Closing Time!

[MichellT]

We are Direct owners @ BWV who recently added-on Direct @ VGF and Resale @ BCV, starting both processes on the same day. Very different experiences!

DIRECT
Home Resort: VGF
Broker: DVD
Title Company: DVD
Offer made: 3/15/22 -- one email plus phone call to clarify
Offer accepted: 3/16/22 -- email, CC payment online for deposit, Points in account and usable
Sent to ROFR: n/a
Passed ROFR: n/a
<I then asked DVD to hold up, while I updated title on my first contracts to my preferred way so I could get these new contracts titled the same, which took until 4/22 -- I will count this as 0 days since I asked DVD to wait>
Closing docs received: 4/26/22 -- easy to DocuSign
Closing docs returned: 4/28/22 (buyer) -- DVC called for CC and we were done
Closing: 5/2/22
Deed recorded: 5/11/22
Contract Showing on Membership: 3/16/22
Days Total: 1 day to get points loaded, 21 to close

RESALE
Home Resort: BCV
Broker: dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 3/15/22 -- one email plus phone call to clarify
Offer accepted: 3/16/22 -- email, CC payment online for deposit
Sent to ROFR: 3/18/22
Passed ROFR: 4/22/22
Closing docs received: 5/18/22 -- had to print/sign/Fedex
Closing docs returned: 5/23/22 (buyer) -- had to wire funds (no CC)
Closing: 5/26/22
Deed recorded: 5/31/22
Contract Showing on Membership (new member): 6/8/22
Points in account: 6/9/22 ?!?! -- called and chatted at the same time, one said wait one day and they will load automatically, other said wait one week. so close!!!
Days Total: 84 and counting to get points loaded ...

 

[MichellT]

So comparing apples to apples on our 150pt BCV contract ... Direct was $265pp vs. Resale $178pp, so for 150pts that's $13,050 for Resale. Plus the difference in closing costs, wire fees, etc. and the 2% opportunity to earn credit card points on the whole amount. On the Resale side we also had to wait almost 3m for our points, bite nails off on ROFR, run up to Fedex vs. sit at my desk, etc. to save about $11,850. Worth it for us. Not sure it would be worth it for a smaller contract where the difference was smaller, or if we'd lost ROFR and had to restart the process.

 

[sipnride]

Broker - www.fidelityrealestate.com
Title Company - TRCS
Sent to ROFR - 5/17
Passed ROFR - 6/8
Elapsed Days (ROFR) ‐ 22 Days
Closing docs received: 6/28
Closing docs returned from buyer (me): 6/30
Closing docs notarized by seller (international-unclear when returned to TRCS): 7/5
Funds deposited: 7/22
Deed recorded: 7/25
Contract Showing on Membership (new member):
Points in account:
Days Total:

 

[heather2328]

Home Resort: SSR
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 4/5
Offer accepted: 4/5
Sent to ROFR: 4/6
Passed ROFR: 5/3
Closing docs received: 5/25
Closing docs returned: 5/25 - Still waiting on closing docs from seller(international)
Closing:
Deed recorded:
Contract Showing on Membership (new member):
Points in account:
Days Total:

The closing date is coming up in 2 weeks and I am becoming very impatient, it was a great deal but maybe I should have gone direct for my first DVC contract.

 

[hglenn]

Home Resort: SSR
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 4/5
Offer accepted: 4/5
Sent to ROFR: 4/6
Passed ROFR: 5/3
Closing docs received: 5/25
Closing docs returned: 5/25 - Still waiting on closing docs from seller(international)
Closing:
Deed recorded:
Contract Showing on Membership (new member):
Points in account:
Days Total:

The closing date is coming up in 2 weeks and I am becoming very impatient, it was a great deal but maybe I should have gone direct for my first DVC contract.

You saved $13k off of the direct price. Would you have bought SSR direct or a different resort if you had gone direct?

 

[sipnride]

Home Resort: SSR
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 4/5
Offer accepted: 4/5
Sent to ROFR: 4/6
Passed ROFR: 5/3
Closing docs received: 5/25
Closing docs returned: 5/25 - Still waiting on closing docs from seller(international)
Closing:
Deed recorded:
Contract Showing on Membership (new member):
Points in account:
Days Total:

The closing date is coming up in 2 weeks and I am becoming very impatient, it was a great deal but maybe I should have gone direct for my first DVC contract.

No way - you got an amazing deal and just think of the incredible vacations you're going to enjoy with the money you saved, or even the additional points you're going to be able to buy.

 

[heather2328]

You saved $13k off of the direct price. Would you have bought SSR direct or a different resort if you had gone direct?

Yes I know, I plan on buying direct eventually for the annual pass discounts if they ever come back, if I went direct I would probably go with Grand Floridian because it holds its resale value but would probably wait for the the new poly if this contract does go through.

 

[heather2328]

No way - you got an amazing deal and just think of the incredible vacations you're going to enjoy with the money you saved, or even the additional points you're going to be able to buy.

True! I already have addonitis and I am not even a member yet haha I have a RIV in ROFR and would like to buy direct down the line. I guess this is what happens when you dream about buying DVC for years lol

 

[hglenn]

Yes I know, I plan on buying direct eventually for the annual pass discounts if they ever come back, if I went direct I would probably go with Grand Floridian because it holds its resale value but would probably wait for the the new poly if this contract does go through.

That's us, too. I feel your pain as we are still waiting for our new member account to be set up. We also plan to add on direct in the future for the same reasons.

 

[sipnride]

True! I already have addonitis and I am not even a member yet haha I have a RIV in ROFR and would like to buy direct down the line. I guess this is what happens when you dream about buying DVC for years lol

I got a contract past ROFR for the first time just yesterday, and already I'm highly tempted to grab another that is a) an excellent deal, b) the same use year, and c) has few enough points to make it an inch short of full blown madness. Somebody stop me!

 

[hglenn]

I got a contract past ROFR for the first time just yesterday, and already I'm highly tempted to grab another that is a) an excellent deal, b) the same use year, and c) has few enough points to make it an inch short of full blown madness. Somebody stop me!

You are in the wrong place if you are looking for an intervention. This thread is for the enablers.

 

[heather2328]

I got a contract past ROFR for the first time just yesterday, and already I'm highly tempted to grab another that is a) an excellent deal, b) the same use year, and c) has few enough points to make it an inch short of full blown madness. Somebody stop me!

LOL I was in Disney a week after my SSR passed ROFR and went to Topolino’s the last day of our trip, I had an offer in for RIV 2 days later. Who says you can’t, right? Haha

 

[Chuckdlc]

For those in here that sell or have sold, how long is fair to expect for a domestic seller to return the deed to the title company? Seller's package went out (via email) to them on June 3 but hasn't been received back yet. I'm done on my end, did docusign, fedexed notartized docs and wired the funds. I feel like Seller's have less to do and should want their money sooner.

 

[Huskerpaul]

For those in here that sell or have sold, how long is fair to expect for a domestic seller to return the deed to the title company? Seller's package went out (via email) to them on June 3 but hasn't been received back yet. I'm done on my end, did docusign, fedexed notartized docs and wired the funds. I feel like Seller's have less to do and should want their money sooner.

As the buyer I didn’t have to have anything notarized, only the seller did.

 

[Chuckdlc]

My mortgage and note both had to be notarized

 

[Mexacajun]

No way - you got an amazing deal and just think of the incredible vacations you're going to enjoy with the money you saved, or even the additional points you're going to be able to buy.

What happens if you go past your closing date. I am pretty sure with how extraordinary slow magic title company is moving at the moment, that this is a possiblility for me too as mine is an international seller as well. I don’t want to lose the contract.

 

[heather2328]

What happens if you go past your closing date. I am pretty sure with how extraordinary slow magic title company is moving at the moment, that this is a possiblility for me too as mine is an international seller as well. I don’t want to lose the contract.

I believe that I can back out without penalty with my deposit and the seller would still owe commission since they are at breach of contract for not returning documents in a timely manner - they are saying their notary has Covid but can’t they just go somewhere else? I am not 100% sure on this though, I just gathered this info from the forums.

 

[Huskerpaul]

My mortgage and note both had to be notarized

We paid cash - probably why we didn't need a notary.

 

[DonMacGregor]

I believe that I can back out without penalty with my deposit and the seller would still owe commission since they are at breach of contract for not returning documents in a timely manner - they are saying their notary has Covid but can’t they just go somewhere else? I am not 100% sure on this though, I just gathered this info from the forums.

They can literally take the forms to their local UPS store and have them notarized for $10. These forms are nowhere near as complex and detailed as documents for a conventional real estate purchase. It's one signature.

I literally told the agent on one resale contract that I would fly from LA to the middle of a cornfield in Illinois and drive the seller to a notary, if that would speed things up after waiting 3 weeks for them to "find" a notary.

 

[RKS03]

They can literally take the forms to their local UPS store and have them notarized for $10. These forms are nowhere near as complex and detailed as documents for a conventional real estate purchase. It's one signature.

I literally told the agent on one resale contract that I would fly from LA to the middle of a cornfield in Illinois and drive the seller to a notary, if that would speed things up after waiting 3 weeks for them to "find" a notary.

As sellers we had to sign 3 forms in front of the notary ($15 at UPS). We did have to wait for the weekend as we work full days and local store closed by 6. Granted you’re talking about 3 weeks but I did find the closing process as seller was more complicated.