Buying - Bank Owned DVC Resale

Discussion in 'Purchasing DVC' started by G2MAmber, Mar 27, 2013.

  1. G2MAmber

    G2MAmber Work at Gateway To Magic

    Joined:
    Mar 25, 2012
    Messages:
    71
    We are considering joining the DVC Family and are looking at putting an offer in on a "Bank Owned" property. For us this particular stripped contract worked out as we were looking for a contract offering pts in 2014 to save on not paying 2013 fees.

    So- I have looked on the boards and couldn't find a post pertaining to buying foreclosure/bank owned dvc properties and if it differed (time-frame longer)??

    Just was looking to see if anyone else had gone through this process and if they could shed some light on it for me! Realtor said it could be upwards of 120 days ekkk? Thanks a long wait
     
  2. Avatar

    DIS Sponsor The Official Ticket Center is Orlando’s #1 discount attraction ticket agency, selling millions of Walt Disney tickets around the world.



    to hide this adverts.
  3. DizBub

    DizBub Totally Addicted

    Joined:
    Dec 9, 2010
    Messages:
    2,148
    If you don't mind my asking, but where did you find this sale? Is this like a 'short sale' in real estate? Someone finance their DVC contract at a bank and default? Pretty sure you will still have to go to ROFR.

    Have you looked at conventional resales? Plenty of stripped contracts where you wouldn't have to pay 2013 MFs and only half the wait.
     
  4. ELMC

    ELMC DIS Veteran

    Joined:
    Jul 4, 2011
    Messages:
    1,981
    It could be between four and six months. But that's not really a concern because the contract doesn't have points until 2014 anyway. Your real concern should be determining if the price of the contract accurately reflects the additional hassle and the lack of points. Good luck! :)
     
  5. khaoskat

    khaoskat Mouseketeer

    Joined:
    Feb 21, 2013
    Messages:
    239
    It depends upon several things...
    A property being sold in a bankruptcy not only has to get approval of Disney and the original place of finance (if there is one), but also of the bankruptcy Judge.

    If it is a short sale, they can, despite their name, take longer to close than a regular sale. Short Sales have to go through a different department in the bank, and they are slow to respond to offers.
     

Share This Page