Buying resale through Fidelity Timeshares

[CarolMN]

I have a 160 point contract with Fidelity and I just got the closing costs and while they quoted $525 + $195 admin, the actual closing costs were $598.08 + $195. First American Title already prepared the documents. Do you think I can go back and ask for a different Title company on the basis that the charges were not represented accurately? I'd appreciate any advice.

You probably could, but the difference is $73. Are you willing to start over for that amount? I don't think I would be, even though I wouldn't be thrilled with the extra charges. I'd certainly ask why they are different.

Was the quoted price just an estimate or was that part of the actual contract?

 

[miTnosnhoJ]

I have a 160 point contract with Fidelity and I just got the closing costs and while they quoted $525 + $195 admin, the actual closing costs were $598.08 + $195. First American Title already prepared the documents. Do you think I can go back and ask for a different Title company on the basis that the charges were not represented accurately? I'd appreciate any advice.

I would check to see if they added an escrow amount to cover unexpected small charges. If so, you should go this amount back. For me, this amount was $50. It was through First American Title, although it was a different broker.

 

[kapicka]

We purchased through Fidelity on one of our contracts. As others mentioned the cost was a bit higher but we got a great value on the points so we went for it. They were nice, but slow to respond and slow to process things. I know sometimes they must have been waiting on Disney but it seems like when the ball was in their court they were also slow.

 

[lbwilliams]

You probably could, but the difference is $73. Are you willing to start over for that amount? I don't think I would be, even though I wouldn't be thrilled with the extra charges. I'd certainly ask why they are different.

Was the quoted price just an estimate or was that part of the actual contract?

Hi Carol, the quoted price was an estimate. No, I'm not willing to start over (because I feel that it would be hard to get the $1000 deposit back), but I would think that Fidelity does this enough that they should get the amount right. In the loan industry, you have disclosures that are signed representing a maximum amount charged for various fees. Here, there are no disclosures, only e-mailed estimates. However, given that they do this many times per day and First American is the de facto title company, and the fact that $525 just is a standard number they throw out, they should be held accountable for getting it right. I have e-mailed and asked for explanations on the discrepancy, but I've not heard back yet. I budgeted for $525, then found out that using a different title company could save a hundred or more, and then the actual amount was higher than estimated, I wanted to explore changing the title company. I should have looked at this forum first, and that's my fault for not doing my homework. So far, I'm not seeing any responses hinting that I might change title companies at this juncture. Thank you very much for taking the time to respond.

 

[Disney Dad ADL]

Hi Carol, the quoted price was an estimate. No, I'm not willing to start over (because I feel that it would be hard to get the $1000 deposit back), but I would think that Fidelity does this enough that they should get the amount right. In the loan industry, you have disclosures that are signed representing a maximum amount charged for various fees. Here, there are no disclosures, only e-mailed estimates. However, given that they do this many times per day and First American is the de facto title company, and the fact that $525 just is a standard number they throw out, they should be held accountable for getting it right. I have e-mailed and asked for explanations on the discrepancy, but I've not heard back yet. I budgeted for $525, then found out that using a different title company could save a hundred or more, and then the actual amount was higher than estimated, I wanted to explore changing the title company. I should have looked at this forum first, and that's my fault for not doing my homework. So far, I'm not seeing any responses hinting that I might change title companies at this juncture. Thank you very much for taking the time to respond.

Hi Carol, the quoted price was an estimate. No, I'm not willing to start over (because I feel that it would be hard to get the $1000 deposit back), but I would think that Fidelity does this enough that they should get the amount right. In the loan industry, you have disclosures that are signed representing a maximum amount charged for various fees. Here, there are no disclosures, only e-mailed estimates. However, given that they do this many times per day and First American is the de facto title company, and the fact that $525 just is a standard number they throw out, they should be held accountable for getting it right. I have e-mailed and asked for explanations on the discrepancy, but I've not heard back yet. I budgeted for $525, then found out that using a different title company could save a hundred or more, and then the actual amount was higher than estimated, I wanted to explore changing the title company. I should have looked at this forum first, and that's my fault for not doing my homework. So far, I'm not seeing any responses hinting that I might change title companies at this juncture. Thank you very much for taking the time to respond.

Yeah, it seems there are several complaints regarding closing costs being higher than the estimate through Fidelity. We used the same title company (First American), but a different broker, and our closing costs came in $25 below the estimate. Between the administrative fee and the low closing costs estimates and the reports of poor communication certainly makes me think twice about using them in the future.

 

[DVC Doctor]

I just wanted to report that I have done business with Thomas Kwok at Fidelity and he was very good and very knowledgeable about DVC and several other timeshares. I am in the middle of a resale with him and just happened to start a conversation about another timeshare company and he shared with me a tremendous amount of great information.

There is an option to get insurance or not on a title and that is often about $100.

 

[Jillian Lopez]

Just closed on a contract with Fidelity. The fees, other than the $195 admin fee are from the title company / closing agent NOT Fidelity.
First American Title charges $525 for closing, but adding on all the other closing / title fees brings the total to about $725 + Fidelity's $195 admin fee, on a 70 point contract.
If you use Fidelity, request that they use Magic Vacation Title instead and you'll save a couple hundred dollars. Also on smaller contracts take these fees into account when calculating total price per point. Our price was low enough and came with 2016 points so it still made sense to use them.

Hoping you can help. I was quoted closing fees of $411 plus the $195 Fidelity charges for a 50 pt contract. Does this seem right? I really don't want to overpay but if it comes down to only a little bit of money I also wont nit pick because we are getting a great contract for a really good deal. I looked on DVC Resale and they said the buyer typically pays closing costs and they range from 300-800 so I feel like I'm in a good range.

Thank you!

 

[Ladylotus]

Hoping you can help. I was quoted closing fees of $411 plus the $195 Fidelity charges for a 50 pt contract. Does this seem right? I really don't want to overpay but if it comes down to only a little bit of money I also wont nit pick because we are getting a great contract for a really good deal. I looked on DVC Resale and they said the buyer typically pays closing costs and they range from 300-800 so I feel like I'm in a good range.

Thank you!

That certainly adds a quite bit to the total cost..... Another $12 per point. Did you negotiate the price lower than asking or maybe you could negotiate the closing costs?

 

[KAT4DISNEY]

Hoping you can help. I was quoted closing fees of $411 plus the $195 Fidelity charges for a 50 pt contract. Does this seem right? I really don't want to overpay but if it comes down to only a little bit of money I also wont nit pick because we are getting a great contract for a really good deal. I looked on DVC Resale and they said the buyer typically pays closing costs and they range from 300-800 so I feel like I'm in a good range.

Thank you!

It's $630 closing for WDW resort contacts of that size with The Timeshare Store. Disney themselves would charge somewhere in the $150 range I might guess. So no, it doesn't seem to be out of the norm. If it's Aulani I saw $900 for 50 pts!

 

[dundey]

yes seems ok

 

[MouseOfCards]

Totally agree with PP that said broker has gone through these transactions enough times that they should be able to tell you almost precisely what the fees will be.

On the one hand, if the final closing fees are quite a bit higher (e.g. more than 10%) than the original estimate, then I would consider this reasonable cause for complaint or possibly reporting to a governing agency. (A few times, we complained and received concessions from Title company and/or from broker. In one transaction where the fees were significantly higher than quoted, we complained to the Title company, then to the broker, then to another officer at the Title company before they credited us about $300, which brought our closing fees to below the original estimate.)

On the other hand, if you spoke up and didn't get any concession (a few times we complained and didn't get anything, but eventually just let it go), but you still got a good deal price-wise, even after including the higher closing fees, then it may not be worth the extra time and effort fretting over it. Life's too short; time to start thinking about your vacation to the happiest place on earth.

 

[jlynnACK]

Has anyone worked with Bonnie at Fidelity?

 

[MouseOfCards]

Has anyone worked with Bonnie at Fidelity?

Bonnie has been very responsive to all our questions and concerns. Has timely answered all our emails. Highly recommended.

 

[Canadian Frank]

Has anyone worked with Bonnie at Fidelity?

Just closed a contact with Fidelity and Bonnie. Waiting for my membership number. Bonnie was great, responded fast and the transaction was smooth. The admin fees with closing cost was 820. Very similar with fees advertise by other companies.

Highly recommend her and fidelity

 

[Paula Sedley-Burke]

If the contract does not go through and is brought by Disney do you still have to pay a fee to the resale company?

 

[KAT4DISNEY]

If the contract does not go through and is brought by Disney do you still have to pay a fee to the resale company?

When Disney steps in with ROFR they are just agreeing to purchase the contract for the exact same terms negotiated with the 3rd party. The deal still goes thru and as a seller the only difference is who's name is on the contract you are selling to so yes, all commissions and fees are still owed.

 

[Paula Sedley-Burke]

When Disney steps in with ROFR they are just agreeing to purchase the contract for the exact same terms negotiated with the 3rd party. The deal still goes thru and as a seller the only difference is who's name is on the contract you are selling to so yes, all commissions and fees are still owed.

Oh I see thank you. So if Disney takes my contact I am trying to purchase and I have to start the process again with another offer I would be out of pocket.

 

[KAT4DISNEY]

Oh I see thank you. So if Disney takes my contact I am trying to purchase and I have to start the process again with another offer I would be out of pocket.

From the buyer side you have no cost other than time. You're getting nothing if Disney takes it so you pay nothing. Disney takes over all the terms and payments you had committed to. The broker would likely see if you wanted to purchase another contract and leave your down payment or if you would like to have it refunded.

 

[Paula Sedley-Burke]

From the buyer side you have no cost other than time. You're getting nothing if Disney takes it so you pay nothing. Disney takes over all the terms and payments you had committed to. The broker would likely see if you wanted to purchase another contract and leave your down payment or if you would like to have it refunded.

I see so just the dissapointment and like you said the time. Than you for your help. Most interesting. We have always bought direct.

 

[Kim Gillihan]

Bonnie has been very responsive to all our questions and concerns. Has timely answered all our emails. Highly recommended.

I'm working with her now also. So far so good.