Due Dilligence on sellers

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Offline mrsmr2

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Due Dilligence on sellers
« on: April 14, 2007, 12:28:17 »
We are keen to get extra points and would like any pointers on what checks/assurances we get from the sellers before purchasing.

A screenshot of the Members area showing current balance, next year's balance, and fee balance plus name, address, and membership number (all details from the My Profile section) would be a good start.

We could also ask for proof of payment of fees - e.g. credit card print, cheque stub, etc.

Proof of outstanding finance is more tricky.

Any other checks that we can employ?

Thanks

Jason & Jan
 



pinkkipper

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Due Dilligence on sellers
« Reply #1 on: April 15, 2007, 23:33:42 »
Well you could contact the resort to see what they say BUT that probably wont show anything relating to the original purchase.

Mavo

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Due Dilligence on sellers
« Reply #2 on: April 16, 2007, 10:52:09 »
quote:
Originally posted by pinkkipper

Well you could contact the resort to see what they say BUT that probably wont show anything relating to the original purchase.



 Points transactions don`t have home resorts. Basically it is the exchange of the points certificate and Sunterra have it sent to them signed and agreed by both parties. Sunterra then look into it to make sure that everything is OK. Once verification by Sunterra has taken place then the monies are released to the seller and the certificate of new ownership is released to the buyer.
 (usually via an escrow agent appointed by the buyer.)

 I have never heard of a transaction going wrong, after completion, if taking place in the manner described above.
 David Allsop the escrow agent active on TST has completed hundreds of exchanges and can be recommended by the moderators on the Sunterra forums.  http://www.escrowagent.co.uk/

Offline mrsmr2

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Due Dilligence on sellers
« Reply #3 on: April 18, 2007, 17:57:52 »
Considering the current state of the company, are we mad to consider buying extra points at this time?

And, could Diamond remove the ability for members to sell points to each other and kill off the cheap points option?

Jason and Jan
 

Mavo

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Due Dilligence on sellers
« Reply #4 on: April 18, 2007, 18:50:18 »
quote:
Originally posted by mrsmr2

Considering the current state of the company, are we mad to consider buying extra points at this time?

And, could Diamond remove the ability for members to sell points to each other and kill off the cheap points option?

Jason and Jan


Hi Jason.
I suppose that Diamond can do whatever they like in the future as they are a private company.
 There are one or two safeguards against them doing anything negative to the members and one is sites such as this. Then of course there is the scourge of the big business cheats, the dreaded California Blog as "refined and fine tuned" by Podesta.

 My advise re buying more points would be to hold on until you find out which way the wind is blowing then, if you decide to buy, do it just before the next years maintenence fees are due. Some people were giving their points away at around early December last year.