buying resale

[chipanddalefan]

In regards to buying a resale timeshare, how do you pay for it? Do you take over mortgage payment? Can you get a mortgage through the company like buying through Disney? Are there any disadvantages with going through resale instead of direct from dvc.

 

[drusba]

If you are going to finance, you will need to find it. Disney loans are not assumable and Disney will not help you with a resale. Consider, if you can, a home equity loan on existing home or do you have any special employer, association or union loan plans? Those usually have rates less than Disney If you cannot do those, you will need to get a loan from a timeshare lender. Broker can usually suggest one or two but be aware rate is usually a couple points higher than going through Disney (and thus you must be careful to assure that $64 a point resale isn't really more expensive than buying from Disney at $70 (after $5 per point rebate if you buy at BCV) because of higher loan rate.

Disney pays closing costs. In resale buyer does unless negotiated otherwise (and you can negotiate price, who pays closing costs and how already paid dues for the year get allocated between seller and buyer). Closing costs are fairly fixed--about $400 to $500 regardless of whether you buy 150 points or a thousand.

Resale process is fairly painless through brokers that have been mentioned on this board including the sponsor www.dvc-resales.com. and the other mentioned often www.atimeshare.com. Once sale is closed you are treated (or mistreated) by Disney the same as everyone else.

BWV and OKW and now VWL are avilalble to new purchasers only through resale. BCV and VB and HH are still selling through Disney. Thus, which way you go partly depends on which resort you want to buy at (and most recommend that you buy where you plan to stay most).

 

[crisi]

You write a check from your checkbook of course......

Oh, you mean for people who don't have an extra $10k or more lying around.....

I second the recommendation for a home equity loan, if you have a home (and can't write a check - probably just because you don't want to cash in all those stock options at this moment, right?)

 

[LDPKELLY]

We just bought an OKW resale through A timeshare broker (highly recommend JAKI)...and we did a home equity mortgage and got a great rate of 7.25%...that is considerably lower than the 10+% rate that Disney is offering...I think that it will more than make up for the $450 we paid in closing. It is definately an option you should explore.