Contingent offer for resale contract?

Discussion in 'Purchasing DVC' started by twinsouvenirs, Jun 25, 2013.

  1. twinsouvenirs

    twinsouvenirs Mother of Dragons :)

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    So we are going to buy some GFV points, but want to supplement with some less expensive resale points at BWK and or SSR. Problem is our cash will not be available till after our condo closes in late July--we want to jump on any good contracts now but not be stuck if the closing is delayed or cancelled. We know that the closing of the points wouldn't happen till August anyway but we'd like to start the ROFR process asap so when we have the cash, we can close.

    So... has anyone put in a contingent resale offer?

    i.e. we would make it contingent on the sale of our house, set to close less than a month away?
     
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  3. Minniesgal

    Minniesgal DIS Veteran

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    If the sale of your condo is agreed and contracted so you know for sure you will have the funds in July I would say go ahead.

    However, I wouldn't think a contingent offer would be a good idea now. It is so much a sellers market at the moment that I don't see a contingent offer being accepted. Sellers are more likely to say I will accept another offer as there are plently. Contracts are selling within hours of being listed and receving multiple offers.

    I would advise being close to being in a position to complete before you make an offer.
     
  4. Missyrose

    Missyrose DIS Veteran

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    You'll only have to put down a deposit now ($500-$1500, depending on the broker/size of contract/etc.).

    The rest of the balance won't be due until about two months after the time you come to an agreement with the seller.
     
  5. drusba

    drusba <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    Have not done this but it will be possible only if there are sellers and brokers willing to do it and it is not something either of them will likely be overjoyed about doing particularly when you are dealing with a fluid market like DVC timeshares where no particular property being sold is unique. Also, you are not likely to actually save much time. Putting a contingency like that will mean that DVD will not, and is not required to, consider the contract for ROFR until after the contingency is met, even if the contract is submitted early, and thus you will likely still have a few weeks going through ROFR after you close on your condo.
     
  6. twinsouvenirs

    twinsouvenirs Mother of Dragons :)

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    THANK YOU for sharing--I did not realize that. So there would basically be no time savings by doing a contingent offer. We'll just wait till we are at least 10 days out from close and then put in our offers. That is fine, it will be an excruciating 15 days but I'll likely live through them :)
     
  7. sara mom

    sara mom Mouseketeer

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    You will also notice some contracts can not close until a certain date (usually sellers are going on one last DVC trip before selling). That might be an option for you.
     

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