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

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

  1. Dean

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

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    Remember that DVD also charges closing for new buyers though often less than for a broker based resale.
     
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  3. ELMC

    ELMC DIS Veteran

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    True...but my understanding was that it is like $60 for a 50 point contract as opposed to $325-$425 for resale (depending on the broker).
     
  4. Dean

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

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    I don't know the numbers for 50 pts and I'm not sure we've seen enough to know that this is actually happening or will be for any length of time. I seem to recall around $225 for a normal starting contract. I can get any contract transferred for WDW for under $60 but the brokers wouldn't be willing to go that route, you'd need to find a private seller. My point was for one to look at the numbers, it's not zero vs several hundred.
     
  5. AllieV

    AllieV DIS Veteran

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    So I put in an offer on another small contract but the agent says it's been listed since early March and generally people who've had them on a while tend not to respond quickly or at all, especially if they don't want the offer.

    The agent also said that two properties at HHI have been ROFRd this month where the offer was the same as mine and accepted ($39 pp). They've never ROFRd their HHI properties before, so this was surprising to them. I may look over the offer and up it a buck or two (it's a small contract) and make it up elsewhere.

    I also learned from this agent that Disney never touches a property in a bankruptcy. It's too much paperwork. That's where the best deals are for us little buyers, though, assuming we don't mind waiting for the judge's approval. The owner doesn't care how much they get and Disney won't take it back.

    I have found my new target.
     
  6. AllieV

    AllieV DIS Veteran

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    p.s. I did ask about the $648 covering everything including title insurance, etc, and yes it does. The attorney alone is $325 which ups the entire cost.
     
  7. Mick West

    Mick West Mouseketeer

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    I live in SC and own at HHI. SC is an attorney state but like everything else, that is a negotiable charge/rate. I bought my HHI resale and didnt hesitate to tell the company that I'd get a closing attorney if need be. I paid more than I really wanted to but the attorney fee ended up around $250.
     
  8. lmb

    lmb DIS Veteran

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    We just signed a contract for a 50 pts HHI contract and I spoke to several agents before we made the offer. Seems like they are offering 2 prices for HHi contracts; 1 is 375-425 with no title insurance and the other is 600-800 with title insurance. The agent said that title issues would generally be disovered by DVC during ROFR anyway so we just opted for the 375 no title insurance closing cost. Hope this helps!
     
  9. Brownieone

    Brownieone Earning My Ears

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    tss
     
  10. KS_Disney_Dad

    KS_Disney_Dad I am Keyser Soze DVC Gold

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    We bought 25 points last year and I don't remember point cost but closing was $425. We are also listed in the Beaufort County website as owners. We used TSS.
     
  11. bears163

    bears163 Mouseketeer

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    Wow 650 is alot
     
  12. AllieV

    AllieV DIS Veteran

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    Thanks, I asked the agent and was told they always do title insurance because it protects the buyer. But if those things are discovered by Disney, yeah I could see dropping it. I was informed title insurance is "only" $125-$150, hahaha.

    On another HHI note, I thought long and hard about the possibility of HHI being spun off and me being stuck with points there, albeit a small amount. I looked at pics and thought it wouldn't be so bad to go there every 3rd summer if I had to.

    Then I thought about DVC having a new head CEO and the postcard I got from them luring into buying 8 years after I toured, and the rash of recent buy backs (my own hypothesis being they are protecting their sell price by not letting resale go too low). It occurred to me bright as day that there's NO WAY they'd spin out HH or the other florida one (VB?). It would totally crash their values and Disney is all about keeping those values up high. There would be a much smaller market to sell to, meaning they could get stuck without enough dues-paying customers. No, keeping them in the system with the orlando timeshares makes much more sense to me.
     
  13. Dean

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

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    I think it's unlikely VB and HH exit but it is truly possible. One thing I learned a long time ago with timeshares is to not make too many assumptions in a positive way. Always assume the worst and hope for the best. I've seen 9 timeshares exit the Marriott system with many others in the know telling me it'd never happen. As for title insurance I know many here disagree with my assertion that it's a waste of money with DVC in most sistuations. The chances of something not showing up in the sales process is so low that the price is unreasonable even when fairly low. Now if something does come up like a bankruptcy or divorce situation, that can swing the benefit to make it reasonable if not necessary. SC and WDW are easy to research but other locations might not be. One should always look at the specifics of a given situation but in the absence of a specific concern and assuming market rates, title insurance is not a reasonable cost, IMO.
     
  14. ELMC

    ELMC DIS Veteran

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    Thanks for this post, Dean. I had always wondered that with all the due diligence that the brokers and Disney do during the process whether or not title insurance was really worth it. Interesting perspective. Thanks.
     

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