I can not believe this!!

[PottersMom]

We have been in the process of buying a small resale contract since the beginning of Feb. Things have been up and down, but we were all set to finally close this week. I got a call from the agent handling the sale today that said, the title company has run a second search on the property just before the close of the sale, AND THE SELLERS USED SOME OF THE POINTS!!!!! Can you believe that? I didn't even think that would be possible. It was in our contract that I was buying 40 banked points, 40 current points and 40 points for every year until 2000whatever. They waited until the first title search was run and used the 40 banked points. I guess they thought no one would know because most title companies only do one search, but this one always follows up before the close.
I am just in complete shock.

 

[TammyAlphabet]

I would make them reimburse me for the points they used.

 

[MemphisTN]

What did the agent suggest doing?

I would either ask them to pay for the points or tell them that their using the points specifically written in the contract (as being available to you) voided the contract. I know it would not be ideal to have to go through the process again, but I don't like people trying to sneak something through. I would probably be mad enough that I would rather go through the process again than to give them the satisfaction of using the points and still making the sale.

Sorry that happened to you, I am keeping my fingers cross that our resale purchase will go through smoothly.

 

[asianway]

I didnt think you could use banked points. Was it the current points?

 

[lzbee]

What dvc resale company did you use?...Just wondering since I was thinking about buying resale.

 

[mikeandkarla]

I would tell them to stick that 40 point contract up their @#%. It sounds like they knew exactly what they were trying to pull. I know it stinks to wait for a resale, but then for this to happen at the end, I feel for you. I definitely would not go thru with the sale if it were me. Good luck.

 

[tjkraz]

Yikes. I wonder how sticky that will get. If you change the terms of the contract, wouldn't it have to go thru ROFR again? If so, you may have a tough decision to make. If you lower your offer by $10 per point due to the loss of banked points, it may not get thru ROFR the second time.

Assuming the seller isn't getting rid of all of their points, perhaps DVC simply pulled points from the wrong contract when they were booking a trip. It still could turn out to be an innocent mistake.

Good luck. I'm curious to hear how this works out.

 

[dianeschlicht]

Yikes. I wonder how sticky that will get. If you change the terms of the contract, wouldn't it have to go thru ROFR again? If so, you may have a tough decision to make. If you lower your offer by $10 per point due to the loss of banked points, it may not get thru ROFR the second time.

Assuming the seller isn't getting rid of all of their points, perhaps DVC simply pulled points from the wrong contract when they were booking a trip. It still could turn out to be an innocent mistake.

Good luck. I'm curious to hear how this works out.

That was my thought as well. I'd have your agent pursue it to find out both the particulars and to advise on what to do next.

 

[DeeCee735]

<"I would tell them to stick that 40 point contract up their @#%.">
<"Yikes. I wonder how sticky that will get.">

You guys are funny! Thanks for the morning laugh. I must say, I agree!
Good luck with getting this situation rectified.

 

[Delaware Mike]

What dvc resale company did you use?...Just wondering since I was thinking about buying resale.

Yeah, it's a good thing this agency's closing company stayed on top of things...but it can happen to any agency.

 

[sajetto]

OMG, I am livid for you! I would demand that they remimburse you for the value of those points and now they're going for closer to $11 than $10

 

[ssdelaney]

I have a very similar situation. I was in the process of purchasing 200 points through a resale when I received a call yesterday. It seems that the seller does not own 200 points, he only owns 150. The contract was signed and Disney was in the process of the ROR when this matter came up. I am so angry. I found the financing, had my credit run (which lowers your credit score) and filled out a massive amount of paperwork for something that does not exist. Needless to say I am not a happy camper today. I will begin my search again or just go straight through disney before they have their price increase.

 

[Dis13]

Correct me if I'm wrong, but I believe there have been a lot of posts lately about points being taken off of the wrong contract for those with multiple contracts, (especially where AKV points were involved).

I'd definitely try to find out if this were the case before starting all over again!

Good luck!

 

[hansel1]

After I read numerous horror stories about buying resale, I decided to buy through disney. The savings of buying elsewhere did not outweigh the piece of mind when buying direct from disney. It was a total of seven days from when i called to purchase BWV and the day I signed the papers for closing and financing.

 

[tjkraz]

OMG, I am livid for you! I would demand that they remimburse you for the value of those points and now they're going for closer to $11 than $10

I'm not sure it's that simple.

If the terms of the agreement change, I'm sure it would have to go thru ROFR again. Let's say OP was buying BWV for even a high price of $90 per point. If the agreement is re-written at $79 per point due to the points used by the owner, there is no way $79pp would pass ROFR.

The only other option would be a handshake agreement that the seller reimburse the buyer after closing. That would certainly be illegal since it's skirting the ROFR rules, and I'm not sure I would even trust the seller on a handshake deal if it turned out that the points were intentionally used.

 

[Delaware Mike]

I'm not sure it's that simple.

If the terms of the agreement change, I'm sure it would have to go thru ROFR again. Let's say OP was buying BWV for even a high price of $90 per point. If the agreement is re-written at $79 per point due to the points used by the owner, there is no way $79pp would pass ROFR.

The only other option would be a handshake agreement that the seller reimburse the buyer after closing. That would certainly be illegal since it's skirting the ROFR rules, and I'm not sure I would even trust the seller on a handshake deal if it turned out that the points were intentionally used.

Agreed, completing this sale with a side-agreement might be view by Disney to be just as fraudulent. I'd hold the contract as null and void, and either apply my deposit against another contract or get a full refund.

It's a shame the resales agency will probably take the rap for the seller's actions. It wasn't their fault, and it could happen to any agency. Heck, it happened to me during one of my first two failed attempts.

 

[dis-happy]

Hugs to PottersMom. Waiting rofr and the time until closing is so stressful anyway, especially when you can't wait to be in the system and part of DVC officially. I hope your broker is able to figure something out for you, even if it's a new contract with someone else.

 

[Dean]

We have been in the process of buying a small resale contract since the beginning of Feb. Things have been up and down, but we were all set to finally close this week. I got a call from the agent handling the sale today that said, the title company has run a second search on the property just before the close of the sale, AND THE SELLERS USED SOME OF THE POINTS!!!!! Can you believe that? I didn't even think that would be possible. It was in our contract that I was buying 40 banked points, 40 current points and 40 points for every year until 2000whatever. They waited until the first title search was run and used the 40 banked points. I guess they thought no one would know because most title companies only do one search, but this one always follows up before the close.
I am just in complete shock.

As I have posted before, i don't think this is an usual issue for DVC or other timeshares. It could have been by accident, DVC's mistake in a number of ways or on purpose. I hope it works out.

 

[snappy]

I hope Dean is right.

Having overnighted a nice sized check for our contract yesterday, this situation is making me a bit nervous.

I hope the OP will post and let us know how this is resolved.

 

[3DisneyKids]

I, too, would void the contract. I know that means having to start over, but I would do it in order to avoid dealing with dishonest people (if it turns out this is not a clerical error).