Posted by Charm_AL on 3/29/06 8:46am
Msg #109284

I've got a first!...

I'm doing a time share purchase tonight...anyone ever do one? 40 pages...Isn't that where you go on a mini vacation and they try to strong arm sell you? Reminds me of the movie Dirty Rotten Scoundrels

Reply by Ilona_OH on 3/29/06 8:50am
Msg #109286

Let us know what they

entail . Anything different or weird besides the people signing! Some of those vacation things are to purchase land or condos also. I'll have a private island with maid service if you please! Lots of pretty birds in the trees that sway ever so gently in the soft warm breezes.Opps! Back to earth!

Reply by LauraV on 3/29/06 8:58am
Msg #109290

I do lots of those

They are easier than the easiest heloc.

Just watch the DOT/Mortgage for odd places to initial.

I like these appointments. Clients are usually happy to be buying a "vacation home." They haven't been put through the ringer by some lying LO.

I use my embosser as well as stamp if the timeshare is located outside the US.

Reply by ColleenCA on 3/29/06 9:00am
Msg #109296

Re: I do lots of those

Would you mind sharing which company that you obtain these through? You can email me if you prefer. Thanks!

Reply by LauraV on 3/29/06 2:26pm
Msg #109456

Re: I do lots of those

No company. The purchasers always call me.

More than half of my monthly notary income is non-loan work.

My marketing is more focused on non-loan work than loan work.

Paid on the spot, no edocs, no FedEx. Love it.

Reply by Dorothy_MI on 3/29/06 9:23am
Msg #109313

Do every one I'm offered

Very fast and easy and pay is pretty good too! Usually only one or two notarizations.

Reply by BetsyMI on 3/29/06 9:00am
Msg #109294

I attended one of these time share meetings and if you purchase the time share weeks through them, the finance charge is astronomical. So they suggest that you get a home equity loan elsewhere which would be at a much lower finance charge. I assume that's what you've got. Should be pretty simple, I would think. Let us know.

Reply by cfwMI on 3/29/06 9:07am
Msg #109301

I did one a couple of months ago. Easiest closing I ever did. Only about 20 pages, borrower had the package, I did was notarize and ship. Took about 1/2 hour.

Reply by Charm_AL on 3/29/06 9:13am
Msg #109307

I'd like to look at this more closely. The rate is 9.9 and $505. maintenance a month, so how often do they get to use it? Two weeks a year and do they have to reserve far in advance?
I could use one of these condos on an island somewhere, interesting.

Reply by kkdmiddleton on 3/29/06 9:21am
Msg #109309

My mother-in-law has one. She has it in San Destin FL

then she can trade anywhere in the US. They just went to Hawaii for a week not to long ago. The hubby and I were looking into it.

Reply by Charm_AL on 3/29/06 9:29am
Msg #109318

Re: My mother-in-law has one. She has it in San Destin FL

wow, trade it? So if it's Hilton thing you an go to any of them? That sounds good, I wonder what the down side is

Reply by BetsyMI on 3/29/06 9:33am
Msg #109325

Re: My mother-in-law has one. She has it in San Destin FL

My sister has one with Marriott and they love it. Haven't heard of a down side yet.

This is going to be one long closing for you tonight Charm. Because you're going to hear all about it from your enthusiastic borrowers when you ask them about it. Have fun!

Reply by Charm_AL on 3/29/06 9:35am
Msg #109328

Re: My mother-in-law has one. She has it in San Destin FL

great! But I'm in the mood to listen since I haven't heard a negative yet. I'm still trying to figure out what the heck it is, exactly. I have a friend that has a time share in Mexico, but never thought to question it. Onto surfing.

Reply by BetsyMI on 3/29/06 9:31am
Msg #109321

Re: My mother-in-law has one. She has it in San Destin FL

They are usually for one week or two, depending on how much they want to spend, and it's for 20 or 30 years. I found it very appealing when I listened to the "shpiel" but just didn't have the extra cash per month even though it would save thousands on vacations for the next 20 years. The one I went to had to be decided on that night. It was a one shot deal, and I can't go back again if I decide I want it later. It's filed with the government as a "one shot deal".

Reply by SarahBeth_CA on 3/29/06 9:51am
Msg #109333

Re: My mother-in-law has one. She has it in San Destin FL

I've been to the one shot deal presentation before. They do know how to present a what seems like a logical reason to get a timeshare. But the catch was the interest rate was enormous. What got me about the presentation I went to was that it was in Vegas and you know how many people are quite drunk when going to those presentations. I'm sure that most of them shouldn't be signing anything more than a dinner bill. I was wondering who it was that was signing these drunks. It could be 8am in Vegas and you could find plenty of drunk people in any given casino. I know I've had at least one drink by 1pm when we go. And believe it or not I can go to Vegas for 4 days on less than two months payments and have a great time. Downtown Saturday night street party rocks. Personally I prefer a hotel room in the center of the area I want to be with full maid service not some condo off the beaten path. Now if they got a timeshare that had the High Roller Villa at the Green Valley Resort as on of the choices I would start reconsidering. Ok so at least when I went to the presentation we got some show tickets out of it. A show I wouldn't even have thought about going to and we totally enjoyed it.

Oh thanks alot Charm now I've got the Vegas bug in me bad. The Star Trek Experience is so cool.

Reply by Marie_MN on 3/29/06 10:31am
Msg #109352

Re: My mother-in-law has one. She has it in San Destin FL

A time share is a great idea IF you use them. We own 2 weeks in Kissimee, FL and we love the resort we own at. We haven't used it in about 4 years and still pay the maintenance fee each year if you use it or not. The one we own, is ours forever and it goes to our children when we are gone. When you want to trade to another resort, you have to do that atleast 6 months in advance so there is some advance planning of vacations involved here. We are getting back to using (trading) this year and have booked 2 different places this year. Any questions, feel free to ask since I own and know the in's and out's of the time share deal.

Reply by eXpedN_TX on 3/29/06 10:40am
Msg #109355

Re: My mother-in-law has one. She has it in San Destin FL

Some time shares are not restricted to one place. Blue Green has a great program where you can go many places. A friend of mine purchased it through a tour of a facility in the Orlnado area. The RTC was for 10 days instead of 3.

If it weren't for the fact that I have lots of miles saved up on American and tons of Marriott points, I would consider a Blue Green timeshare myself. But not worth it if you don't use it.

Let us know how things go.

Reply by KathiAZ on 3/29/06 11:00am
Msg #109365

I have one.

In Cabo San Lucas, it is only for 30 years, every other year. I thought about upgrading but was not sure if I wanted to go every year and in perpertuity for another 5,800.....

But I love the resort, we shop and Costco and take ther rent a car all over the place.

Reply by BetsyMI on 3/29/06 11:14am
Msg #109370

Re: I have one.

It sounds like a great idea...keeping hotel costs stable for 30 years, but people seem to forget that they still need to pop for the airfare every year, plus cabs, shuttles, food, spending on whatever. It all adds up. If you can do the "every other year" concept you'd have more chance of using it.

Reply by droman_IL on 3/29/06 11:14am
Msg #109371

Re: I have one as well

It's owned property - deeded and the whole nine yards- can pass it on to my children as well. Ours is a 3 bedroom lockoff which means we can use the entire three bedrooms every other year or we can use a 2bedroom part one year and the 1 bedroom part the next year. If we use every year, we pay T&M every year. If we use every other, then we pay T&M every other. Right now my teens love going to FL every other year, but as they grow up and leave the next, we can switch to other locations worldwide. Best reason to have it besides always having a vacation spot in FL? The tax write off of all the interest! Definitely would recommend for someone to do if they could swing the monthly payment.

Reply by RickinVA on 3/29/06 3:37pm
Msg #109470

Re: I have one.

Someone above asked about the downside. I'm not the sharpest nail in the box, but here is my thought. Someone correct me if I'm wrong...
You pay as agreed, for ever (or 30 years, whichever is less)
maintenance NEVER goes down, only up
When the complex looks worn and nasty, the management (Homeower board, or whatever) has the right to access everyone for the fix up/remodel fees. (Think 30K+)
When the kids leave the nest, and get their own obligations, and you decide the travel and hassle at your age is not what you want anymore, What are you gonna do with that thing to get rid of it.
Oh, yeah? Have you checked to see how many T/Ss are for sale at 80% off? In the meantime, you are paying maintenance, which, by the way, has tripled.

Thoughts welcome.

Rick

Reply by BetsyMI on 3/29/06 5:04pm
Msg #109502

Re: I have one.

With Blue Green you don't own any condo in a specific place. The concept is that you own a deed for a "period of time", say a week or two, rather than a deed for a "place".

With their program, you don't actually own a deed to a specific property anywhere although the deed by law has to state a city where the property is supposed to be, but you never have to set foot in that city. So with their concept, the property is not going to get worn and nasty. They continually update the properties that they offer.

Other timeshares are with Marriott or Hyatt, properties which also offer regular hotel nights to other customers, and those are continually renovated, or just torn down and rebuilt.

In addition the maintenance fee is relatively low. Consider that you might spend $200 a night now in Hawaii, which could be $2000 a night 20 years from now.

Anyone interested should sit in on a presentation for a reputable company. It's compelling.