 to be taken out of the funds in escrow or you will cancel the deal and leave the seller to sort out all the expenses. Give him a reasonable date for the seller to accept either choice (maybe end next week?) and then if the realtor doesn't act, you'll do everything in your power to get a compensation from him for not acting.

 

[Cyberc1978]

In the light of these events I contacted my closing company and broker. Wanted to know when the funds are being released to the seller.

According to them, the funds are released to the seller when two things has been fulfilled: 1. Seller returns the closing documents signed. 2. buyer wires the funds.

I could actually end up in the same issue. I therefore asked the broker and closing company to make sure the funds are not released until the points acutally transfers to me within the DVC system.

According to them they have never had any issues like this (I assume they all say the same.)

 

[MouseOfCards]

It was called Timeshare Broker Services. They sell timeshares, but do not specialize in Disney. I think there are some that do specialize in Disney, and it was not one of those if that's what you meant.

Was curious to see what listings they had and was surprised to find these reviews:
http://www.reviewstalk.com/complaints-reviews/timeshare-broker-services-l32423.html
http://www.redweek.com/forums/messages?thread_id=15263
http://www.ripoffreport.com/reports/directory/timeshare-broker-services

Do you know if they refer to the same company?

 

[supersnoop]

They are now saying there must be a 90 day waiting period before receiving a refund since the deed had already been recorded. I don't understand why and they won't give any more information.

Call BS on that. It's time to spend some money having a lawyer write them a letter. One last message, "I have an appointment with my attorney on Friday, do you think we can get this sorted out before then?" might help. But follow through.

 

[mustinjourney]

has the seller offered any money back for the transferred points?

Have you called the local police where the seller lives?

I'd bet if the police show up at his door, he might be willing to negotiate.

 

[mustinjourney]

How much money is in escrow?

 

[Brian Noble]

If your realtor, who is supposed to be working for you

In general, the listing broker works for the seller, not the buyer.

 

[CarolMN]

In general, the listing broker works for the seller, not the buyer.

My understanding is that in Florida, most brokers are "transactional" brokers. From the Florida statutes:

"A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent".

475.278 Authorized brokerage relationships; presumption of transaction brokerage; required disclosures.

 

[CaterFamily]

My understanding is that in Florida, most brokers are "transactional" brokers. From the Florida statutes:

"A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent".

475.278 Authorized brokerage relationships; presumption of transaction brokerage; required disclosures.

Heck, by this thread we can certainly see that! Seems that the OP is definitely getting one heck of a "look at my right hand while my left picks your pocket" show.

 

[andrea7884]

Was curious to see what listings they had and was surprised to find these reviews:
http://www.reviewstalk.com/complaints-reviews/timeshare-broker-services-l32423.html
http://www.redweek.com/forums/messages?thread_id=15263
http://www.ripoffreport.com/reports/directory/timeshare-broker-services

Do you know if they refer to the same company?

Ugh! I think that is the same company, although I do not recognize any names. I do know that the deed is filed in our name though, verified by the county website, so at least it's not a total scam. But it sounds like processing the cancellation might take some effort.

 

[andrea7884]

How much money is in escrow?

About $20k

 

[longboard55]

Police will tell you its a civil matter and will not get involved. Your best bet is escrow and the broker, tell them they made a big mistake and they need to fix it.

 

[piccolopat]

You might consider contacting the Florida Attorney General's office. They have a whole section on their website on timeshare resale fraud, some of which may apply here.

 

[Minniesgal]

In the light of these events I contacted my closing company and broker. Wanted to know when the funds are being released to the seller.

According to them, the funds are released to the seller when two things has been fulfilled: 1. Seller returns the closing documents signed. 2. buyer wires the funds.

I could actually end up in the same issue. I therefore asked the broker and closing company to make sure the funds are not released until the points acutally transfers to me within the DVC system.

According to them they have never had any issues like this (I assume they all say the same.)

Closing company is correct when I sold cash was in my bank account about 3 weeks before disney took the points from me.

 

[mousehockey37]

Hey OP, have you seen this?

You can enter a complaint against your broker Richard Cusani. On here are some important things you may need to know to go after him, if you should choose to do so: https://www.myfloridalicense.com/LicenseDetail.asp?SID=&id=4A04B0D3F4CE08A6639937B409EB1D78

 

[LoriKutchey]

Any updates on this saga?

 

[mustinjourney]

Hey OP, have you seen this?

You can enter a complaint against your broker Richard Cusani. On here are some important things you may need to know to go after him, if you should choose to do so: https://www.myfloridalicense.com/LicenseDetail.asp?SID=&id=4A04B0D3F4CE08A6639937B409EB1D78

I'm not sure how the broker is at fault here.

In order from greatest to least at fault, the parties are as follows:

1) seller,
2) Disney (for not putting the account on pause following ROFR),
3) title company for not refunding money,
4) broker,
5) buyer.

The broker can't force anyone to do anything in this situation. The only thing they can do is to try and advise everyone of their rights and obligations, but as far as forcing someone to do something -- they have no power to do anything.

 

[robinb]

I'm not sure how the broker is at fault here.

In order from greatest to least at fault, the parties are as follows:

1) seller,
2) Disney (for not putting the account on pause following ROFR),
3) title company for not refunding money,
4) broker,
5) buyer.

The broker can't force anyone to do anything in this situation. The only thing they can do is to try and advise everyone of their rights and obligations, but as far as forcing someone to do something -- they have no power to do anything.

Maybe I'm wrong, but doesn't the broker start the process of cancelling the sale due to the addendum? They are tap dancing instead.