Experience with Fidelity?

[ninjagirl]

We've bought two contracts from Fidelity and had two issues with Fidelity. Most of the actual problem stemmed from the title agent they used to do the closing but they were extremely quick in doing what they could to make us whole.

Fidelity is a complete and utter joke and I wouldn't do business with them again if they offered me a free contract. They are lazy with the communication and overall do a poor job at their role as brokers. In my experience, they essentially only contact you to get your information and let you know you passed ROFR and that's it. Any other communication had to be initiated by us. They missed all of the deadlines in getting us documents on time. It was just a mess. They ended up causing us to lose 100 points as you read. As soon as our contract closes, I'll be on the phone with the seller's probate attorney to explain to him why they don't deserve their commission on that side of the deal as I'm sure he was told the buyer hasn't returned their paperwork when in actuality, we never got it.

With the new $195 admin fee (that thankfully we didn't have to pay because we bought before the first of the year) I wouldn't ever buy anything from Fidelity. But understand that my opinion comes from a place of being burned by them and only getting a nonchalant apology in return.

 

[miprender]

I never had a chance to work with Fidelity. I had left several messages and sent emails about a DVC resort they had and they never once called me or replied to my emails.

I guess they didn't need my business and the TSS has always been great to deal with, so they will always get my business

 

[ninjagirl]

I never had a chance to work with Fidelity. I had left several messages and sent emails about a DVC resort they had and they never once called me or replied to my emails.

I guess they didn't need my business and the TSS has always been great to deal with, so they will always get my business

This is another good point. The contract we purchased as listed on thanksgiving night. They were listed as closed for the day after, the phone didnt go to voicemail saying they weren't there. It just rang and rang and rang. We waited a good two months looking for that contract so we were ready to jump on it. Luckily we had Rachel's email from a previous sale and were able to email her directly to put our offer in. When we talked to her that morning (I called her Monday morning at 8am sharp) she said I had your email in first but there have been several calls already about that contract, thankfully you made a full price offer so it's yours. All that to say, it doesn't matter what kind of communication it is - they suck at it.

 

[jenbelles]

I never had a chance to work with Fidelity. I had left several messages and sent emails about a DVC resort they had and they never once called me or replied to my emails.

I guess they didn't need my business and the TSS has always been great to deal with, so they will always get my business

I had the same exact experience!!!

 

[Sur]

They are not consistant with communication. I called to offer on a contract IMMEDIATELY when it was posted, the receptionist said they were in a meeting and to leave my number. They did not call back, so I called from another number shortly thereafter. I then got an agent that said that contract was accounted for already. Not a big deal, but it's certainly not first-come first-served.

I need consistancy and will pay a bit more to get it, if I have to.

btw- I have yet to receive a call back at the number I gave (they didn't take my name and rushed off the phone), and that's been a LONG time!

 

[DisneyFansInLINY]

They are slow as sugar honey iced tea going up a hill on a hot day lol. But if you want a great deal and have a lot of patience definitely consider using them.

 

[dbs1228]

They are slow as sugar honey iced tea going up a hill on a hot day lol. But if you want a great deal and have a lot of patience definitely consider using them.

I agree with the above! I considered buying a BWV 150 point contract for 67.00 PP but decided we wanted more points and within a day or 2 I found BWV 222 point contract listed for 55.00 PP both contracts have 2013 points and all going forward. I have bought resale before so I will stay on top of things to make sure they move along - I know I will have to.

 

[WDWLayla]

I had the same exact experience!!!

I called on Thursday and called on Friday. Left two messages with Sharon and sent her an email...I got nothing, nada, bubkis back.

I don't think I'll be looking into Fidelity, even if they have a plethora of contracts.

 

[fortheloveofminnie]

My experience with Fidelity can only go until a contract is in ROFR, because that's where my 200 pt AK contract is sitting right now (should know in the next few weeks!).
I sent an inquiry through their website before I even wanted to make an offer, just to have a contact person with a direct line when the right contract/price came along. Shawn Ray called within a few hours. Several days later, when a I decided to start making offers, I left a message and she called me back within a few hours. It took a few weeks of making offers (and getting rejected or receiving no response at all) before a seller and I agreed on contract terms. She offered my price every time, even if it was significantly lower than list price. I finally had a seller accept at $14 less per point than asking price (a fair price, it was just overpriced to begin with). Two days later, she sent me the contract. I signed and returned immediately. It was sent to ROFR the next day. So now I wait. Communication wasn't fantastic, but I wasn't in a real hurry so I haven't minded. Final judgement will have to wait until the closing process is complete. Here's my final thought, though:
I chose Fidelity because they had several contracts with the points/UY I wanted and at the time, the TSS and the other biggies didn't have any contracts that fit my needs. HOWEVER, a LOT of the listed contracts were firm on price because the owners had financed and needed a certain price to pay off their financing obligations, etc so of the 10 or so 200pt AK contracts, only about 4 seemed willing to come down on price or even negotiate. Thus, thier inventory wasn't as large as it seemed if you are looking for a good deal. Sorry if this was long winded response, but I hope it helps. If things continue to go as smoothly, I would use them again.

 

[dbs1228]

PP I am glad to hear your experience I am working with Shawn on the contract I am buying and she did get back to me promptly through negotiations and I also talked to Sharon who was quite helpful.

The difference I can see for me is: Fidelity: my offer was excepted on Thursday around 4:00PM I got a email saying congrats we need the names and spelling of people on contract ect... I emailed info immediately and have not heard anything since but Shawn did say I should have a contract emailed to me on Monday.

Timeshare store (I am selling a contract):Got a call at 11:00AM with an offer, agreed to the offer and was told a email would come shortly. By 1:00PM email contract received - printed it when I got home, signed and faxed it back to TSS at 3:30 by 4:30 I got a email saying that contract was being sent to Disney TODAY for ROFR and we should know within 30 days.

 

[jupers]

PP I am glad to hear your experience I am working with Shawn on the contract I am buying and she did get back to me promptly through negotiations and I also talked to Sharon who was quite helpful.

The difference I can see for me is: Fidelity: my offer was excepted on Thursday around 4:00PM I got a email saying congrats we need the names and spelling of people on contract ect... I emailed info immediately and have not heard anything since but Shawn did say I should have a contract emailed to me on Monday.

Timeshare store (I am selling a contract):Got a call at 11:00AM with an offer, agreed to the offer and was told a email would come shortly. By 1:00PM email contract received - printed it when I got home, signed and faxed it back to TSS at 3:30 by 4:30 I got a email saying that contract was being sent to Disney TODAY for ROFR and we should know within 30 days.

I had a great experience with fidelity 2 years ago.

 

[fmer55]

I think the vast majority of resale transactions go through without a hitch.

But my experience here on the DIS is this: IF there is going to be a problem, it will occur with Fidelity. NObody else has the problems these folks have...NObody.

One strategy some have used successfully is to go through another broker for contracts you see on Fidelity's site. TTS doesn't co-broker, but the other two frequently-mentioned firms do. Using a co-broker doesn't cost a cent, and the other firms seem to be more diligent and competent than Fidelity.

To be fair, and it has been mentioned elsewhere, Disney refers distressed sellers to Fidelity, and many of the problems are people who do not know they owe money at closing.

I would like to think the more savy seller would use one of the other brokers, but I do not think you can find lower prices than Fidelity when buying.

Just one man's opinion.

I am in the process of closing my 3rd contract with Fidelity with no issues.

 

[ninjagirl]

To be fair, and it has been mentioned elsewhere, Disney refers distressed sellers to Fidelity, and many of the problems are people who do not know they owe money at closing.

I would like to think the more savy seller would use one of the other brokers, but I do not think you can find lower prices than Fidelity when buying.

Just one man's opinion.

I am in the process of closing my 3rd contract with Fidelity with no issues.

I actually think Fidelity is getting better at cutting these problems off. They were several contracts that we discussed with them about that were non negotiable because of high payout. If it was just one, I'd say it was an educated seller. We experienced that three times with them in particular.

 

[PCMama]

I think the vast majority of resale transactions go through without a hitch.

But my experience here on the DIS is this: IF there is going to be a problem, it will occur with Fidelity. NObody else has the problems these folks have...NObody.

One strategy some have used successfully is to go through another broker for contracts you see on Fidelity's site. TTS doesn't co-broker, but the other two frequently-mentioned firms do. Using a co-broker doesn't cost a cent, and the other firms seem to be more diligent and competent than Fidelity.

So if I see another contract on fidelity's site all I need to do is call one of the others? I am DISO a VGC contract and for some reason fidelity always has a lot of inventory, but I'm weary of sending over that much money to them with so many problems.

 

[minnime]

I have worked with both the Timeshare Store and Fidelity either buying or selling. No problems with either. Sometimes (more often than not) problems that occur are not the fault of the broker. Sellers do stupid things that hold up the sale and the title companies also make mistakes.

 

[lville23]

My first experience with Fidelity I found out that the contract I had negotiated with the seller on actually included banked 2011 points that were not advertised or disclossed until I received the contract. Good for me right... well, the price was too good with all the banked points and Disney ROFR'd it. Second contract, which was actually two smaller contracts with the same seller made it through ROFR but the seller backed out once they received closing documents because they "owed too much" and could not bring money to closing. Wasted two months with Fidelity on these contracts. I feel a more professional handeling by the broker could have prevented both issues. I fully expect to see the two small contracts back on the market soon.

 

[PCMama]

My first experience with Fidelity I found out that the contract I had negotiated with the seller on actually included banked 2011 points that were not advertised or disclossed until I received the contract. Good for me right... well, the price was too good with all the banked points and Disney ROFR'd it. Second contract, which was actually two smaller contracts with the same seller made it through ROFR but the seller backed out once they received closing documents because they "owed too much" and could not bring money to closing. Wasted two months with Fidelity on these contracts. I feel a more professional handeling by the broker could have prevented both issues. I fully expect to see the two small contracts back on the market soon.

Couldn't the ROFR have happened with any broker?

 

[lville23]

Couldn't the ROFR have happened with any broker?

A ROFR could happen on any contract with any broker. However, in this case the listing and ensuing negotiations were based on inaccurate data. Data that the broker should have known. A basic duty of the broker is to get the contract details correct in a listing and they failed to do this. Based on only my experience with them it is hard to comprehend how they are able to charge a premium to the buyer for thier service.

 

[ninjagirl]

Our contract wasn't ROFR'ed, but there was 100 2012 points that weren't listed on the website. I think most of the brokers use three years of points (the same way that Disney does when listed in your membership numbers) and Fidelity would be wise to start doing the same, or at least list the ones with points on the website so that buyers know. I'm fairly certain it would help the sellers potentially get more, and help the buyers when making an offer or knowing what they're getting. We were told much later that the reason why weren't listed is because they were close to expiring (3-4 months out from expiring)

 

[wooclan]

I bought a resale throught TTS, worked with Jamie Carr 6 mos ago. I was lagging a bit, she was great with making sure I stayed on top of everything. I've been back hunting through both. Well, Fidelity is slow with responding via website and direct email. Def not customers (buyers) first mentality IMO. But what can you do? If you see something they list that you like, what choice do you have but keep email/call/leave messages? I wish there was a way you can contact some of these owners directly.