Buying Resale outright-How did you pay?

[Draiocht]

Hi folks,
Just wondering for those of you who have bought resale but have not financed how did you actually pay for it? Transfer to account? credit card etc?
Also how much deposit is typical paid?

TIA

 

[TifffanyD]

I think I did a personal check for the deposit and I KNOW I did a cashier's check for the remainder. Our contract was smallish tho (under $10,000) so the deposit was under $1k

The deposit was like 10% of the total (after adding in maintenance fees and closing costs)

 

[Tricia0305]

Hi folks,
Just wondering for those of you who have bought resale but have not financed how did you actually pay for it? Transfer to account? credit card etc?
Also how much deposit is typical paid?

TIA

Hi Draiocht,

We just closed on a DVC resale thru the TSS. We were current DVC members at SSR and we wanted to add on to HHI so we found a great deal and just closed yesterday!!
Our deal was as follows:

Purchase Price $9,000.00 (150 pts @ $60 pp)
Closing cost paid to Timeshare Closing Services, Inc. $350.00
Deed Recording Fees $10.00
Deed City/County Tax/Stamps $22.50
Deed State Tax/Stamps $33.30
2008 Resort Maintenance and Taxes to DVCMC $189.89 (Varies per contract.)
Corresponding Portion of 2008 Annual dues $68.11 (Varies per contract.)
Gross Amount Due from Buyer $9,673.80 (This was our final total)


10% Deposit $900.00

Cash at closing from Buyer $8773.80
(Which is Gross Amount Due $9,673.80 Less deposit $900.00)

Let me say that the TSS was fantastic to work with....I highly recommend them to ANYONE looking for a DVC resale.
The only issue we had was getting our financing thru their bank, Benchmark. We have excellent credit, but we own our own business, so I guess we didn't fit their criteria. (I've posted about this elsewhere on the boards.)
So what we chose to do is pay cash....we took an advance from our Home Equity Line of Credit and got a money order to TSS for the balance.
If you have a CC with a checking account attached, you can write a check to yourself and then get a money order from your bank. However, I ONLY recommend that if the CC is offering a fixed interest rate on the advance!!! You can also check with your bank to see if they offer smaller personal loans... if the regular financing doesn't suit you. Or call one of the agents at the TSS. I'm sure they can give you much better suggestions than I can, since they're the professionals.

I hope my info was helpful to you....good luck in your DVC shopping.

 

[crisi]

Cashiers check for closing

 

[DisneyDreamers2007]

Hi folks,
Just wondering for those of you who have bought resale but have not financed how did you actually pay for it? Transfer to account? credit card etc?
Also how much deposit is typical paid?

TIA

Our deposit was $500 for a 150 point contract with GMAC and this part was taken off our credit card, the rest had to be done with a cashier's check. It could also have been done with a wire transfer, but would have cost an additional amount.

 

[msteddom]

My response is the same as the others: personal check for the deposit and cashiers check for the balance.

Melissa

 

[joech]

Anyone know if TSS take credit card on the full purchase amount?

 

[nunzia]

We did CC for deposit and then cahier's check for remainder at closing. I don't think GMC would take CC for closing amount, but don't know about TTS. Disney will take CC for whole purchase.

 

[mgilmer]

We paid our initial deposit ($500.00) via a Visa Debit card and the balance we just sent a regular bank check that they held until it cleared the closing company's bank account. We closed thru GMAC. The paperwork did specify that we needed to send a cashier's check or wire the funds, but we called the closing agent and they said a regular check would be ok since we were in the US and they would just delay closing until it cleared. It only extended our closing about 5 business days.

 

[Draiocht]

Hi Draiocht,

We just closed on a DVC resale thru the TSS. We were current DVC members at SSR and we wanted to add on to HHI so we found a great deal and just closed yesterday!!
Our deal was as follows:

Purchase Price $9,000.00 (150 pts @ $60 pp)
Closing cost paid to Timeshare Closing Services, Inc. $350.00
Deed Recording Fees $10.00
Deed City/County Tax/Stamps $22.50
Deed State Tax/Stamps $33.30
2008 Resort Maintenance and Taxes to DVCMC $189.89 (Varies per contract.)
Corresponding Portion of 2008 Annual dues $68.11 (Varies per contract.)
Gross Amount Due from Buyer $9,673.80 (This was our final total)


10% Deposit $900.00

Cash at closing from Buyer $8773.80
(Which is Gross Amount Due $9,673.80 Less deposit $900.00)

Let me say that the TSS was fantastic to work with....I highly recommend them to ANYONE looking for a DVC resale.
The only issue we had was getting our financing thru their bank, Benchmark. We have excellent credit, but we own our own business, so I guess we didn't fit their criteria. (I've posted about this elsewhere on the boards.)
So what we chose to do is pay cash....we took an advance from our Home Equity Line of Credit and got a money order to TSS for the balance.
If you have a CC with a checking account attached, you can write a check to yourself and then get a money order from your bank. However, I ONLY recommend that if the CC is offering a fixed interest rate on the advance!!! You can also check with your bank to see if they offer smaller personal loans... if the regular financing doesn't suit you. Or call one of the agents at the TSS. I'm sure they can give you much better suggestions than I can, since they're the professionals.

I hope my info was helpful to you....good luck in your DVC shopping.

Lots of details in this, love it! and Congrats on closing on your contract

Probably should have been clearer in my first post but when I come to purchase I will have the total cash ready in my checking account but as I'm not from the US it probably would be preferable for me if they could charge my credit card for the full amount and I could transfer this immediately from my checking to my card to pay it off!
Anyways just interesting to see what most people are doing seems like checks are most common!

 

[DVC-Don]

We last bought a resale back in 2002. Sent in the 10% deposit with a check drawn on a Home Equity Line of Credit. For the balance I wrote a check on the HELoC and deposited it in our checking account, when the check cleared I wired the remander for the closing to the broker, the board sponser.

 

[Dean]

Anyone know if TSS take credit card on the full purchase amount?

I'm not aware of any resale company that will do a CC for the entire amount. Some will for the deposit. If you did ebay or similar you might be able to pay by paypal but expect to pay the extra fees yourself to do so. The problem is that there are fees charged by the CC companies usually in the 2-4% range and too much to justify for a resale company due to the smallish margins they deal with. Still, you can always ask and if it's a deal breaker, they may yield to make the sale.

 

[BWV Dreamin]

I'm not aware of any resale company that will do a CC for the entire amount. Some will for the deposit. If you did ebay or similar you might be able to pay by paypal but expect to pay the extra fees yourself to do so. The problem is that there are fees charged by the CC companies usually in the 2-4% range and too much to justify for a resale company due to the smallish margins they deal with. Still, you can always ask and if it's a deal breaker, they may yield to make the sale.

GMAC will let you put up to $4000 of the purchase on a credit card.

 

[joech]

We did CC for deposit and then cahier's check for remainder at closing. I don't think GMC would take CC for closing amount, but don't know about TTS. Disney will take CC for whole purchase.

That is one nice thing to buy direct. I put $5000 on my CC for deposit back in May and sent them a money order for the balance. My guide told me I could have put the whole amount on if I wanted.

 

[jdb1232]

We just closed (last week) on our VWL contract. We took a home equity for half and paid half cash. Payment was sent via cashier's check for both. We tried to use our Disney Visa (just to get the points) but were unable to because the funds were not certified.

(170 points @$80.00 a point w/ 66 points banked from 07 and all of 08's)

The TSS was easy and efficent to deal with, would highly recommend.

 

[PKWallaby]

Draiocht: we are just finishing a resale purchase thru **** and Jaki and were required to send $1000 deposit up front (personal check was fine). The closing company gave us the option of cashier's or certified check or wire transfer for the balance.

Since our bank charged $25 for a wire transfer (and there was a $12 fee for the receiving bank that had to be included) we opted for the cashier's check and overnighted it. Just did that on Thursday. Funny, I am sending thousands of dollars, yet worried about a $32 transfer fee

Oh, regarding financing: we did part cash, part Home Equity line of credit. I then applied for and was granted a zero interest, no fee, balance transfer (until Jan 2010) for the Home equity portion(yes, I know not to use it for anything else) and intend to have that portion paid off before any interest is due.

 

[Buckeye Fan]

We purchased our contracts through GMAC, so this may vary by broker.

We put a very small deposit ($100) down by credit card. When the remainder of the fees were due, we were able to put $4,000 per contract on our credit card (gotta love those rewards points!), and the rest was paid via cashier's checks.