Thanks for the vote of support! It really means alot to me as well as my staff.
If you think about it, there is alot of pressure on us, TTS, to perform. We have the eyes and ears of all the folks on this board. The last thing we want is to upset anyone and will go to great lengths to avoid unpleasant situations. Not to say we are perfect by any means, when human beings are involved issues do arise. We have always made it our policy to remedy any situation in a timely manner.
What I'm trying to say is, so many people are watching, it does provide a certain level of protection for those who feel skittish about approaching those in the Resale Market. Don't fool yourself, there are still people out there who will take the money and run. Jim is so on target when he said to check out the track record of somone that you're not hearing about on this board.
Handling the
DVC's requires a great deal of knowledge as they are unlike any other on the market. You need someone who specializes in this area to achieve the outcome you desire. Sure, sometimes folks can get "lucky", but there are still lots of horror stories. Do your homework!
Warning signs for BUYERS to watch for:
1. A small amount of listings on their site (Indicates NO track record)
2. Talking with agent leaves you unsure they know the product (Run, don't look back)
3. Unreturned or late response to your inquiry (Where will they be when you need help with the ROFR, Closing Process & getting into the DVC system? A knowledge of the right people to contact in case of a situation is imperative.)
4. Mistakes on postings on their website. Example: OKW, 2 bedroom Wk 6 ( DVCs are in points, not weeks and certain size units like most timeshares.)
5. The company tells you that you can purchase BWV for $65 a point and ROFR will be no problem. (They will get their commission when Disney does a buyback, so they really don't care if you are a new owner or not. In fact, they prefer it, because it's less work for them and they don't have any worries about the closing process or anything else. They are not concerned about establishing a long-term relationship with a customer. Only their relationship with their own banker. You get the picture)
Warning signs for SELLERS to watch for:
1. The company asks for an upfront listing, advertising, appraisal, website development, or auction fee. (There is no end to the names they come up with to describe an upfront fee. This is one of the biggest ripoffs out there. These people will take your money and in most cases you will never hear from them again.)
2. Company "A" asks you to sign an "exclusive" listing agreement with a term of several months or even a year (usually 6 months or more), which of course means you are stuck for the duration of the agreement, even if you find your own buyer. If you also list with company "B", (or have previously listed with company "B" prior to listing with Company "A") and the agent from company "B" finds a buyer, as soon as Company "A" finds out about your sale, you are going to get a letter from their lawyer demanding their commission as well.
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3. The company charges you a cancellation fee if you withdraw your listing before the end of the listing term. (Example: Things happen, if you were selling for financial reasons and suddenly came into some money, you would still be forced to sell or pay the cancellation fee which can sometimes be hundreds of dollars.)
4. They tell you they can get you $150 per point. (That's an exaggeration, but it happens. They will start hitting you up to reduce your price as soon as the listing contract has been signed. They will say the market has changed. Just remember, if it sounds too good to be true, you know the rest.)
5. Is their office easily accessible to the public? You should be able to walk in during regular business hours and be assured they can and will handle your business transaction.
6. Is it a boiler room type of operation? This is a really big turn-off to someone who may be interested in purchasing your property. Hearing all those voices in the background is NOT what you want your prospective purchaser to hear.
7. Do they have a person answering the phone or is it primarily an answering machine. People are continually frustrated in this day and age just dealing with the obstacles of trying to speak to a real person. This does NOT put them in the buying mood. Most often they will keep calling around until they reach someone who can discuss their situation.
8. Does the broker work out of their home? Do you really think the purchasers are going to drive to their subdivision, knock on their door, and sit down at their kitchen table and write up a contract? How many DVC buyers have actually done that? The internet has enabled many people to disguise the true circumstances of their situation. They have a pretty website, so the public thinks they are dealing with a really big operation.
These are just a few of the most blatant obstacles out there. So I say to you all, just as many have said on this board, DO YOUR HOMEWORK!!!
Thomas E. Yeary (Tom)
Owner/Broker
