Buying DVC directly from owner

[Jeff1805]

I've heard of people purchasing DVC points directly from the previous owner. How is this done? If I came across this situation, how would I do it and assure that it is a legit and not a scam?

 

[lovin'fl]

I've heard of people purchasing DVC points directly from the previous owner. How is this done? If I came across this situation, how would I do it and assure that it is a legit and not a scam?

You would contact Disney DVC and get the paperwork to submit the contract to them for ROFR. You'd need a title company to do the closing.

 

[Dean]

You would contact Disney DVC and get the paperwork to submit the contract to them for ROFR. You'd need a title company to do the closing.

You can close it yourself if you want, there is no requirement to use a company. Even if you want to use someone else to do it, there are online options that can do it cheaper than most you would approach directly.

 

[dcfromva]

I've heard of people purchasing DVC points directly from the previous owner. How is this done? If I came across this situation, how would I do it and assure that it is a legit and not a scam?

Another handy web site: You can do a search on the Orange County (FL) comptroller's page
http://or.occompt.com/recorder/web/? (Search by last name) You can find deed(s), mortgage(s) and mortgage satisfaction paperwork on this site to verify ownership.

 

[agie65]

You can close it yourself if you want, there is no requirement to use a company. Even if you want to use someone else to do it, there are online options that can do it cheaper than most you would approach directly.

Dean,
Can you give more info on how you can do the closing by yourself, will be helpful for lot of people in this forum.

 

[Dean]

Dean,
Can you give more info on how you can do the closing by yourself, will be helpful for lot of people in this forum.

Sure, it's been mentioned many times. The short version is this.

• Contact DVC for the transfer paperwork and instructions. Email works great for this.
• Complete transfer paper #1 and send it in to DVC, along with a contract if it's a sale.
• If they take it ROFR the next you'll get is that paperwork, if not or if not applicable, you'll get the ROFR waiver and second transfer form plus additional instructions.
• Record the ROFR form and deed with Orange County (or applicable options) along with completing the new tax form. I probably wouldn't do it myself for other locations except possibly VB. Total cost recording fees plus the tax form fees.
• Send DVC a copy of the recorded deed and completed second transfer form. Fastest to print it out rather than waiting on it being returned in the mail. Truthfully also as fast or faster than any other method.

Pitfalls include if you have a mortgage or a trust or for high risk options like divorce or bankruptcy. You can't get title insurance this way in all likelihood and it's possible that if you do it using a quit claim deed you may not be able to get title insurance later if you decide to sell. Timeshare Traders & Transfers (tty) will do it for $95 plus mailing and recording fees, around $150. Given that having someone else prepare the warranty deed normally costs you around $100 anyway, might as well do the entire thing with them if you want to farm that part out. They'll also do CA and HI but for slightly more. I think you still have to get the ROFR yourself though. I'm not sure if they do SC, I was thinking they did but for more but don't see it listed either way currently on their website. They don't do escrow. Please not, I haven't used them but simply know they are the cheapest. I haven't used them but have seen positive things about them on TUG.

 

[z28wiz]

Sure, it's been mentioned many times. The short version is this.


[*]Contact DVC for the transfer paperwork and instructions. Email works great for this.
[*]Complete transfer paper #1 and send it in to DVC, along with a contract if it's a sale.
[*]If they take it ROFR the next you'll get is that paperwork, if not or if not applicable, you'll get the ROFR waiver and second transfer form plus additional instructions.
[*]Record the ROFR form and deed with Orange County (or applicable options) along with completing the new tax form. I probably wouldn't do it myself for other locations except possibly VB. Total cost recording fees plus the tax form fees.
[*]Send DVC a copy of the recorded deed and completed second transfer form. Fastest to print it out rather than waiting on it being returned in the mail. Truthfully also as fast or faster than any other method.

Pitfalls include if you have a mortgage or a trust or for high risk options like divorce or bankruptcy. You can't get title insurance this way in all likelihood and it's possible that if you do it using a quit claim deed you may not be able to get title insurance later if you decide to sell. Timeshare Traders & Transfers (tty) will do it for $95 plus mailing and recording fees, around $150. Given that having someone else prepare the warranty deed normally costs you around $100 anyway, might as well do the entire thing with them if you want to farm that part out. They'll also do CA and HI but for slightly more. I think you still have to get the ROFR yourself though. I'm not sure if they do SC, I was thinking they did but for more but don't see it listed either way currently on their website. They don't do escrow. Please not, I haven't used them but simply know they are the cheapest. I haven't used them but have seen positive things about them on TUG.

I actually am in the process of adding a name to my deed in Hilton head. Disney recommended the Morris Chadwick law firm they use for all their closings.. And from reading an attorney is required by state law for any real estate transactions. For what it's worth it was about $125.00. Much cheaper then the $475 vista title through disney charges for the Florida resorts.

Sent from my iPhone using DISBoards

 

[agie65]

Sure, it's been mentioned many times. The short version is this.

• Contact DVC for the transfer paperwork and instructions. Email works great for this.
• Complete transfer paper #1 and send it in to DVC, along with a contract if it's a sale.
• If they take it ROFR the next you'll get is that paperwork, if not or if not applicable, you'll get the ROFR waiver and second transfer form plus additional instructions.
• Record the ROFR form and deed with Orange County (or applicable options) along with completing the new tax form. I probably wouldn't do it myself for other locations except possibly VB. Total cost recording fees plus the tax form fees.
• Send DVC a copy of the recorded deed and completed second transfer form. Fastest to print it out rather than waiting on it being returned in the mail. Truthfully also as fast or faster than any other method.

Pitfalls include if you have a mortgage or a trust or for high risk options like divorce or bankruptcy. You can't get title insurance this way in all likelihood and it's possible that if you do it using a quit claim deed you may not be able to get title insurance later if you decide to sell. Timeshare Traders & Transfers (tty) will do it for $95 plus mailing and recording fees, around $150. Given that having someone else prepare the warranty deed normally costs you around $100 anyway, might as well do the entire thing with them if you want to farm that part out. They'll also do CA and HI but for slightly more. I think you still have to get the ROFR yourself though. I'm not sure if they do SC, I was thinking they did but for more but don't see it listed either way currently on their website. They don't do escrow. Please not, I haven't used them but simply know they are the cheapest. I haven't used them but have seen positive things about them on TUG.

Thanks for the input, will print it and keep it for future reference. Seems not a lot of saving but closing agent Fidelity uses (I have few contract thru them) are awfully slow/ and slowness of fidelity makes it a disaster, if you have some point in contract expiring in near future.

 

[Dean]

Thanks for the input, will print it and keep it for future reference. Seems not a lot of saving but closing agent Fidelity uses (I have few contract thru them) are awfully slow/ and slowness of fidelity makes it a disaster, if you have some point in contract expiring in near future.

Doing it yourself works best for privates sales and name changes because the risks are a lot lower. Saving $200-300 or more on closing and another maybe $125 on title insurance is a big difference on a small to medium contract. Add that to overpaying on maint fees (many do resale) and it really adds up. Resale agents generally won't give you that choice. They generally direct you to a specific 1 or 2 options partly because they're comfortable working with them but also often because they either get a kickback or it's part of the same company structure. This is esp true for ebay or similar type sales.

 

[DMDSTPRGIL]

You know for the few hundred dollars you might save,and the chances
you might be taking it does not seem worth it. I have bought 6 contacts and
sold 5 over the years and to pay someone to do it right and not have to
do the running around is very worth it. Especially when you are dealing with
$20,000 contracts. Good luck...

 

[Jeff1805]

So I found some OKW points that I pursued with Timeshare Resales USA. They stated my contract was submitted for ROFR. It has been about 3 weeks. I tried calling DVC to confirm receipt and a (rude and short spoken) women stated she had no access to that information. She also felt the need to comment on how this is the risk I took when I dealt with a 3rd party. Thinking this woman needs to go back to the institute for retraining.

My question is has anyone dealt with Timeshare Resales USA before? Just getting a little nervous at this point.