Are there any real cons of buying a resale???

[princess angel]

We own at OKW and DH and I plan on buying an add on when BCV go up for sale. We're staying at BWV for the first time in just 36 more days!!! I'm thinking if we fall in Love w/them, why not buy a resale at BWV?? Any cons in buying a resale? I can't think of any, only pros - save $$$

also, does the financing work the same (through disney) as when you buy regular???

Thanks! Laura

4/97 - offsite (Hyatt)
6/98 - GF (honeymoon)
12/99 - Grand Floridian
9/00 - Grand Floridian
1/01 - Grand Floridian
4/01 - AKL, BWV & Poly
7/01 - Yacht Club
9/01 - BWV or OKW
1/02 - running Disney's 26 mile marathon!!

 

[Richyams]

The financing and the fact that you pay closing are the only real differences. You also need to consider the points banked or borrowed status of the contract.

Financing on a resale can be done through some timeshare brokers, but you are talking 2nd tier lenders and high interest rates that may not be deductable.

If you can get a home equity loan, that will have a better rate then you could even get through Disney and it is deductable. Generally, you will be better off arranging financing on your own, wether it is through a home equity loan or a bank familar with Disney's product is the leg work you need to do.

"From each according to his ability, to each according to his needs", Karl Marx,This has failed every time it has been tried, why do we still have liberals?

 

[KMarie]

I've bought 2 resales and I'm doing an add-on with Disney right now.
Here are the differences I've noticed so far:
When buying a resale, you are buying a separate contract. So, you can end up with another membership number and a different use year. It seems to take longer to close a resale than buying through Disney. Your resale points aren't yours until the deed is filed and Disney gets a copy, and that can take a couple weeks.

The good news is the price per point, who pays the closing costs, and who pays the annual dues are all negotiable on a resale. Some resales include banked points. Disney builds its closing costs into the $72 per point it charges and does not negotiate. But, Disney does offer its Magical Beginnings program on add-ons of 50 pts. and up, which may be attractive. And, its financing is easy, although the interest isn't that great, as previously noted.

Hope my experience is helpful. Good luck!

 

[mmparri]

We just bought a resale at OKW - the replies posted are right on - it does take a while for the typical real estate closing process. The rates offered by the Timeshare Store (where we bought) weren't that great compared with the market interest rates so we went with a home equity. Bottom line is that we bought a resale because we think we are going to like OKW the best. (Granted I have only one visit under my belt and I'm sure that the other DVC properties are wonderful as well). A word of advice - I was so focused on getting OKW and approx 250 points that I didn't make an offer - we were OK with the price that was listed and therefore didn't negotiate. In hindsight I would have offered a few dollars less, but we were Disney crazed after spending a long weekend with a friend at OKW. Good luck

 

[kem330]

Our resale from offer to closing only took 2 weeks and we were in Disney's system in a day.

 

[baileybrad]

the chances of completing a resale and being in the system within 2 to 3 weeks is rare. It usually takes more time than buying directly from Disney but when we bought the prices of resales and availability were much greater than they appear to be now. Also, we paid cash which made everything much simplier. I would go with whichever way is cheaper as long as it does not cause you any unreasonable hardship.

 

[Towncrier]

The waiting is the hardest part. Our one and only resale experience was a purchase near the end of 1999. The resale was at OKW and had park passes included, but only if we could close and make reservations before the end of the year. Needless to say, that didn't happen. It seemed to take an eternity, but our closing did happen within the timeframe that we were told by The Timeshare Store. As far as having a separate contract, I suppose since our resale was at the same resort as our original purchase and because the resale also had the same use year, it looks like we have a single contract. We get a single statement for dues and for tax purposes.

The bottom line is that the pros far outweighed the cons in our case.

 

[BobBrazeal]

I just closed on an OKW resale about 2 weeks ago. From offer to ressies was almost exactly 4 weeks. Not bad in my opinion for a resale. Obviously you can make ressies much sooner by going through Disney.

However, with BWV you've got a choice of a resale or getting on Disney's waiting list. I have seen a couple of posts recently that said that they were on the BWV waiting list for add-on points and that they came through pretty quickly.

I agree with your original post. I'm not sure that there are really any significant cons.

Good luck.

<img src=http://www.wdwinfo.com/sites/brazeal/rightdvcdis20.gif>

 

[doubletroublemom]

Wow! 5 weeks have already past and my resale purchase is just going for title search now! By the time we're done it'll probably be another 3 weeks. I think part of the problem is that I assumed everything would be done via overnight mail....WRONG. It took over 2 weeks just for the resale agent to send out and receive the contract back from the seller! I just told the agent that I would assume all costs for everyone's overnights just to move this thing along. I never expected 8 weeks!

 

[kem330]

doubletrouble- who did you buy from? We used overnight for all our documents. Maybe if you tell them you will cancel the purchase if they don't get it done soon you might have quicker results- have you made a final payment?

 

[doubletroublemom]

Kem330 - Thanks for your concern. We are using Century 21 Timeshare resales. The salesperson is very nice, but I guess he didn't see a need to move it along. I haven't made a final payment, but with very few BWV resales available, I'm reluctant to get "nasty" at this point. All documents from now on will be sent via overnight mail!

 

[cookiemonster]

What are the typical closing costs?

 

[kem330]

$425-450 if buying resale. None with Disney