View Full Version : Tell me what I need to know before buying resale
03-21-2012, 11:45 AM
We are considering buying points resale. We know what usage year we want and think we know how many points we are interested in buying. Can anyone walk me through the resale process? What do we need to know before we make an offer? At closing, what all costs are we responsible for other than the actual cost of the points? I've read through a lot of the posts on this board but I'm still not exactly clear on how everything works. TIA!
03-21-2012, 02:35 PM
You will be surprised at what you don't know. I suggest that you spend a few days reading the DVC posts here on the DIS.
03-21-2012, 04:35 PM
We're in the process of our second resale contract (and we bought 2 direct.) I am not the utmost authority by any means so anyone who knows better feel free to correct me. I believe the closing cost is a flat fee that you will be told when you make an offer on a particular contract (may even be stated with the listing.) You negotiate whether you or the seller pays the closing costs but it is usally the buyer. Maintenance fees for the current year are also negotiated. Typically if all the points are there for current year, the buyer will pay the MF; if partial points are available you would pay that portion of the MF. None of this is set in stone though. It's all negotiable.
Be sure to browse through the thread with contracts that have passed or failed ROFR. The purchase price varies greatly. Decide what is a good deal for YOU.
We browsed listings on 2 or 3 sites and made offers through 2 companies. Neither were thrilled with our "low" offers but I knew others had been able to purchase low and the broker has to present the offer even if they're not thrilled with it. We weren't in a hurry. We ended up with a contract $14pp less than than the asking price. Now were waiting to pass ROFR.
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