DVC RESALES
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Old 11-05-2013, 09:50 AM   #1
Belle091507
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Deposit on resale purchase?

Hi everyone!

We made an offer yesterday and are waiting to hear if it was accepted(2offers were being presented) in the meantime I'm trying to figure out the next steps. When buying resale what kind of deposit is requested (7350$ total cost of contract)Can I pay on my visa to get the points? I know I send the cashier check for balance owing after ROFR for closing. I would love to earn some visa points to pay my flight to WDW !



Thanks!
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Old 11-05-2013, 09:52 AM   #2
disneynutz


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Contact the broker and ask them. Every business has different terms of sale.

Bill
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Old 11-05-2013, 10:02 AM   #3
Belle091507
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Quote:
Originally Posted by disneynutz View Post
Contact the broker and ask them. Every business has different terms of sale.

Bill
Ah ok.

Another quick question; if I'm paying 2014 dues does anyone know if will I have to pay all of them on closing or if I can set up the monthly payments on closing through dvc? We would most likely be closing in early/mid December ....


Is it different by company as well? We are dealing with fidelity.

Thanks!
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Old 11-05-2013, 10:09 AM   #4
disneynutz


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Quote:
Originally Posted by Belle091507 View Post
Ah ok.

Another quick question; if I'm paying 2014 dues does anyone know if will I have to pay all of them on closing or if I can set up the monthly payments on closing through dvc? We would most likely be closing in early/mid December ....


Is it different by company as well? We are dealing with fidelity.

Thanks!
If paying dues is part of the contract, you will pay at closing.

After closing Disney allows monthly payments but you might have to have a US bank account. You will have to check with them after you close.

Bill
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Old 11-05-2013, 10:13 AM   #5
Belle091507
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Quote:
Originally Posted by disneynutz View Post
If paying dues is part of the contract, you will pay at closing.

After closing Disney allows monthly payments but you might have to have a US bank account. You will have to check with them after you close.

Bill
Ok great, I wasn't sure because we are closing in 2013 before 2014 dues are due. Thank you for the info!

We already have our US bank account opened and ready just a few more steps to getting all our ducks in a row!

Fingers crossed they accept our offer!
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Old 11-05-2013, 10:18 AM   #6
Belle & Ariel
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If you search, there was a thread a week or so ago that resales closing mid December have to pay 2014 dues at closing. This has apparently been policy the last couple years.
In future years you will be able to pay monthly.
Congrats and good luck!
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Old 11-05-2013, 03:28 PM   #7
Belle091507
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Originally Posted by Belle & Ariel View Post
If you search, there was a thread a week or so ago that resales closing mid December have to pay 2014 dues at closing. This has apparently been policy the last couple years.
In future years you will be able to pay monthly.
Congrats and good luck!
Thank you!

Unfortunately we didn't get the contract. There was a bidding war and I hit my max spend so I gave it up to the other buyer.

I did however place a new offer on a different contract so let's hope this one is successful
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Old 11-05-2013, 04:42 PM   #8
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We are using The Timeshare Store, we needed to send a check for $1000, our contract was about $17K. I dont think you can use your Visa. Its nice to get points, but I dont think they would do it since it would charge them a fee. We are having a December closing and were told we would need to pay our dues for 2014.
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Old 11-05-2013, 07:14 PM   #9
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With fidelity we were able to put our $1,000 deposit on a credit card.
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Old 11-05-2013, 08:12 PM   #10
LorieDisneyLover
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Quote:
Originally Posted by Belle091507 View Post
Ah ok.

Another quick question; if I'm paying 2014 dues does anyone know if will I have to pay all of them on closing or if I can set up the monthly payments on closing through dvc? We would most likely be closing in early/mid December ....


Is it different by company as well? We are dealing with fidelity.

Thanks!
I know you already mentioned you didn't get this contract but just in case you are still 'shopping' there is little chance you will close in 2013 at this late date. At a minimum if you had a contract accepted tomorrow 11/6, you will probably not close until the first week in January. It takes approximately 30 days minimum for ROFR, then up to 2 weeks for the closing company to prepare the documents, and then another week or two for both seller/buyer to return the documents. It's hard to get all that to happen in less than 8 weeks total.

Usual deposit is 10% but I've seen up 20% at some brokers.
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Old 11-06-2013, 06:25 PM   #11
Annielkd22222
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Originally Posted by Belle & Ariel View Post
If you search, there was a thread a week or so ago that resales closing mid December have to pay 2014 dues at closing. This has apparently been policy the last couple years.
In future years you will be able to pay monthly.
Congrats and good luck!
That's not true. For the contract I am selling in the contract it states that if it's closed by December 10th they can pay monthly. I don't know the exact cut off date....but they can still pay monthly.

Last edited by Annielkd22222; 11-06-2013 at 06:26 PM. Reason: Wrong word
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Old 11-06-2013, 06:46 PM   #12
lawboy2001
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Quote:
Originally Posted by Annielkd22222 View Post
That's not true. For the contract I am selling in the contract it states that if it's closed by December 10th they can pay monthly. I don't know the exact cut off date....but they can still pay monthly.
In my case, an Aulani contract, the cut-off date is December 5.
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Old 11-07-2013, 09:06 AM   #13
Belle091507
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Originally Posted by darbry View Post
With fidelity we were able to put our $1,000 deposit on a credit card.
That's great news! We are waiting to hear back from the sellers on our counter offer so I'm hoping everything goes though!

Thank you!
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Second Disney cruise 01-15-12!!! Dream
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Old 11-07-2013, 09:08 AM   #14
Belle091507
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Quote:
Originally Posted by Annielkd22222 View Post
That's not true. For the contract I am selling in the contract it states that if it's closed by December 10th they can pay monthly. I don't know the exact cut off date....but they can still pay monthly.
Good to know ! Unfortunately we still haven't finished negotiating the contract so our closing will probably be too late but thank you for the information- I will keep it in mind for our next purchase OMG- I already have addonitis lol
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First Disney Cruise 01-15-11 !!! Magic
WDW January 2011 CBR
Second Disney cruise 01-15-12!!! Dream
WDW January 2012 CBR
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WDW February 2014 AKV/BWV/GFV first DVC trip!
WDW AKV/GFV January 2015

Always planning our next trip
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