Differences in resale company practices

[grimgrningghost]

is there much difference in closing costs between them? We are looking for 50 points.

 

[LouisianaDisneyFan]

is there much difference in closing costs between them? We are looking for 50 points.

The three companies we have used all direct their clients to the same closing agent... Nancy Spohn at Timeshare Title & More. The closing costs are based on the sales price, and the scale was consistent among the three companies we are using for our resale purchases. The big difference in fees at closing between those three is that Fidelity adds an additional $195.00 "administrative fee" for their resales. The other companies do not add this fee, and I have been told that you can avoid it by making your offer for a Fidelity listing through one of the other resellers (for instance, **** ******* also have access to all of the Fidelity listings). We chose to go directly through Fidelity for our purchase with them, but I have been told that the other strategy has been used by many others in the past. My understanding is that The Timeshare Store uses a different closing agent, Magic Title, but that the services and fees are consistent with Timeshare Title & More.

HTH!

 

[5forDiz]

is there much difference in closing costs between them? We are looking for 50 points.

Contact The Timeshare Store and ask them, they will be happy to tell you what closing costs/fees will be based on number of points whether or not you are inquiring about a specific contract or no contract at all.

Best wishes & you are wise to gather all info prior to moving ahead to purchase

 

[mopee3]

I know this data is probably hard to get a hold of but is any one resale company better to work through when it comes to ROFR? Since Fidelity/GMC holds an advange as Disneys choice, would it be a better to work with them?

Moe

 

[marie1981]

I know this data is probably hard to get a hold of but is any one resale company better to work through when it comes to ROFR? Since Fidelity/GMC holds an advange as Disneys choice, would it be a better to work with them?

Moe

I was wondering the same thing... does the extra $200 worth it ?

 

[Jason@dvcstore]

is there much difference in closing costs between them? We are looking for 50 points.

If you buy a 50 point listing from The Timeshare Store, Inc.® and the resort is not Hilton Head or Grand Californian the closing costs would be $322.

25 to 50 points not at HH or GCAL the closing costs are $322
51 to 75 points not at HH or GCAL the closing costs are $359
76 to 100 points not at HH or GCAL the closing costs are $397

Jason

 

[Jason@dvcstore]

I know this data is probably hard to get a hold of but is any one resale company better to work through when it comes to ROFR? Since Fidelity/GMC holds an advange as Disneys choice, would it be a better to work with them?

Moe

I have a very biased opinion but I think The Timeshare Store, Inc.® is the best company to work with when it comes to ROFR. We haven't had a Saratoga Springs property bought back since January 6th, 2010 I believe (feel free to call us at 1-800-550-6493 and one of our associates will give you a run down on all 10 resorts and when the last time they were bought back). I believe Fidelity, on the other hand, sells the Saratoga Springs for much less and has many more buybacks which Disney loves as they then sell for full price to all those people that don't know resales exist.

Jason

 

[vincev33]

I know about the 3 of the 4, but did not know about Fidelity. I can't seem to find their web site. Can someone share it?
THank you

 

[LouisianaDisneyFan]

Here ya go: http://www.timesharesonly.com/filter?resort_name=disney

 

[DVC-Don]

I've used The Timeshare Store and **** ************* over at ***************. Both were good but I give to nod to **** for communications. She kept in touch with us even when there was no progress to report.

 

[LouisianaDisneyFan]

I received two sets of closing documents for very similar contracts today, purchased through two different resale companies, but being handled by the same closing company. So, I could do a relative apples-to-apples comparison. There are some very significant differences that should be noted, and I have finally found out WHY the differences exist.

As has been mentioned many times, Fidelity charges an additional $195.00 administrative fee. It was once reported on Disboards that this fee went to Disney, but that is not true. The fee is related to Fidelity's relationship with Disney, but NOT a fee that is paid directly TO Disney. Fidelity is the only recommended reseller by Disney, and to maintain this relationship, all of Fidelity's contracts must go through Fidelity's central legal department and then be sent to Disney for review before being sent to the parties involved in the sale. When you purchase from Fidelity, I must say, you do receive a much larger and more air-tight set of contracts than with the other resale companies. Disney requires this more diligent process in order for Fidelity to retain Disney's recommendation. The additional fees go to Fidelity, not Disney, because of the increased costs associated with this contract process. Disney also requires that the Estoppel Fee be reimbursed by the Buyer to the Seller, so that's another $50.00 tacked on to the Buyer's side when purchasing from Fidelity that is not typically the Buyer's responsibility elsewhere. It's important to note here that if you go through a Co-Broker like ******* **** or Shontell to purchase a Fidelity contract, you are indeed not paying these additional fees. This is because when you use a Co-Broker, the contracts are prepared by the Co-Broker and not Fidelity. This is also why Disney ONLY recommends Fidelity... because Disney prefers that the purchases are prepared by a legal department that must adhere to pre-approved and monitored Disney practices for resales. Soooo, that dispels any notion that your contract is more likely to pass ROFR by going through Fidelity... that $195.00 is not a fee to Disney to grease palms. If you are a stickler for everything being done directly by an attorney, then Fidelity would probably be your best choice for a resale company... but that extra "legalese" comes with a price.

One more fee was tacked on to the bottom of my Closing Statement for Fidelity that made me take pause. It had not been mentioned in my original agreement and therefore I objected to paying it. This $50.00 fee was simply titled "Transaction Fee" and was mentioned nowhere in my purchase agreement or other documents. When I talked with Rachel at Fidelity, she also did not know what the fee was for and called the Closing Company (Timeshare Title & More)... who said it was a fee for putting the deposit on my Debit card. The money was being charged directly by the Title Company. Um, NO. I wasn't informed there would be an additional fee for this, and I could have easily sent a check. So, the fee is being removed from my closing statement. I've seen it posted by a few Disboard members that they preferred going through Fidelity so that they could charge their deposit and get the Disney points. Well... 10% is a mighty high price to pay for a few Disney points in my opinion... and in my case, I used a Debit card and received no points at all. I viewed it simply as a convenience, but regardless, buyers should be informed beforehand if there is an associated fee with this service. House payments, car payments and many other online services offer credit card and/or debit card payment options, but the fee is typically $6.00 for this service, for much higher amounts than a $500.00 deposit.

Soooo, here's how it all breaks down on the closing statements:

Contract #1 - 100 points purchased via ***************
Purchase price: $7,200.00
Fee for closing service: 202.60
Abstract or title search: 75.00
Title insurance: 60.00
Recording fee to Orange County: 18.50
State tax/Stamps: 50.40
Record Waiver of ROFR: 18.50
Total to Buyer: $7,625.00 (before reimbursement of any MF's)

Contract #2 - 110 points purchased via Fidelity
Purchase price: $7,150.00 (starting price is $50.00 LESS than the contract above)
Fee for closing service: 202.60
Abstract or title search: 75.00
Title insurance: 60.00
Recording fee to Orange County: 18.50
State tax/Stamps: 50.40
Record Waiver of ROFR: 18.50
Credit to Seller from Buyer for DVC Estoppel Fee: 50.00
Administrative Fee to Fidelity: 195.00
Transaction Fee (tacked on by Closing Company): 50.00
Original Total to Buyer: $7,870.00
REMOVAL OF TRANSACTION FEE AFTER COMPLAINING!!! <50.00>
Revised Total to Buyer: $7,820.00

I hope this info helps others go in before an offer with their eyes open.

Evey =)

 

[dudelydude]

I've used The Timeshare Store and ****, ************ over at ***************. Both were good but I give to nod to **** for communications. She kept in touch with us even when there was no progress to report.

See, my Morgan Stanley guy does this and I say, "So what are you calling me for?" It's a matter of personal opinion, but I find it annoying to be called for no reason.

On the flip side, if you (as a broker) tell me, "We will know something in 1 week," and that "something" doesnt not happen within that 1 week for some reason, call me at that point. You do NOT want me calling you to say, "You said 1 week and it has now been 2 weeks with no call from you."

 

[dudelydude]

....almost forgot, big kudos to the OP for this information. I not only appreciate this information for my own use, but I also appreciate how honest and fair you were. You called it exactly how you saw it without saying, "I will never use "x" again," or flaming anyone....it's refreshing....I hope that all of the aforementioned company's representatives see this, so they can see where to improve.

 

[JimMIA]

Evey, you may be right about that $195 fee -- that's it to offset additional costs required by Disney. And I'm sure you are right that money does not go to Disney.

What goes to Disney it 1/2 the sales commission -- in your purchase $715/2 = $357.50. And that 50% referral fee is why Disney "recommends" Fidelity -- it's a commission split, very common in real estate and probably also paid if you purchase a Fidelity listing through any other broker.

 

[loritemp]

I am actually in the process of purchasing right now through The Timsehare Store (in fact it went to Disney TODAY for ROFR!!). I don't have much time to call with questions during the day so I have pretty much done this all through email with my agent, Scot. Responses are always super quick, really to the point of my question, and in my opinion, honest (I asked a few questions about low balling offers, that kind of thing). I know he represents both the seller and I but I feel like he is representing us both well, helped us work to a deal we were both happy with.

I am really pleased with my experience so far and in fact, since I signed my contract have had some friends and family say they have been thinking about buying and I have directed them to both this site and the TSS!

 

[LouisianaDisneyFan]

What goes to Disney is 1/2 the sales commission -- in your purchase $715/2 = $357.50. And that 50% referral fee is why Disney "recommends" Fidelity -- it's a commission split, very common in real estate and probably also paid if you purchase a Fidelity listing through any other broker.

Wow, then with a co-broker situation, the listing agent at Fidelity receives very little. I'm glad I went ahead and made the offer on that property with Fidelity then. I think it only fair that the broker who has given me information and assistance on a listing should receive a reasonable portion of the commission.