Disney Effect on Resale

[hayesdvc]

To you DVC veterans:

What have you seen Disney do over the years to make it as difficult as humanly possible to buy resale versus direct?

I have posted this on a couple of threads today:
I just received an email from *** stating that Disney sent out a mass email yesterday stating they will be releasing estoppel information two weeks prior to the scheduled closing. *** does not know if this applies to all request in their system or is effective with a specific request date forward.

 

[KAT4DISNEY]

Really not much. The length of the process is about it.

 

[lions1995]

Really not much. The length of the process is about it.

I would agree. Other than time, sometimes they will utilize ROFR to snag some resales at a price point they previously did not bother.

I have to say, there actions have help keep the resale price up.

 

[Coamfo]

My closing company received that same email a few days before the Estoppel came through. Luckily, my contract said "Feb 29, or before" so they were able to argue on those two words "or before".

What is the date listed on your contract?

 

[hayesdvc]

My closing company received that same email a few days before the Estoppel came through. Luckily, my contract said "Feb 29, or before" so they were able to argue on those two words "or before".

What is the date listed on your contract?

The closing date on my contract is the same as yours, "Feb 29th or before". *** states there is nothing they can do except to wait.

 

[disneynutz]

ROFR delay taking 30 days, changing when they provide the estoppel info and delaying the estoppel info, delaying the DVC account set up, delaying notifying the new member of their account info, delaying notifying the member of their login info.

Bill

 

[ScubaCat]

Some of it may be delaying tactics, but I don't really see the need to do that intentionally. On the flip side, however, there isn't much incentive for them to staff their side very heavily. There could just be one or two people handling each step, and if they get backlogged, so what? Why pay more staff to complete a task that isn't very profitable vs. selling new or so many other things?

 

[miTnosnhoJ]

It seems to me the purpose of Estoppel is to provide an accurate accounting of the maintenance fees owed and the points remaining. If Disney provides this info too early, could't the numbers change? Selling member uses, rents, transfers more points, or makes another monthly payment for MF?
Would Disney "lock down" a member's account that had been through ROFR? If not, then it is in their interest to have Estoppel as close to closing as possible. (Also in the buyer's interest, it seems to me.)

What am I missing?

 

[KAT4DISNEY]

It seems to me the purpose of Estoppel is to provide an accurate accounting of the maintenance fees owed and the points remaining. If Disney provides this info too early, could't the numbers change? Selling member uses, rents, transfers more points, or makes another monthly payment for MF?
Would Disney "lock down" a member's account that had been through ROFR? If not, then it is in their interest to have Estoppel as close to closing as possible. (Also in the buyer's interest, it seems to me.)

What am I missing?

It is a final accounting but afaik the title companies do not request it until they are prepared to close. It's their last step to verify and it's not something being requested weeks in advance. And every closing date I've had is a a close by xx/xx/xxxx or before. The dates they place in are to allow for a lot of bumps in the road and most close earlier.

 

[disneynutz]

I'm pretty sure that in the past the brokers got the estoppel info when they drew up the contract to purchase. That verified that the sellers correctly reported their contract number, loan. dues and point status and I am told that errors were more common than one would think. With the estoppel info being provided later, the entire contract, signed docs, could be incorrect.

Bill

 

[KAT4DISNEY]

I'm pretty sure that in the past the brokers got the estoppel info when they drew up the contract to purchase. That verified that the sellers correctly reported their contract number, loan. dues and point status and I am told that errors were more common than one would think. With the estoppel info being provided later, the entire contract, signed docs, could be incorrect.

Bill

I was in the midst of a purchase when at least one broker began requesting verification of points from Disney at listing. But they still requested estoppel at the end of the process afaik.

 

[hayesdvc]

I was in the midst of a purchase when at least one broker began requesting verification of points from Disney at listing. But they still requested estoppel at the end of the process afaik.

Do you remember on your initial contract how long it was between when you sent in your escrow money until your were able to make a reservation?

 

[KAT4DISNEY]

Do you remember on your initial contract how long it was between when you sent in your escrow money until your were able to make a reservation?

Whew - that's awhile ago for the first resale bought and things were different. I was even able to call in and get my membership number. Last resale was 2011 and it was even quite different then. It was usually in the 1-2 week range from sending the final payment and I never overnighted. But then again I'm one who had a direct purchase that took longer than one of my resales did.

 

[hayesdvc]

Do you remember on your initial contract how long it was between when you sent in your escrow money until your were able to make a reservation?

I do find it "funny" that through the process of buying DVC resale, that it appears that the only deadline date of any meaning was placed on me; the date escrow money had to be received or the contract would have been voided.

 

[KAT4DISNEY]

I do find it "funny" that through the process of buying DVC resale, that it appears that the only deadline date of any meaning was placed on me; the date escrow money had to be received or the contract would have been voided.

Ah - for escrow money did you mean deposit money? Or final payment?

 

[hayesdvc]

Whew - that's awhile ago for the first resale bought and things were different. I was even able to call in and get my membership number. Last resale was 2011 and it was even quite different then. It was usually in the 1-2 week range from sending the final payment and I never overnighted. But then again I'm one who had a direct purchase that took longer than one of my resales did.

Whatever knowledge I have of DVC consist of all the information this board supplies. To purchase DVC and not love Disney would make no sense, however, at this time I have a very bad taste in my mouth about this ever changing process. I was lucky enough the first time to have my contract signed in September taken by Disney (on day 29). After passing ROFR the second time, the part of my new contract I focused states "This contract shall be closed on or before 2/29". Guess what...... I was hoping for before. Now Disney states they will only get estoppel information to *** two weeks prior to closing. So now if I read past the phrase "or before 2/29" in my contract it reads "or within 45 days from when estoppel is provided by Disney to the closing company" So instead of hoping for "or before", now it appears I will most likely be settling for around April 1st (ironic date I think). So if we close by April 1st, based on the various threads on the subject, I can expect to actual have usable points possibly by May. My (this contract's) UY is August so I have to 3/31 to bank 2015 points.

Since TSS and *** to this point have added so much to this process, I assume I need to ask one of them to go ahead and ask the seller to bank "their" points.

 

[hayesdvc]

Ah - for escrow money did you mean deposit money? Or final payment?

Escrow (deposit). It appears we are no where near the final payment process.

 

[KAT4DISNEY]

Escrow (deposit). It appears we are no where near the final payment process.

Ok, I misunderstood - the timeframe in general used to be 6-8 weeks in years gone by but for some time now it's been more like the 12 week mark. It's definitely not easy waiting. If you had your offer accepted in mid-Dec and passed ROFR late Dec it wasn't unreasonable to expect that you might close sooner but you're just at the 6 week mark into the process at this point and have been pushing hard for at least a week or two it seems. With an ROFR you've personally been in the process for awhile but you have to look at it contract by contract. I hate to say this but that letter from DVC was likely triggered by something - they aren't going to be able to constantly respond to inquiries either and it seems like someone got fed up - at least that's my impression. We've all been there who have bought resale but at a point you have to talk yourself down and just let the process take it's course. I do think you're now adding days to what you might expect too in your frustration. It will finish, you'll get your points and be able to start using your membership.

 

[msjprincess]

Do you remember on your initial contract how long it was between when you sent in your escrow money until your were able to make a reservation?

I recently bought my 2nd resale. It was exactly 2 months from the day they received my deposit until my points were loaded. It probably would have been quicker but the seller had a vacation booked so we couldn't close until then.

 

[DisBuckMan]

Whatever knowledge I have of DVC consist of all the information this board supplies. To purchase DVC and not love Disney would make no sense, however, at this time I have a very bad taste in my mouth about this ever changing process. I was lucky enough the first time to have my contract signed in September taken by Disney (on day 29). After passing ROFR the second time, the part of my new contract I focused states "This contract shall be closed on or before 2/29". Guess what...... I was hoping for before. Now Disney states they will only get estoppel information to *** two weeks prior to closing. So now if I read past the phrase "or before 2/29" in my contract it reads "or within 45 days from when estoppel is provided by Disney to the closing company" So instead of hoping for "or before", now it appears I will most likely be settling for around April 1st (ironic date I think). So if we close by April 1st, based on the various threads on the subject, I can expect to actual have usable points possibly by May. My (this contract's) UY is August so I have to 3/31 to bank 2015 points.

Since TSS and *** to this point have added so much to this process, I assume I need to ask one of them to go ahead and ask the seller to bank "their" points.

No offense, but I think you've focused way too much on the handful of "success" stories on here of people who have closed way before their actual closing dates. Quite honestly, they are the exception, not the rule. There are far, far more people whose contracts pretty much go the distance compared to those who close early. This board is a wealth of information, but remember that just because a few people got lucky and closed early, doesn't mean that's the norm.

You have a contract in hand, with closing dates listed. Those are the dates you should focus on...not what a small sampling of other people's results are.