How do you know for sure what youre buying?

[Dean]

Originally Posted by GrnMtnMan

Not worth $200 for title insurance? Really, on a $10,000-$20,000 purchase?

Anyway, there's a huge difference between caveat emptor and having recourse. And any scenario where you did not get what you agreed to get in the contract, you have recourse.

Not to mention the seller possibly committing fraud (criminal, if they knowingly take the sale money and use the points), and the broker and title professionals putting there licenses and reputations at risk.

From a risk standpoint DVC is very easy to investigate. For most purchases I do not believe the cost is worth it but it does depend on the actual cost to a degree (of insurance and package) and it depends on the situation. If you're buying a divorce or bankruptcy situation it may be but not for the routine. I would suggest that having recourse and being successful in collecting are 2 different things. Plus, you might spend as much or more trying to collect. You also can't get blood out of a turnip or the seller may be in another country. Criminal actions also don't help you get your money back.

Most brokers and closing companies do a good job in this area, the info that you get from the broker and estoppel are helpful and there is a fair amount you can do yourself to protect yourself. You can also get the appropriate AG and BBB involved if needed. Heck, getting the title insurance to pay when they might should can be an issue in some situations. My point is there are many things you can do to protect yourself but NONE of them are absolute.

[GrnMtnMan]

In thinking about this some more, the fraud that I suggested might be possible, and Dean is also suggesting is possible, not really be realistically possible after all.

Why not? Because of the right-of-first-refusal process.

I don't know that DVC 'locks' an account once it has passed the ROFR process, but I have to assume that DVC reviews the account status against the sales contract once the ownership transfer is being made. Why? because if the terms of the sale have changed (terms included what years of points the buyer is getting) DVC wants its opportunity to buy those points and that contract for itself.

Dean: do you know of any *DVC* resale transactions where the buyer did not get the points that were specified *in the sales contract*?

[Dean]

Originally Posted by GrnMtnMan

In thinking about this some more, the fraud that I suggested might be possible, and Dean is also suggesting is possible, not really be realistically possible after all.

Why not? Because of the right-of-first-refusal process.

I don't know that DVC 'locks' an account once it has passed the ROFR process, but I have to assume that DVC reviews the account status against the sales contract once the ownership transfer is being made. Why? because if the terms of the sale have changed (terms included what years of points the buyer is getting) DVC wants its opportunity to buy those points and that contract for itself.

Dean: do you know of any *DVC* resale transactions where the buyer did not get the points that were specified *in the sales contract*?

I'm aware of non DVC sales where the week was gone and of DVC sales where the points weren't where they should have been at close. My recollection is there was a dance where the broker tried to make the buyer whole and the buyer had to make a decision if they couldn't. I'm not aware of anyone that closed and found out all was off afterwards. I don't think DVC locks the account until closing since many that pass ROFR never close.

[JimMIA]

Originally Posted by GrnMtnMan

Dean: do you know of any *DVC* resale transactions where the buyer did not get the points that were specified *in the sales contract*?

I remember one several years ago, but I don't think there was any fraud involved. I think there was a simple mistake made somewhere by someone and nobody was sure who messed up.

The broker involved made the buyer whole via a transfer from his personal account without even being asked, IIRC.

[Dean]

Originally Posted by JimMIA

I remember one several years ago, but I don't think there was any fraud involved. I think there was a simple mistake made somewhere by someone and nobody was sure who messed up.

The broker involved made the buyer whole via a transfer from his personal account without even being asked, IIRC.

That sounds c/w one I recall, there was a similar one where it wasn't working out so well but I don't thing there was ever a solution posted and the OP went AWOL or it was taken off line.