Buying resale

[simzac]

I am in the process of refinancing my home in order to lower my interest rate and also get $10,000 in cash so that my DW and I can purchase our first DVC. I have a question about buying resale. I have found two different properties on the Time Share Store listing, and 1 on Ebay. Is there a way to contact someone at the DVC office at Disney to verify that the person who is selling or auctioning the property are indeed owners currently of DVC points? All the other questions I had have been answered by all of you fantastic people on this forum. I just hope my loan goes thru so that we can join all of you and go home to Disney World in the near future. Thanks in advance for your help.

 

[RobDoc]

With The Timeshare Store resale, you will be getting title insurance as part of the closing costs for the sale. When the offer is submitted to Disney for ROFR, Disney will verify the ownership and number of available points for the insurance company.

With an E-Bay sale, unless you seek your own title insurance, you may not have the same protection.

I doubt Disney will verify anything over the phone unless you know the membership number, name and some personal information (SSN, phone number, etc.) of the contract you want information about.

I'd rather depend on title insurance to verify pertinent information before sending any money.

Good luck!

 

[Lou Rindner]

I went through DVC to purchase my points. Then I considered going outside the club to save money. First of all if its not SSR then you are getting 11 years less in value. The SSR is a 51 year program. Consider that you are losing years by purchasing outside the SSR. The points system works the same, the title is the same. Its just a thought. Contact the DVC and they will be very helpful in helping you decide what to do. They are a bit more expensive but they are helpful and the few bucks more may change your mind. How many points are you buying? Also if you buy from more than one resort it becomes a little complicated. Which resort are you buying as you home resort? Make sure you like that particular one although you will go other place and not just that one. It allows you 11 months to book in advance and the others are 7 months. Now if you are not happy with the home one you lose 4 months of a window to book if you prefer another one. We love the SSR but paid more because its 51 years which has many more years than the other and its brand new. All the resorts are wonderful but call Disney Vacation Club they are very helpful as I called them when I bought more points and they offered me a deal which I took and I bought 100 more points because of it. Good luck . Either way the program is great.

 

[RobDoc]

Originally posted by Lou Rindner
I went through DVC to purchase my points. Then I considered going outside the club to save money. First of all if its not SSR then you are getting 11 years less in value. The SSR is a 51 year program. Consider that you are losing years by purchasing outside the SSR. ... snip ...

While the sentiment may be accurate, some of the numbers need a little correction.

SSR contracts all expire on January 31, 2054 - less than 50 years from now. All other contracts expire on January 31, 2042 - less than 38 years away. The difference in the contracts is exactly 12 years.

OKW is the only DVC resort where the early buyers got a full 50 years or more (some did get a little over 50 since the resort opened in October, 1991). All purchases after February 1, 1992 have less than 50 years total- including SSR owners, since that resort was not open on February 1 of this year and the resort opened in May.

 

[RuthnPaul]

Simzac: We bid on and won a VWL contract on eBay but it was offered through a ReMax relator rather than a private party so we felt comfortable with that. I noticed that GMAC Real Estate has an "ad" for an OKW listing on eBay. Seems several of the real estate companies are going this route...

I'm sending you a PM...

 

[Dean]

It is possible to verify the information and one should ALWAYS do so. Just do a 3 way call with the member and DVC or have the member OK for DVC to give you the info. One word or warning is that there's no way to guarantee some of the info (like points availability) won't change prior to the closing. And I don't believe that title insurance will cover this issue though the real estate company may if the seller does not.

 

[Happy Birthday Cat]

Another thing you could do is to e-mail the ebay person and ask for their name so you can verify ownership. Then put their name into a search on the Orange County Public Search Web Site. Anyone who owns a Disney contract will come up. Here's a link:

Orange County Public Search Web Site

HBC

 

[Deep-Thots]

Originally posted by Lou Rindner
I went through DVC to purchase my points. Then I considered going outside the club to save money. First of all if its not SSR then you are getting 11 years less in value. The SSR is a 51 year program. Consider that you are losing years by purchasing outside the SSR. The points system works the same, the title is the same. Its just a thought.
(snip)
We love the SSR but paid more because its 51 years which has many more years than the other and its brand new. All the resorts are wonderful but call Disney Vacation Club they are very helpful as I called them when I bought more points and they offered me a deal which I took and I bought 100 more points because of it. Good luck . Either way the program is great.

Actually, it is possible to buy SSR through resale, too, Lou: You don't necessarily have to go through DVC to purchase at SSR. In fact, DH and I purchased 200 points (at $78 ppt) at SSR through a resale at TTS this past July.

And with regard to the different contract expiration dates, at this point (with 37 or so years to go on the non-SSR resorts and 49 or so years to go at SSR), well, unless you're really concerned about willing your property to your kids sometime in the next 10-15 years, you're probably just better off doing what nearly everyone here recommends: It's only 12 years. Buy where you want to stay.

 

[Bobump]

I bought my first TShare at Disney through EBAY auction. And things went well. Just do your homework!!!

 

[calypso*a*go-go]

Also, don't forget about checking out the classifieds @ www.tug2.net . That's where we found our resale.

 

[chainkid]

Depending on your current age the extra 12 years may or maynot be important. Having purchased all my contracts thru DVC , I don;t think I would go that route again as the resale market is much better deal and you lose nothing once you are in the system. The best advice to give you is to buy where you want to stay. Some people may like SSR but it was simply not of interest to our family so we bought all our contracts at BWV and know that I wouldn't truly be happy staying anywhere else. Others feel just as strongly about the other resorts so be sure you get that special feeling about the resort before rushing to buy just because Disney is offering it.

 

[simzac]

I am looking at the OKW for 100 points on Ebay. Is that the one you were referring to. 100 points is all I can afford right now, don't want to take on any more payments right now, thats why I'm trying to refinance the house, with a lower interest rate, our payments will only go up $50 per month. Also 100 points is all we need at OKW for 8 nights in January as this will be the only time we can travel each year. The auction on Ebay also has a December use year which would be great for traveling in January according to everything I have read on these boards. This along with the dues being slightly cheaper makes OKW our first choice. I am 45 years old now, will be 46 in January, so the extra 12 years doesn't mean that much to me because I will be 83 when the OKW contract expires. Having 150 or more points at this time would only mean we would have to either stay in larger accomodations, which is silly since a studio is all we need, and yes I've read here many times about how nice the 1 BR are and how we wouldn't go back to a studio after staying in one, but my house only has 1000 sq ft, so I'm used to small living quarters and feel much more comfortable that way. The other option for the extra points would be to rent or trade them, something I do not care to mess with each year. So as you can see, needing only 100 points, resale is the only way to go, and my DW and myself really want to do this, we love Disney just as much as most of you do, and do not care to vacation anywhere else. Thanks for all of your help, you all answered my questions just as I knew you would. You all are great people. I do have a new question though, when the time comes to close on this( hoping everything works out of course), will I have to travel to Orlando to sign the papers, or can this be done by overnight shipping such as FedEX or UPS? Thanks again, Bill

 

[calypso*a*go-go]

Piece of cake...it can all be done from your home town!!!

 

[simzac]

thanks calypso, that makes this even more promising. I also checked tug and they currently have an OKW listing. Sent them a few questions. I sure hope this works out.

 

[crusoemom]

Someone please correct me if I'm wrong, BUT...

I think that the minimum first contract that you can buy is 150 points, whether it is first-time or resale. If you don't already have a contract, Simzac, I'm not sure you can buy a 100-point contract.

Doc, or someone more knowledgable than I, will surely correct me if I'm wrong

 

[RuthnPaul]

If I'm not mistaken, you must purchase a mimimum number of points through Disney (for your initial purchase) but then you can buy add-ons in smaller amounts. There are no such minimums when you buy resale although you typically don't see very many contracts with less than 100 points. Buying very small contracts on the resale market is not particularly cost effective when you factor in your closing costs.

 

[Deep-Thots]

Yep, RuthnPaul is right. When making an initial purchase through DVC, the minimum to buy is 150 points. There is no such minimum for resales, though (as has been mentioned) the cost-effectiveness of a resale puchase becomes questionable for anything less than the 75-100 point range (depending upon resort, etc.).

Very soon after your initial purchase, when addonitis strikes, it is often best to go through DVC for smaller add-ons -- again, because of the increased costs per point that occur as a result of closing fees. The minimum add-on through DVC is 25 points for cash purchases, and 50 points for DVC-financed purchases.

 

[Beca]

Yep, you can buy less. My mom only owns 50 pts at VWL that she purchased via resale. Now, when she wants to add-on, she can buy via DVC...it is a really nice "trick" to get around DVC's 150 pt. minimum rule.



Beca