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Gmac?

DKPerky

DKPerky

TUG Member
Joined
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Location
San Diego
I am going (I hope) to be buying very soon. The selling agent is Michelle Donato through GMAC.

Any thoughts? Has anyone delt with her/GMAC?
 
Beware.

Their normal closing costs (and they usually insist that they control the closing process) range between $800 and $1,000. That's pretty steep compared to the normal $300-$350 for the respected low-cost timeshare closing companies.
 
Also beware of the $1000 fee that is sometimes called marketing fee, sometimes commission.
 
geekette said:
Also beware of the $1000 fee that is sometimes called marketing fee, sometimes commission.
Click to expand...
My understanding is that, for buyers, they now have only the closing costs fee, which is still too high.

To be sure, ask the broker about all of their fees. Please report back and let us know.
 
DKPerky said:
Thanks Dave, they quoted 610 I believe. Anything else?
Click to expand...
$610 is too much - ask if it is possible to find your own title company.
 
I have bought from them previously and there fees at that time were $425, include the resort transfer fee of $25. I recently (within the last month)contacted them about making an offer on a unit with an asking price of $7,950 and below is their list of fees presented to me.

closing costs:
(record new deed) $375
GMAC admin fee: $195
(includes 1 year I.I.)
Marriott transfer fee: $25

My experiences with them have been positive, but they do charge their so called "GMAC Admin Fee". In my experience, they have always been upfront about what their costs are and don't try to hide anything. Also, you can always try to negotiated on Admin fee, but have no idea if they would be willing to reduce that or not.

Gary
 
I'm currently in the process of purchasing through them. They are also very slow with processing and closing. I started back in July and will still havn't finished closing yet. This is partially the sellers fault. I havn't been assesed the $1,000 fee not sure if they bill me that after it's finished. When offering just offer $1,000 less to cover the fee in the deal thats what I did. If I was to do it over I would use timesharwholesalers, inc or plug away on ebay.
 
GMAC the name of the of many, many real estate offices around the country. Can you please list the name of this GMAC office? Is it TimeshareOnly?
 
To my knowledge it is not TSO ... I did not find the TS on TSO but on myresortnetwork.com
 
Bill4728 said:
GMAC the name of the of many, many real estate offices around the country.
Click to expand...
VERY GOOD POINT!!!! It's unfortunate that I associate GMAC with "High Fees" and will have to retrain myself.
 
We are buying through TSO, GMAC, and our closing costs are $895! That includes title insurance, but it is still way out of line, in my opinion. I made the deal with TSO as a set price, that had to include commission.
 
Michelle Donato use to work with GMAC (Timeshares Only) but she now is working at a different GMAC office, not associated with the above. That could be why there was no mention of the 1000.00 commission fee to the buyer.
 
If it is Timesharesonly they told me both the buyer and seller pay a commission fee. As a buyer they wanted $1,000 from me. No way.
 
I received the contract and there is no mention of any commission that I owe .. just the closing cost.
If there was a 1k commission needless to say I would not be buying.
 
I checked my contract also and it dos not mention the $1000. Can they still bill you this if it's not in the contract? The contract only has closing and transfer fees.
 
You can email stating that this is the price you are going to pay, which would include any commission that they might ordinarily charge, then have them acknowledge that email with an answer. It is one way of insuring your price is not inflated by a new fee.
 
If there is no mention of the commision in the contract it is not owed. They can bill until the end of time. All commisions have to be contractual with both the buyer and or the seller. If it isn't there (in the contract) dont worry about it. If you want to be safe you can send the aformentioned e-mail from the last poster.
 
I dealt with GMAC and Michelle about a year ago on a timeshare purchase that was made through Ebay. Once I sent in my downpayment check Michelle was totally unresponsive to any emails and phone calls. I ended up dealing with someone else in the GMAC office who assisted me with the closing. Never got an explanation as to why Michelle stopped responding, I assumed maybe she stopped working there. In any case it was unprofessional. My closing fee was $425 and everything worked out OK.
 
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