Bargain Section- Taker pulled out very late in the transaction -how would you handle?

[Panina]

After buying and gifting timeshares many times, this is the first time this happened to me when gifting. I am telling the story because I never gave thought to this scenario before and feel it is worth discussing our thoughts and ideas.

I offered one of my timeshare on the Bargain section, with me paying all closing costs, including the estoppel and ownership transfer fee. I had multiple people who wanted it but I went with the first one out of fairness who was a newer member on Tug.

Agreements were signed by both parties many weeks prior, upfront fee was paid to transfer company, estoppel was processed and paid for, I notarized and submitted gift affidavit. We were days away from me signing the deed.

I get an email from the “new owner” that their financial situation has changed and they wanted out because they over extended themselves with too many timeshares buying 3 others in addition to mine.

I let them out of the transaction and I asked for them to pay what I was responsible to pay which at that point was $162 which they did.

Thoughts, anything I could do to make sure I am not in this situation again?

This is now what I added to my Bargain Section listing, not sure it will help.
“Please if you are new to tug, make sure you really want this and can afford it. It is not fair to anyone gifting to take the expense and time to gift this to you and weeks later you decide you don’t want it. Even when reimbursed for expenses, ones time is wasted and another tugger missed out when they wanted it.”

 

[DeniseM]

I don't think there is anything you can do - unless you ask for earnest money, which will probably discourage takers. It's frustrating, but honestly, I think you are lucky that they covered the $162.

 

[dioxide45]

I don't think there is anything you can do - unless you ask for earnest money, which will probably discourage takers. It's frustrating, but honestly, I think you are lucky that they covered the $162.

I agree. Good that the taker made the OP whole. There really isn't much else you can do. Putting additional information in the ad is meaningless. I see stuff like that in Ebay listings all the time and ignore it. No one will think it applies to them. It seems that if the OP had several takers, they could give it away requiring the taker to pay closing costs? This would guaranty you aren't out anything if they back out.

 

[Panina]

I don't think there is anything you can do - unless you ask for earnest money, which will probably discourage takers. It's frustrating, but honestly, I think you are lucky that they covered the $162.

The buyer was a nice person and did right by making me whole but their problem ultimately became my problem which was unfair to me.

 

[Panina]

I agree. Good that the taker made the OP whole. There really isn't much else you can do. Putting additional information in the ad is meaningless. I see stuff like that in Ebay listings all the time and ignore it. No one will think it applies to them. It seems that if the OP had several takers, they could give it away requiring the taker to pay closing costs? This would guaranty you aren't out anything if they back out.

The reason I won’t ask for closing costs ( I never have because of the generosity of tuggers to me) is because I have to sign a gift affidavit or this week can be taken with ROFR. Just want to make it legit.

 

[Fredflintstone]

I don't think there is anything you can do - unless you ask for earnest money, which will probably discourage takers. It's frustrating, but honestly, I think you are lucky that they covered the $162.

Same here. They at least covered your loss of 162. In my mind, just re advert it and I’m sure the next taker will be ok.


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