Use credit card for resale purchase?

[julie-o]

I have the cash to pay for the contract, but I'd love to get credit card points if I can. Anyone done this?

 

[aceshigh73]

I think its up to the Title Company the brokers uses.

 

[RichVIII]

They usually allow a deposit to be paid. It is generally part of their fees. Some allow more if you are willing to pay the fees. Disney (Direct) is the only way to put the entire thing on your card as far as I know.

 

[Sandisw]

There are title companies that have raised their limit to $7500. So, depending on the size of the contract, that could be a good chunk.

 

[maui22]

We are in the process of a resale purchase (waiting on ROFR). We are using a title company that allows the $7500 limit @Sandisw mentioned for the very reason of credit card points.

 

[RichVIII]

We are in the process of a resale purchase (waiting on ROFR). We are using a title company that allows the $7500 limit @Sandisw mentioned for the very reason of credit card points.

That is nice! It sure makes it easier on collection of money versus sending certified checks or whatever.

 

[allisonwonderland_]

New here so not 100% sure of the rules…is anyone able to disclose the title company that allows the $7500? I also have held off purchasing another resale because I try to maximize my points. But if there’s a work around, I’m ready to take the plunge!

 

[Sandisw]

New here so not 100% sure of the rules…is anyone able to disclose the title company that allows the $7500? I also have held off purchasing another resale because I try to maximize my points. But if there’s a work around, I’m ready to take the plunge!

I believe Mason Title does and the new title company that Cammy, who left Mason, started also allows it…but I don’t know that name or website link off hand.

 

[kneely58]

I believe Mason Title does and the new title company that Cammy, who left Mason, started also allows it…but I don’t know that name or website link off hand.

DVC Title and Escrow https://www.dvcclosings.com/
I just did a $7,500 credit card deposit with them and my escrow officer's name is Cammy .

 

[Good Ol Gal]

New here so not 100% sure of the rules…is anyone able to disclose the title company that allows the $7500? I also have held off purchasing another resale because I try to maximize my points. But if there’s a work around, I’m ready to take the plunge!

Mason Title does. We've used them twice this summer

 

[maui22]

DVC Title and Escrow https://www.dvcclosings.com/
I just did a $7,500 credit card deposit with them and my escrow officer's name is Cammy .

This is who we are in the process with. Supposedly they are faster than the other option we were given ($2500 cc limit for other company).

 

[Frederic Civish]

It costs the Title company a small amount it you use a Credit Card. Typically a minimum of 1.5% and often up to 3%. That is a large chunk of what they would make on commissions, so very few companies will let you use Credit Cards for such purposes, UNLESS they turn around and charge YOU the extra fee. But, maybe you can find someone. It never hurts to ask.

However, also keep in mind that, with such a large purchase, unless your credit card company does NOT charge you interest if you pay it off immediately (like within 25 days), then you will pay at least a month or two of interest. And if your credit card has an interest rate of 16% (which is pretty common nowadays), then even if you pay it off within 1 month, you will still end up paying more than 1% in interest. I don't know how many 'credit card points' you get for using it to buy Real Estate, but probably only 1%. SOOoooo, it probably will cost you less if you just pay cash and then you take that 1% that you are saving, and and pay it to yourself and put it into a bank account.

 

[DigitalOlli]

I have the cash to pay for the contract, but I'd love to get credit card points if I can. Anyone done this?

we used 7500 usd as the deposit on our amex card

 

[DigitalOlli]

New here so not 100% sure of the rules…is anyone able to disclose the title company that allows the $7500? I also have held off purchasing another resale because I try to maximize my points. But if there’s a work around, I’m ready to take the plunge!

we used dvc title and escrow and can put 7500 usd on our card

 

[Cfabar1]

However, also keep in mind that, with such a large purchase, unless your credit card company does NOT charge you interest if you pay it off immediately (like within 25 days), then you will pay at least a month or two of interest. And if your credit card has an interest rate of 16% (which is pretty common nowadays), then even if you pay it off within 1 month, you will still end up paying more than 1% in interest. I don't know how many 'credit card points' you get for using it to buy Real Estate, but probably only 1%. SOOoooo, it probably will cost you less if you just pay cash and then you take that 1% that you are saving, and and pay it to yourself and put it into a bank account.

I'm not sure I follow you. In my experience if I put something on my card like this:

March 1 - previous statement closes
March 2 - Charge $10,000
April 1 - Statement with $10,000 charge closes/posts
April 20 - Pay bill in full

I am not charged interest. Maybe that's what you're saying as well?

 

[holyrita]

What are the closing costs using DVC Title and Escrow and how does it compare to other available title companies? Does DVC Title and Escrow charge more for a $7,500 credit card deposit than a smaller deposit amount?

 

[Jimmy Geppetto]

What are the closing costs using DVC Title and Escrow and how does it compare to other available title companies? Does DVC Title and Escrow charge more for a $7,500 credit card deposit than a smaller deposit amount?

They are in line with what Mason charges and they are lower than what Magic Vacation title charges.

 

[jess2022]

We worked with Cammy and we’re able to do 7500 on our cc without fees. Then we did the math of the credit card fee v the cash back reward. In our case the cash back was greater than the cc fee from the title company so we put the whole thing on. (It was a smaller contract and we had cash on hand.) So definitely run all the numbers to see what makes the most sense.

 

[holyrita]

We worked with Cammy and we’re able to do 7500 on our cc without fees. Then we did the math of the credit card fee v the cash back reward. In our case the cash back was greater than the cc fee from the title company so we put the whole thing on. (It was a smaller contract and we had cash on hand.) So definitely run all the numbers to see what makes the most sense.

A clarifying question- you said you did $7500 on your CC without fees but then say you did the math of the CC fee? Can you please tell me what the CC fee was?

 

[jess2022]

A clarifying question- you said you did $7500 on your CC without fees but then say you did the math of the CC fee? Can you please tell me what the CC fee was?

I believe the fee was around 3% over $7500. You can ask your title agent for an exact amount. We had a card paying 5% back at the time so it made sense. It often won't but I was just mentioning it's worth looking at your rewards vs the fee and seeing if it does.