Buying foreclosure- what does .2672% of unit 107B mean?

Boomatt

Earning My Ears
Joined
Apr 17, 2016
Hello all,

I just bought a resale contract this past fall and a 25 point add-on (got it at the poly the day before the price hikes!!!). I have 2 trips booked but, haven’t actually stayed on points yet. I’ve already got addonitis and am curious about foreclosures. I will likely not follow through as I am not 100% comfortable with the process but I am still looking to scratch the itch of curiousity.

I have read MANY articles and threads on this board regarding buying foreclosure DVC contracts and I have one question I can’t find the answer to. How do I tell how many points are on a contract being auctioned?!?!
They are expressed as a small percentage of a single unit at the given DVC resort. I would assume that I could look up the unit to see what type of accommodation it is, figure out the average point cost per night and extrapolate the point amount from that but I’m not sure how accurate that would be...?
Any insight that any of you could share would be greatly appreciated!
 

CarolynFH

DIS Veteran
Joined
Jan 5, 2000
I can’t help directly, but I’m hoping that @wdrl sees this. He has a lot of expertise on the subject of DVC foreclosures. You can also Search for “foreclosures” in this forum.
 

ScubaCat

DIS Veteran
Joined
May 12, 2008
Easiest thing would be to find any deed in unit 107B and divide the percentage into the points. That will tell you the percentage per point. Then you can tell how many points .2672% represents.
 
  • wdrl

    DIS Veteran
    Joined
    May 15, 2009
    I have read MANY articles and threads on this board regarding buying foreclosure DVC contracts and I have one question I can’t find the answer to. How do I tell how many points are on a contract being auctioned?!?!
    They are expressed as a small percentage of a single unit at the given DVC resort. I would assume that I could look up the unit to see what type of accommodation it is, figure out the average point cost per night and extrapolate the point amount from that but I’m not sure how accurate that would be...?
    Any insight that any of you could share would be greatly appreciated!
    The single, most direct way to determine the number of points on a deed is to find when the deed was originally recorded by the Orange County Comptroller (OCC). The foreclosure will show the name(s) of the original owner, so you can search the OCC database using these parameters:

    Grantor = Disney
    Grantee = Original owner's name in LastName FirstName format
    and
    Record type = Deed

    If you don't get any hits with those parameters, then run the search again but leave the Grantor field blank.

    Once you get a hit, you can see the original deed, which will show you the number of points on the deed.

    Without getting into a lengthy discussion, ".2672% of Unit 107B" means that the deed has .2672 percent of the real estate interest that comprises Unit 107B. There is a formula DVD uses when allotting points to a Unit. However, that formula has virtually nothing to do with how points are allocated on a point chart.

    By the way, there are only two DVC resorts that have a Unit 107B. SSR's Unit 107B has 60,900 points allotted to it, so .2672% would be about 163 points. AKV also has a Unit 107B, which has 16,290 points allotted to it, so .2672% would be about 44 points. Both of those point amounts are unusual, but not impossible. Nevertheless, I would double check the data to make sure I have the right percentage and Unit number.
     

    Boomatt

    Earning My Ears
    Joined
    Apr 17, 2016
    The single, most direct way to determine the number of points on a deed is to find when the deed was originally recorded by the Orange County Comptroller (OCC). The foreclosure will show the name(s) of the original owner, so you can search the OCC database using these parameters:

    Grantor = Disney
    Grantee = Original owner's name in LastName FirstName format
    and
    Record type = Deed

    If you don't get any hits with those parameters, then run the search again but leave the Grantor field blank.

    Once you get a hit, you can see the original deed, which will show you the number of points on the deed.

    Without getting into a lengthy discussion, ".2672% of Unit 107B" means that the deed has .2672 percent of the real estate interest that comprises Unit 107B. There is a formula DVD uses when allotting points to a Unit. However, that formula has virtually nothing to do with how points are allocated on a point chart.

    By the way, there are only two DVC resorts that have a Unit 107B. SSR's Unit 107B has 60,900 points allotted to it, so .2672% would be about 163 points. AKV also has a Unit 107B, which has 16,290 points allotted to it, so .2672% would be about 44 points. Both of those point amounts are unusual, but not impossible. Nevertheless, I would double check the data to make sure I have the right percentage and Unit number.

    Thank you! This worked like a charm)
     

    Boomatt

    Earning My Ears
    Joined
    Apr 17, 2016
    So how many points was it? Curious -though not pursuing a foreclosure, myself.
    Unit 107b Saratoga Springs and it was 160 points.
    My contract at Saratoga is also for 160 points but my percentage of ownership and the unit “assigned” to my contract are different. Perhaps 107b is a studio and mine is a 1BR? It’s hard to tell since the unit assignment on the contract does not follow the resort map room numbering...

    I also looked at one that was 160 points at AK and the percentage of ownership was very different. It appears that it is necessary to look up each foreclosure contract separately, no assumptions!
     

    wdrl

    DIS Veteran
    Joined
    May 15, 2009
    I also looked at one that was 160 points at AK and the percentage of ownership was very different. It appears that it is necessary to look up each foreclosure contract separately, no assumptions!
    Yes, you will need to look up each Unit at each resort in order to determine the number of points allotted to each Unit.

    Saratoga Springs has 339 Residential Units with six different Unit configurations. The number of points allotted to a Unit is determined by its configuration:

    15,225 points = 1 Two-Bedroom Villa
    29,670 points = 1 Grand Villa
    30,175 points = 2 Treehouse Villas
    30,450 points = 2 Two-Bedroom Villas
    45,675 points = 3 Two-Bedroom Villas
    60,900 points = 4 Two-Bedroom Villas

    Depending upon which Unit it is drawn from, a 160-point SSR deed could have anywhere from 0.2627% to 1.0509% of the underlying Unit's real estate interest.

    Animal Kingdom Villas has 326 Residential Units with eight different Unit configurations ranging in point size from 16,290 points to 48,870 points.

    So, you need to do some research if you are trying to verify the number of points in a deed.
     

    NewbieMom

    Mouseketeer
    Joined
    May 4, 2018
    So, you need to do some research if you are trying to verify the number of points in a deed.
    Out of curiosity, is there a way to verify how many points have been used or remain on a contract? Would one be able to determined if contract has been fully stripped? Assuming Disney wouldn't tell you if you're not the account owner...

    Just curious how it all works, but foreclosures are too risky for my stress tolerance.
     

    Boomatt

    Earning My Ears
    Joined
    Apr 17, 2016
    Out of curiosity, is there a way to verify how many points have been used or remain on a contract? Would one be able to determined if contract has been fully stripped? Assuming Disney wouldn't tell you if you're not the account owner...

    Just curious how it all works, but foreclosures are too risky for my stress tolerance.

    I don’t see how you could tell if it’s a stripped contract or not.
     

    CarolMN

    DVC Co-Moderator
    Moderator
    Joined
    Aug 18, 1999
    Out of curiosity, is there a way to verify how many points have been used or remain on a contract? Would one be able to determined if contract has been fully stripped? Assuming Disney wouldn't tell you if you're not the account owner...

    Just curious how it all works, but foreclosures are too risky for my stress tolerance.
    I don’t see how you could tell if it’s a stripped contract or not.
    The broker can tell you. It's part of the listing.
     

    Boomatt

    Earning My Ears
    Joined
    Apr 17, 2016
    The broker can tell you. It's part of the listing.
    Broker? When would a broker be involved? Discussion is about buying foreclosed contracts at auction.


    Edit: noticed some spelling errors... thanks Siri.
     
    Last edited:

    Drewferin

    Mouseketeer
    Joined
    Apr 14, 2018
    I looked into foreclosure DVC but decided it was easier doing a broker resale. Do foreclosure contracts sell cheaper than resale?
     

    NewbieMom

    Mouseketeer
    Joined
    May 4, 2018
    Do foreclosures still need to go through ROFR? If so, it wouldn't really matter if you get a cheaper price?
     

    wdrl

    DIS Veteran
    Joined
    May 15, 2009
    Out of curiosity, is there a way to verify how many points have been used or remain on a contract? Would one be able to determined if contract has been fully stripped? Assuming Disney wouldn't tell you if you're not the account owner...

    Just curious how it all works, but foreclosures are too risky for my stress tolerance.
    No, there is no way to confirm whether the foreclosed deed is stripped or loaded.


    Do foreclosures still need to go through ROFR? If so, it wouldn't really matter if you get a cheaper price?
    No, foreclosed deeds are not subject to ROFR. If Disney wants the deed, it will need to bid on the deed at auction like anyone else.
     

    Boomatt

    Earning My Ears
    Joined
    Apr 17, 2016
    Do foreclosures still need to go through ROFR? If so, it wouldn't really matter if you get a cheaper price?
    No ROFR! Yes they do sell for cheaper... sometimes. The problem is you have to assume that the contract is stripped and you need to have the liquid cash AND you have to win the bid.

    The attraction (for me) is, if you don’t “need” the points and you want to obsess about something. This can be a very lucrative obsession... cheap points and a good resale opportunity if you take ownership and think better of it.
     

    Drewferin

    Mouseketeer
    Joined
    Apr 14, 2018
    Anybody know what percent of resales these foreclosures go for normally? 75% resale pricing? 50% resale pricing? Maybe flipping these a couple.times could net some free contracts :)
     

    Boomatt

    Earning My Ears
    Joined
    Apr 17, 2016
    Anybody know what percent of resales these foreclosures go for normally? 75% resale pricing? 50% resale pricing? Maybe flipping these a couple.times could net some free contracts :)
    Even though there is no ROFR you are still bidding against Disney at every auction. You might win and have a discount over resale but, it would likely take volume buying to make a real profit...
     

    NHLFAN

    Disney Dreamer
    Joined
    Oct 26, 2000
    I've made numerous bids over the last 6 months on contracts that I was interested in but each time Disney had outbid me close to or over the going resale prices at which time I stopped bidding.
     

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