disneybass
There's a great big beautiful tomorrow shining at
- Joined
- Aug 10, 2006
- Messages
- 755
Disney stole my Resale!!!! :(
- Thread starter Eyore4Ever149
- Start date
and Pixie Dust 
- hopefully this one will pass right through for you! ROFR seems like quite an ordeal to pass through.
Eyore4Ever149
Having withdrawl symptoms-reading UG'10,watching S
- Joined
- Feb 24, 2004
- Messages
- 1,999
an interesting note, I thought Disney automatically always pays all closing costs when buying from seller. But at $78 a point (higher than I was planning on) PLUS having to pay a year of dues for 2006 points I dont need, Id like to see if I can save at least a little money on closing costs. I dont think this deal is all that "sweet" anyway.
T.E. Yeary
The Timeshare Store, Inc
- Joined
- Jul 15, 2003
- Messages
- 1,120
WARNING SIGNS IN THE DISNEY VACATION CLUB RESALE MARKETPLACE!
Handling the Disney Vacation Club Resales requires a great deal of knowledge and expertise as they are unlike any other on the market. It is imperative that you use a broker who specializes in this area to achieve the outcome you desire and avoid some of the unpleasant pitfalls by inexperienced brokers.
Warning signs for BUYERS:
1. A small amount of listings in their inventory (Indicates NO track record)
2. Talking with agent leaves you unsure they know the product. Ask questions about banking, borrowing, points in holding, etc.
3. Unreturned or late response to your inquiry (Where will they be when you need help with the ROFR, Closing Process & getting into the DVC system? A knowledge of the right people to contact in case of a situation is imperative.)
4. Mistakes on postings on their website. Example: OKW, 2 bedroom Wk 6 (DVCs are in points, not weeks and certain size units.)
5. The company tells you that you can purchase BWV for $65 a point and clearing the ROFR will be no problem. (They will get their commission when Disney exercises their Right Of First Refusal so they really don't care if you are a new owner or not. In fact, they prefer it, because it's less work for them and they don't have any worries about the closing process or anything else.)
6. Do they have an office? (Many don't, ask for directions, or look up their address, if it's a residential area or a P.O. Box????)
7. The company advertises NO Closing Costs. They are either calling the closing costs by another name or not giving the buyer & seller the legal protection needed to pass on a free & clear title. Read the fine print in the listing agreement and closing paperwork. Remember, there is NO free lunch.
Warning signs for SELLERS:
1. The company asks for an upfront listing, advertising, appraisal, website development, or auction fee. (There is no end to the names they come up with to describe an upfront fee. This is one of the biggest ripoffs out there. These people will take your money and in most cases you will never hear from them again.)
2. The company insists that you sign an "exclusive" listing agreement with a term of several months or even a year (usually 6 months or more), which of course means you are stuck for the duration of the agreement, even if you find your own buyer. If another company or you find a buyer for your package, you also owe the exclusive broker a commission.
.
3. The company charges you a cancellation fee if you withdraw your listing before the end of the listing term. (Example: Things happen, if you were selling for financial reasons and suddenly came into some money, you would still be forced to sell or pay the cancellation fee which can sometimes be hundreds of dollars.)
4. They tell you they can get you $150 per point. (That's an exaggeration, but it happens. They will start hitting you up to reduce your price as soon as the listing contract has been signed. They will say the market has changed. Just remember, if it sounds too good to be true, you know the rest.)
5. Is their office easily accessible to the public? You should be able to walk in during regular business hours and be assured they can and will handle your business transaction. Does the broker work out of their home? Do you really think a purchaser is going to drive to their subdivision, knock on their door, and sit down at their kitchen table to write up a contract? How many DVC buyers have actually done this? The internet has enabled many people to disguise the true circumstances of their situation. They have a pretty website, so the public thinks the are dealing with a really big operation.
6. Do they have a person answering the phone or is it primarily an answering machine. People are continually frustrated in this day and age just dealing with the obstacles of trying to speak to a real person. This does NOT put them in the buying mood. Most often they will keep calling around until they reach someone who can discuss their situation.
7. The company advertises NO Closing Costs. They are either calling the closing costs by another name or not giving the buyer & seller the legal protection needed to pass on a free & clear title. Read the fine print in the listing agreement and closing paperwork. Remember, there is NO free lunch.
Franchises:
The latest trend in the Resale business is for brokers to align themselves with a national franchise in order to legitimize their operation, thereby creating a false sense of security to the general public. Examples: ERA, Century 21, GMAC, RE/MAX, etc. Some Resale brokers go from one franchise to another after the number of complaints build up, they simply purchase a new franchise and it's business as usual. Most legitimate and ethical businesses should be able to use and operate under the same name for many, many years. In fact, if their reputation was one they could take pride in, they would insist upon it!
The above statements are certainly not meant to be construed to include "every" agency that is backed by a franchise. There are definitely some reputable Resale offices with ties to franchises. My warning is, it's NOT always the case. Protect yourself, look for the same warning signs with these companies as you would with any other Resale company!
Tom Yeary
Handling the Disney Vacation Club Resales requires a great deal of knowledge and expertise as they are unlike any other on the market. It is imperative that you use a broker who specializes in this area to achieve the outcome you desire and avoid some of the unpleasant pitfalls by inexperienced brokers.
Warning signs for BUYERS:
1. A small amount of listings in their inventory (Indicates NO track record)
2. Talking with agent leaves you unsure they know the product. Ask questions about banking, borrowing, points in holding, etc.
3. Unreturned or late response to your inquiry (Where will they be when you need help with the ROFR, Closing Process & getting into the DVC system? A knowledge of the right people to contact in case of a situation is imperative.)
4. Mistakes on postings on their website. Example: OKW, 2 bedroom Wk 6 (DVCs are in points, not weeks and certain size units.)
5. The company tells you that you can purchase BWV for $65 a point and clearing the ROFR will be no problem. (They will get their commission when Disney exercises their Right Of First Refusal so they really don't care if you are a new owner or not. In fact, they prefer it, because it's less work for them and they don't have any worries about the closing process or anything else.)
6. Do they have an office? (Many don't, ask for directions, or look up their address, if it's a residential area or a P.O. Box????)
7. The company advertises NO Closing Costs. They are either calling the closing costs by another name or not giving the buyer & seller the legal protection needed to pass on a free & clear title. Read the fine print in the listing agreement and closing paperwork. Remember, there is NO free lunch.
Warning signs for SELLERS:
1. The company asks for an upfront listing, advertising, appraisal, website development, or auction fee. (There is no end to the names they come up with to describe an upfront fee. This is one of the biggest ripoffs out there. These people will take your money and in most cases you will never hear from them again.)
2. The company insists that you sign an "exclusive" listing agreement with a term of several months or even a year (usually 6 months or more), which of course means you are stuck for the duration of the agreement, even if you find your own buyer. If another company or you find a buyer for your package, you also owe the exclusive broker a commission.
.
3. The company charges you a cancellation fee if you withdraw your listing before the end of the listing term. (Example: Things happen, if you were selling for financial reasons and suddenly came into some money, you would still be forced to sell or pay the cancellation fee which can sometimes be hundreds of dollars.)
4. They tell you they can get you $150 per point. (That's an exaggeration, but it happens. They will start hitting you up to reduce your price as soon as the listing contract has been signed. They will say the market has changed. Just remember, if it sounds too good to be true, you know the rest.)
5. Is their office easily accessible to the public? You should be able to walk in during regular business hours and be assured they can and will handle your business transaction. Does the broker work out of their home? Do you really think a purchaser is going to drive to their subdivision, knock on their door, and sit down at their kitchen table to write up a contract? How many DVC buyers have actually done this? The internet has enabled many people to disguise the true circumstances of their situation. They have a pretty website, so the public thinks the are dealing with a really big operation.
6. Do they have a person answering the phone or is it primarily an answering machine. People are continually frustrated in this day and age just dealing with the obstacles of trying to speak to a real person. This does NOT put them in the buying mood. Most often they will keep calling around until they reach someone who can discuss their situation.
7. The company advertises NO Closing Costs. They are either calling the closing costs by another name or not giving the buyer & seller the legal protection needed to pass on a free & clear title. Read the fine print in the listing agreement and closing paperwork. Remember, there is NO free lunch.
Franchises:
The latest trend in the Resale business is for brokers to align themselves with a national franchise in order to legitimize their operation, thereby creating a false sense of security to the general public. Examples: ERA, Century 21, GMAC, RE/MAX, etc. Some Resale brokers go from one franchise to another after the number of complaints build up, they simply purchase a new franchise and it's business as usual. Most legitimate and ethical businesses should be able to use and operate under the same name for many, many years. In fact, if their reputation was one they could take pride in, they would insist upon it!
The above statements are certainly not meant to be construed to include "every" agency that is backed by a franchise. There are definitely some reputable Resale offices with ties to franchises. My warning is, it's NOT always the case. Protect yourself, look for the same warning signs with these companies as you would with any other Resale company!
Tom Yeary
Eyore4Ever149
Having withdrawl symptoms-reading UG'10,watching S
- Joined
- Feb 24, 2004
- Messages
- 1,999
yes, thank you, you already sent that as a PM to me, as soon as I showed up on the boards. course you could have read that Im in the process of negotiating another contract with your company.
For those following the thread...Jamie (on behalf of Robert) called me back from TTS today, turns out the sellers have an existing ressie that was not noted before and asked to extend closing until Dec 7, I was not pleased, its risky since we are planning a trip in Sept 2007, preferably during the food and wine festival, so we were able to meet them half way with an first week of November close, and they are paying 1/2 the closing costs!
hope we dont have problems with our ressies, if we do I guess we will just have to shift weeks. So now it's on to ROFR, we can get there quickly since they already have our previous deposit in escrow. Just have to send the paper work back tomorrow! I think I can feel comfortable planning once we pass ROFR!!
Im soooo excited!
Still dreaming of points!!!
I think what I would LOOOOOOOVE to do is is book 2 nights at BCV or BWV, so we can experience being close to Epcot, which is always the first park we hit so DH can ride Mission Space and I (usually enjoy Flower and Garden show) followed by dinner in one of the countries. Then the remainder of our stay at OKW our home resort, ooooh I cant help it, planning is like an addiction to me!
For those following the thread...Jamie (on behalf of Robert) called me back from TTS today, turns out the sellers have an existing ressie that was not noted before and asked to extend closing until Dec 7, I was not pleased, its risky since we are planning a trip in Sept 2007, preferably during the food and wine festival, so we were able to meet them half way with an first week of November close, and they are paying 1/2 the closing costs!
hope we dont have problems with our ressies, if we do I guess we will just have to shift weeks. So now it's on to ROFR, we can get there quickly since they already have our previous deposit in escrow. Just have to send the paper work back tomorrow! I think I can feel comfortable planning once we pass ROFR!!
Im soooo excited!
Still dreaming of points!!!
I think what I would LOOOOOOOVE to do is is book 2 nights at BCV or BWV, so we can experience being close to Epcot, which is always the first park we hit so DH can ride Mission Space and I (usually enjoy Flower and Garden show) followed by dinner in one of the countries. Then the remainder of our stay at OKW our home resort, ooooh I cant help it, planning is like an addiction to me!
Machta
Mouseketeer
- Joined
- Jan 16, 2005
- Messages
- 132
T.E. Yeary said:
Okay, I know this is REALLY off the subject, but as an independent commercial real estate broker in the Denver/Boulder area who works out of the house, I feel like I have to comment. Bigger is not always better. I work by referral and do $6m of business a year. By being independent and working out of the house, I can give my clients prompt and thoughful attention. Just about everything this poster said is great advice--but also get references! Ask them to give you contact information for their three last deals, and then make sure you contact the clients. It seems to me it's all about the individuals involved--a good broker is a good broker, no matter who they work for. A scam artist is just that, no matter if they work for the biggest name in the business or are a one-person operation. Just my 2c (or with inflation are we up to a nickel's worth?).
Liz
I am going to defend Tom.
I tried once to deal with someone who was not someone who seemed to know what was going on with DVC. NEVER AGAIN. It's not your normal real estate transaction.....
I have used TSS and "she who must not be named" and would not hesitate to recommend them. (If you PM me I will tell you who I do NOT recommend LOL!)
I tried once to deal with someone who was not someone who seemed to know what was going on with DVC. NEVER AGAIN. It's not your normal real estate transaction.....
I have used TSS and "she who must not be named" and would not hesitate to recommend them. (If you PM me I will tell you who I do NOT recommend LOL!)
wanna-b-Tink
DIS Veteran
- Joined
- Nov 12, 2003
- Messages
- 692
Eyore4Ever149 said:
NOT a weird amount at all! That's exactly the number of points you'll need for a two bedroom week during the time of year my family goes. I know that point number by heart!
T.E. Yeary
The Timeshare Store, Inc
- Joined
- Jul 15, 2003
- Messages
- 1,120
As far as working out of your house, if the public knows this and still wants to do business with you, so be it. My warnings are for those that don't know and are led to believe otherwise by their websites.
It is my belief that it's just good business to publish the name of the business owner and/or broker and the address of their business office or home office on their websites. You'll be amazed at the number of sites where you cannot find some or all of this information. Why would they do this??????????
Tom
It is my belief that it's just good business to publish the name of the business owner and/or broker and the address of their business office or home office on their websites. You'll be amazed at the number of sites where you cannot find some or all of this information. Why would they do this??????????
Tom
pumpkinboy
<a href="http://www.wdwinfo.com/dis-sponsor/" targ
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- Jul 22, 2003
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- 3,499
Well-put, rinkwide. These are the kind of comments that keep the board fun and interesting to follow.rinkwide said:
More Cowbell!
Seriously, a dollar or two more per point may just make the difference, but if you've got the patience to wait for the exact right price, power to you, and you will save money.
As for the OP's dreams of reserving BWV or BCV during Food & Wine with OKW points, good luck to you. We own at BWV and sometimes have trouble getting ressies during F&W after the 10 month mark. But then, if you end up at OKW or SSR during F&W, I'm sure you will have a wonderful time there too, as they are both gorgeous reserts (they're just not stumbling... er, walking distance to F&W activities).
Eyore4Ever149
Having withdrawl symptoms-reading UG'10,watching S
- Joined
- Feb 24, 2004
- Messages
- 1,999
pumpkinboy said:
Hey Pumpkinboy- actually my plan is to book at OKW for our whole trip, IF at the 7month mark they have something available at BWV I might like to stay there the 1st 2 nights, but not for our whole stay, and I definitely hear ya on the "hard to get" issue with reserving at BCV and BWV. But one can dream
Can't wait to hear if we passed ROFR, I figure they got my paperwork today, if we are lucky we'll hear in about 2 weeks.
Happy Labor Day Everyone!
pumpkinboy
<a href="http://www.wdwinfo.com/dis-sponsor/" targ
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- Jul 22, 2003
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Well, good luck on RoFR, first of all. I will look forward to offering you a hearty "Welcome Home" when you make it.Eyore4Ever149 said:Hey Pumpkinboy- actually my plan is to book at OKW for our whole trip, IF at the 7month mark they have something available at BWV I might like to stay there the 1st 2 nights, but not for our whole stay, and I definitely hear ya on the "hard to get" issue with reserving at BCV and BWV. But one can dream
Can't wait to hear if we passed ROFR, I figure they got my paperwork today, if we are lucky we'll hear in about 2 weeks.
Happy Labor Day Everyone!
Your F&W plan sounds like a reasonable one. An individual night or two is definately do-able. In fact last year on Columbus Day, no less, our flight back to Boston was cancelled (Logan Radar broke), and we were able to get a pool view BWV studio that night. Then the following day, when we realized we weren't gonna be getting back to New England before the Thurs of that week, we got two more nights (Tues & Weds) in a BCV 1BR. So a few nights is a definate maybe if you are flexible. Note that I have found the 1BR size easiest to book at late notice (you know, post-7 months).
Best of luck!
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