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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 37044
Experience:  Texas Attorney for 30 years dealing in real estate
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I have an offer via email to sell my timeshare at Peppertree

Customer Question

I have an offer via email to sell my timeshare at Peppertree villas at Atlantic beach ,N C. The offer is from ***** *****.ph***-***-****. He is a rep from Mission Resort Sales, ph***-***-****. I have to pay upfront some legal fees of $150 ,like Title search,etc. The money is to be wired by Western Union. The offer, if legit, is satisfactory and I would really like to sell this property but I was previously burned by another Timeshare sales.
I can email the offer to you. there is supposedly a buyer(signed) with a deposit of $3500. Is this a scam or is it legit?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Ray replied 5 months ago.

Hi and welcome to JA. Ray here to help you today.

Can you post it here or attach it so I may review, thanks

Expert:  Ray replied 5 months ago.

Mission Point

Physical Address:
One Lakeshore Drive
Mackinac Island, Michigan 49757

Mailing Address:***** P.O. Box 430
Mackinac Island, Michigan 49757

Reservations:(###) ###-####br />General Inquiries:(###) ###-####/p>

*****@******.***

I am assuming this is the business we are talking about?

Expert:  Ray replied 5 months ago.

This changed hands in the last 2 years or so, guy from Texas bought it.

http://www.mlive.com/business/west-michigan/index.ssf/2014/12/mackinac_islands_mission_point.html

Expert:  Ray replied 5 months ago.

This is a legitimate company , if you want to sell it this would be one option to do so.

Expert:  Ray replied 5 months ago.

You can donate it , there are fees here too you may want to shop them

https://www.donateforacause.org/

Thanks again for the chance to help , if you post the document, be happy to review it.

Expert:  Ray replied 5 months ago.

A+ rated

http://www.bbb.org/detroit/business-reviews/resorts/mission-point-resort-in-mackinac-island-mi-22000531

I found no problems with these guys have high ratings with BBB and no complaints.Thats about as good as it gets.

Expert:  J. Warren replied 5 months ago.

An appraisal will be affected by the conditions you describe. Some lenders may require that the led paint be removed and repainted before an appraisal may be submitted. However not all lenders will require this. It certainly does not make the property worthless but will be some adjustment in appraised value. It is difficult to put a percentage but you unlikely will appraise at the value of the homes in good shape (typically 10-25%).

A thing to consider is to deal with a small community bank or lender such as a credit union in which you can talk to an actual underwriter/loan officer and discuss what your plans are for the property. This gives the lender an ability to explore options such as a HELOC for improvement purposes then a refinance after the exterior is repaired. This way the improvements can be completed which will increase any future appraisal.

The fact you intend to move into the property and make it your permanent residence is considered for a loan. The fact you have a renter in the property does not mean you would only qualify for an investment property loan.

All my best and encouragement. Thank you for allowing me to help you with your questions. I have done my best to provide information which truthfully addresses your question. Please note: If I tell you simply what you wish to hear, this would be unfair to you. I need to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time.

Expert:  J. Warren replied 5 months ago.

PLEASE IGNORE POST BY JWARREN, COMPUTER SWITCH ME TO WRONG QUESTION.

Expert:  Ray replied 5 months ago.

Sorry for the overpost, let me know if you have more follow up or want me to review the letter.Thanks.

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