Can You Sell Your DVC Membership While You Have An Outstanding Loan?

[Just People]

We're thinking of selling our DVC interest at AKV. We still have a loan on it, but if we sell it for at least $70 a point, we wont be upside down. It's not a financial strain at all, but I don't like the fact that vacations now are a financial responsibility. Our loan is through DVC, btw. Also, can we list our timeshare with only one agency at a time?

 

[tjkraz]

You can, but DVC needs to be made-whole at the time of the transfer. If the amount received from the buyer will not cover the outstanding debt, you need to pay that amount.

The reputable resale brokers I am familiar with do not have exclusive contracts so you can list with more than one.

 

[Just People]

Great. Thanks for the info. I my be calling the board sponsor soon.

 

[Maistre Gracey]

Also don't forget to factor in the 10% sales commission to your $70/pt figure...

MG

 

[CarolAnnC]

I would assume your dues have to be current, also, in order to close on the sale.

 

[hellerjw]

You will also probably need to pay dues on any points you have already used, even if they are in future use years. For example, if you have a 200 pt contract and have already used 100 pts from your 2010 UY through borrowing, you will most likely need to pay the dues on those 100 pts as part of the agreement with the buyer.

 

[Deb & Bill]

You will also probably need to pay dues on any points you have already used, even if they are in future use years. For example, if you have a 200 pt contract and have already used 100 pts from your 2010 UY through borrowing, you will most likely need to pay the dues on those 100 pts as part of the agreement with the buyer.

Not necessarily. It's negotiable between the buyer and seller.

 

[hellerjw]

That's why I used the words "probably" and "most likely".

It really depends on your selling price. If you are asking a price that is at or below the recent ROFR'd (Right of First Refusal) pricing for a resort then you will most likely need to put more money on the table in order to pass ROFR, hence pay for dues on used points, etc. If you are asking above the recent ROFR'd prices then there is usually more negotiating room with the buyer before Disney will step in and ROFR it.

Since nobody knows for sure what the next price per point that passes ROFR will be you have to take educated guesses and some of the better resale brokers can assist you in the pricing since they have experience with the latest sales that passed ROFR and the ones that didn't.

 

[gkrykewy]

When were vacations *not* a "financial responsibility"?

 

[Dean]

Any outstanding dues, loans, etc can be settled at closing. If you're paying dues on a monthly basis, you'll need to pay the rest of the year as part of closing. Future dues on points is negotiable and should be part of your contract as to what's expected.

 

[Jason@dvcstore]

We're thinking of selling our DVC interest at AKV. We still have a loan on it, but if we sell it for at least $70 a point, we wont be upside down. It's not a financial strain at all, but I don't like the fact that vacations now are a financial responsibility. Our loan is through DVC, btw. Also, can we list our timeshare with only one agency at a time?

The Timeshare Store, Inc.® does have an open listing so you can list your property with us and with other companies that offer the same open listing. We, of course, would welcome the opportunity to be the only company to list your points for a few weeks before listing with others.

The seller actually doesn't have to be current on their dues to close on the sale. The past dues and/or late fees would come out of their proceeds at the time of closing. If their proceeds didn't cover the dues and/or late fees then the seller would have to come out of pocket.

With the Timeshare Store, Inc.® if a seller is selling a property where the buyer is getting all the points from the current year the seller might actually get reimbursed for those points they paid dues on (since they didn't actually use those points) but Deb & Bill said it best.

FYI: I don't know how to quote more than one person at a time.

 

[Dean]

Also, can we list our timeshare with only one agency at a time?

I think most timeshare brokers do none exclusive listings which would allow you to list with several and also look to sell on your own without paying a commission. Since Jason mentioned how they do the dues, which is not how DVC does it, I'll post This Thread where we discussed that issue.

 

[Mickey527]

I just sold my SSR because with disability I just couldn't make ends meet.
WHen it was sold the broker paid off what I owed, the new owners paid the dues for the rest of the year and the broker sent me a check for the amount left.
I could have taken that amount and paid off my WLV but I make such a low monthly payment on it and I use the interest on my taxes. Every little bit helps now. Besides, my WLV is almost paid off, just 1 1/2 years left.

 

[rlduvall]

FYI: I don't know how to quote more than one person at a time.

Just for future reference, I had to learn the hard way, too, right next to the "quote" button is an icon that says "multi-quote" and that's how you do it.