Closing Costs on Resale

[bnlbebes]

I am about to put in a bid on a small 30 point contract for BWV. I am being quoted $670 in closing costs and administrative fees. Does this seem high?

 

[Sandisw]

Yes. I bought a 50 point contract from the TSS and paid $322 in closing costs.

 

[Tikihula]

Gosh, yes it does. I paid $450 closing costs on a 70-point contract at OKW and I thought that was high. Evidently Disney is now charging the resale stores a $50 admin fee.
What company are you buying through?

 

[bnlbebes]

What company are you buying through?

Fidelity Real Estate Agency- Timeshare Division
11059 International Drive, Suite 150
Orlando, FL 32821

 

[Dean]

It is high but you said bid, are you looking at ebay. Many that sell timeshares, esp cheaper options, make their money on the closing. You should be at or under $400, JRA will do it for $275, Timeshare Transfers for $300, I know that TT charges extra for ROFR and would assume JRA does as well. This would not include Title insurance which will run another $125-250 depending on the source. For a small contract, see if you can find an individual seller willing to work with you and do as much as you can yourself. You could get out under $50 in this scenario. ROFR is easy to do, a deed is not that difficult and recording is easy. If there is a loan, I wouldn't go this route but otherwise it really offers no real risk if you do a little homework.

 

[disneynutz]

I am about to put in a bid on a small 30 point contract for BWV. I am being quoted $670 in closing costs and administrative fees. Does this seem high?

I add the closing costs to the points cost then divide by the number of points to come up with the true cost per point. CC seems high but depending upon what you are paying per point, it could still be a good deal.

 

[wdrl]

I am about to put in a bid on a small 30 point contract for BWV. I am being quoted $670 in closing costs and administrative fees. Does this seem high?

Are you already a DVC member? Or will this 30-point contract represent your initial buy-in to DVC? If its your first contract, then I suggest you shop around for cheaper fees.

However, if this is an add-on contract to your existing DVC membership, then you might want to consider buying directly from Disney. $670 in closing costs adds $22.33 to the cost of each point of the resale contract. A resale contract needs to go through the ROFR process and, if it passes ROFR, could take 30-90 days before you can access your points. If you buy direct from Disney, the current rate is $106/point. But there are no closing costs from Disney, so unless your resale contract is cheaper than $83.67 a point, then Disney is cheaper. There are other advantages to buying direct from Disney: You'll get access to your points almost immediately, Disney can probably match your existing Use Year, and you might also get points in the current UY.

Good luck in making your decision!

 

[windi622]

Just adding another vote for it seeming awfully high. I'm currently in the process of purchasing a 200 pt contract from the Timeshare Store, and the total closing cost is just $500.

 

[gchiker]

Way too high

 

[Opie100]

Actually that is a common price at GMAC (Fidelity). Our 100 point contract closing was $720, including estoppel ($50), GMAC admin fee ($195), closing fee ($255), abstract/title search ($60), title insurance ($60), recording fees ($20), state tax ($60), and waiver of ROFR fee ($20).

You may be able to negotiate that the seller pays these fees.

 

[bnlbebes]

Actually that is a common price at GMAC (Fidelity). Our 100 point contract closing was $720, including estoppel ($50), GMAC admin fee ($195), closing fee ($255), abstract/title search ($60), title insurance ($60), recording fees ($20), state tax ($60), and waiver of ROFR fee ($20).

You may be able to negotiate that the seller pays these fees.

Good to know...

I am offering $10 less per point than the asking price already, and the ad states that the buyer is responsible for closing costs. If they agree to the lower per point cost, then it would be like they were paying for half the closing anyway. We'll see what happens.

 

[Jason@dvcstore]

I am about to put in a bid on a small 30 point contract for BWV. I am being quoted $670 in closing costs and administrative fees. Does this seem high?

At The Timeshare Store, Inc.® the closing costs for a 25 to 50 point contract (non Hilton Head) are $322, 51 to 75 point contract (non Hilton Head) $359 and a 76 to 100 point contract (non Hilton Head) $397. If 101 or more points then closing costs based on purchase price.

In our transactions the sellers typically pay the $20 ROFR fee and the $50 ESTOPPEL fee.

Jason

 

[DisneyStarWisher]

At The Timeshare Store, Inc.® the closing costs for a 25 to 50 point contract (non Hilton Head) are $322, 51 to 75 point contract (non Hilton Head) $359 and a 76 to 100 point contract (non Hilton Head) $397. If 101 or more points then closing costs based on purchase price.

In our transactions the sellers typically pay the $20 ROFR fee and the $50 ESTOPPEL fee.

Jason

I don't mean to highjack the thread, but how much are closing costs for Hilton Head? I'm interested in a 120-point resale contract.

 

[Dean]

I don't mean to highjack the thread, but how much are closing costs for Hilton Head? I'm interested in a 120-point resale contract.

It would depend on the closing company they use. HH seems to be on the high side though both JRA and TT that I mentioned above will do closing in HH. I suspect those prices Jason quoted do not include title insurance.