DVC RESALES
DVC RESALES

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Old 04-10-2012, 08:30 AM   #1
kehlyrsmom
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Has anyone heard of this resale company?

Rigler Realty Vacation Property Brokers if so what are your experiences?

DW of McLoki we have a contract for SSR that is supposed to be in for ROFR that we submitted Mid-March through this company. We got a great deal if this all goes through but they called us last week and said that supposedly the 2011 points it is a Dec UY are being rented out so we can not close until June.

So will Disney pass this through possibly with a June closing set date or will we have to wait until the people they rented the points out to take their vacation then will disney review our contract.

I am starting to quesiton this company as they seem to close early and have not been the greatest in contacting us. My husband talked to someone on frirday morning and they where supposed to call him back after 4:00 on friday. In regards to our question above. They never called back, he tried to call them around 3:00pm CST and they where out of the office already.

Is this usual resale broker communication that others have expericed with other companies?
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Old 04-10-2012, 08:46 AM   #2
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There are 5 resellers that I have looked at and this is not one of them. They can still send the contract to Disney for ROFR, but cloasing can not happen until after the June vacation is completed. There must be some timeframe restriction from Disney's return of ROFR to cloasing, but I have seen post where people's closing took a very long time (2 months after ROFR).

That said, if I were buying, I would make sure seller is paying MF and closing costs. Ifthey are going to delay by 2 months so they can squeeze some money from the contract, I would ask for some reduction in my cost.

I would also think that if this was infrormation (and specifically if you thought those points they are renting would be yours) it may be grounds to stop the deal and have your deposit returned.
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Old 04-10-2012, 09:00 AM   #3
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We knew the 2011 points were not available and had asked if any of the future points had been borrowed and where told none where. I had wondered what happened to. The 2011 points but did not think to ask directly. We have to pay closing costs I believe we are paying in the 40s for the points I can't recall the exact amount at the moment.
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Old 04-10-2012, 09:02 AM   #4
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So could disney potentially still pass us with a pre determined closing date in june?
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Old 04-10-2012, 09:59 AM   #5
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Here is the deal we got:

250 points at SSR for $43.60/pt. (Dec use year)
no 2011 points
all 250 2012 points
buyer (me) pays 2012 maint. fees
buyer (me) pays all closing costs

Sent to Disney for ROFR 3/20.

Came back on 4/4 with the information that the 2011 points were rented and we cannot close until after the rental takes place. (Buyer did not disclose this to the resale company)

I did just hear from the resale company that they submitted to Disney for ROFR and this should not affect that. Once we hear back (estimated in a week or two) we can move forward, but cannot close until the first week or so of June. It is a good enough deal that I am not sure I can modify the deal much without disney exercising their ROFR.

What do you all think?
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Old 04-10-2012, 12:35 PM   #6
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Well, if you are still happy with the deal and had no real plans on immediately booking a stay at close, you should probably let it be. If this were to follow normal timing (without the rental), it would go to closing around in last April and you would probably be able to book around mid May. But since it can not go to closing until after the first week in June, you will have to wait until late June. So you lost 1 1/2 months of booking time.

IF that truely is going to interfer with your plans, you might want to attempt to negotiate something different with closing and MF. I do not think Disney cares about that at all, just cost per point, UY and what is available.
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Old 04-10-2012, 12:58 PM   #7
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Disney can pass on the ROFR prior to the closing (as they do with all contracts) so having the June closing will not affect the ROFR. The delayed closing that was not disclosed probably means that you could back out of the deal should you wish but it's not that unusual to have a delay like that for an owner to complete a vacation (or rental in this case) prior to the sale.

I have not heard of the broker that you are using though.
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Old 04-10-2012, 04:40 PM   #8
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I assume you meant the seller did not reveal the existence of the rental. You cannot close before the rental occurs and though June has been mentioned I do not know if that is the actual rental time. Based on having a seller who misreprented what he was selling, I would probably run now from this deal.

I do not know if Disney still does this but not too many years ago if a contract was presented for ROFR and had an exisiting reservation on it, DVD would cancel the reservation before issuing its waiver of ROFR. I am assuming that either does not occur anymore (anyone know?) or your broker does not know that will happen.

Also, I do not know how the contract was presented to DVD for ROFR but if the rental wasn't mentioned Disney may have a right to extend the time because of failure to provide complete information when the ROFR was presented if Disney does not cancel the rental.

Moreover, as a purchaser with a signed contract, you are considered now to actually have an equitable ownership interest in the property which under Florida law is enough to make you a person who can be liable for any damage to the room if the renter turns out to be a rock band (or other) that trashes the room.
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Last edited by drusba; 04-10-2012 at 04:59 PM.
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Old 04-10-2012, 05:52 PM   #9
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Quote:
Originally Posted by McLoki View Post
Here is the deal we got:

250 points at SSR for $43.60/pt. (Dec use year)
no 2011 points
all 250 2012 points
buyer (me) pays 2012 maint. fees
buyer (me) pays all closing costs

Sent to Disney for ROFR 3/20.

Came back on 4/4 with the information that the 2011 points were rented and we cannot close until after the rental takes place. (Buyer did not disclose this to the resale company)

I did just hear from the resale company that they submitted to Disney for ROFR and this should not affect that. Once we hear back (estimated in a week or two) we can move forward, but cannot close until the first week or so of June. It is a good enough deal that I am not sure I can modify the deal much without disney exercising their ROFR.

What do you all think?
Your choice, you could renegotiate or walk away front his one if you wanted. I am assuming that actual points coming to you are still correct.
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Old 04-10-2012, 06:19 PM   #10
kehlyrsmom
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My DH McLoki has been the one talking with the resale company and from what I have been told Disney is the one who found that the points had been rented out and notified the timeshare resaler after the contract was submitted for ROFR.

I would assume that since we would not be able to close until after the individuals vacation is over we would not be responsible that the sellars would be?

I am not sure if we have ever been told as to when the individual(s) who are renting these points when there vacation actually is or if my DH knows he has not mentioned it to me all I have heard is that we would not be able to close until sometime in early June.

Resale is such a better value but I am quickly understanding why someone would purchase direct as I am about there myself though we would end up with a much smaller contract in the end if we did so.
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Old 04-10-2012, 06:49 PM   #11
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Quote:
Originally Posted by kehlyrsmom View Post
My DH McLoki has been the one talking with the resale company and from what I have been told Disney is the one who found that the points had been rented out and notified the timeshare resaler after the contract was submitted for ROFR.

I would assume that since we would not be able to close until after the individuals vacation is over we would not be responsible that the sellars would be?

I am not sure if we have ever been told as to when the individual(s) who are renting these points when there vacation actually is or if my DH knows he has not mentioned it to me all I have heard is that we would not be able to close until sometime in early June.

Resale is such a better value but I am quickly understanding why someone would purchase direct as I am about there myself though we would end up with a much smaller contract in the end if we did so.
Typically resale companies pull point summaries prior to going to contract. This lets them know how many points there are in the contract and how they are allocated. It sounds like this may not have been done. Given this experience, I might suggest looking at going with one of the four major resellers next time you are looking to purchase.

In the meantime, it doesn't sound like all is lost. The seller told you that you would not be getting 2011 points, so it's not like they lied to you. They just didn't tell you that they had an existing reservation. Trust your gut and proceed accordingly.
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Old 04-10-2012, 09:38 PM   #12
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We are using Rigler Realty also.
Sellers are taking forever to return paperwork (two weeks) but we should be closed by Friday I was told by closing agent today.

Rigler Realty has been very quick getting all documents to us.
They are in Florida so sometimes they are out of office after 4pm.

Our contract is for 250 Saratoga $48pp
Included 2010, 2011, 2012
Buyer pays closing and 2012 maint.

It passed ROFR exactly two weeks ago but took 38 days I believe.
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Old 04-12-2012, 09:37 PM   #13
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Originally Posted by Dean View Post
Your choice, you could renegotiate or walk away front his one if you wanted. I am assuming that actual points coming to you are still correct.
You are correct. it is as described (from a point perspective) we just were unaware of the fact that the 2011 points (that we knew we were not getting) had not been used yet.

Looking at it from a practical perspective - if we were to drop the deal and start looking for another one, the chances of us actually closing by june on something else is pretty slim.....
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Old 04-23-2012, 10:43 AM   #14
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Originally Posted by McLoki View Post
Looking at it from a practical perspective - if we were to drop the deal and start looking for another one, the chances of us actually closing by june on something else is pretty slim.....
No. Even if you had another offer ready now, it would not close until (at the earliest) last June. If you are OK with the points you are getting and the price, just let it be. I recently purchased a contract and the owners were using is one last time (or at least that is what they said, could have been renting). I knew that going into the deal, made adjustment on my offer (price and MFs) and I was fine with it. It did delay closing, but only by two weeks.

So, if you are OK with the terms, let it ride.

To PP, Obviuosly they no longer cancel reservations during the ROFR process. Though they do when they receive the final documents after closing.
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