considering buying dvc resale?

[twojo21]

has anyone ever bought a dvc resale? were you happy with your experience? any suggestions or advice?

we have looked at information from disney & when we called about purchasing at the boardwalk or beach club were told there is a waiting list. we are getting married next march at wdw at the yacht club gazebo & would like to purchase there at one of the crescent lake dvc's only, now, so we can save points for that trip in 2006.

also if anyone on the dis is lucky enough to own a bwv or bcv what are your annual dues? would this be similiar dues for a resale dvc?

thanks in advance for any info,
twojo21
future wdw bride & wanna be bwv/bcv dvc owner

 

[drusba]

Resale through reputable brokers like the The Timeshare Store that sponsors this site is a fairly easy and painless process. You enter into a contract, Disney then either exercises or waives (usually) its right of first refusal and you close without your having to attend any closing. Shortly thereafter you are added to Disney's register and get your member ID. From there on out you are the same as any original purchaser from Disney and get the privilege of paying the same high dues -- own at BWV and believe they are currently about $4.20 per point per year but I am not where I can verify that at this moment. Things to know about a resale:

1. Look closely at what you are going to bid on before doing so. Many sellers have often used all their current use year points (and sometimes have even borrowed their next year's points and used them) and thus you may not get any points to use for quite some time (web-site description of resale usually tells you the contract's point status). Thus, look to make sure you are getting current points if that is what you need (those without current points usually have a lower asking price than those with them)

2. Price is negotiable (when buying from Disney it is not).

3. Buyer pays all closing costs ($400 to $500) unless negotiated otherwise (Disney includes closing costs in its sale price).

4. Determine how current year's dues will be divided and negotiate if need be. For example, as a buyer you should balk at accepting payment of the remaing dues in this year if the seller is one of those above who has already used all the current points.

5. Financing is the biggest issue in a resale. If you can pay cash, no problem. If you have to finance, you need to find it. The resale brokers will help you but that financing is usually from an entity that does timeshare financing for which the interest rate is often 2 to 3 points above what Disney is offering for its sales. That becomes very important in determining actual cost per point of a resale. If you have to pay both closing costs and the higher interest rate, your real cost per point for a resale that has a per point price that is $10 less than Disney's asking price may actually be higher than if you were to buy from Disney. Ideally, if you need to finance, you should do so through a home equity loan on existing home because then interest rate will be less than Disney's.

 

[Beca]

We have bought many resales, and I highly recommend it. ROFR is a little stressful...but, definitely "do-able".

And, do not "settle" for another resort. I am in the middle of selling my contracts at BWV and VWL, because I went to WDW and just fell in love with BCV.

BCV contracts are harder to come by, but there are ALWAYS some available if you look to the "big 3" resellers (pm me if you need to know who they are). Just today, someone purchased a 150 BCV contract...Aug use year...with190 points coming in Aug. A really good contract. If you want one, look everyday and be very patient. If you can afford 290 points, there is a REALLY good contract up right now...it has a full year's worth of banked points, so it has 580 points coming in Sept.

Good luck!!


Beca

 

[Colmenares3]

Hi Beca, I'm a newbie here. I'm glad to read you love BCV. We just sent our offer in yesterday for a small BCV contract. Then I had nightmares all night. Not nightmares, exactly, but I have only seen BCV from the friendship boat, plus in photos so it's a little scary. Now, in the light of day, I'm calmer and looking forward to 37 years of BCV fun

The contract we are getting has some points that must be used by Oct 05 or banked, but by the time we get our membership, the 100% banking period will be passed. The (reputable) agent mentioned that there is a one-time exception for banking with Disney. Truth or fiction? We'd prefer banking to renting.

Erica

 

[drusba]

"The contract we are getting has some points that must be used by Oct 05 or banked, but by the time we get our membership, the 100% banking period will be passed. The (reputable) agent mentioned that there is a one-time exception for banking with Disney. Truth or fiction? We'd prefer banking to renting."

They have done the so-called one-time exception in the past. Note though: why don't you just have the seller bank them now?

 

[NMW]

We bought a BWV resale from the Timshare Store. I can not say enough great things about them! We wanted either BCV or BWV. We looked and when we saw one we like we called and jumped on it! We plan to add more BWV points soon and we'd use Timeshare Store again in a second if we can find a contract with the points/use year we want. Good luck!

 

[Beca]

"The contract we are getting has some points that must be used by Oct 05 or banked, but by the time we get our membership, the 100% banking period will be passed. The (reputable) agent mentioned that there is a one-time exception for banking with Disney. Truth or fiction? We'd prefer banking to renting."

They have done the so-called one-time exception in the past. Note though: why don't you just have the seller bank them now?

From what I understand, you can get a "one-time exception", but I am not sure I would take it when I first join. You really might want to "save" that for an occasion later. Plus, that one-time exception is "techically" for emergencies.

I am assuming you have an Oct. UY? Why don't you post the details here, and we can try to figure out what the best thing for you do is?



Beca

 

[Beca]

Hi Beca, I'm a newbie here. I'm glad to read you love BCV. We just sent our offer in yesterday for a small BCV contract. Then I had nightmares all night. Not nightmares, exactly, but I have only seen BCV from the friendship boat, plus in photos so it's a little scary. Now, in the light of day, I'm calmer and looking forward to 37 years of BCV fun

The contract we are getting has some points that must be used by Oct 05 or banked, but by the time we get our membership, the 100% banking period will be passed. The (reputable) agent mentioned that there is a one-time exception for banking with Disney. Truth or fiction? We'd prefer banking to renting.

Erica

I put in the wrong "quote" in my post above!! Anyway, please don't stress over buying BCV....it is an AMAZING resort, and you will NOT regret it!!! I just wish I could buy more points there!!!



Beca

 

[debbie in Seattle]

I just finished a resale purchase at the BWV and am in the process of closing up on a contract at the BCV. I've used both Timeshare Store and Timeshare,Title and More. For some reason, have had a better 'feeling' dealing with the later of the two. Felt ********e was more informative and helpful. The gal at Timeshare, Title and More I felt has been trying to push me into bidding a higher price than I wanted for the BCV-and Disney did not buy the points back, even though she made me feel they would. Perhaps 'pressure sales' is the word I'm looking for.
Biggest thing is to be sure that the points you are buying are currently available and you're not having to wait til next year to use them.
Easy process. I'd suggest you call and talk to someone write down the info you've been given. Give yourself a day or so to think about all that you forgot to ask, write it down and call again to ask your other questions.
Don't panic and think that just because one of the properties come available you need to jump on it, they pop up all the time and at various prices.
They try and get you to overnight this, fed ex that, which I didn't do.
I really like the fact that all documents were emailed to me, which I printed out, signed and faxed back. The only 'rush' thing I did was wire my money just to get the process over with.
Hope this helps!

 

[Disney Doll]

We bought a resale from The Timeshare Store, with Pat Spelll as our realtor. It was a very easy transaction, start to finsih about 6 weeks. This was before Disney got a little stricter with their ROFR though, so now it may take longer.

 

[Colmenares3]

They have done the so-called one-time exception in the past. Note though: why don't you just have the seller bank them now?

They haven't paid their 2004 dues yet, so they are not allowed to bank them. The dues will be paid to Disney (by sellers) during the sale process.

Here are the specifics. It is a 100 pt Oct UY contract, with all of the 2004 points available. If all goes well, I should be able to do something with the points mid-April. We are not interested in using the points until December, and would really like to be able to bank all 100 of the 2004 points. We could use 36 points in May, for a studio, but then there are just 14 straggling points. Messy.

Ideas are v. welcome.

 

[NMW]

We bought a resale from The Timeshare Store, with Pat Spelll as our realtor. It was a very easy transaction, start to finsih about 6 weeks. This was before Disney got a little stricter with their ROFR though, so now it may take longer.

We used Pat too. She's great.

 

[SoCalKDG]

They haven't paid their 2004 dues yet, so they are not allowed to bank them. The dues will be paid to Disney (by sellers) during the sale process.

Here are the specifics. It is a 100 pt Oct UY contract, with all of the 2004 points available. If all goes well, I should be able to do something with the points mid-April. We are not interested in using the points until December, and would really like to be able to bank all 100 of the 2004 points. We could use 36 points in May, for a studio, but then there are just 14 straggling points. Messy.

Ideas are v. welcome.

You can still bank 50% of the points, then rent the balance.

 

[Colmenares3]

You can still bank 50% of the points, then rent the balance.

Yes, and then use 36 points in May when we go, but we don't really want a studio for that visit, and would much rather have those 100 points for a 2006 visit. But hey, I can be flexible!

Thanks!

Erica

 

[twojo21]

thank you everyone so much for the info & suggestions! we are going to look at some of these reputable dealers this weekend, timeshare store, timeshare, title & more and century 21 timeshares. any other reputable dealers/brokers we should look at for wdw dvc resales?

thanks again for all the help, this is why i love the dis, you guys are great!
twojo21