broker fees + closing cost sound high to you?

[JAG107]

I just made my first offer on a BWV resale 150pts @ 77/pt at sellmyt-sharenow, they quoted me that I will pay $1000 in closing costs plus $1500 in broker fees. Is this normal? I am unfamiliar with how these fees work with resale as I have only purchased direct once. Any feedback will be appreciated!

 

[Merilyn]

I can only tell you what I know. I didn't pay near that much but it was several years ago. Did you go with the Timeshare Store from here? That is who I used.

 

[JAG107]

I can only tell you what I know. I didn't pay near that much but it was several years ago. Did you go with the Timeshare Store from here? That is who I used.

No, I went through sellmytimesharenow, I know they're not the most reputable but NOBODY has BWV contracts right now, let alone in the 100-160pt range. This contract is fully loaded, I gotta figure out how to use 150 of the 300 available before Jan 31 if this goes through. We have a trip booked for the end of Jan already on our BLT pts, I'm sure I can get those switched and just bank the BLT ones.

 

[Deb & Bill]

I just made my first offer on a BWV resale 150pts @ 77/pt at sellmyt-sharenow, they quoted me that I will pay $1000 in closing costs plus $1500 in broker fees. Is this normal? I am unfamiliar with how these fees work with resale as I have only purchased direct once. Any feedback will be appreciated!

What are the broker fees?

 

[JAG107]

What are the broker fees?

That's what I am wondering?

It looks like I'm paying the commission for the seller with that fee. All said and done this contract will cost $93.50/pt

There is also a $195 admin fee built into the closing costs. I would like to have avoided that but Timesharestore doesn't have any good inventory!

 

[SFlaDisneyfans]

Patience is a virtue. It also easier on the wallet. I would wait for a BWV contract you like on a different company.

 

[Sandisw]

Sound high..I have bought a few resale contracts and my closing costs have never run more than $500.

 

[Deb & Bill]

That's what I am wondering?

It looks like I'm paying the commission for the seller with that fee. All said and done this contract will cost $93.50/pt

There is also a $195 admin fee built into the closing costs. I would like to have avoided that but Timesharestore doesn't have any good inventory!

Ask them for a breakdown of all costs.

 

[Dean]

I just made my first offer on a BWV resale 150pts @ 77/pt at sellmyt-sharenow, they quoted me that I will pay $1000 in closing costs plus $1500 in broker fees. Is this normal? I am unfamiliar with how these fees work with resale as I have only purchased direct once. Any feedback will be appreciated!

It sounds like they're quoting you the commission but even that's a little high, should be around $1150 and it should be paid by the seller. For closing, they're likely charging you closing plus maint fees in that quote and that may be on the low side (or not) depending on UY and points accounting.

 

[ELMC]

It's hard to make a judgment about the costs without a breakdown of what they represent. Any chance you can get this information?

 

[MinnieLovesMickey12]

I almost bought a DVC contract 2 different times and was never told I would have to pay a broker fee. The SELLER is suppose to pay the broker's fee not the buyer.

And when we made the offer on the contract we put in the offer for the seller to pay half the closing costs. Which would have made our half of the closing cost $250.

 

[JAG107]

Administration fee 195
Transfer fee 250
Deed/title 599

Seller had a previous offer at full price but didn't accept it because buyers wouldn't pay the commission.

 

[Msmithmd]

Considering your base purchase price is $11,550 (150x77), paying $2500 in fees sounds ridiculous.

I paid a tiny fraction of this cost for closing a bit over a year ago.

Stated another way, if you are really paying these fees and not the seller, that would bring your offer's actual price to $95.66 a point. I'd walk away at that price point.

Even TTS (whom I generally find priced above market) is offering four contracts priced less than that, including closing costs, in their group email sent today. You can clearly do better.

 

[JAG107]

Considering your base purchase price is $11,550 (150x77), paying $2500 in fees sounds ridiculous.

I paid a tiny fraction of this cost for closing a bit over a year ago.

Stated another way, if you are really paying these fees and not the seller, that would bring your offer's actual price to $95.66 a point. I'd walk away at that price point.

Even TTS (whom I generally find priced above market) is offering four contracts priced less than that, including closing costs, in their group email sent today. You can clearly do better.

It has been very difficult to find a contract between 100-160 pts. I couldn't for the life of me find anything at TSS that wasn't already pending. I did just happen to find one on another site for 12k 150pts, maybe I will look into that one. Regardless, I am not liking having to pay the sellers commission, I am seriously reconsidering this deal now. Another concern is what I am going to be able to do with 150 pts that will expire about a month or 2 after closing escrow (they are banked), and would I be able to bank the remaining 150 pts from 2013 in time? I don't think so. Isn't the banking deadline like 5 or 6 months before the end of the use year?
The broker told me I have 10 days to back out, which I will most likely do first thing Monday morning.

 

[ELMC]

It has been very difficult to find a contract between 100-160 pts. I couldn't for the life of me find anything at TSS that wasn't already pending. I did just happen to find one on another site for 12k 150pts, maybe I will look into that one. Regardless, I am not liking having to pay the sellers commission, I am seriously reconsidering this deal now. Another concern is what I am going to be able to do with 150 pts that will expire about a month or 2 after closing escrow (they are banked), and would I be able to bank the remaining 150 pts from 2013 in time? I don't think so. Isn't the banking deadline like 5 or 6 months before the end of the use year?
The broker told me I have 10 days to back out, which I will most likely do first thing Monday morning.

The real problem is that you are dealing with a broker that does not specialize in DVC and as such, can't help you navigate these issues. On top of that, the fees are excessive by industry standards and you have no idea what fees the seller is paying as well. This is the first case I have ever heard of where the buyer pays the commission. Finally, based on reports I have read on here, there is a very good possibility that you will have one or even two years worth of points expire before you close or have the opportunity to use them. I understand how badly you want a BWV contract, but do you want it at this cost? I would recommend that you stick with one of the brokers that specialize in DVC such as the timeshare store or Fidelity. A contract that fits your needs will come along eventually. Good luck.

 

[DisneyDenis]

I am in the process of buying a resale from SMTN. I am buying 400 points at SSR. My closing costs are $1035. That includes $195 admin fee (like Fidelity charges), closing and title insurance from Timeshare Closing Services.

They have a mix of badly priced contracts and market priced. Some of the badly priced ones are on the high side, some on the low side (like mine). Even with the $1035 closing cost, I am getting my points at a steal - if Disney does not ROFR it !!!

Denis

 

[twoj]

For my 400 beach club purchase I paid between 700-800.. That included title recording fees, admin fees. Florida transfer fees...
I think overall title fees have gone up over the years --

 

[JAG107]

Update: I have asked the broker to withdraw my offer. With a lot of thinking, I decided it best to pursue another 120 or so pts at our home BLT, thus keeping our bookings simpler. We don't do F&W so I don't really think we need to own pts at BWV, it seems as if when we switch to booking 1 bd rooms as our kids grow, it will be easier to book at 7 months than a studio. Doing a little math, it would have cost a lot more anyway in MF if we got the BWV pts, so maybe waiting out for a nice BLT contract will work out better for us. Thanks everyone for the great input, I'm very grateful!

 

[CarolMN]

Update: I have asked the broker to withdraw my offer. With a lot of thinking, I decided it best to pursue another 120 or so pts at our home BLT, thus keeping our bookings simpler. We don't do F&W so I don't really think we need to own pts at BWV, it seems as if when we switch to booking 1 bd rooms as our kids grow, it will be easier to book at 7 months than a studio. Doing a little math, it would have cost a lot more anyway in MF if we got the BWV pts, so maybe waiting out for a nice BLT contract will work out better for us. Thanks everyone for the great input, I'm very grateful!

Probably wise.

That broker is reported to be very slow and there are lots of complaints about poor communications with them. From what I've read, they require an up front fee for sellers to list with them and as posted above, there are several administrative fees for buyers as well. I've also heard that they require you to use their closing company which is quite a bit more expensive than many others, they require title insurance and they also require a large down payment as soon as the offer is accepted.

IMO, given all the fees, requirements and the low level of service, this company should only be used for a fantastic deal by an experienced buyer who can ferret out all the fees before making an offer and who has access to legal advice. YMMV.

 

[Judique]

Update: I have asked the broker to withdraw my offer. With a lot of thinking, I decided it best to pursue another 120 or so pts at our home BLT, thus keeping our bookings simpler. We don't do F&W so I don't really think we need to own pts at BWV, it seems as if when we switch to booking 1 bd rooms as our kids grow, it will be easier to book at 7 months than a studio. Doing a little math, it would have cost a lot more anyway in MF if we got the BWV pts, so maybe waiting out for a nice BLT contract will work out better for us. Thanks everyone for the great input, I'm very grateful!

BWV owner here. I would have no problem staying at BLT for food and wine. It's nice to walk but you have the monorail.

If you still want BWV, just keep trying with a more reputable company.

Perhaps the owner is also paying a commission. You never know what that company has up its sleeve.