Can someone please explain the process of buying?

Discussion in 'Purchasing DVC' started by jp02, Jan 16, 2013.

  1. jp02

    jp02 Mouseketeer

    Joined:
    Jan 6, 2011
    Messages:
    190
    I am now ready to make an offer on a resale contract. I know that ROFR can take up to 30 days. What I would like to know is once an offer is accepted do I have to pay a down payment and if so how much of a percentage? Also can the down payment be paid with a credit card? Then when is the total amount due? I will have to transfer some money so I want to make sure all my ducks are in a row before I get started! I know the total has to be paid with a certified check, but is there any other options? Thanks for all the info provided here :)
     
  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. ELMC

    ELMC DIS Veteran

    Joined:
    Jul 4, 2011
    Messages:
    1,981
    Each broker works differently, so I would talk to your broker about their specific procedures. But a generic answer is that you pay about $1,000 as a deposit using a credit card and the balance is due when the contracts are signed after passing ROFR. Typical payment methods are certified check or wire transfer.

    Good luck with your purchase! :)
     
  4. mommyarewegoingback

    mommyarewegoingback DIS Veteran

    Joined:
    Apr 20, 2005
    Messages:
    690
    It may be different with diff realtors. I used Fidelity & first American title. After our offer was accepted we put $1000 deposit on a cc. You could also send a personal check. After it passes ROFR, title co waits for the estoppel and creates the closing docs, ours took about a week after passing ROFR. When we got closing docs, we could email or overnight our contract. And the balance is due in either a certified check or wire. Hope that helps.

    -Virginia
     
  5. a742246

    a742246 And, and, and I caught a fish this big!

    Joined:
    Feb 5, 2008
    Messages:
    1,274
    The whole process takes about 8-10 weeks.
     
  6. jp02

    jp02 Mouseketeer

    Joined:
    Jan 6, 2011
    Messages:
    190
    Thanks it does help a lot! I didn't think the total amount would be due until after contracts were signed and ROFR had been passed, but wanted confirmation. Thanks again!
     

Share This Page