Yowza -- did you know this about HHI / SC?

Discussion in 'Purchasing DVC' started by AllieV, Apr 24, 2012.

  1. AllieV

    AllieV DIS Veteran

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    I just made an offer on a small hilton head contract and as part of it, I said I'd pay closing and they pay 2012 dues (it's a december contract that's stripped until december). The agent said she needed to let me know that south carolina is an "attorney only" state and closing is about $650 even on the smallest contracts. And she said that's the cheapest she's found by far. I can see why those small contracts just sit there. It adds a ton per point on top of the higher maint dues.
     
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  3. permavac

    permavac Have you seen this chicken?

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    Wow - I knew it was "more" expensive because I bought an HHI resale in 2008 but back then the closing was in the low 400s. $650 is huge on a small contract!

    Terri
     
  4. Tunseeker1

    Tunseeker1 Mouseketeer

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    Yep. The price per point looks great until you add in the closing and the $80 direct starts making sense quick.
     
  5. permavac

    permavac Have you seen this chicken?

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    So are you going ahead with HHI or did the $650 change your mind?

    Terri
     
  6. Sanchez

    Sanchez DIS Veteran

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    The attorney fee for most residential closings is between $350 and $500. In the current market many will do them for less. The attorney fees are usually comparible to non-attorney fees in other states but I do not have a specific data.

    Is the $650 quote solely for the attorney fee or does it include other closing costs? That is an important question. Does it include recording, title abstract, title insurance?

    Others will have to chime in as to their experiences with closing costs in SC and other states.

    As an aside, I have not done closings on timeshares for many years. It is a high level of aggravation with minimal fees. As I am not a volume transactional lawyer it made little sense. Lawyers make money on closings by getting title insurance premiums. Most timeshare closings have little or no title insurance.
     
  7. AllieV

    AllieV DIS Veteran

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    The agent said, "do you want to split the closing fees? That's usually how we address this." I replied, "well sure, if they're still willing to pay the 2012 dues and split the closing and take my offer per point." Something tells me they won't, since it's a small contract, but it's been sitting there for over 10 days (maybe much longer; I noticed it about 10 days ago). She didn't say they had other offers or that they'd turned down any offers similar to mine. So maybe they'll feel desperate. I am a bit torn now, though. If I sell this one day, I'll lose a bunch on absorbing the high closing costs one way or another.
     
  8. AllieV

    AllieV DIS Veteran

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    This is not a language I speak. When they say "closing costs" I assume that means all costs involved in closing this deal. :confused3
     
  9. permavac

    permavac Have you seen this chicken?

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    I hear that! I was planning on selling my 25-pt HHI after getting my other 2 contracts, but with this new info, I guess I will just keep it - the price to sell will probably be too low for my taste...

    Terri
     
  10. Sanchez

    Sanchez DIS Veteran

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    I assume the same but wanted to clarify that if the attorney fee (but one part of closing costs) is $650 the total closing costs would be much more.

    I would want to know the total breakdown of closing costs - can you negotiate the attorney fee? Does the estimate include title insurance which you may not need or desire? That will help you make an informed decision. You may want to speak directly with an attorney.

    Your initial post seemed to indicate that you were told that the closing costs are higher in SC because you need an attorney. That is usually not the case but others on this forum likely can compare closing costs in non-attorney states.
     
  11. dcamdad

    dcamdad DIS Veteran

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    I take it this is not a resale thru TSS as their HHI resales show closings costs ranging from $425 for 150 pts to $525 for 350 I think I would get a better clarification of the $650 fee you are being told.
     
  12. ELMC

    ELMC DIS Veteran

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    Ok, now I'm just starting to think that you are a DVD employee. We get it, you like buying direct.
     
  13. tammymacb

    tammymacb Under da sea, under da sea, darlin' it's betta dow

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    Last time I checked TTS was not following the rules when it comes to HHI closings and were still closing them in Florida.

    The OP is correct, though. Timeshares sold in SC are supposed to be closed in SC, so those who buy without following the rules best hope it's not a problem down the road.
     
  14. Tunseeker1

    Tunseeker1 Mouseketeer

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    No I don't like buying direct, I just like informed choices. I wanna save money when it makes sense.

    I want people to at least realize the total costs on some contracts like this person has.
     
  15. AllieV

    AllieV DIS Veteran

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    I don't think Disney sells this for as low as $80 pp. And considering you can buy it easily for $50 pp resale -- and $35-40 if you work it -- it's still less even with high closing costs.
     
  16. Dean

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

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    Talk to the companies that specialize in Timeshare closings like JRA, Timeshare Traders, Resort Closings Inc and Timeshare Transfers. You might want to ask who specializes in SC on somewhere like TUG (Timeshare Users Group). Realizes that at broker may not be willing to work with these companies because of familiarity and often they get a kickback from their usual closing companies. I know JRA does SC with an additional fee due to the requirement mentioned but don't' think they all do. They should all be cheaper than the $650 quoted. They generally don't do escrow or title insurance.
     
  17. Brownieone

    Brownieone Earning My Ears

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    I just bought 50 HHI points and paid $425 closing. You do have to keep that closing cost in mind when you agree to a price ... it really adds up on the smaller contracts.
     
  18. AllieV

    AllieV DIS Veteran

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    Which broker/seller did you go through?
     
  19. AllieV

    AllieV DIS Veteran

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    So I put the offer in Monday and as of today hadn't heard anything. I called the realtor who was baffled and would call back. Two hours later, I got a call that the seller heard my offer and decided to take it off the market. :rotfl:
     
  20. kristenrice

    kristenrice NOT just an ambulance driver

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    Yes, the current selling price direct from Disney is $80/point at HHI. I don't know what the "real" minimum requirement is for new buyers, though. Everything in Disney's official information indicates that new owners must buy a minimum of 160 points. However, it is also widely reported that people have bought new contracts, direct, for as few as 50 points.

    We did our add on of 50 points in January 2011 for a total of $4000 which included the closing fees. Yes, it had to be closed in SC so it took quite a while. Since it was a direct purchase, it didn't really matter since I had the points immediately.

    Assuming a 50 point contract with the proper UY ever became available for $55/point, we would have saved about $700 by going resale. It wasn't worth it because we wanted the points and the right contract just wasn't coming available.

    Good luck!
     
  21. ELMC

    ELMC DIS Veteran

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    You're right...now that DVC appears to be selling 50 point contracts, the divide between direct and resale becomes much narrower (due to amortizing closing costs, etc.). Your savings per point may not be multiplied by enough points to make it worth trying to find a resale.
     

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