View Full Version : Buying a resale at OKW
02-04-2001, 05:18 AM
We just put a deposit down on a resale at OKW. The use year is March. The documents from the resale agent said that closing takes 4 to 5 weeks. We are very anxious to book for the spring and summer. Is there anyway that we can speed up the closing or book prior to the closing? If not are we going to have difficulty booking for the spring and summer?
02-04-2001, 05:31 AM
First, let me congratulate you on your wisdom in buying OKW.
I believe that their is a expedited closing option which costs around $100, this pays for overnighting documents to and fro instead ofregular mail.
At this point, OKW is so large and the members have owned for a long time, many had free park passes that kept us tied to WDW like golden handcuffs. Now that the passes are over, OKW owners are venturing out to other places. At this point, unless you are looking for a Grand Villa or a studio, I would expect no trouble at all. Grand Villas go first follwed by studios. Even a studio will probably be ok.
"From each according to his ability, to each according to his needs", Karl Marx, pretty sick, huh?
02-04-2001, 06:44 AM
Depending on who you purchased your resale from, the expedited closing can be very reasonable. We purchased from the Timeshare Store and the closing company that they use (I believe it is Timeshare Closing Services) only charged me $35 for the expedited closing. It only took 11 days for us to close, which was incredibly fast, considering that our seller lived in Marrakesh (I'm not kidding).
Also, if when you book you let MS know that this will be your first trip they will do whatever they can to accomodate you. There were no 1 bedrooms left for the full week that we wanted anywhere, but they did find that a 1 bedroom was available for 2 days at the beginning of our trip and 3 days at the end, and a studio was availabe for the other 2 at BWV (we own at OKW). We took it and were put on the waiting list for the 1 bedroom for the middle 2 days. Within weeks we had our 1 bedroom for the entire trip.
If you are flexible, I'm sure you'll be okay, unless you're planning to travel during Easter week.
02-04-2001, 12:25 PM
Congradulations! It seems like you are closing very fast on this transaction. I don't think you will have a problem booking. Keep in mind you will have some flexibilty in using your points at other WDW resorts, although it is not the most efficient use of point. I am sure MS will be of assistance. Although I have limited experience with MS if you explain your needs I am sure they will make every effort to accomdate. Enjoy!!
02-04-2001, 08:43 PM
we are closing on our OKW resale this week. Only took us 2.5 weeks from offer to closing. No expedition, either.
02-05-2001, 08:51 AM
I am almost positive that when we bought our OKW :D resale, we were in a rush for ressies, the current owners made our ressies for us - and then transferred them when the sale was complete.
The agent brokering the sale took care of all those details for me, but I am very sure that's what we did.
Worked out just fine!
<img width="200" src="http://www.geocities.com/dmurphydis/cleveland.gif">
02-05-2001, 03:38 PM
When we went to escrow on our first OKW resale we asked if the seller would make a ressie for us - and they had no problem with that.
As Sue said, they make the ressie and then it automagically goes in your name once all the paperwork goes through.
I would think most seller would not have a problem with this.
02-05-2001, 05:24 PM
I'm not sure when you purchased your resales, but DVC changed that policy awhile ago. They now cancel any pending reservations when the contract is presented for resale- regardless whose name is on the ressie. The sale contract will go thru with no reservations pending. This allows DVC to certify to the Title company the status of the points in the contract without any change.
02-05-2001, 06:10 PM
Thanks for the clarification Doc, I did not realize that. Our first resale contact closed in March of 1999 and our second in October of 1999 - but it was the March one that we had the previous owner make a ressie for us.
Would it still be a good idea to have the current owner make a ressie even though it would get cancelled - sort of a place holder? Maybe the timing of cancellation, closing and being able to make a ressie wouldn't work, but it is a thought.
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