Escrow and credit card payment

Hello!

New to Red Week. Looking at purchasing a week from somebody want to make sure I'm protected with my payment. Seller said we'll split escrow could somebody please explain that in simple terms and do most sellers take paypal, does the actual payment go thru Red Week or the seller. Thank you for your time.

kimd276 wrote:

Hello!

New to Red Week. Looking at purchasing a week from somebody want to make sure I'm protected with my payment. Seller said we'll split escrow could somebody please explain that in simple terms and do most sellers take paypal, does the actual payment go thru Red Week or the seller. Thank you for your time.

It's not at all clear to me from your post if this is a transaction directly with an advertising owner or whether it involves a third party, agent or broker or if it is perhaps a RedWeek "Full Service" listing.

If it's an owner-direct transaction, I suggest that you as the buyer attempt to choose (and then pay) a closing entity of your choice. An outfit like LT Transfers in Cleveland, Georgia will handle everything (acquire estoppel letter, prepare new deed, arrange official recording of new deed --- and later notify the resort regarding the ownership change, for under $200 in total). I've used them numerous times, as both seller and buyer. They use a local attorney for the escrow of purchase funds (he charges only $50 for that escrow service). If you are the buyer, it's your money at stake, so don't let the seller attempt to unilaterally dictate the transaction process and / or details.

Just my own personal recommendation, based upon my experience with many private (i.e., no broker or agent involved) transactions as both buyer and seller.

If it's a private transaction and you use a closing company, PayPal is not going to be accepted as a purchase payment option. Same for credit cards, except that closing company might possibly accept a credit card for their services, but certainly not for the actual purchase funds. Closing company will want a check (perhaps even a certified check) to place into the escrow account for the purchase funds while the transaction is in progress. The seller won't receive a dime from those escrowed funds until / unless the transaction is correctly and successfully completed, start to finish (just as it should be).