Another question on ReSale

[buzz5985]

I closed recently on 150 points, HH Dec use year. The contract had 37 banked points. So Dec 2002 the contract should have had 187 points. This is what all my paperwork says.

I have finally made it to Disney's computer and booked a couple of days for my parents at Vero Beach in April. The rep on the phone told me I had 150 points from 2002, I told her, what about the 37 banked points from 2001? She told me there were no banked points. I asked her to look, she put me on hold, researched? my account, and told be no there are only the 150 points. Has this happened to anyone else buying a resale. Or has this resale been jinxed from the start!!!??? I just checked and the deed has been registered.

It was late in the day when I learned this so haven't called Disney back, or the Timeshare Store. Any advice how to proceed?

Figured I would get advice from the experts. You have been a wonderful help to me. Thanks in advance. Sorry if I seem a little Soured by the experience I had with the Timeshare Store. This resale has taken 4 months, from acceptance of my bid, till closure. I am a little frustrated. Thanks

 

[rae519]

Well, now you have me thinking because in my contract, it states:

"Buyer to receive all 24 points banked from the 2002 allocation. All 150 points for the 2003 allocation and all 23 points borrowed from the 2004 allocation that are all in "reservation status" and need to be used by 3/1/04. Then on 3/1/04 the buyer to receive 127 points for the 2004 allocation and all points from closing forward."


I THOUGHT I understood this - I'm going to call DVC today just to link my two memberships and get clarification.

Thanks for the posting, now you have me thinking!!!

Rae

 

[Dean]

From what you have said I assume there were 37 points left in the 2001 use year that were not banked and expired Nov of 02. Ask for a points accounting. They were probably there when it was listed but by the time you closed the points had expired. Even at $10 pp, we're only talking a $370 points difference so it's unlikely to be a make or break issue on the quality of the deal. The deed and title insurance will not protect you in this case. Assuming that's is the case, I'd ask for the TSS to transfer 37 points to you if they can find them or for the seller or TSS to reimburse you $300-370.

 

[buzz5985]

No the points were banked.

in the Special Clauses: Buyer to recieve all 37 points banked from the 2001 allocation, all 150 points for the 2002 allocation and all points from closing forward.

The people I have spoken to at Disney are wonderful, all really trying to help. I am waiting for the Timeshare Resale to get back to me, they are calling Disney now.

Janis

 

[Dean]

Originally posted by buzz5985
No the points were banked.

in the Special Clauses: Buyer to recieve all 37 points banked from the 2001 allocation, all 150 points for the 2002 allocation and all points from closing forward.

Sounds like they were supposed to be banked but whether they were may be another matter. It's possible the seller used them at some points after listing but before you submitted to DVC. I'd think it's unlikely they could use exactly 37 points though. The points might still be there but I'd guess they're gone. It's also possible the information was listed incorrectly. Let us know what happens.

 

[buzz5985]

Hopefully, all will be straightened out on Monday. Hard to get anything accomplished on Fridays. When I had been talking to the Disney people, the people in charge of inputing the new contracts in the system, were in a meeting.

What will be will be. I almost didn't buy this contract when I got the aggreement. The poor people selling it were declaring bankruptcy in Canada. I felt like I was taking advantage, but someone told me I was probably helping them. I hope so. Well, anyway, I have all 150 points from 2002, booked a couple of nights for my Parents at Vero Beach in April, if they find the points great - if not - might be something people buying resale's should look into closer. I just took their word that the banked points were there. I will let you know how everything turns out. Thanks again.

 

[Dean]

If they were involved in a bankruptcy, that makes it unlikely they were up to date on their fees and the like. They would not have been able to bank the points in that situation. If TSS knew that, they should also have been aware of the banking limitations. I'm not saying that every broker can or should know everything about each property they sell. Only that TSS specializes in DVC and thus should be held to a higher standard. I'm convinced these points are gone. I'd go back to your broker and ask for something in return. $10 pp is reasonable and considering the points would have been directly usasable, the full value is reasonable. Alternatives might be the use of a week at another timeshare or they might be able to find points for you that you can use or even have transferred to your account. Your point that something like this can make or break a deal is well taken. It could have been the full 150 points.

 

[buzz5985]

that makes it unlikely they were up to date on their fees and the like.

They must have been. The only reason why I say this is I negotiated NOT to pay 2002 Maintenance fees. I offered to pay the maintenance fees for the 37 banked points. But nobody asked for the money. So I am assuming someone paid for the 2002 points, and I have them. Just driving me crazy where the 37 points went. I have a funny feeling that the people selling the contract were trying to hide the DVC ownership from the bankruptcy Trustee, and that's why they ended up putting it on the market. I bet they had all 150 points to use, but at the late date of September when it reached market, were only able to bank 37, of the 150.

Janis

 

[Bottlejet]

Well, just listen to Dean. He's an expert on "distressed points". Just follow his lead.

 

[Dean]

Originally posted by buzz5985
They must have been. The only reason why I say this is I negotiated NOT to pay 2002 Maintenance fees. I offered to pay the maintenance fees for the 37 banked points. But nobody asked for the money. So I am assuming someone paid for the 2002 points, and I have them. Just driving me crazy where the 37 points went. I have a funny feeling that the people selling the contract were trying to hide the DVC ownership from the bankruptcy Trustee, and that's why they ended up putting it on the market. I bet they had all 150 points to use, but at the late date of September when it reached market, were only able to bank 37, of the 150.

Janis

The back fees due could have been paid at closing out of the funds you paid or during the closing process. I'm not sure how DVC handles the ROFR, basically whether they require payment at closing or that all be up to date before they will give their approval. I'm sure Shontell will know this.

Bottolejet, I thought you were the expert on distressed points, you bascially said you were.

 

[Bottlejet]

Hi there Dean! Thanks for the compliment, but I'm no expert on all the intricacies of buying and selling DVC points. I'm just a bargain hound.

 

[buzz5985]

Talked to the Timeshare Closing Co today. Informed me that the 37 points were found, and that Disney had a clerical error. I was told to give Disney 24 hours to process the points.

I guess it would probably be a nightmare to change the reservations I made for VB from 2002 points to the banked points? Think I'll take the safe road and when I make my reservations for later this year just use the banked points then.

Thanks for everything. Janis

 

[DebbieB]

It should be easy to reallocate the points for the reservation.

When I bought directly from DVC in 1999, I made a reservation before I closed. After I closed, I called to have it reallocated to include banked points. It was simple.

 

[buzz5985]

Thanks I'm going to try to do that. My DH health hasn't been the best lately. So all plans are on hold for the time being. Janis

 

[buzz5985]

I don't know if anyone will see this post, so far down, but, not only did I have good news on DH today - he has a cyst and not a tumor!!! But I called Disney to realocate my reservation to banked points. When I called the CM told my you have 18 banked points, I said oh no, should be 37. She asked me to hold. A little while later, she came back and asked me - How many points do you think you have? I told her - I had 37 banked from 2001, all 150 from Dec 2002, I used 36, so 151 points. She put me back on hold, came back and told me you have 18 banked points because the original contract had 54 banked points not 37.

Has anyone heard of this before? I'm scared to call back, thinking the points will disapear!!! Janis

 

[WebmasterDoc]

Send an email to MS ( members@disneyvacationclub.com ) and request a printed accounting of your membership.

State your name and member number in the email.

You will receive a printed document showing all reservation transactions, in excrutiating detail, for your account. It may be a little difficult to read, especially if there have been many changes to the account, but will show all points used, banked, allocated or borrowed. In your case, I'd just ask for the last 6 months, but they may send a longer detail.

With each phone transaction to MS, I always ask them to check the point balance in each of our contracts and I compare that to my records and follow up with any contradiction right at that moment.

I have currently been using MS Money to track points and it has worked well (except for the $ in front of the point balance). There are also a couple of good spreadsheet programs available to track point usage.

I hope your extra 18 points stay put for you. Best wishes for your DH also!!

WELCOME HOME!!

 

[Dean]

Originally posted by buzz5985
I don't know if anyone will see this post, so far down, but, not only did I have good news on DH today - he has a cyst and not a tumor!!! But I called Disney to realocate my reservation to banked points. When I called the CM told my you have 18 banked points, I said oh no, should be 37. She asked me to hold. A little while later, she came back and asked me - How many points do you think you have? I told her - I had 37 banked from 2001, all 150 from Dec 2002, I used 36, so 151 points. She put me back on hold, came back and told me you have 18 banked points because the original contract had 54 banked points not 37.

Has anyone heard of this before? I'm scared to call back, thinking the points will disapear!!! Janis

That's great news. I don't think it's uncommon for this to happen. There could also have been something that was cancelled as DVC cancels ALL pending reservations at the time of resale, no matter what or who's name is on it. Rich lost like a whole years worth of points for around a year if I recall correctly though the circumstances were different.

 

[rae519]

So glad to hear about your DH's condition, buzz5985 - thank God!

Go ahead and follow the previous advise for the points. There sounds like some confusion but I am sure it will work out well.

Again, HURRAH for DH's health!!!!

Rae

 

[buzz5985]

Send an email to MS

Thanks Doc, I did this, and I set up an account in MS Money.

But everyone, thanks for all your advice.