Contract Addendum Help

[RamblinWreck]

At some point, someone is going to have to step on the broker’s throat. Especially, if this becomes an ongoing pattern of behavior.

I’m not convinced that anything is actually being done by the broker, or that there’s even a decision maker involved. Sure, this person is being represented as a “Vice President”, but what does that really mean? The broker, relatively speaking, isn’t a particularly large organization, so this guy could be the “VP” of Wasting People’s Time for all we know. Financial institutions, particularly larger ones, have hundreds of VP’s, sometimes using the term interchangeably with “Branch Manager”.

As an example, when we started our firm in 1993, I was given the title of Vice President as I was the only founding member out of our original four that wasn’t a family member (they took President, COO and CFO). I was a VP in an organization that had 7 employees in a 1,000 Sf upstairs office (with the bathroom downstairs). Now, we have 275 employees in 10 offices nationwide and I’m Senior Vice President and COO, as two family members have passed and I now have an equity share.

What started out as not much more than a vanity title developed into something obviously more substantial, but the “VP” title has more or less stayed the same.

When we expanded into Florida, in order to get our corporate engineering license, the applicant had to be an executive, so we just slapped “VP” on one of our local engineers and called it a day. He has zero authority or oversight over anyone, no corporate voting rights, nothing. He was just added to our foreign corporation registration (California Corp.).

Since this seems to be a pattern on the part of the broker, I’m going to assume it’s their fault and not the sellers’.

Hopefully a few of these sellers start taking the broker to task. I sure would. I also wouldn’t have ended up in that situation in the first place, but surely some of these people have email communications assuring them that their reservation will be fine, and then they end up losing their reservation AND their points with no compensation for them. That’s a tough pill to swallow.

If I were one of the people on this forum that went through this as a buyer, I might even consider reaching out to the seller to tip them off that this is a pattern of fraudulent behavior by the broker and they may want to seek restitution. But I am a bit of a pot stirrer…

 

[DonMacGregor]

Didn't take it that way at all. I actually get inspired when I read about small start-ups that become successful over time. I don't have the intestinal fortitude to take the chance. Good on you all!

Thanks.

 

[Kylie kaiser]

Lucky you, I got demoted to princess security! Have another princess on the way any day now, more responsibilities and same pay! lol

Great Job to OP on being persistent and good job to everyone on here that helped with this case. These boards have helped 2 members in the last 2 months deal with this issue. It is a lot easier when you have a group of people that have your best interests at heart!

YES! I would never have thought of half of the points everyone brought up to mention on this. I probably would have just thought this was the way it was and that I had to accept it. I will say though comparing my resale to my direct purchase I probably would pay the extra cost to do direct just so there was zero chance of hassle again.

 

[Kylie kaiser]

Lucky you, I got demoted to princess security! Have another princess on the way any day now, more responsibilities and same pay! lol

Congrats! Hoping for a safe and smooth delivery! I have a 9 month old and everyday is a blessing. He's the reason we bought DVC. Just waiting for the day when his cuteness can start paying my annual dues.

 

[pianomanzano]

Congrats! Hoping for a safe and smooth delivery! I have a 9 month old and everyday is a blessing. He's the reason we bought DVC. Just waiting for the day when his cuteness can start paying my annual dues.

Thank you!! Same reason for us too!

 

[JGINPL]

Keep us posted how quickly Disney gets back to you with the points transferred!

 

[CarolynFH]

@Kylie kaiser and @JGINPL , I’m happy to read that both of you have had positive resolution to your situations. But I hope that both of you will nonetheless file complaints with the Florida AG’s office and other agencies as noted in this thread. This broker should not get off without repercussions just because Disney stepped in and made everything right.

And I want to add that I didn’t know for certain which broker it was until someone named them a few pages back. Now that I know which broker it is, something has been bothering me.

Several years ago, when DVC owners would contact DVC and ask about selling their contracts back, DVC would refer them to Fidelity, even though at the time there were already several brokers specializing in DVC resales (and Fidelity was little-known here on DISboards). These recent episodes, with DVC initially seeming to protect this broker (refusing to cancel the seller’s reservation “until the broker authorized it”), makes me very suspicious of the relationship between DVC and this broker. We know that the buyers posting here on DISboards are likely a very small subset of DVC resale buyers, so having two very similar stories posted here in a very short timespan makes me wonder how many times this has happened to buyers who didn’t have the help and support the DISboards Purchasing DVC community has provided in these two instances.

So that’s another reason that I feel both of you need to file complaints with the AG and any other relevant entity. It may be time for the relationship between DVC and Fidelity to be investigated thoroughly.

 

[Kylie kaiser]

Keep us posted how quickly Disney gets back to you with the points transferred!

So far the rep for Disney called me again to let me know she secured the Polynesian and will transfer it to my account once the transfer is complete and loaded. I asked her to give me a timeframe of when I can expect to get access to the membership and points and she said she will have it done today and will call with another update later today. So as of now I am very hopeful being that she has followed up with me twice in a short period of time.


The VP from the Broker on the other hand has done nothing. I sent an email to explain that Disney was taking action and canceling the sellers reservation and all he had to say back was glad to hear Disney is working on a resolution and that is it. No mention of how he's done nothing to resolve this. I even stated in my email that I was looking forward to my admin fee refund check but he didn't say anything back to that. I think I will respond once more and ask for a timeframe on when I can expect my check because I don't need that "slipping through the cracks" like this undisclosed reservation did.

 

[CarolMN]

Happy for you, especially because you will get the reservation you wanted.

When the Disney Rep calls back, I hope you will tell her that you are not the only person who has experienced this issue and request that DIsney procedures be changed so that a broker cannot control an account transfer after closure. It should be broker's responsibility to make sure the purchase agreement discloses an existing reservation, and sets the closing date accordingly!

 

[Kylie kaiser]

Another update:

I just looked and my contract is now loaded! I can see it on my member dashboard now. The points are not there yet but at least we are a step in the right direction and this mess is almost fully resolved!

 

[RoseGold]

At some point, someone is going to have to step on the broker’s throat.

Sounds like the mouse just did. Still makes me wonder why Disney didn’t ROFR it and scarf the points.

Congrats OP on your new points! And the sweet help getting your reservation!!

 

[RoseGold]

will say though comparing my resale to my direct purchase I probably would pay the extra cost to do direct just so there was zero chance of hassle again.

Guess it depends on how many points show up.

 

[JGINPL]

Guess it depends on how many points show up.

Good point I wonder if there will be any bonus points in this, being the reservation is being canceled.

 

[RamblinWreck]

Good point I wonder if there will be any bonus points in this, being the reservation is being canceled.

What happened with yours? The reservation was imminent, so did those points go into holding?

 

[karen4546]

Good point I wonder if there will be any bonus points in this, being the reservation is being canceled.

If the OP gets "bonus" points then I am sure she would work with the seller of the contract. She could book the reservation for them using the "bonus" points. From her earlier posts, she seems very accommodating.

Now, if she only gets the points that she was expecting then shame on the sellers for trying to take advantage.

 

[RamblinWreck]

If the OP gets "bonus" points then I am sure she would work with the seller of the contract. She could book the reservation for them using the "bonus" points. From her earlier posts, she seems very accommodating.

Now, if she only gets the points that she was expecting then shame on the sellers for trying to take advantage.

Given that the reservation was set to start probably around a week from now, I don't think she'd be able to find anything for them if she tried.

The seller is going to have to take this up with the broker.

 

[RoseGold]

If the OP gets "bonus" points then I am sure she would work with the seller of the contract. She could book the reservation for them using the "bonus" points. From her earlier posts, she seems very accommodating.

LOL. Not a chance in motonui I would even consider that after the way that broker’s response. The correct way to do this is schedule closing correctly. If they wanted that addendum signed after the fact, they should have paid for it.

They had a chance to negotiate, instead they tried to just get OP to sign. And then they played games. And who knows if that reservation wasn’t just stealing the points anyway?

 

[BeachClub2014]

LOL. Not a chance in motonui I would even consider that after the way that broker’s response. The correct way to do this is schedule closing correctly. If they wanted that addendum signed after the fact, they should have paid for it.

They had a chance to negotiate, instead they tried to just get OP to sign. And then they played games. And who knows if that reservation wasn’t just stealing the points anyway?

Exactly!

I am still not clear on how the points for this "forgotten reservation" weren't accounted for in the sales contract. At some stage in the process, the points' history should be reviewed for accuracy. This whole thing feels intentional to me, not just an honest mistake.

 

[RamblinWreck]

Exactly!

I am still not clear on how the points for this "forgotten reservation" weren't accounted for in the sales contract. At some stage in the process, the points' history should be reviewed for accuracy. This whole thing feels intentional to me, not just an honest mistake.

It's either intentional or it's negligent.

You're right. With other brokers, they will review the entire points history for the contract. Who knows what Fidelity does.

 

[Kylie kaiser]

Points are available now as well but no bonus points included, that would have been a nice surprise! Although, I am not seeing the reservation transfer yet that Disney said they were holding for me. I am a little nervous since I just check and Poly is now booked up for one of our Jan dates so I sure hope that reservation they were holding for me transfers okay. I am going to call Disney to follow up on that.