Closing Time!

[DGaw4]

Home Resort: PVB
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 11/26/22
Offer accepted: 11/26/22
Sent to ROFR: 11/28/22
Passed ROFR: 12/22/22
Closing docs received: 1/12/23
Closing docs returned: 1/20/23 (Buyer), 1/15/23 (Seller)
Closing: 1/23/23
Deed recorded: 1/24/23
Contract Showing on Membership (new member): 2/7/2023
Points in account:

Just curious… Does the new contract show up on the dashboard before the points are loaded?

 

[Sandisw]

Just curious… Does the new contract show up on the dashboard before the points are loaded?

Yes

 

[ajiuo]

Your contract "should" state when all documents and closing funds must be returned - if your paperwork and funds are into escrow and seller defaults on their paperwork you MAY be able to get your deposit back (and in a Buyer's market there might be a better deal by now anyway) depending on the contract verbage. Typically you'd get your deposit back and the broker would need to collect fees for escrow and commissions from the seller (not easy since the seller usually has no money in escrow). That is a big reason buyers require the use of an Escrow company - so the Buyer's funds are protected. Remind the broker of the date on the contract - the Escrow/Title company is not nearly as "invested" in getting the seller to do their paperwork as the listing agent/brokerage

May be able to get me deposit back? I can’t imagine them keeping my deposit if the seller backed out. I certainly wouldn’t use that broker again. I would hope they would fine the seller for that one… I could imagine them keeping it if I backed out though

 

[TinkAgainU]

May be able to get me deposit back? I can’t imagine them keeping my deposit if the seller backed out. I certainly wouldn’t use that broker again. I would hope they would fine the seller for that one… I could imagine them keeping it if I backed out though

The caution is to be sure a specific delay by the seller is the equivalent of the seller defaulting - if you give up and want to move on. Escrow has rules and the contract typically tells escrow what to do - you want to be sure it is a seller and not your default, to get your funds returned. I even noticed www.fidelityrealestate.com had a contract which stated if the buyer defaulted, then fidelity got paid their full commission from Buyer's funds. Does that include if buyer cancels because seller ghosts everyone? Would that mean you'd have to sue a seller (likely in a different state) to get your funds back because the broker took their 8-10% commission out first? Every contract must be read carefully, since "fair" is not the deciding factor, the contract wording is. Check with escrow too - they are supposed to be neutral (within the limits of the signed contract). But be aware Escrows want more business from brokers (not you) and some are related - so READ your contract to be sure of your rights. I've heard some pretty self serving statements from salespeople and people in the timeshare industry (my favorites usually start with "it's standard, or, everyone knows...", that were not backed up by the documents.

 

[ajiuo]

The caution is to be sure a specific delay by the seller is the equivalent of the seller defaulting - if you give up and want to move on. Escrow has rules and the contract typically tells escrow what to do - you want to be sure it is a seller and not your default, to get your funds returned. I even noticed www.fidelityrealestate.com had a contract which stated if the buyer defaulted, then fidelity got paid their full commission from Buyer's funds. Does that include if buyer cancels because seller ghosts everyone? Would that mean you'd have to sue a seller (likely in a different state) to get your funds back because the broker took their 8-10% commission out first? Every contract must be read carefully, since "fair" is not the deciding factor, the contract wording is. Check with escrow too - they are supposed to be neutral (within the limits of the signed contract). But be aware Escrows want more business from brokers (not you) and some are related (like dvcresalemarket.com and Magic Vacation Title) - so READ your contract to be sure of your rights. I've heard some pretty self serving statements from salespeople and people in the timeshare industry (my favorites usually start with "it's standard, or, everyone knows...", that were not backed up by the documents.

I just double checked my contract. It says if the seller defaults on the contract that the deposit will be returned to buyer and that the seller will have to pay full commission to the broker… not sure how easy it is for them to collect, but I should be safe at least…. I thought it said something like that.

Hopefully it doesn’t come to that and they are just being slow.

 

[TinkAgainU]

Hopefully it doesn’t come to that and they are just being slow.

Yep, as they say, don't "fight the dragons" before they get there some sellers just seem to take a while to get to a notary and return documents, but they DO get it done

 

[LadySarathano]

Home Resort: AKV
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 12/4/22
Offer accepted: 12/5/22
Sent to ROFR: 12/6/22
Passed ROFR: 12/28/22
Closing docs received: 1/10/23
Closing docs returned: 1/11/23 (Buyer), 1/18/23 (Seller)
Closing: 1/19/23
Deed recorded: 1/20/23
Contract Showing on Membership (new member): 2/6/23
Points in account: 2/7/23

Days Total: 65

While I was a bit impatient at times, overall I feel this was a pretty quick process considering all the holidays over this timeframe, annual dues loading, extra week for seller to return docs (went to their spam folder), etc. After a day of having my login but no points I just called Member Services and played dumb… it worked I’m so excited!!!

 

[badeacon]

OKW(E) June 150 points $129/pt
Broker DVCstore.com
Title Company Mason (Arguelo)
Offer made and accepted 12/26
Sent to ROFR 12/26
Passed ROFR 1/17
Closing Docs received 1/19
Closing 1/24

I am seller so will have no info on points loading to buyer but felt very quick process from contract to closing. This was by far fastest resale process I have had in past 3 years,

Points left my account today 2/8. not sure if buyer has them yet.

 

[Sweet T n Me]

Home Resort: BWV
Broker:https://www.fidelityrealestate.com/
Title Company: Mason Title
Offer made:12/19
Offer accepted: 12/19
Sent to ROFR: 12/19
Passed ROFR: 1/5
Closing docs received: 1/16/2023
Closing docs returned: 1/17/2023
Closing: 1/18/2023
Deed recorded: 1/19/2023
Contract Showing on Membership : 2/9/2023
Points in account: 2/9/2023

Days Total: 54

l think l started the BWV revolution at $120 pp, but, that was the asking price and l felt it was fair. I believe it was the 2042 expiration date that has a bad rep here.
I give my reason’s for buying below, but,
1st, Bonnie at Fidelity was excellent. Mason title company followed through. As with any real estate transaction, If you have question call or write them. It generally takes 60 days for resale to finalize.

Buy where you want to stay. I can’t say that enough.
The feeling of booking a resort that you love, brings excitement beyond just going to WDW. We are retired and BWV has all the activites we love without needing park tickets. Lot’s to see and do at the resort and in the vicinity.

The down side of non DVC timeshare, is it never ends and this one does. We are prepaying for our vacation, not making a home investment.

We moved back here in 2017. Anyone who lives here know’s how much FL has changed in 6 years would laugh at predicting anything about the future especially this crazy influx of relocating population, like us.

I chuckle at spreadsheet estimations. If THAT number is so important, don’t buy. It will keep you up at night.
How do I know? I worked for the Big Red Boat in the 1990’s. We pioneered the Disney/cruise vacations (With kids). Your welcome.

Don’t ask me what a WDW/cruise cost then. You’ll be crying on contract.
https://disneycruiselineblog.com/20...ise-and-walt-disney-world-week-advertisement/

 

[Heightshero]

Home Resort: SSR
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 1/6/2023
Offer accepted: 1/7/2023
Sent to ROFR: 1/8/2023
Passed ROFR: 1/25/2023
Closing docs received: 1/27/23
Closing docs returned: 1/30/23 (Buyer), 2/7/23 (Seller)
Closing: 2/8/2022
Deed recorded: 2/9/23
Contract Showing on Membership (new member):
Points in account:

Incredibly, incredibly smooth process so far - only irritating thing was the seller's taking 10+ days to return their selling docs, but that's out of the hands of the closing agent. We worked with Randy Cook at DVC Resale Market and Beth Scammon at Magic Vacation Title. I highly recommend both of them, they dealt with all my annoying emails and constant questions with quick and nice replies. Randy emailed that our offer was accepted at 12:30AM on a Saturday. Beth got our contract closed within 36 hours of the paperwork being received from seller. I'm beyond excited, and can't wait for the points to load.

 

[DonMacGregor]

Home Resort: OKW
Broker: https://www.fidelityrealestate.com/
Title Company: Mason Title (Cammy Smith)
Offer made: 2/8
Offer accepted: 2/8
Sent to ROFR: 2/10
Passed ROFR:
Closing docs received (buyer):
Closing docs returned (buyer):
Closing docs returned (seller):
Closing:
Deed recorded:
Contract Showing on Membership (existing member):
Points in account:

Days Total: 0

Day 0

 

[brittofdisney]

Home Resort: CCV
Broker: DVCRM
Title Company: Magic Vacation Title
Offer made: 12/19/2022
Offer accepted: 12/19/2022
Sent to ROFR: 12/21/2022
Passed ROFR: 1/6/2022
Closing docs received: 1/13/2022
Closing docs returned: 1/24/2022
Closing: 1/27/2022
Deed recorded: 1/31/2022
Contract Showing on Membership (new member): Existing Member contract showed on ____
Points in account:

Days Total:


I am so impatient waiting on those points to be loaded. I'm trying to use the 2022 banked points when the 7 month window opens in two weeks for my September plans instead of my current 2023 direct points .

Contract shown on the account today 2/10/2023. Asked member services about the points cause I saw dates open for CC in November when I have my Riv tripped planned but 1. Member services said would take a few more days and 2. By the time I refreshed, 2 days in the middle of my 4 day stay got booked lol. I lost twice today haha

 

[ajiuo]

Yep, as they say, don't "fight the dragons" before they get there some sellers just seem to take a while to get to a notary and return documents, but they DO get it done

Seller finally got back with them and said they would get it done this weekend… I’ll keep my fingers crossed. Once it’s closed I won’t feel as nervous waiting for Disney on the last part.

 

[RuntheMouse]

Home Resort: SSR
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 12/24
Offer accepted: 12/24
Sent to ROFR: 12/27
Passed ROFR: 1/18
Closing docs received: 1/20
Closing docs returned: 1/20
Closing: 1/26
Deed recorded: 1/27
Contract Showing on Membership (new member): 2/10
Points in account:

Days Total:

Got our welcome home emails today! Going to try to get the points loaded this weekend. Wish me luck!

 

[DisneyMom41]

Hi! I’m new here! I hope I do this correctly!

Home resort: BLT
Broker: https://www.fidelityrealestate.com
Title Company: First American Title Insurance
Offer made: 1/2/2023
Offer accepted: 1/2/2023
Sent to ROFR: 1/5/2023
Passed ROFR: 1/24/2023
Closing docs received: 1/26/2023 (edocs from first American in email)
Closing docs returned: 1/26/2023 (mine, edocs), w/o 2/6 (sellers, notarized)
Wired money: 1/26/2023
Closing: 2/10/2023
Deed recorded: 2/9/2023 (according to comptroller site)
Contract Showing on Membership (new member):
Points in account

So what should I expect now? Something in the regular mail? Something from Disney/dvc? Email? Does it take longer because we are brand new to dvc? Thank you!

 

[Sandisw]

Hi! I’m new here! I hope I do this correctly!

Home resort: BLT
Broker: https://www.fidelityrealestate.com
Title Company: First American Title Insurance
Offer made: 1/2/2023
Offer accepted: 1/2/2023
Sent to ROFR: 1/5/2023
Passed ROFR: 1/24/2023
Closing docs received: 1/26/2023 (edocs from first American in email)
Closing docs returned: 1/26/2023 (mine, edocs), w/o 2/6 (sellers, notarized)
Wired money: 1/26/2023
Closing: 2/10/2023
Deed recorded: 2/9/2023 (according to comptroller site)
Contract Showing on Membership (new member):
Points in account

So what should I expect now? Something in the regular mail? Something from Disney/dvc? Email? Does it take longer because we are brand new to dvc? Thank you!

You will get two emails from MA when your account is created. It can then take a week or two to have the points loaded by MS..however, many will call or chat with MS a day or two after they have their account to see if they can get the points added faster.

 

[Jayunit09]

Home Resort: Copper Creek
Broker: DVCRM
Title Company: Magic Vacation Title
Offer made: 1/17/2023
Offer accepted: 1/17/2023
Sent to ROFR: 1/18/2023
Passed ROFR: 2/8/2023
Closing docs received: 2/10/2023
Closing docs returned: 2/11/2023
Closing: 2/20/2023
Deed recorded: 2/23/2023
Existing Member contract showed on ____
Points in account:

Days Total:

 

[Bucketfoot]

Home Resort: AKV
Broker: https://dvcsales.com/
Title Company: Mason Title (Cammy Smith)
Offer made: 1/18
Offer accepted: 1/18
Sent to ROFR: 1/19
Passed ROFR: 2/9
Closing docs received (buyer): 2/10
Closing docs returned (buyer): 2/10
Closing docs returned (seller): 2/13
Closing: 2/21
Deed recorded: 2/21
Contract Showing on Membership (existing member):
Points in account:

Updates in green

 

[TimCee]

Resort: SSR
Broker: Fidelity
Title Company: First American
Offer made: 12/12
Offer accepted: 12/12
Sent to ROFR: 12/13
Passed ROFR: 01/05
Closing: 01/26
Deed recorded: 01/27
Contract Showing on Membership: 02/09
Points in account: 02/10
Total Days: 60

 

[RuntheMouse]

Home Resort: SSR
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 12/24
Offer accepted: 12/24
Sent to ROFR: 12/27
Passed ROFR: 1/18
Closing docs received: 1/20
Closing docs returned: 1/20
Closing: 1/26
Deed recorded: 1/27
Contract Showing on Membership (new member): 2/10
Points in account: 2/11 (phone call got points loaded, chat didn’t work)

Days Total: 49