Record Speed for Closing Ebay Auction That I Won....but interesting that

[Panina]

I won an ebay auction May 30 and today received a copy of the recorded deed and told they will notify me when it has been confirmed at the resort.

The seller and closing company both handled this transaction fast and quickly responded to all.

Looking at the deed on page 2 it is signed and notarized on April 16 from the sellers. Page one lists the sellers names and our names but with no date.

Never saw this on any of my purchases where the sellers signed prior to my winning bid. I assume that there is a background contract between the seller and owners that allowed this. Just found this interesting.

 

[WinniWoman]

Wow! I never heard of this being this fast! I wouldn't think it would be possible! That's great!

 

[DaveNV]

Could be too, that if Owner signed a Power of Attorney granting Sellers rights to sign, Seller might have signed for the Owner.

I had one like that. And worse, the Notary who approved the signatures was the same person who signed as one of the Owners. Trying to remember their names, but they were one of the big fraud companies who went to jail for their crimes. I don’t own that one anymore, so can’t check. (The name Patricia comes to mind.)

Not saying yours is that way, just that there are similarities.

Dave

 

[Panina]

Could be too, that if Owner signed a Power of Attorney granting Sellers rights to sign, Seller might have signed for the Owner.

I had one like that. And worse, the Notary who approved the signatures was the same person who signed as one of the Owners. Trying to remember their names, but they were one of the big fraud companies who went to jail for their crimes. I don’t own that one anymore, so can’t check. (The name Patricia comes to mind.)

Not saying yours is that way, just that there are similarities.

Dave

The notary was one of the witnesses too but there were two witnesses. Neither were the owner. I feel the seller is reputable so really not worried, just something I noticed.

 

[DaveNV]

The notary was one of the witnesses too but there were two witnesses. Neither were the owner. I feel the seller is reputable so really not worried, just something I noticed.

I'm sure it's all fine. Maybe the Owner was going to be away, and Seller wanted to be sure they'd signed docs that would be filed in their absence. Enjoy the new timeshare!

Dave

 

[BennyBoy00]

I won an ebay auction May 30 and today received a copy of the recorded deed and told they will notify me when it has been confirmed at the resort.

The seller and closing company both handled this transaction fast and quickly responded to all.

Looking at the deed on page 2 it is signed and notarized on April 16 from the sellers. Page one lists the sellers names and our names but with no date.

Never saw this on any of my purchases where the sellers signed prior to my winning bid. I assume that there is a background contract between the seller and owners that allowed this. Just found this interesting.

I bought one from one of the postcard companies where the sellers signed almost 18months prior to my winning bid. Went through ok. I guess they had been trying to unload it for that long before I came through.

 

[Panina]

I bought one from one of the postcard companies where the sellers signed almost 18months prior to my winning bid. Went through ok. I guess they had been trying to unload it for that long before I came through.

The week I got for free I believe could have easily been given away here on Tug.

 

[alexadeparis]

I think they just have them presign, and the front page is merely changed (a word document) when they have a buyer name. I have sellers presign sale documents for real estate all the time. I have changed and reprinted front pages (usually for typos) frequently. It’s convenient, although as you point out, if the company is shady, it’s easier to perpetrate a fraud like that if one were so inclined.

 

[DancingWaters]

Curious Panina, what resort did you get? I just bought another one last week myself as my family is growing so large that I didn’t have enough points. I bought at Bonnet Creek to add to what I already have

 

[theo]

Looking at the deed on page 2 it is signed and notarized on April 16 from the sellers. Page one lists the sellers names and our names but with no date.

Never saw this on any of my purchases where the sellers signed prior to my winning bid. I assume that there is a background contract between the seller and owners that allowed this. Just found this interesting.

In all probability, Power of Attorney was granted to the selling entity (maybe a PCC?) by the actual owners.

I hope that sometime during this particularly speedy transaction process there was either an estoppel or some other independent verification that there were no unpaid fees or liens associated with the ownership.

 

[Roger830]

Three out of 4 of my ebay contracts had been presigned, one about 6 months before theebay auction.

They are in Florida where there is electronic filing, so I had the deed in a few days.

Theo, generally an estoppel is not up-to-date.
My National Harbor contract had points used after the estoppel was issued, so the closing agent had the seller sent me a check rather than reverse the transaction.

 

[theo]

Theo, generally an estoppel is not up-to-date.

A proper estoppel should bear signature of an authorized resort representative (and date of said authorized signature), but I agree with you that an estoppel becomes "old news" immediately after its' issuance; an unscrupulous (or just plain clueless) owner can still muddy the waters by depositing (or using) weeks or points after the estoppel was issued.

 

[Panina]

A proper estoppel should bear signature of an authorized resort representative (and date of said authorized signature), but I agree with you that an estoppel becomes "old news" immediately after its' issuance and that the owner can still play games with depositing (or using) weeks or points after the estoppel was issued.

More important is a reputable seller who has been around a long time, who puts in writing exactly what you are getting and will make good if there is an error.

 

[Panina]

Curious Panina, what resort did you get? I just bought another one last week myself as my family is growing so large that I didn’t have enough points. I bought at Bonnet Creek to add to what I already have

Everyone says how nice Bonnet Creek is. I have never been there, I need to go.

I got an hgvc affiliate platinum week at Plantation Beach Club at Indian River for $1, no additional costs plus got free use this year. I got confirmation today and called the resort to verify all was good and it was.

 

[Saintsfanfl]

Presigning and dating the deed along with a power of attorney is standard procedure with timeshare tradeins. They want the deal done right there without having to go back to the seller, especially in the case of a Timeshare that has actual value, however rare that is.

 

[Saintsfanfl]

Here is a question for a CPA or tax attorney. If you bought and sold a timeshare for investment purposes within a year, but the pre-date put it over a year, is it short term or long term capital gains? My guess is that it is still technically short term but one could easily claim long term. I am thinking the pre-date for the seller and the actual later closing date for the buyer. The seller settled on their trade-in at the earlier date but it was of no consequence for the buyer that flipped the resale.

 

[JohnPaul]

We bought a house in California when my husband was traveling on business. I had a power of attorney for him. In addition to all the places I had to sign for myself I had to sign everywhere for him in the following format:

"John James Smith, Attorney in Fact for William Peter Jones"

Any idea how much you sign to buy a house in California???

 

[silentg]

The week I got for free I believe could have easily been given away here on Tug.

What did you get?

 

[Panina]

What did you get?

HGVC Plantation Beach Club at Indian River Platinum one bedroom. 4800 points. I will be using this week most of the time.