Buying DVC Foreclosures? Current Listings going to auction in March 2019

[CastAStone]

The auctions used to be a good deal.

Then people found out about them.

Now they sell for about resale price.

If it’s a good deal Disney buys it (remember Disney has better information than we do because they know the back-dues or back-mortgage due if it’s owed to Palm Financial)

There’s exceptions to the above but that’s what happens the preponderance of the time.

 

[achinforsomebacon]

Why would anyone do this, cant they potentially get a worse deal than on the resale market?

My guess is they know much more about the process and can figure out a worst case scenario (max back dues, stripped). Then just bid up to where it makes it still a good-ok deal. Especially if they happen to be a broker and can turn around and sell without a commission.

I wonder if there are certain situations where DVD doesn't want to get involved too like with international owners.

 

[CastAStone]

Disney has better information than we do because they know the back-dues

And before someone asks, yes, DVD still has to pay the dues if they buy it because they’re due to the condo association, not to Disney

 

[VGCgroupie]

I went down this rabbit hole last fall, and as someone who deal hunts like it's my full time job, I decided auctions weren't worth the risk. There are too many unknowns for people like us that are just looking to add on say one or two contracts at a time.

Happy to hear your take on it. I figured it’s not worth it but being told so helps bring me back to reality.

 

[VGCgroupie]

Why would anyone do this, cant they potentially get a worse deal than on the resale market?

You can end up paying more you can end up saving a ton. It’s a gamble

Another reason I dont get why people would do this, pay so much and dont even know what they're paying for??

well you know what the contract is.

 

[VGCgroupie]

The auctions used to be a good deal.

Then people found out about them.

Now they sell for about resale price.

If it’s a good deal Disney buys it (remember Disney has better information than we do because they know the back-dues or back-mortgage due if it’s owed to Palm Financial)

There’s exceptions to the above but that’s what happens the preponderance of the time.

These commercial dvc people messing things up again.

 

[Girlstar30]

Disney always has the upper hand

The auctions used to be a good deal.

Then people found out about them.

Now they sell for about resale price.

If it’s a good deal Disney buys it (remember Disney has better information than we do because they know the back-dues or back-mortgage due if it’s owed to Palm Financial)

There’s exceptions to the above but that’s what happens the preponderance of the time.

 

[Girlstar30]

Thanks for the info guys, I feared i was missing out on something

 

[VGCgroupie]

Thanks for the info guys, I feared i was missing out on something

No if it were easy and well worth it you would see it mentioned more often. But most dont have the patience to scour the comptrollers office and match up names etc.. I live for that kind of stuff.

 

[Girlstar30]

No if it were easy and well worth it you would see it mentioned more often. But most dont have the patience to scour the comptrollers office and match up names etc.. I live for that kind of stuff.

I only did that when I was stalking SSR and my sellers lol

 

[HyperspaceMountainPilot]

With Disney making noise about cracking down on commercial renters, I wonder if it might become a slightly better gamble again?

@VGCgroupie, if you want to hunt for for me, let me know.

 

[VGCgroupie]

With Disney making noise about cracking down on commercial renters, I wonder if it might become a slightly better gamble again?

@VGCgroupie, if you want to hunt for for me, let me know.

The ones I had saved the auctions have passed, 350 points at BWV dues and fees owed $3600. Tempting to start digging again for sure.

I have not shared this auction stuff DH. He dont like gambling

 

[HyperspaceMountainPilot]

The ones I had saved the auctions have passed, 350 points at BWV dues and fees owed $3600. Tempting to start digging again for sure.

I have not shared this auction stuff DH. He dont like gambling

So the BWV owed $3600 but that’s like $12/pt… how much did it go for at auction?

If it’s mostly commercial renters scooping up auctions, my guess is that the non-rental friendly properties would be better buys.

 

[Girlstar30]

So the BWV owed $3600 but that’s like $12/pt… how much did it go for at auction?

If it’s mostly commercial renters scooping up auctions, my guess is that the non-rental friendly properties would be better buys.

I really hope they find a way to stop these commercial renters it really sucks for the rest of us, scooping all our reservations to sell to non members for profit, I know Disney is not about their stuff being flipped for profit. Especially for our hard to get owners like vgc with limited villas.

There should be more severe punishments imo i don't know what that is and im sure will raise issues with people claiming they're not doing that, but it is definitely a problem

 

[VGCgroupie]

So the BWV owed $3600 but that’s like $12/pt… how much did it go for at auction?

If it’s mostly commercial renters scooping up auctions, my guess is that the non-rental friendly properties would be better buys.

I didn’t look it up yet but I’m going too.

 

[HyperspaceMountainPilot]

I didn’t look it up yet but I’m going too.

I’m such a good influence.

 

[VGCgroupie]

Well I found one, they aren't super easy to find, Im sure there is an easier way but I just dont know how. It's a BCV 100 point. Sold for 11,500 purchased by an LLC. So at least on this one it's not worth it imo.