sooo disappointed....

Discussion in 'Purchasing DVC' started by lionqueen, Mar 21, 2013.

  1. lionqueen

    lionqueen Mouseketeer

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    We recently had an offer accepted on a SSR contract. 160 points, dec UY, 160 banked point (2011), 160 current points (2012), 160 points (2013) Seller pays all MF and closing costs. We settled on $68.75 pp which was more than I wanted to spend but with such a loaded contract we went with it. We thought we'd take the 160 banked points and rent them at David's and put it towards the purchase price. Well we were just told that there are 123 less banked points than was advertised. I'm soooo disappointed. Now I'm not sure I want the contract. Any thoughts?? It's definitely not as good of a deal as i thought. Just had to vent a little!!
     
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  3. AppleDisneyDad

    AppleDisneyDad Quietly Lurking DVC Gold

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    I'd back out if you are that disappointed and you can avoid losing your deposit. At that price and some patience I think you can get what you want, provided you can show your offer included the banked points.
     
  4. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    Can they be replaced in some way? I know the broker has ante'd up in this situation at times. If you change the deal you'd have to go back through ROFR anyway but the closing company might be able to get you expedited. Otherwise you should be able to walk away with a full refund.
     
  5. ELMC

    ELMC DIS Veteran

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    Where are you in the process? If you have not gone to ROFR yet, I would renegotiate the deal lower by 123 x $11. If the sellers are unwilling to match this price, I would walk. Sorry that this happened to you, but it is fairly common. There are other contracts out there! :)
     
  6. Jasonkat

    Jasonkat Mouseketeer

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    Walk away and start over. Don't get attached to this particular contract. Just go back to waiting for the "right" contract to come along.
     
  7. Jasonkat

    Jasonkat Mouseketeer

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    She said $68.75 was higher than she wanted to pay...so I assume she tried to negotiate a lower price. If the seller needs $11,000 (68.75*160) I strongly doubt they'd agree to $9,647 (11,000-123*11). To me this sounds like a seller who is either not serious, trying to get a "steal" of a deal for themselves, or totally clueless since they didn't realize they'd used 123 2011 points. None of those three options is a person I'd like to deal with.

    Walk away and move on.
     
  8. lionqueen

    lionqueen Mouseketeer

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    We had the verbal commitment and I sent all our info to Fidelity but it was not sent to ROFR and we did not send in our deposit yet. I was thinking of doing just what you say. The only negative would be it would be sent to ROFR at $60 instead of $68.75. Thanks for the input.
     
  9. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    No written contract and no binder, no contract, move on.
     
  10. lionqueen

    lionqueen Mouseketeer

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    The contract was listed at $78 pp, we offered $60pp and we settled on $68.75. My husband wants to walk away just for the reasons you state. I don't really want to start over again but we are in no rush so if the sellers aren't willing to compensate for their "mistake" we'll walk away.
     
  11. JimMIA

    JimMIA A little Miami humor...

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    Agree 100%. Run, don't walk, away from this one. It doesn't pass the smell test.

    DVC owners know how many points they have, and if the broker had done even minimal due diligence, they would have known as well.
     
  12. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    The owners likely used points from the time of listing until this started.
     
  13. JimMIA

    JimMIA A little Miami humor...

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    If you look at the ROFR thread, your $60 offer looks pretty reasonable for a 160 point contract...might even be a little high. $68.75 seems too high to me, and it's definitely too high for a contract with only 37 banked points. You're not getting any bargain.
    If you go through with it, I would be willing to bet that the next revelation you get will be that they owe a ton of money on the contract and can't close.
     
  14. CPTJAK

    CPTJAK Mouseketeer

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    The price does not seem that high because the "SELLER is paying closing and Maintenance Fees" that is worth $8 per point putting the price at $60 per point.
     
  15. ELMC

    ELMC DIS Veteran

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    I think it's a little early to panic on this one but you should definitely renegotiate. If this is an emotional purchase for you (as opposed to viewing it as a business transaction) then you should probably take the advice of the posters who suggested you walk away now. If you're able to roll with the punches, there still might be value here, depending on how you can renegotiate. Good luck and please let us know how it turned out. :)
     
  16. MickeyFan612

    MickeyFan612 Mouseketeer DVC Gold

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    I must agree-). I would stick w/ this deal as it does have over two years of maint paid points plus seller paid closing costs! If you value all the free points at $12/ point(which is easily the going rate for private renters) and compensate yourself $500 for the closing costs saved you are looking at having paid $38.85/ point and still have all 2014 points intact!
     
  17. JimMIA

    JimMIA A little Miami humor...

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    If you read OP's description of the situation, you'll see that almost half of what you call "free points" aren't even there at all.

    That's the crux of the problem and you seem to have overlooked it.

    We can structure our rationalizations however we want, but MFs technically don't have anything to do with points -- they are the operating cost of the resort for the calendar year. In OP's case, at least 1/3 of 2013 will likely have passed by the time they close. If they paid one penny for any of that time, they'd be getting ripped off. If the MF's are allocated by when the person has the ability to use the resort, it is not as big a "deal" as it sounds (+/-$500 on an $11,000 transaction).

    We can also make whatever assumptions we want to make on value. If I "value" the "free points" at $50 per point, OP is getting the contract for nothing. Hypotheticals are fun that way.

    As far as the price, even factoring in the seller paying closing, it's no better than most of what I see on the ROFR thread, and higher than many actual reported sales.
     
  18. abner1776

    abner1776 DIS Veteran

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    This is simply a case of you can't see the forest for the trees.

    Forget about the price, banked points, MF's, etc. etc., etc.

    THe base problem is you have a seller who hasn't got a clue about how many points they have or they are trying to pull a fast one on you AND you have a broker who has gotten snookered by the seller....in either case, is this a seller you want to be dealing with ??...I certainly would not want to be.

    THere are other SSR contracts for sale...time to move on...In my 63 years on this planet, the one overriding thing I have learned is...Things happen for a reason. THere is a reason why this agreement has gone south on you, but you may not find it out for sometime if ever. Accept that it's time to move on and find another contract.

    Good luck with your DVC hunt.
     
  19. JimMIA

    JimMIA A little Miami humor...

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    Well said. This really IS the core of the problem -- these are not people you want to be doing business with, and I include the broker in that.

    I know many have had good results with Fidelity, but whenever there is a fiasco like this, you don't even need to ask who the broker is. We all know.
     
  20. KAT4DISNEY

    KAT4DISNEY Glad to be a test subject

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    I agree in some part, however with the original listing price this contract may have been listed with Fidelity for some time. It would not be the first time that an owner listed several months ago, the contract didn't sell, and they decided to use or rent some points and then forgot to notify the agent. And so far it was only at the verbal stages - I don't think it was mentioned whether the seller informed or Fidelity found out thru Disney about the point discrepancy but either way it seems to have come up before or at least with the contract sales agreement so I wouldn't run away screaming if I still thought this was a good contract for myself.

    I admit I have some sympathy with point confusion after having a contract for sale - that I indicated in the paperwork that I had a reservation under but would cancel if the contract sold - and then got a nasty call from the broker that the points were not as I had indicated.

    On the other hand SSR listings seem to be in abundance again so at the very least I'd look around at other contracts and/or look at a little renegotiating.
     
  21. DougEMG

    DougEMG DIS Veteran

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    Don't let your feelings have anything to do with your decision. Things like this happen, sellers back out after signing contracts, ask for more money after making a verbal agreement, basically with resale anything and everything can happen. Think of this as a new contract and would you want it?

    So right now is it 37 banked 2011 points, 160 2012 points and 160 2013 points for $68.75 with seller paying closing and MF?

    If so, you are still getting 357 points that you are not paying MF on, how much is that worth to you? You could always ask for a reduction in price and see what the seller says. Then compare that to what is out there now and decide if you still want it.
     

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