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Old 03-21-2013, 04:04 PM   #1
lionqueen
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sooo disappointed....

We recently had an offer accepted on a SSR contract. 160 points, dec UY, 160 banked point (2011), 160 current points (2012), 160 points (2013) Seller pays all MF and closing costs. We settled on $68.75 pp which was more than I wanted to spend but with such a loaded contract we went with it. We thought we'd take the 160 banked points and rent them at David's and put it towards the purchase price. Well we were just told that there are 123 less banked points than was advertised. I'm soooo disappointed. Now I'm not sure I want the contract. Any thoughts?? It's definitely not as good of a deal as i thought. Just had to vent a little!!
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Old 03-21-2013, 04:20 PM   #2
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I'd back out if you are that disappointed and you can avoid losing your deposit. At that price and some patience I think you can get what you want, provided you can show your offer included the banked points.
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Old 03-21-2013, 05:02 PM   #3
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Originally Posted by lionqueen View Post
We recently had an offer accepted on a SSR contract. 160 points, dec UY, 160 banked point (2011), 160 current points (2012), 160 points (2013) Seller pays all MF and closing costs. We settled on $68.75 pp which was more than I wanted to spend but with such a loaded contract we went with it. We thought we'd take the 160 banked points and rent them at David's and put it towards the purchase price. Well we were just told that there are 123 less banked points than was advertised. I'm soooo disappointed. Now I'm not sure I want the contract. Any thoughts?? It's definitely not as good of a deal as i thought. Just had to vent a little!!
Can they be replaced in some way? I know the broker has ante'd up in this situation at times. If you change the deal you'd have to go back through ROFR anyway but the closing company might be able to get you expedited. Otherwise you should be able to walk away with a full refund.
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Old 03-21-2013, 05:06 PM   #4
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Originally Posted by lionqueen View Post
We recently had an offer accepted on a SSR contract. 160 points, dec UY, 160 banked point (2011), 160 current points (2012), 160 points (2013) Seller pays all MF and closing costs. We settled on $68.75 pp which was more than I wanted to spend but with such a loaded contract we went with it. We thought we'd take the 160 banked points and rent them at David's and put it towards the purchase price. Well we were just told that there are 123 less banked points than was advertised. I'm soooo disappointed. Now I'm not sure I want the contract. Any thoughts?? It's definitely not as good of a deal as i thought. Just had to vent a little!!
Where are you in the process? If you have not gone to ROFR yet, I would renegotiate the deal lower by 123 x $11. If the sellers are unwilling to match this price, I would walk. Sorry that this happened to you, but it is fairly common. There are other contracts out there!
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Old 03-21-2013, 05:07 PM   #5
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Originally Posted by lionqueen View Post
We recently had an offer accepted on a SSR contract. 160 points, dec UY, 160 banked point (2011), 160 current points (2012), 160 points (2013) Seller pays all MF and closing costs. We settled on $68.75 pp which was more than I wanted to spend but with such a loaded contract we went with it. We thought we'd take the 160 banked points and rent them at David's and put it towards the purchase price. Well we were just told that there are 123 less banked points than was advertised. I'm soooo disappointed. Now I'm not sure I want the contract. Any thoughts?? It's definitely not as good of a deal as i thought. Just had to vent a little!!
Walk away and start over. Don't get attached to this particular contract. Just go back to waiting for the "right" contract to come along.
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Old 03-21-2013, 05:11 PM   #6
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Where are you in the process? If you have not gone to ROFR yet, I would renegotiate the deal lower by 123 x $11.
She said $68.75 was higher than she wanted to pay...so I assume she tried to negotiate a lower price. If the seller needs $11,000 (68.75*160) I strongly doubt they'd agree to $9,647 (11,000-123*11). To me this sounds like a seller who is either not serious, trying to get a "steal" of a deal for themselves, or totally clueless since they didn't realize they'd used 123 2011 points. None of those three options is a person I'd like to deal with.

Walk away and move on.
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Old 03-21-2013, 05:16 PM   #7
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Where are you in the process? If you have not gone to ROFR yet, I would renegotiate the deal lower by 123 x $11. If the sellers are unwilling to match this price, I would walk. Sorry that this happened to you, but it is fairly common. There are other contracts out there!
We had the verbal commitment and I sent all our info to Fidelity but it was not sent to ROFR and we did not send in our deposit yet. I was thinking of doing just what you say. The only negative would be it would be sent to ROFR at $60 instead of $68.75. Thanks for the input.
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Old 03-21-2013, 05:21 PM   #8
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We had the verbal commitment and I sent all our info to Fidelity but it was not sent to ROFR and we did not send in our deposit yet. I was thinking of doing just what you say. The only negative would be it would be sent to ROFR at $60 instead of $68.75. Thanks for the input.
No written contract and no binder, no contract, move on.
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Old 03-21-2013, 05:21 PM   #9
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She said $68.75 was higher than she wanted to pay...so I assume she tried to negotiate a lower price. If the seller needs $11,000 (68.75*160) I strongly doubt they'd agree to $9,647 (11,000-123*11). To me this sounds like a seller who is either not serious, trying to get a "steal" of a deal for themselves, or totally clueless since they didn't realize they'd used 123 2011 points. None of those three options is a person I'd like to deal with.

Walk away and move on.
The contract was listed at $78 pp, we offered $60pp and we settled on $68.75. My husband wants to walk away just for the reasons you state. I don't really want to start over again but we are in no rush so if the sellers aren't willing to compensate for their "mistake" we'll walk away.
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Old 03-21-2013, 07:41 PM   #10
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No written contract and no binder, no contract, move on.
Agree 100%. Run, don't walk, away from this one. It doesn't pass the smell test.

DVC owners know how many points they have, and if the broker had done even minimal due diligence, they would have known as well.
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Old 03-21-2013, 07:45 PM   #11
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Agree 100%. Run, don't walk, away from this one. It doesn't pass the smell test.

DVC owners know how many points they have, and if the broker had done even minimal due diligence, they would have known as well.
The owners likely used points from the time of listing until this started.
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Old 03-21-2013, 07:53 PM   #12
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The contract was listed at $78 pp, we offered $60pp and we settled on $68.75.
If you look at the ROFR thread, your $60 offer looks pretty reasonable for a 160 point contract...might even be a little high. $68.75 seems too high to me, and it's definitely too high for a contract with only 37 banked points. You're not getting any bargain.
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My husband wants to walk away just for the reasons you state. I don't really want to start over again but we are in no rush so if the sellers aren't willing to compensate for their "mistake" we'll walk away.
If you go through with it, I would be willing to bet that the next revelation you get will be that they owe a ton of money on the contract and can't close.
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Old 03-21-2013, 08:12 PM   #13
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The price does not seem that high because the "SELLER is paying closing and Maintenance Fees" that is worth $8 per point putting the price at $60 per point.
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Old 03-21-2013, 08:22 PM   #14
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I think it's a little early to panic on this one but you should definitely renegotiate. If this is an emotional purchase for you (as opposed to viewing it as a business transaction) then you should probably take the advice of the posters who suggested you walk away now. If you're able to roll with the punches, there still might be value here, depending on how you can renegotiate. Good luck and please let us know how it turned out.
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Old 03-21-2013, 08:39 PM   #15
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The price does not seem that high because the "SELLER is paying closing and Maintenance Fees" that is worth $8 per point putting the price at $60 per point.
I must agree-). I would stick w/ this deal as it does have over two years of maint paid points plus seller paid closing costs! If you value all the free points at $12/ point(which is easily the going rate for private renters) and compensate yourself $500 for the closing costs saved you are looking at having paid $38.85/ point and still have all 2014 points intact!
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