advice/question

[s830632]

Hi Everyone!

I'm about to close on my first DVC contract, the process is taking longer than it was supposed to (per my contract, I'm supposed to close by tomorrow but that's not going to happen). My broker seems to think that I'll be closed by this Friday, but my concern is that I won't get put into Disney's system in time to use the 350 reservation points that are a part of this contract and have to be used by August 1st, meaning I have to have a reservation in the system by June 1st or May 31st, not sure which one really.

In any case, for those of you who recently bought into DVC, how long did it take to get into Disney's system? Do you know if they'd be willing to work with me, if I were say a few days late? So, for example, if I closed this Friday, but didn't end up in the system until June 3rd, would I be out of luck, or do you think they'd be willing to work with me?

I'm probably not going to back out of the deal at this point, but I would like to know what sort of chances I have at this point before I make a final decision.

 

[dbs1228]

It took us exactly 14 days after closing to get into the system and use our points. I would ask your broker/closing agent if they can try to contact DVC and see if your contract can be expedited and enter sooner rather then later due to your circumstances. I did read a thread that they did work with someone to get into the system quickly. I would for sure ask them to contact DVC never hurts to ask. Good luck, send you some pixie dust!

 

[rock_doctor]

I am thinking you are out of luck. It took nearly the 2-weeks for us also. I would be on the phone with the closing company pushing the issue. I highly doubt Disney will do anything to help as they are unconcerned with resale contracts. If you had an actually hard closing date that the closing company broke then push the issue.

 

[s830632]

Whew! False alarm, I guess I misunderstood my broker when he first explained this to me. I was under the impression that when points were in reservation status, you had to book your reservation 60 days in advance by a certain deadline. From what I now understand, you actually have to book within a 60 day window rather than 60 days in advance. So, if all that is true I'm still okay, I have until August 1st after all (but it sure better not take that long to close and get into the system, I don't think I can wait much longer!)

 

[s830632]

I am thinking you are out of luck. It took nearly the 2-weeks for us also. I would be on the phone with the closing company pushing the issue. I highly doubt Disney will do anything to help as they are unconcerned with resale contracts. If you had an actually hard closing date that the closing company broke then push the issue.

Well, they told me I could back out of the deal since the deadline will pass tomorrow and they're certain I won't close on time. Apparently the sellers are from England and its hard to get things notarized over there, that's where the delay came in.

I'm not going to back out though, I just wanted to make sure I didn't lose those points, that's a lot of points after all!

 

[Chuck S]

Are the points in Reservation Status or Holding Status?

Reservation status means that they can not be used at a DVC resort, and must be used at one of the Disney Cash resorts, a cruise, or adventures by Disney.

Holding status means they must be used for a DVC resort within 60 days of arrival.

 

[s830632]

Are the points in Reservation Status or Holding Status?

Reservation status means that they can not be used at a DVC resort, and must be used at one of the Disney Cash resorts, a cruise, or adventures by Disney.

Holding status means they must be used for a DVC resort within 60 days of arrival.

You're correct, they're in hold status, not reservation status. I'm sorry for all the confusion, when I first signed the contract they were reservation status, but then Disney contacted us and told us they were in hold status. My broker explained it to me at the time but I misunderstood what he told me, I thought he said I had to book 60 days out, but it was actually the opposite.

Thanks for clarifying! This is all so confusing

 

[dbs1228]

Yea I would still see if they move the process along! I am not sure how much availability there will be the longer it takes if you are looking to go this summer.

Enjoy!