Do people tend to pay list price or bid lower?

[matt_in_nh]

It is a market, why not try and find the best deal. I offer what I am willing to pay, not what an agent says the market is. You will get a lot of agents saying everything sells for close tot he asking but I ignore that. The ROFR thread is a good start for what people agree to terms for, use that as a guide.

 

[nedlanders]

I use this page: https://or.occompt.com/recorder/eagleweb/docSearch.jsp

I type in my date range. Then I click on the Advanced tab. Under Legal Remarks, I enter the resort I am targeting. This pulls up the contracts that have closed within those dates.

Keep in mind that these are about 30 days behind what is actually happening in the market, but you will see the highs and lows of what people are paying and perhaps a pricing trend. Sometimes, people get great deals and sometimes, people pay way, way too much.

But it shows that there are great deals out there, you just have to be patient and then act quickly when "your deal" pops up. I found "my deals" first thing in the morning, I put my full price offer in before 8am and the listings were removed from the broker's page within a few hours of that.

Wow! Thanks for the detail, @minniesfriend! I assume you have a spreadsheet that helps to decipher sales price from transfer tax paid.

 

[minniesfriend]

Wow! Thanks for the detail, @minniesfriend! I assume you have a spreadsheet that helps to decipher sales price from transfer tax paid.

nope

 

[MagicDVC]

I always bid lower and try to counter to somewhere in the middle. We did counter to a little above market since the contract had double points. I usually look at the ROFR to gauge where the market is at and go from there. I’d only offer list price if it was a terrific deal or a unicorn contract.

 

[MicheyMouse]

I wonder how often closing costs are shifted to the seller even partially.

 

[CVG]

I use the board sponsor's Instant Sale price as a guide and then offer even less (typically not for a contract on the board sponsor's site)! I only do this for contracts that have been on sale for over 3mo and where I hope (it happens!) that the seller is about to capitulate.

 

[airjay75]

Really appreciate this thread as I just made my first offer on a resale contract - still waiting to hear back, so will see how it goes. I took a few things into account. Tried to find as much data as I could on average sales price for the resort - that was sort of my starting point of what I think should be my upper limit for the purchase, and given my reasons for considering the purchase, not sure I will even be willing to go that high. I also looked at the instant offer on DVC Resale Market, but noted that that figure includes seller paying closing costs and all current/past dues, so even if you started at that instant offer figure, but are agreeing to pay closing costs and current/past dues, the seller will be getting a better deal at that pp figure. I decided to go just a few $$ pp above that instant sale quote.

Although that does lead me to a question - does anyone know whether that instant sale quote means the seller would actually get the money up front? I was thinking they would given that it says "instant," but now that I think about it, they probably still have to go through the normal ROFR/closing process and I imagine the seller doesn't get paid until closing. At first, I had been thinking I didn't want to go quite that low, as why would they sell to me if they could get the cash instantly. But, if that isn't the case, even you're offering at that instant sale figure, and agreeing to pay closing costs and dues, they are getting a better deal from you. The math would change a bit if they get the cash instantly (would have to factor in interest you could earn on that one over 3 months or so). So, seems to me offering at that figure is not too low, and you could justify going lower, just not so low that they would be getting a worse deal from you.

 

[CVG]

Really appreciate this thread as I just made my first offer on a resale contract - still waiting to hear back, so will see how it goes. I took a few things into account. Tried to find as much data as I could on average sales price for the resort - that was sort of my starting point of what I think should be my upper limit for the purchase, and given my reasons for considering the purchase, not sure I will even be willing to go that high. I also looked at the instant offer on DVC Resale Market, but noted that that figure includes seller paying closing costs and all current/past dues, so even if you started at that instant offer figure, but are agreeing to pay closing costs and current/past dues, the seller will be getting a better deal at that pp figure. I decided to go just a few $$ pp above that instant sale quote.

Although that does lead me to a question - does anyone know whether that instant sale quote means the seller would actually get the money up front? I was thinking they would given that it says "instant," but now that I think about it, they probably still have to go through the normal ROFR/closing process and I imagine the seller doesn't get paid until closing. At first, I had been thinking I didn't want to go quite that low, as why would they sell to me if they could get the cash instantly. But, if that isn't the case, even you're offering at that instant sale figure, and agreeing to pay closing costs and dues, they are getting a better deal from you. The math would change a bit if they get the cash instantly (would have to factor in interest you could earn on that one over 3 months or so). So, seems to me offering at that figure is not too low, and you could justify going lower, just not so low that they would be getting a worse deal from you.

Just to reiterate. I didn't buy from the board sponsor so it's a moot point that I was offering (much) lower. Th contact also came with double points and I declined to refund the dues on any of the points. All surprisingly agreed to. You never can tell!