A couple of resale questions

[mouseclick1]

We made an offer on a HH contract that was accepted two days ago. Yesterday, I spoke with the resale agent who said he would draw up the agreement and have it ready right away. I noticed that the listing now says "pending" on the timeshare store site . In my excitement of having our offer accepted, I didn't think to ask him a few basic questions.

First of all, what happens next? I am assuming the papers will arrive shortly for DH and I to sign and return, right?

Do I send in a deposit at that point?


I have been reading up on ROFR, so I know once it goes to Disney it can take a while before knowing if the contract passes or not. But how long does it take until Disney gets it? Does it go right away, or is that a long process as well?

I'm trying not to get too excited because it seems like a pretty good deal, and I'm afraid Disney might think so, too!

 

[bavaria]

Here's what happened to me:

- last week of April gave the ok on a contract with TSS
- rec'd an email one day later with 3 pages to sign and return to TSS, along with my deposit check
- one week later the closing agency FedEx'd me some more papers but apparently at that point it is already submitted for ROFR
- at that point I asked to be put on Beca's ROFR thread

My listing was on the TSS with 'pending' for about 3 days before it disappeared.

From 5/6 until now it has been wait wait wait wait wait check email wait wait wait check email wait wait wait check missed calls wait wait wait for something to happen.

That's all I can tell you about the timing/process - wish I could tell you what happens once one passes ROFR, but I can't yet!!!

 

[shortypots]

Question... What do closing costs typically run for the various resale companies? I just want an average that I should expect. I am getting closer to getting hubby to approve!!!!

 

[CarolMN]

Mouse and Shorty - You might be interested in reading the FAQ found on the Timeshare Store website (Board Sponsors). Apparently, your questions are often asked of them, LOL! Here's a direct link - or you can click on the banner at the top of the page:

http://www.dvc-resales.com/faq.htm

Best wishes -

 

[mouseclick1]

Here's what happened to me:

- last week of April gave the ok on a contract with TSS
- rec'd an email one day later with 3 pages to sign and return to TSS, along with my deposit check
- one week later the closing agency FedEx'd me some more papers but apparently at that point it is already submitted for ROFR
- at that point I asked to be put on Beca's ROFR thread

My listing was on the TSS with 'pending' for about 3 days before it disappeared.

From 5/6 until now it has been wait wait wait wait wait check email wait wait wait check email wait wait wait check missed calls wait wait wait for something to happen.


That's all I can tell you about the timing/process - wish I could tell you what happens once one passes ROFR, but I can't yet!!!

Thanks, that's exactly what I was wondering about!

 

[tamu91]

Let me see if I can fill the gap where bavaria left off.....

1. Offer made, offer accepted
2. contracts from Closing company
3. you sign yours, seller signs theirs and off to ROFR
4. ROFR can take upto 4 weeks but it takes 7-14 days for most people
5. If Disney passes on your contract, you'll receive the closing documents most likely via e-mail within several days.
6. You execute your portion and send it back to the closing company along with THE BIG CHECK, certified preferred I believe.
7. Once the closing company receives your check and the closing documents from the seller, they will record your deed and notify Disney. From this point, you should be in the Disney system within 3-4 days.
8. This is the fun part. Once you and your points make it into the MS system, you get to call and make your first reservation.
9. You should receive your DVC membership card with 4-6 weeks after closing.

The closing cost runs about $450-$500 on average, I think.

Well, good luck on your contract and pixie dust to you

 

[JeanJoe]

Question... What do closing costs typically run for the various resale companies? I just want an average that I should expect. I am getting closer to getting hubby to approve!!!!

I can't vouch for the accuracy of this, but here's a post that lists the sliding scale. So, figure ~$450 for an average 150 point contract.

Of course, remember WHO pays the closing costs (buyer vs. seller) is negotiable.

 

[JeanJoe]

5. If Disney passes on your contract, you'll receive the closing documents most likely via e-mail within several days.

Or, if you are me... we passed ROFR on 5/9 and 5/13 for our resales, and are STILL waiting for our closing paperwork.

Wish I had paid more attention to the "you can choose your own closing company" posts.

 

[tamu91]

Or, if you are me... we passed ROFR on 5/9 and 5/13 for our resales, and are STILL waiting for our closing paperwork.

Wish I had paid more attention to the "you can choose your own closing company" posts.

Have you tried contacting your broker or the closing company directly. We purchased our resale through TTS, the board sponsor, and used TCC because that's who TTS recommended. We did not have any problems but others have so I'd call them and find out where your paperwork is? It should not be taking this long to draw up a pro-forma contract.

 

[JeanJoe]

Have you tried contacting your broker or the closing company directly. We purchased our resale through TTS, the board sponsor, and used TCC because that's who TTS recommended. We did not have any problems but others have so I'd call them and find out where your paperwork is? It should not be taking this long to draw up a pro-forma contract.

We used TTS and TCC too. Called TCC last week, and they said to expect it early this week. Nothing yet; we're calling again today.

Apparently, it isn't writing up the contract that's taking time, but supposedly the title searches and whatnot. I haven't called TTS (yet) and luckily, we're not on any particularly tight timeline, but it IS getting very annoying.

And, I have nightmares of Lauralea / JoeEpcotRocks post-ROFR contract failure.

 

[cruise-o-matic]

We used Timesharetransfer.com as our closing agent. They offer a basic service which is reflected in their low fees. It was $250 when we closed in January, which included $50 towards recording costs. However, you have to some of the legwork yourself, like drawing up the sales contract (ours was a FSBO) and having the seller submit it to Disney for ROFR. They do offer additional services a la' carte.

 

[JeanJoe]

Or, if you are me... we passed ROFR on 5/9 and 5/13 for our resales, and are STILL waiting for our closing paperwork.

Just to follow-up on my own post re: TCC and closing timeframe:

- we received closing documents today (5/26) for both the above contracts which passed ROFR and 5/9 and 5/13, so it took 17 and 13 days respectively

- only the second was was "expedited", but from some conversations, it's possible that "expedited" just means that when they have a big stack of contracts, you don't get tossed to the bottom of the stack

- not particularly impressed with how long it took TCC to do title search, but don't know if this just a fluke or not

- still happy with our resale experience through TTS, though if TCC continues to do poorly (read posts about recent botched / mixed-up contracts), perhaps they should consider using / recommending a different closing company

Does anyone know if there is anything I should do now to get into the DVC reservation system ASAP, or how to even find out when we're "in" officially?