Trying to buy a resale

[bmoncher]

Well I found a 25point OKW resale for 79 a point... made an offer and it was accepted!!

I know 25 points is a small contract, but it meets our needs as we already own a 3br/3bath off site in Orlando for now... as we plan to add on slowly as the children grow up (1 yr and 3yr olds)

Well two days later the seller wants to raise the price to 86 a point. I said no thank you, I would move on and look for something else.
She then changed her mind back and told the agent she would sell to me at the 79 price if I paid MF for 2007. I agreed.
Well I signed all the dotted lines and the additional paper that said I would pay 2007 MF and the seller still has yet to sign the contract and send it back. I fear this woman is stringing me along and is just not going to sign... She has until 1/15 to return the signed contract or the deal is off ....

So we might be a new owners in March.... I am just so frustrated. If she is not going to sign, I want to move on and look for a different resale, instead I am wasting time waiting for them to sign!!!

Thanks for listening...
Hope this is the right place for this frustration to be expressed!!

Beth

 

[TenThousandVolts]

Good luck- sorry for your frustrations- if it doesn't work out there will be another one coming along- here is some pixie dust for you!

 

[calypso*a*go-go]

I wouldn't get too worked up about it as I would be really surprised if that passed ROFR anyway. Still, it's not fair for the seller to keep changing her mind. Good luck!

 

[WendyinNC]

What resale company are you going through?

 

[bmoncher]

What resale company are you going through?

We are using GMAC international...
However if this falls through I might call TSS and see if they have anything or a waiting list for 25 pt contracts at OKW

Beth

 

[Daggett]

I hope this all works out for you. The seller should not be jacking you around like that. Stand firm. If you don't get this contract, you will land one in time.

On the last resale we purchased, we had 3 or 4 fall thru due to Disney exercising ROFR. But we keep at it and were able to get the contract size that we wanted for the price that we wanted, it just took some time.

Good luck to you.

 

[mikesmom]

I would let that pass and move on to TSS. At $79 and 25 points I would bet there's almost no chance it's going to pass ROFR. Disney has been snapping up all the small contracts at even higher rates because the maintenance overhead on 25 points is just not worth it.

While the seller should definitely not be jacking you around, they may have realized that Disney was going to ROFR (and the seller would get the money) no matter which price and they were leaving money on the table. Again, they should not be messing you around, but they obviously had poor advice on setting the price.

 

[LisaS]

The good news is that brokers put deadlines on these things so the seller can't drag this out forever. The bad news is, I doubt you'll pass ROFR at that price. Full size contracts (150+ points) at OKW won't pass for less than $78 so I can't see Disney letting a non-member buy such a small contract at just $1 more. According to the ROFR thread, the most recent small OKW contract to pass ROFR sold for $85/point.

If you haven't already looked at the ROFR data, check out post #3005 on the last page of this thread: http://www.disboards.com/showthread.php?t=720134

 

[bmoncher]

If you haven't already looked at the ROFR data, check out post #3005 on the last page of this thread: http://www.disboards.com/showthread.php?t=720134

Thanks
I have been following that thread since before we bid on the 25pt contract. I will not be heart sick over it if is ROFR's... I had been looking for a 50pt or 70 pt contract, but 25 is even better...
I guess I will keep watching..

Thanks for the support everyone! I feel better about things!
Beth

 

[rinkwide]

...I am wasting time...

A cheap 25 point contract has a lot in common with a quarter that's been permanently glued to the floor.

 

[LisaS]

Thanks
I have been following that thread since before we bid on the 25pt contract. I will not be heart sick over it if is ROFR's... I had been looking for a 50pt or 70 pt contract, but 25 is even better...
I guess I will keep watching..

Thanks for the support everyone! I feel better about things!
Beth

Those very small contracts don't come along often. If you really want it, you would be better off with the revised deal the seller tried to get you to agree to: you pay $86/pt but you don't reimburse the seller for the '07 dues. That deal will almost certainly pass ROFR and you would only be $50 worse off than you are now and it would be over and done with. Just a thought.

 

[bmoncher]

Those very small contracts don't come along often. If you really want it, you would be better off with the revised deal the seller tried to get you to agree to: you pay $86/pt but you don't reimburse the seller for the '07 dues. That deal will almost certainly pass ROFR and you would only be $50 worse off than you are now and it would be over and done with. Just a thought.

I know it was not much more money, it is just now how I do business. It seems like extortion to raise the price after you get the amount you are asking for. If the original asking price had been 86 a point I still might have bid... or moved on to a larger contract... DH wanted 25... I want 70

Beth

 

[greenban]

We are using GMAC international...
However if this falls through I might call TSS and see if they have anything or a waiting list for 25 pt contracts at OKW

Beth

Hi Beth:

This is why I love TTS.

One they would not allow the owner to raise prices, they would refuse to handle her sale, even if they loose their profit (commision).

Two, they won't allow Owners to overprice their listings. A year ago, a DISer was frustrated she couldn't list a BCV for over $100 a point, when they were selling larger contracts at $84-$94 a point. They just are an honest and ethical company.

Three, they also advise their listing Owners to not underprice their properties, so again, no bait and switch could have ocurred.

So, (and I hope I am wrong) you were attracted by a low ball price, that you now have to pay an extra $4.25+ a point for (The maintenance fees), that may not pass ROFR.

Just checking they have a 50 Pointer OKW for $83.00 pp (which equals your $79.00 + maint. fees), and they just sold a 50 pointer for $88.00.

I would cancel with GMAC and try a known, reputable, and even-well-liked company, TTS.

Best of luck, and hope to welcome you home soon!

-Tony

 

[LisaS]

I know it was not much more money, it is just now how I do business. It seems like extortion to raise the price after you get the amount you are asking for. If the original asking price had been 86 a point I still might have bid... or moved on to a larger contract... DH wanted 25... I want 70

Beth

I absolutely agree with you re: making a deal at one price and then trying to change the deal is not the way to do business! Unfortunately, the $86/pt price is what you'll have to pay for this contract or any other small OKW contract if you want to pass ROFR. So it's not really extortion in this case, it's reality. These 25-point contracts are very hard to get. You may not have a shot at another one for a long time. So it comes down to how badly you want it.

If your real goal here is to convince your DH to buy more than just 25 points, then just let this current deal continue as is and let Disney take it. Then once you get your deposit back, start looking for the larger contract you really want. But even a 75-pointer will probably not pass ROFR for less than $85/point so you should expect to pay around that price if you want the deal to go through.

Good luck!

ETA: And I "second" Tony's advice to go with The Timeshare Store next time around, for all of the reasons he mentions in his post.

 

[JimMIA]

I don't think you would have had these problems if you'd used a reputable broker who knows what they are doing.

Any broker who knows anything about Disney resales would know that a 25-point contract at $79 is going to be ROFR'd in the blink of an eye. A contract like that is really on the borderline of not even being an honest offer to sell, because there is NO chance the prospective buyer is going to end up with the property.

I'd withdraw the offer and go to another broker, and I would be running, not walking away from both the deal and broker in your case. That's just not a good-faith transaction on anybody's part.

I've used TTS and think they are great, and there are also two other brokers who are very experienced with Disney resales and are highly regarded here. My personal choice would clearly be TTS, but the other two are good as well from everything I've read.

 

[DVC Dude]

What are you planning to do with 25 points?

 

[kimberh]

ROFR is going to drag you out for several more weeks. If I were you I would call my agent and see what my options are.

 

[jeffmarnie]

I hope everything works out for you , I too am looking at purchasing a small contract through the resale market.