Advice needed regarding selling DVC

[LeahA]

We were planning on selling our DVC after our March 18th-March 26th trip. What are the advantages to us for selling before the March 20th deadline? Also, could we put DVC up for sale and still keep our reservation?

I'm sorry in advance, all of this confuses me, and I'm not sure what to do.

 

[CarolAnnC]

We were planning on selling our DVC after our March 18th-March 26th trip. What are the advantages to us for selling before the March 20th deadline? Also, could we put DVC up for sale and still keep our reservation?

I'm sorry in advance, all of this confuses me, and I'm not sure what to do.

The advantage to selling before March 20 is that it will probably sell fairly quickly for a decent price. Selling after this date means the new resale policy takes affect and it may not sell quickly, or for a lower price.

But, if you sell prior to your trip you will have your outstanding trip cancelled. Good luck.

 

[snowywhite89]

The advantage to selling before March 20 is that it will probably sell fairly quickly for a decent price. Selling after this date means the new resale policy takes affect and it may not sell quickly, or for a lower price.

But, if you sell prior to your trip you will have your outstanding trip cancelled. Good luck.

what happens on March 20th?

 

[DebbieB]

what happens on March 20th?

Resale purchases submitted after 3/20 will no longer have the benefit of booking outside of the DVC resorts.

http://www.disboards.com/showthread.php?t=2636666

 

[LeahA]

The advantage to selling before March 20 is that it will probably sell fairly quickly for a decent price. Selling after this date means the new resale policy takes affect and it may not sell quickly, or for a lower price.

But, if you sell prior to your trip you will have your outstanding trip cancelled. Good luck.

O.K. Now I'm having heart palpitations! CarolAnnC-If we are not payed in full can we still sell our DVC?

 

[Chuck S]

O.K. Now I'm having heart palpitations! CarolAnnC-If we are not payed in full can we still sell our DVC?

If you still owe on a DVC Mortgage, dues, etc. it has to be paid off before the sale can go to final closing, just like any other real estate transaction. Who pays the dues is negotiable between you and the buyer. You can put the contract on the market, and actually get it under contract with the stipulation that the sale close after March 26, and that way you can still take that final vacation. It can be submitted to Disney for ROFR before March 20, and the new owner could still receive the current benefits.

 

[Jason@dvcstore]

We were planning on selling our DVC after our March 18th-March 26th trip. What are the advantages to us for selling before the March 20th deadline? Also, could we put DVC up for sale and still keep our reservation?

I'm sorry in advance, all of this confuses me, and I'm not sure what to do.

If you were to list with The Timeshare Store, Inc.® you could actually have your property sold and submitted to Disney for ROFR by 3/20/11 and still keep your reservation. On our listing agreement you would simply circle "Keeping" in regards to what you want to do with any pending reservations.

If you are interested in getting information about selling please email us at sales@dvcstore.com.

Thanks,
Jason

 

[Paging Tom Morrow]

Resale purchases submitted after 3/20 will no longer have the benefit of booking outside of the DVC resorts.

http://www.disboards.com/showthread.php?t=2636666

This is incomplete.

Resale purchases submitted for ROFR after 3/20 are not eligible to book Disney Collection, Adventurer Collection and Concierge Collection which includes Disney Cruise Line, Adventures by Disney, the Disneyland Hotel and Paradise Pier in Anaheim, Disney's Polynesian and Grand Floridian resorts at Walt Disney World, international hotels at Disneyland Paris, Tokyo Disneyland and Hong Kong Disneyland.

They can book outside of DVC resorts using RCI and the Buena Vista Trading Program.

 

[Sandisw]

When we sold in 2009, we had a reservation scheduled for August and were able to put it up for sale with the notation "can't close until August XXX.

I was told that there are sometimes buyers who are interested in delayed closing contracts. Because it was a small contract, it sold in a day, even with the 4 month delay.

It went to ROFR right awy so that part was not delayed. If you know you want to sell, I don't think it hurts to put it up now as you just never know.

Good luck

 

[JimMIA]

But, if you sell prior to your trip you will have your outstanding trip cancelled.

Just a little clarification, which I believe Jason has already referenced.

You can KEEP an existing reservation -- it's just that your closing will have to be delayed until after you complete your trip. Existing reservations are not canceled until closing occurs and DVC begins the process of transferring account ownership.

That limitation on your sale may or may not be relevant to prospective purchasers.

In OP's case, this whole idea is likely to be a non-issue anyway, because it's unlikely that they would list their property, sell the property, clear ROFR, and actually CLOSE by March 26. Not impossible, but unlikely.

 

[JimMIA]

If we are not payed in full can we still sell our DVC?

To amplify a little on what Chuck said...if your selling price exceeds the amount of your mortgage (less selling expenses you pay), the mortgage would simply be paid off as a part of the closing and you would receive whatever is left.

However, if you owe more than your net proceeds from the sale, you will have to pay the difference at closing. In other words, you would have to PAY, rather than be receiving money from the sale.

Before you make any firm decisions about putting your contract up for sale, you need to see what the payoff on your loan would be and evaluate whether selling is really a viable option for you.

 

[LeahA]

Thank you for all your information.

Just one last question. If we list the DVC before March 20th and goes through the ROFR but doesn't close say for 3 months, the buyers would still be eligible for the usage of points as they are today?

So basically if we were thinking on selling anyways, we should just put it up for sale before March 20th?

Sorry, that was 2 questions!

 

[Chuck S]

Thank you for all your information.

Just one last question. If we list the DVC before March 20th and goes through the ROFR but doesn't close say for 3 months, the buyers would still be eligible for the usage of points as they are today?

So basically if we were thinking on selling anyways, we should just put it up for sale before March 20th?

Sorry, that was 2 questions!

That is my understanding, yes.

 

[JimMIA]

So basically if we were thinking on selling anyways, we should just put it up for sale before March 20th?

Sorry, that was 2 questions!

Yes...but

Just offering the contract for sale by March 20th does nothing. You have to sell the contract and have it submitted for ROFR by March 20...and then that sale must actually close at some point.

The distinctions here are:

1. Your contract will probably not sell immediately unless it's a very small contract, so you'd want to list it well before mid-March.
2. Not all sales successfully close. If anything goes wrong with the completion of the sale, you might have to start over...and that might put you beyond the March 20 cutoff.

 

[pkitty]

I sold 2 DVC's last year in February with the Time Share Store and Jason specifically. I put mine up just to see if I received any offers.....the first one sold in 1 day and the second one was 5 days later. The second contract was on AKL and WDW opted to exercise their ROFR. It took approximately 30 days to complete that transaction. You will receive invoicing that indicates what you owe on your current DVC (you can view these details on the DVC site or request them). While the process is taking place your dues and payments are in limbo. I came out even on my sales.....no losses no gains....when all was said and done. I can say however that since DVC is changing the rules after the 20th of March I would definitely get the ball rolling if you plan on selling. The points once posted seem to go quickly (don't forget I sold during the "global meltdown") with no fuss (and I am a Canadian - there is FIRPTA withholding involved which is a whole other animal altogether). I am waiting until March 21st because I have no real interest in the Collections or cruise line. I am hoping that prices drop and I will be waiting to pick up contracts at that point. Disney will have still be able to exercise ROFR, however they can't buy up every contract, so I am hoping to capitalize. That being said, you have a lot to think about. I would contact the Time Share Store and figure out you options. Sorry if I sound like a shark (but I kinda am) Good luck

 

[LeahA]

I sold 2 DVC's last year in February with the Time Share Store and Jason specifically. I put mine up just to see if I received any offers.....the first one sold in 1 day and the second one was 5 days later. The second contract was on AKL and WDW opted to exercise their ROFR. It took approximately 30 days to complete that transaction. You will receive invoicing that indicates what you owe on your current DVC (you can view these details on the DVC site or request them). While the process is taking place your dues and payments are in limbo. I came out even on my sales.....no losses no gains....when all was said and done. I can say however that since DVC is changing the rules after the 20th of March I would definitely get the ball rolling if you plan on selling. The points once posted seem to go quickly (don't forget I sold during the "global meltdown") with no fuss (and I am a Canadian - there is FIRPTA withholding involved which is a whole other animal altogether). I am waiting until March 21st because I have no real interest in the Collections or cruise line. I am hoping that prices drop and I will be waiting to pick up contracts at that point. Disney will have still be able to exercise ROFR, however they can't buy up every contract, so I am hoping to capitalize. That being said, you have a lot to think about. I would contact the Time Share Store and figure out you options. Sorry if I sound like a shark (but I kinda am) Good luck

Too funny! Your not a shark, your smart! I was thinking abou that this afternoon, wondering what is going to happen to these contracts after March 21st. We really wouldn't make any money if we sold at this point, basically break even. I would like to hold off, but, my dh is thinking we should list it and see what happens. It nauseates me to think we would make ZERO. What to do, who knows.

 

[pkitty]

There is a lot to consider and my advice (because I always enjoy a good challenge) would be to try my hand at the market. See what your points will fetch you right now and if it looks like you are going to lose.....hold off. If it looks like things are going to work out to your advantage then the decision is a simple question of whether or not you want to part with them or not. If you think that you are going to sell eventually anyway.....than I would try now. Why put off the inevitable only to lose? Worse case scenario.....no bids. Time to write out the old "pros" and "cons" list I guess As I said it is shocking how fast some of these contracts go so I doubt it will take you very long to find out what's in store for you. I received full price for SSR at 74$ and 95$ for AKL.....no low ball bids....SSR gone in 24 hours. Time Share Store is the best for this stuff so if you are going to list I would go with them for sure Having said this I have noticed prices have dropped since I sold so I would hedge my bets that things are going to worse before they get better. It still depends on where you own as well as some properties are more sought after than others. Let us all know how it goes and good luck

 

[LeahA]

pkitty-I looked on the website last night and there was around 32 AKV listed and whole bunch of AKV listed that said pending. Thanks for the advice! I know I need to make a decision soon.

 

[pkitty]

WOW LeahA....looks like things are starting to heat up.....but the law of supply and demand is still at play here....I would keep looking for the next few days to see how fast those listings go into pending status.....this will be a good indication of how many people are out there sealing the deal....looks as if a lot of people who were sitting on the fence right now are being put in the position to take the plunge if they want those additional perks. Ideally there are still more buyers out there than sellers.....it's just a matter of timing. Keep us posted