Resort gave us the wrong info on a week we were buying and closing ourselves,

[rickandcindy23]

so now the seller does not want to work with us. We were trying to do our due diligence, by calling the resort to make sure MF's were up-to-date, future assessments, impending increases in MF's, transfer fees, and trading power (and trading company) of a week at the resort.

We understood that we were getting an every year week. The goofy woman on the phone at the resort was looking at another week that these people own and told us it is an EOY. So now the sellers are angry (because we wanted to verify our information ), and told us to go to a Realtor to buy a week, for a higher price.

I am pretty upset that we got someone on the phone that was not sure of the information she was giving us, but even more surprised that because their resort gave us this information, the deal is off.

What should we do from here?

 

[timeos2]

Do you already have a signed deal with a deposit paid awaiting the closing process or are you still in the acceptance phase? If the first you demand the performance or get damages. If the second tell them to find another buyer and wait for the call in a month or so offering to accept your deal when they find out buyers don't come around everyday.

 

[rickandcindy23]

I had already typed the deed and was getting ready to send overnight mail, then Rick wanted to ask further questions of the resort, so we called and got this woman on the phone that was not looking in the right place.

I wanted to get this deal done pronto, so that we could deposit the week into our II account. It is a 4th of July week, so time was not on our side.

The seller is not answering my calls or emails, so I guess the deal really is officially off.

 

[JeffV]

Did you ask the sellers permission to do the checking? If not, I can understand his position.

 

[BocaBum99]

Cindy,

In the future, the best way to verify the information you are seeking is through an estoppel. This way, you get all of the required information in writing from the resort. Also, didn't you get a copy of the warranty deed ahead of time? It should have stated whether or not it was EY or EOY.

You do need to get written authorization from the owner to get an estoppel returned to you. I think this document is way more important than title insurance.

 

[hibbert6]

Cindy,

In the future, the best way to verify the information you are seeking is through an estoppel...
You do need to get written authorization from the owner to get an estoppel returned to you. I think this document is way more important than title insurance.

Exactly how does one go about obtaining an estoppel?

Dave

 

[cluemeister]

Re: Estoppel

We had our timeshare closing company send one to the resort. The resort filled out the information, signed it, and faxed it to me. It's just a one page document. Perhaps you can find a copy on the web.

I think I paid $25.

 

[rickandcindy23]

Boca--We don't have the warranty deed.

This is the week that I spoke to you about on Timeshare Forums private messaging.

The seller is still perturbed at me for not trusting her (she is a TUG member). We had a nice, friendly relationship before this. We are going to go through with the deal because we want the week and she wants to sell it. We are only doing a Quitclaim deed. All I have to work with is a Quitclaim deed because that is the only deed the seller sent me. She bought the week from someone else that way, a few months ago.

I sent a copy of the Quitclaim deed to the county recorder to make sure our deed was going to be okay. Two Quitclaims in a row may be a problem. I think I am going to call the county before sending this information and the cashier's check in the mail.

 

[grupp]

I don't understand why anyone would be upset that you contacted the resort to verify the information. When I have sold timeshares I encourage potential buyers to contact the resort if they have any questions, it is just part of the process of making sure you are know what you are getting.

It is unfortunate you received some bad information, but the seller needs to lighten up.

Gary

 

[rickandcindy23]

Whew, I am glad this is settled.....

Everything is going to be okay. We are sending the check today.