Backing out..

[3PrinceMom]

To make a long story short....I am supposed to close on a resale next week and of course I received COBRA information in the mail. This means that the ex has lost his job and I can assume that child support will stop. The question is for how long. I have no idea, but I can not take money from savings to buy into DVC at this time. I understand that I will lose the $500 deposit, and I can accept that. I am not one to break a contract but I have to look out for the best interest of my kids. It breaks my heart to have to do this, but I don't see an alternative. I just feel horrible.

 

[Missyrose]

I'm so sorry you're stuck in a sucky situation. But look at it this way, aren't you glad you found out BEFORE writing the big DVC check? DVC isn't going anywhere. Get your family's affairs in order and when things become more secure, start hunting for a contract again.

You're totally making the right decision.

 

[jekjones1558]

So sad to read this, OP. Your kids need healthcare more than Disney and they are lucky to have a mom who is willing to make this tough decision. I hope that you will soon be in the market for a contract again. Blessings to you.

 

[Caren90]

Good luck to you and your family during this period of time. I hope it is not a long lasting situation.

DVC is a long term commitment that should not be entered into unless you are certain you have the resources to pay for it. You are doing the fiscally prudent thing by backing out for both you and your family. DVC will be here in the future, and the price you pay for a resale contract (later on) may in fact cover the $500 penalty you will incur with this current transaction.

Good luck to you and your family.
Stephen

 

[bethifoody]

I am so sorry that you have to make this decision. You're doing the right thing. DVC will be around for a long time & you'll have the opportunity again when the time is right.

Good luck to you & your family.

 

[AllieV]

I don't claim to know much about these contract logistics, but is it possible to find someone to slip into your spot and buy it up so you don't lose the deposit? It's already been through ROFR, something many people dread waiting through. Others hate negotiating. I'd think this "signature ready" contract might be ideal for many people.

On another note, I've read some people give $1000 deposit while others $500. Even the small contracts I've looked at require $1k. Why the difference? Is it particular to the agent?

 

[3PrinceMom]

Thanks everyone! I know I'm doing the right thing, it's just sad. I did ask the agent about finding a buyer, but that is not an option. This was a resale where I had to wait 2 months for the seller to take their planned vacation before we could close. I won't make that mistake again. Lesson learned. Guess I'll be in the values for awhile longer....which is fine with me.

 

[Disneylvr4]

Sorry you're having to make the choice after you had already, I'm sure, put so much thought into purchasing. It does suck that you have to cancel, but I also agree with another poster who pointed out it's a darn good thing to find out about this all now vs after the fact!

 

[WilsonFlyer]

I don't claim to know much about these contract logistics, but is it possible to find someone to slip into your spot and buy it up so you don't lose the deposit? It's already been through ROFR, something many people dread waiting through. Others hate negotiating. I'd think this "signature ready" contract might be ideal for many people.

On another note, I've read some people give $1000 deposit while others $500. Even the small contracts I've looked at require $1k. Why the difference? Is it particular to the agent?

That's an interesting idea. I wonder if you can do that? (names changed and such) Wouldn't it have to start all over again? I would think for ROFR if nothing else.

 

[Dean]

I don't claim to know much about these contract logistics, but is it possible to find someone to slip into your spot and buy it up so you don't lose the deposit? It's already been through ROFR, something many people dread waiting through. Others hate negotiating. I'd think this "signature ready" contract might be ideal for many people.

On another note, I've read some people give $1000 deposit while others $500. Even the small contracts I've looked at require $1k. Why the difference? Is it particular to the agent?

Not really, if there are ANY change on the terms, ROFR has to be redone with ANY change of the contract. It might be workable with effort by the closing company (depending on their relationship with DVC) if the principle name remained the same.

 

[marynvince]

To make a long story short....I am supposed to close on a resale next week and of course I received COBRA information in the mail. This means that the ex has lost his job and I can assume that child support will stop. The question is for how long. I have no idea, but I can not take money from savings to buy into DVC at this time. I understand that I will lose the $500 deposit, and I can accept that. I am not one to break a contract but I have to look out for the best interest of my kids. It breaks my heart to have to do this, but I don't see an alternative. I just feel horrible.

Child support must be payed out of unemployment if your ex is eligible. What he owes and does not pay will go into arrears and he will have to pay back when he finds a new job. If you are working, and I'm assuming you are as you certainly would not fund a luxury such as dvc with child support, you can add the children to your heath care policy due to this change in circumstance. You do not have to wait for open enrollment. Good luck

 

[Ciciwoowoo]

I am so sorry to hear this happened, but as others have said, it was probably for the best.

Because you are in Michigan, check out My Child

http://www.michigan.gov/mdch/0,1607,7-132-2943_4845_4931---,00.html

When my ex lost his insurance, I put my son on it for a time. It was great insurance and very very reasonable. We were able to see his same pediatrician and I do believe there were little to no co-pays.

Good luck to you!

 

[BEASLYBOO]

1st, don't feel horrible about doing what is necessary for your family at this moment! When times are better, DVC will still be there waiting for you!

Good Luck to you!

 

[Alexander]

Child support must be payed out of unemployment if your ex is eligible. What he owes and does not pay will go into arrears and he will have to pay back when he finds a new job. If you are working, and I'm assuming you are as you certainly would not fund a luxury such as dvc with child support, you can add the children to your heath care policy due to this change in circumstance. You do not have to wait for open enrollment. Good luck

Yes, however, where I work, we pay approx. $80 bi-weekly for individual coverage and approx. $250 bi-weekly for family coverage. That is a monthly increase of $340. That is huge especially when child support stops coming in at the same time as the situation the OP is currently in.

 

[Scrappy_Tink]

I was a single mom for 12 years, and one thing you can count on when it comes to finances....you can never COUNT ON child support. Please, whenever you are planning any type of high-end purchase, always plan it as if the payment will be coming from your own income alone.

 

[marynvince]

Yes, however, where I work, we pay approx. $80 bi-weekly for individual coverage and approx. $250 bi-weekly for family coverage. That is a monthly increase of $340. That is huge especially when child support stops coming in at the same time as the situation the OP is currently in.

that is A LOT more than i pay, depends on company...just offering suggestions