Anyone made it through (or not made it through) ROFR recently? - Section III

[Artgraph]

200 SSR closed @ $66/point, May 18.

 

[mrsmith9]

I prefer dealing with Jaki/**** and/or Shonell vs Fidelity directly as Fidelity tacks on some odd closing costs (at least that was the case when I was buying... I think there was a recent Fidelity purchase that seemed to indicate that closing costs were reasonable w Fidelity).

Fidelity still has unusually high closing costs as compared to the other brokers. They add a $195 fee to every transaction

For a small $4,500 add-on contract Fidelity wanted to charge $645 in closing costs (14% of the contract price). The same $4,500 contract from TTS (www.dvc-resales.com/) had $322 in closing costs; from dvcbyresale.com it was $365; and from Jaki/**** (**********.com) it was $450.

 

[YodaQuant]

Kind of a funny update (although not for me) since I'm the one who thought Fidelity's closing costs were attractive.

I just received a call to let me know that there is an additional $195 fee someone forgot to list on the closing statement, so I need to pay that to complete the transaction...

Still got a good deal per point, but will likely shop around in the future due to this.

as others have mentioned Jaki/**** and Shontell are both excellent (I have purchased or been ROFRd with each of them and they were pleasant to deal with).

They both co-broker with Fidelity(GMAC) - (TSS does not co-broker). This is important as Fidelity probably has more inventory than TSS, Jaki/**** and Shontell combined (maybe times two).

I prefer dealing with Jaki/**** and/or Shonell vs Fidelity directly as Fidelity tacks on some odd closing costs (at least that was the case when I was buying... I think there was a recent Fidelity purchase that seemed to indicate that closing costs were reasonable w Fidelity).

Good luck w your purchase, I am sure you will find what you are looking for. Just be patient. Waiting the 30 ROFR days is a killer (I know, I had to do 3 before I got passed).

 

[mrsmith9]

Kind of a funny update (although not for me) since I'm the one who thought Fidelity's closing costs were attractive.

I just received a call to let me know that there is an additional $195 fee someone forgot to list on the closing statement, so I need to pay that to complete the transaction...

Still got a good deal per point, but will likely shop around in the future due to this.

Because Fidelity does have a larger selection of contracts available I was contemplated making an offer and including in that offer the maximum I was willing to pay in closing costs and what closing services were required, and making the seller responsible for all other costs.

Example Offer:
I hereby offer to pay $xx,xxx for contract # xxx.xxx. Offer is inclusive of purchase price, 2010 maintenance fees, administration fees, agency fees, brokerage fees, closing services, commissions, Deed Recording Fees, Document Stamps, Developer Fees, Estoppel Fees, ROFR Recording Fees, Taxes, Title Insurance, Title Search, and all other associated closing costs. Seller is responsible for all other commissions, fees, and costs associated with sale. Offer represents a 0.xxxx% interest in unit XX at <Home Resort> which equated to XXX home resort points; including <amount of current/banked points>, <amount of current/borrowed points>, and <amount of next years points available>. Closing Services to include Title Search, Title Insurance, Payment of Estoppel Fee to Developer, Payment of all State and County Taxes and Fees associated with sale, Document Stamps, Recording ROFR Waiver with County and all associated fees, Recording Deed with County and all associated fees, disbursement of funds to agents and brokers, disbursement of funds to seller.

A offer/contract like this may have saved you from paying that $195 fee sprung on you at the last minute, it would have been the sellers responsibility.

 

[LouisianaDisneyFan]

Kind of a funny update (although not for me) since I'm the one who thought Fidelity's closing costs were attractive.

I just received a call to let me know that there is an additional $195 fee someone forgot to list on the closing statement, so I need to pay that to complete the transaction...

Still got a good deal per point, but will likely shop around in the future due to this.

Wow, that's very unprofessional of them! Was this fee listed in the estimate of costs you received when you made your offer? It seems to me that if they provided the closing statement and that you and the seller signed off on it, they should eat that fee themselves. This certainly has made me think twice about doing business with them. Thanks for the update, YQ.

P.S. - Where do you find the listings that Fidelity has? I've gone to their site and requested a contact several times, but no one ever writes back!

 

[bookwormde]

Here is the basics for a bunch of listings, most of which are fidelity's. I just called my broker (carrie) and she got me the information.

http://www.timesharesonly.com/destinations/united-states/florida/lake-buena-vista

my broker

http://www.atimeshare.com/disney/buy-disney.html

bookwormde

 

[silmarg]

P.S. - Where do you find the listings that Fidelity has? I've gone to their site and requested a contact several times, but no one ever writes back!

Unlike TSS, Jaki/**** and Shontelle where they are pretty darned responsive to buyers, it seems to me that Fidelity is only responsive to sellers.

Its almost as if they are satisfied being the listing agent and will let Jaki/**** and Shontelle find the buyers for them.

Just my opinion.

 

[YodaQuant]

The inventory is emailed to me by: Rich.Marquette@fidelityresales.com
You can probably send him an email and request the current DVC inventories.

The fee wasn't on the itemized bill, which I had a certified bank check written to match. Now I have to send another check or pay by CC for the omission.

Wow, that's very unprofessional of them! Was this fee listed in the estimate of costs you received when you made your offer? It seems to me that if they provided the closing statement and that you and the seller signed off on it, they should eat that fee themselves. This certainly has made me think twice about doing business with them. Thanks for the update, YQ.

P.S. - Where do you find the listings that Fidelity has? I've gone to their site and requested a contact several times, but no one ever writes back!

 

[YodaQuant]

They did well by me, but I think you have to contact the right person. I would not rely on their website or its info request/contact forms. I don't care for the website at all.

Unlike TSS, Jaki/**** and Shontelle where they are pretty darned responsive to buyers, it seems to me that Fidelity is only responsive to sellers.

Its almost as if they are satisfied being the listing agent and will let Jaki/**** and Shontelle find the buyers for them.

Just my opinion.

 

[njanimalkingdom]

SSR 30 Points
$65.00 a point
28 banked points
Used Fidelity
JUNE UY
Seller paid $200.00 towards closing fees
Buyer pays 2010 member fees.

 

[AgentP]

Passed ROFR on 05/21/2010, SSR, 160 Points, December Use Year, $67/point. Can't wait to make my first reservaton

 

[godalejunior]

Hot dog!

Just heard from TSS....we passed!

200 points at VGC...Dec. Use year. $84 per point

163 points to be used by Dec. 200 bankable 2009 points and 37 coming Dec. 2010.

Not sure if I will be able to get anything to use the 163 points between now and when they expire....may look at doing a transfer sale.

New members!

 

[HockeyKat]

Hot dog!

Just heard from TSS....we passed!

200 points at VGC...Dec. Use year. $84 per point

163 points to be used by Dec. 200 bankable 2009 points and 37 coming Dec. 2010.

Not sure if I will be able to get anything to use the 163 points between now and when they expire....may look at doing a transfer sale.

New members!

CONGRATS!!

Between now and Dec 2010? You should find plenty of availability.

You can't transfer them, though, banked points are not eligible for transfer, or at least they weren't the last time I looked (someone else correct me here if I am wrong?).

 

[godalejunior]

CONGRATS!!

Between now and Dec 2010? You should find plenty of availability.

You can't transfer them, though, banked points are not eligible for transfer, or at least they weren't the last time I looked (someone else correct me here if I am wrong?).

The 163 were borrowed from 2010....obviously I am new but I thought you could transfer borrowed points.

Hopefully we can use them and I don't have to worry about it!

 

[HockeyKat]

The 163 were borrowed from 2010....obviously I am new but I thought you could transfer borrowed points.

Hopefully we can use them and I don't have to worry about it!

Ah... unless the rules have changed recently, you can only transfer points from that use year. Banked points can't be borrowed, borrowed points can't be banked, and neither can be transferred.

However, we closed on our contract about 4 weeks ago and were able to book a 3 day trip with a 3 days notice, and extend our September trip out and get BWV standard, no less. You shouldn't have a problem booking, esp if your dates are somewhat flexible.

 

[mickeys girl 52]

The 163 were borrowed from 2010....obviously I am new but I thought you could transfer borrowed points.





Congrats on your buy. Great price for a new resort.
It is true you cant transfer borrowed points but you can get Davids rentals to rent them out. I have read good things about him although I have never used him myself. I think he pays $10.00 a point so that would give you back some of the money you paid out.

 

[horselover]

Submitted to Disney today. 75 VWL, Feb. UY, $77/pt., 75 '09 pts., 75 '10 & 75 going forward. Buyer pays MFs, split closing.

Just got the word from Kevin that we also passed today! Congrats to everyone else that passed as well.

 

[godalejunior]

The 163 were borrowed from 2010....obviously I am new but I thought you could transfer borrowed points.





Congrats on your buy. Great price for a new resort.
It is true you cant transfer borrowed points but you can get Davids rentals to rent them out. I have read good things about him although I have never used him myself. I think he pays $10.00 a point so that would give you back some of the money you paid out.

Thank you...I am going to try to get something at VGC between now and the end of December...I would like to use the points if at all possible!

Congrats horselover!!!!

PS. I guess I should also add in that the seller paid all closing and we only pay MF's on the 37 points.

 

[bookwormde]

Just got notice that my contract (I am the seller) passed ROFR. 150 OKW 2042 april @66.50

Now I have my 210 pt OKW left.

bookwormde

 

[MickeyMaud]

We are in the middle of a crazy purchase that may or may not go through.

Old Key West 200pts. $50 per point. June use year. 21 points available 2010. Full 200 available 6/2011. Buyer pays closing. Seller paid 2010 membership dues. Submitted 4/28. Passed 5/25. Since then Buyer has backed out and then changed mind. Hope to be a DVC owner soon. Will keep you posted