? About use year and banking on resale contracts

[meggybear17]

I’m looking at some resale contracts that still have their 2017 points available. If the contract has say, an August use year, am I understanding correctly that those 2017 points need to be banked at least 4 months prior to that? And is the 4 months from the 1st of August or the last day?

 

[Bing Showei]

Those August 2017 points have to be banked by March 31. If you are about to go into contract on an August UY, you may want to discuss with the broker about guaranteeing a closing date in early March, or arranging for the seller to bank the points.

Typical resale contract takes 60-90 days. Sometimes you get lucky and it’s less, but should plan for that range.

 

[meggybear17]

Those August 2017 points have to be banked by March 31. If you are about to go into contract on an August UY, you may want to discuss with the broker about guaranteeing a closing date in early March, or arranging for the seller to bank the points.

Typical resale contract takes 60-90 days. Sometimes you get lucky and it’s less, but should plan for that range.

Thank you that’s what I thought! I just now came to that realization that some use years would be a little bit of a stretch. My husband and I were getting hung up on trying to find contracts with 2017 points still in tact but now I’m realizing that may be a moot point since closings can take so long. We aren’t under contract yet, still in the search and offer process.

 

[Bing Showei]

Thank you that’s what I thought! I just now came to that realization that some use years would be a little bit of a stretch. My husband and I were getting hung up on trying to find contracts with 2017 points still in tact but now I’m realizing that may be a moot point since closings can take so long. We aren’t under contract yet, still in the search and offer process.

Don’t dismiss the contracts with 2017 points, they can be a great value proposition. If you see a good one for the right UY for your needs, or the right resort, you can ask, upon offer acceptance, for the seller banking to the points to be a condition of the closing.

 

[mustinjourney]

just make the seller bank the points as part of the deal...it's not a big deal.

 

[meggybear17]

Don’t dismiss the contracts with 2017 points, they can be a great value proposition. If you see a good one for the right UY for your needs, or the right resort, you can ask, upon offer acceptance, for the seller banking to the points to be a condition of the closing.

Great thanks!

 

[meggybear17]

just make the seller bank the points as part of the deal...it's not a big deal.

Ok thanks. Wasn’t sure if this was something we could ask for.

 

[Matty B13]

Yes, you can have it written into the contract that the seller banks the points. If it was me I would insist on it be written in.

Also, don't (thanks kboo) get hung up on getting 2017 UY points. Getting the right UY is much more important and a few extra points at the beginning of your contract, unless you are planning on flipping the contract.

 

[kboo]

Yes, you can have it written into the contract that the seller banks the points. If it was me I would insist on it be written in.

Also, do get hung up on getting 2017 UY points. Getting the right UY is much more important and a few extra points at the beginning of your contract, unless you are planning on flipping the contract.

I think you mean, do NOT get hung up on 2017 UY points - that it's more important to get the right UY than it is to get a few extra points at the beginning?

 

[mustinjourney]

Ok thanks. Wasn’t sure if this was something we could ask for.

I would also write into the contract that if any points are missing, then the buyer will have option to cancel contract or to continue with the contract, but with a discount of $20 per point that missing.

 

[meggybear17]

Yes, you can have it written into the contract that the seller banks the points. If it was me I would insist on it be written in.

Also, don't (thanks kboo) get hung up on getting 2017 UY points. Getting the right UY is much more important and a few extra points at the beginning of your contract, unless you are planning on flipping the contract.

We can't use any points for ourselves until next year so anything we get now would be rented to help offset some costs. Not a deal breaker by any means but would help make certain contracts more appealing.

 

[meggybear17]

I would also write into the contract that if any points are missing, then the buyer will have option to cancel contract or to continue with the contract, but with a discount of $20 per point that missing.

That's a great point. Thanks!