Buying - Bank Owned DVC Resale

[G2MAmber]

We are considering joining the DVC Family and are looking at putting an offer in on a "Bank Owned" property. For us this particular stripped contract worked out as we were looking for a contract offering pts in 2014 to save on not paying 2013 fees.

So- I have looked on the boards and couldn't find a post pertaining to buying foreclosure/bank owned dvc properties and if it differed (time-frame longer)??

Just was looking to see if anyone else had gone through this process and if they could shed some light on it for me! Realtor said it could be upwards of 120 days ekkk? Thanks a long wait

 

[DizBub]

We are considering joining the DVC Family and are looking at putting an offer in on a "Bank Owned" property. For us this particular stripped contract worked out as we were looking for a contract offering pts in 2014 to save on not paying 2013 fees.

So- I have looked on the boards and couldn't find a post pertaining to buying foreclosure/bank owned dvc properties and if it differed (time-frame longer)??

Just was looking to see if anyone else had gone through this process and if they could shed some light on it for me! Realtor said it could be upwards of 120 days ekkk? Thanks a long wait

If you don't mind my asking, but where did you find this sale? Is this like a 'short sale' in real estate? Someone finance their DVC contract at a bank and default? Pretty sure you will still have to go to ROFR.

Have you looked at conventional resales? Plenty of stripped contracts where you wouldn't have to pay 2013 MFs and only half the wait.

 

[ELMC]

We are considering joining the DVC Family and are looking at putting an offer in on a "Bank Owned" property. For us this particular stripped contract worked out as we were looking for a contract offering pts in 2014 to save on not paying 2013 fees.

So- I have looked on the boards and couldn't find a post pertaining to buying foreclosure/bank owned dvc properties and if it differed (time-frame longer)??

Just was looking to see if anyone else had gone through this process and if they could shed some light on it for me! Realtor said it could be upwards of 120 days ekkk? Thanks a long wait

It could be between four and six months. But that's not really a concern because the contract doesn't have points until 2014 anyway. Your real concern should be determining if the price of the contract accurately reflects the additional hassle and the lack of points. Good luck!

 

[khaoskat]

It depends upon several things...
A property being sold in a bankruptcy not only has to get approval of Disney and the original place of finance (if there is one), but also of the bankruptcy Judge.

If it is a short sale, they can, despite their name, take longer to close than a regular sale. Short Sales have to go through a different department in the bank, and they are slow to respond to offers.