Banking Points into II Before Deal Closes

[Disney Fanatic]

Hi Again

I am still looking at the resale that has banked 03 and 04 points that need to be used by Sept 31,05.

Just a question:

If the seller deposited the points now into II, can we close the deal and then take over those deposited points?

Can points be deposited into II now for Sept 31,05?

Is there ever a problem getting something with II? I would not want to loose those points.

Thanks Again

 

[dianeschlicht]

I believe any points transaction made by the seller will be negated and cancled when the sale goes through. If you are closing in the next month, there will be time to deposit points into II before the September 31 deadline.

 

[Dean]

I hadn't really thought about it that way. Since this really isn't a cancelable reservation, it just might work. Have the seller call DVC and ask as it will need to be done before you get into the last 60 days of the use year.

 

[RobDoc]

... Have the seller call DVC and ask as it will need to be done before you get into the last 60 days of the use year.

Depositing the DVC points into the WP system may still be done in the last 60 days- a DVC reservation will be made by MS using the points and that is allowed during the last 60 days. Only non-DVC options have the 60 day restriction.

 

[Dean]

Depositing the DVC points into the WP system may still be done in the last 60 days- a DVC reservation will be made by MS using the points and that is allowed during the last 60 days. Only non-DVC options have the 60 day restriction.

But it would be a short notice deposit with limited usefulness, this was my point.

 

[RobDoc]

I'll agree that the earlier the better, but it doesn't "need to be done before you get into the last 60 days of the use year.". It is still possible to bank the points in the WP Collection within the last 60 days - this was my point.

 

[Disney Fanatic]

So if I understand this correctly, the 2003 points and the 04 points can all be deposited by just calling MS.

Is there a time limit I have to use these points?

If we agree to a price for the deal, then would I just call a closing company to complete the paperwork and they would forward directly to Disney for us?

Can you add points later to the deposited points?

I am carefully considering this deal because we could deposit all the points available until until Sept 31,05 into II. We could use those points for a trip to Hawaii in the new year.

In October we will get another set up 160 points to use for DVC.

This is looking better and better all the time, if we can close with enough time.


Thanks for all the help.

 

[RobDoc]

If you had an accepted offer today, it will still need to be submitted to DVC for ROFR and they have 30 days to decide. After ROFR, it will then be submitted for closing after final payment and all documents have been signed by seller and buyer. After closing, the new deed must be recorded with the county and the contract will be submitted to DVC to be included in their system. This could easily take until late August to be in the system.

It sounds as though the 2004 points have not been banked? That's too bad, as they would then have an additional year to be used within the DVC system. For a 160 point contract, up to 40 points could still be banked (if none have already been banked) from the 2004 Use Year. You could still ask the seller to bank that many points as a condition of the sale.

While DVC may allow the points to remain in the WP system after closing, it may also NOT be allowed, so I'd be prepared to do this yourself once you are in the DVC system - just in case.

 

[Disney Fanatic]

I wish they had also banked the points as well for 2004 but they have not and all will expire the end of Sept.

We are not planning to travel until November so these points will not help us.

Great idea to at least bank the 40 points if they still can. Then the remaining points can be deposited into Interval Int'l and we can hopefully take a Hawaii vacation at some point.

What I am wondering is if I call Timeshare Closing Services tomorrow, do they help with sending the offer to Disney or does that have to be done up by the seller and buyer?

I have always wanted to buy from the Timeshare Store because they are such great people and they know what they are doing, but I just can't seem to get the deal I am looking for.

 

[dianeschlicht]

Is this a sale through the Timeshare Store, or is it private? If it is through the timeshare store, they will handle submiting it to Disney.

 

[Disney Fanatic]

I wish it was through the Timeshare Store because I have total faith in them.

We have been looking daily at the TSS listings and have yet to get a good one.

This is a private listing and just wonder if the closing company sends the deal to Disney or does the private seller have to do that?

Thanks

 

[RobDoc]

If it's a private sale, the seller will have to submit the accepted offer to Disney for ROFR. If it's thru the Timeshare Store, as Diane noted, it will be submitted by the broker. Either way, DVC has 30 days to review the offer- sometimes they decide quickly and at other times use the entire 30 days.

 

[mydogdrew]

We closed on a similar contract at BWV last year at this time. We had full 2002 and 2003 points. The seller represented (and we closed) with the understanding that the 2003 points had been banked (Sept UY). After close, MS said they were not! Anyway, they went ahead and banked them without the issue going any further. I believe they will do this for you one-time (they did for us). I would suggest that you push for this post close. We were able to rent the 2002 points on short notice (only had a month to use them) so we didn't lose anything.

 

[CarolMN]

FWIW, I would make an offer on this contract (if you really want it) that places zero value on the 2003 banked points and any 2004 points that are not banked into 2005. If the owner accepts and Disney passes on its ROFR, then you won't feel too badly if the "limited use" points expire. Anything you can do with them would just be gravy.

There will always be another contract to consider - this won't be your last best chance, LOL!

Good luck!

 

[Disney Fanatic]

We closed on a similar contract at BWV last year at this time. We had full 2002 and 2003 points. The seller represented (and we closed) with the understanding that the 2003 points had been banked (Sept UY). After close, MS said they were not! Anyway, they went ahead and banked them without the issue going any further. I believe they will do this for you one-time (they did for us). I would suggest that you push for this post close. We were able to rent the 2002 points on short notice (only had a month to use them) so we didn't lose anything.

Can I ask, did your deal between you and the seller say the points were banked???

This deal will not say that because they are not. I don't know if that will make a difference.

I hate to lose those points because that makes this an even sweeter deal.

 

[mydogdrew]

Can I ask, did your deal between you and the seller say the points were banked???

This deal will not say that because they are not. I don't know if that will make a difference.

I hate to lose those points because that makes this an even sweeter deal.

Yes - I would have had recourse but it wasn't required. MS just banked them for me. I would not count on this in your case but it is an option. I'd be prepared to rent those points! Also, request an expedited closing - be sure all parties know that you have timing issues.

 

[Dean]

I'll agree that the earlier the better, but it doesn't "need to be done before you get into the last 60 days of the use year.". It is still possible to bank the points in the WP Collection within the last 60 days - this was my point.

Here's the info from the current II exchange info.

Vacation Time must be deposited with DVC Member Services at least 60 days, but no more than 11 months (7 if .......other than ...Home Resort), before the commencement date of the deposited week. Flex Deposits (... 59-14 days before) also are accepted, but any exchange request using the Flex Deposit must be made through the Flexchange exchange service.

I slightly paraphrased the two quotes for brevity. That means to redeem any late deposit you must accept something on that same short notice.

The other thing to do is make certain the access to the buyer getting the II exchange is written into the contract itself as well as use of all points.

 

[Disney Fanatic]

Here's the info from the current II exchange info.
I slightly paraphrased the two quotes for brevity. That means to redeem any late deposit you must accept something on that same short notice.

The other thing to do is make certain the access to the buyer getting the II exchange is written into the contract itself as well as use of all points.

Hi Dean

I understood that once you deposit the points, you have 2 years to use them. Why is it considered a late deposit. Is it because it is near the UY?

Thanks for all the great advice.

Shelley

 

[RobDoc]

Here's the info from the current II exchange info.
I slightly paraphrased the two quotes for brevity. That means to redeem any late deposit you must accept something on that same short notice.

...

Paraphrasing and brevity aside, in this case, we are talking about banking the points into the WP system in the last 60 days of the Use Year and thus extending their effective use beyond the normal expiration.

In addition, the need to bank a confirmed reservation is no longer in effect as there is a set chart for the points required for exchanges thru II. Instead of having to make and bank a reservation at your home or other DVC resort - all members must do at this time is provide the number of points needed for the villa size and season desired (1BR villas range from 124-160 points for a full week and 2BR villas range from 207-270 for the same period of time). DVC will be responsible for actually making the DVC reservation using those points. thus the reference to "no more than 11 months (7 if .......other than ...Home Resort, is a throwback to the previous method of using the WP Collection. By using the BVTC, even single night reservations may be made.

In this case, if the points are banked within 59 days of the end of the Use Year (thereby limiting DVC's ability to make a reservation with those points to that same time period), the requested stay must also be made within that timeframe as Dean notes - regardless when you make the request during the 2 year use period. In that respect, it's a little like using "Holding Account" points - but the point here is that the member will be able to extend the use of these points beyond their normal life. Hawaii or any other high-demand location may be out of reach with those time constraints.

Before depending on DVC to transfer the banking of such points into the WP by the seller, I'd sure want to be assured that the buyer will get the use of that transaction - whether it's written into the offer or not. It might be allowed by DVC ... or not. In light of DVC's usual policy to cancel any existing reservations, this may not be allowed anyway even if the seller deposits these points with WP tomorrow.

Good luck!

 

[Dean]

Paraphrasing and brevity aside, in this case, we are talking about banking the points into the WP system in the last 60 days of the Use Year and thus extending their effective use beyond the normal expiration.

In addition, the need to bank a confirmed reservation is no longer in effect as there is a set chart for the points required for exchanges thru II. Instead of having to make and bank a reservation at your home or other DVC resort - all members must do at this time is provide the number of points needed for the villa size and season desired (1BR villas range from 124-160 points for a full week and 2BR villas range from 207-270 for the same period of time). DVC will be responsible for actually making the DVC reservation using those points. thus the reference to "no more than 11 months (7 if .......other than ...Home Resort, is a throwback to the previous method of using the WP Collection. By using the BVTC, even single night reservations may be made.

In this case, if the points are banked within 59 days of the end of the Use Year (thereby limiting DVC's ability to make a reservation with those points to that same time period), the requested stay must also be made within that timeframe as Dean notes - regardless when you make the request during the 2 year use period. In that respect, it's a little like using "Holding Account" points - but the point here is that the member will be able to extend the use of these points beyond their normal life. Hawaii or any other high-demand location may be out of reach with those time constraints.

Before depending on DVC to transfer the banking of such points into the WP by the seller, I'd sure want to be assured that the buyer will get the use of that transaction - whether it's written into the offer or not. It might be allowed by DVC ... or not. In light of DVC's usual policy to cancel any existing reservations, this may not be allowed anyway even if the seller deposits these points with WP tomorrow.

Good luck!

Rob, I'm not sure I follow you. I'll post then you can respond if I misunderstood. When one does a deposit first, it IS an actual unit deposited. And as such, any deposit within the last 2 months of the use year using points in that use year, would be a late deposit as I understand it. Thus much of what applies with the new system doesn't apply the same for deposit first vs request first.

Hi Dean

I understood that once you deposit the points, you have 2 years to use them. Why is it considered a late deposit. Is it because it is near the UY?

Thanks for all the great advice.

Shelley

That's true. For deposit first it's actually 2 years from the date of the week that ends up getting deposited, so somewhat more than 2 years. But for a late deposit, you can only schedule at 2 months or less out. You'd have to complete your travel by 2 years from the deposited unit though and therefore might end up losing the deposit. Doc's analogy of the holding account points is a good one.

Just to add a small amount of info for BVTC. Reservations for Cordial are made by paper, so takes a few days. They can be made up to 10 months and 7 days out. If you want to schedule more than one, you have separate $75 fees. For Club Intrawest it's 7 months and 7 days for 6 days or longer (but can't be 7 days) and 4 months 7 days for less than 6 days. And given CI system, that means the chances of getting something good like Xmas or Easter Whister or Xmas HI is essentially zero.