Do closing costs vary signficantly by-

[Simba's Mom]

Resaler or # of points? We're in the process of buying 50 points at HHI. Our closing costs, as listed in the contract, are to be roughly $350. Today we got an email from another resaler advertising another contract at HHI for 100 points. They list closing costs as over $700! I'm trying to figure out why the closing costs they listed were over double what we're paying. Is it partially because there are double the # of points 100 vs. 50? Or can different resalers be charging such different closing costs?

 

[perpetualplanner]

I believe closing costs are based on the cost of points - or possibly # of points. So yes, it would be double the closing costs because of double the purchase.

 

[disneynutz]

Closing costs are another way for the Broker/Escrow Agent to make money. They are free to charge what ever they want and most buyers are too ignorant to question the amount.

 

[DisneyWalker44]

Some of the closing costs vary by # points - others are fixed no matter how many points you have. A contract with twice the number of points will have higher closing costs - but it won't be double.

The only significant difference I've heard about in closing costs is through GMAC. I never used them - so I can't say for sure - but I've seen reports they have an extra fee that makes them more expensive.

 

[drusba]

Closing costs vary more according to the lender and closing company involved and what they charge. They consist mainly of fixed charges that do not vary much in relation to the size of the contract. $700 sounds excessive and $350 more in the usual range. Possibly the $700 is including anticipated adjustments for dues which you will likely have to pay at closing in addition to the usual closing costs. Since it is now past the day when all of 2009's dues became due, if you closed now you would likely have to reimburse the seller for about 11 months of dues if he has paid the 2009 dues or you will have to pay any amounts still owed for all of 2009 to Disney if seller is on monthly payments and has thus far only paid January.

 

[Simba's Mom]

The only significant difference I've heard about in closing costs is through GMAC. I never used them - so I can't say for sure - but I've seen reports they have an extra fee that makes them more expensive.

Goodness! This wasn't GMAC today-I wonder what they would have charged. I can't wait to tell DH, though about how we got a good deal on closing costs. He wasn't sure about buying the points at HHI, but he agreed to bid, saying "Oh, well-Disney'll probably ROFR it anyways." Then when he found out they didn't, he's been a little less thrilled than I am about us making the purchase. Maybe this will help.

 

[disneynutz]

Every things negotiable. We have had discounted escrow fees and we have had the seller pay the escrow fees.

 

[anna08]

If I am remembering correctly, our 100 point resale with TSS had $397 closing cost total last month.

 

[Tozzie]

Resaler or # of points? We're in the process of buying 50 points at HHI. Our closing costs, as listed in the contract, are to be roughly $350. Today we got an email from another resaler advertising another contract at HHI for 100 points. They list closing costs as over $700! I'm trying to figure out why the closing costs they listed were over double what we're paying. Is it partially because there are double the # of points 100 vs. 50? Or can different resalers be charging such different closing costs?

I am in the process of buying a 50 point l add on at VWL the closing costs were quoted as $285 and then I have to pay the MF which will be another $252. Is it possible that the $700 closing costs included Mf's?