DVC Foreclosures

[Kim Gillihan]

I bought a bankruptcy resale. It took a month longer than regular resale so. But for $45 per point, it was worth it. Good luck!

how do you find bankrupsy resales? thanks so much, KIM

 

[wdrl]

Here is something I posted on another thread about the foreclosure process. These articles include information about how to find out about upcoming DVC foreclosure auctions.

There are some advantages to acquiring deeds via the foreclosure process, but you have to be aware of what you are getting into. You definitely have to do your homework and be aware of the phrase "caveat emptor" when bidding. There are a few people that regularly participate in auctions but they seem to be approaching it as a business; they acquire deeds and then flip them for a profit on the resale market. For the average person, trying to find a good deal on the foreclosure market is not impossible, but will take a lot of work.

Here are four articles I wrote about the foreclosure process on DVC deeds. They may answer some of your questions. The articles are about a year to a year and a half old, but they are still valid.

Buying DVC deeds at public foreclosure auctions

Disney now bypassing judicial system on some foreclosures

More bidders participating in DVC public foreclosure auctions

Winning a DVC deed via public foreclosure auction

The last article is about one person's experiences winning a deed at auction. You might find her experiences helpful in trying to figure out what might happen during the typical auction process.

​

 

[DisneyFansInLINY]

how do you find bankrupsy resales? thanks so much, KIM

I found it at fidelity. I didn't know it was a bankruptcy. The realtor told me it was when I inquired about the listing. You could call them and ask if they have any bankruptcy resales or if possible to notify you when they do.

 

[mustinjourney]

Here is something I posted on another thread about the foreclosure process. These articles include information about how to find out about upcoming DVC foreclosure auctions.

There are some advantages to acquiring deeds via the foreclosure process, but you have to be aware of what you are getting into. You definitely have to do your homework and be aware of the phrase "caveat emptor" when bidding. There are a few people that regularly participate in auctions but they seem to be approaching it as a business; they acquire deeds and then flip them for a profit on the resale market. For the average person, trying to find a good deal on the foreclosure market is not impossible, but will take a lot of work.

Here are four articles I wrote about the foreclosure process on DVC deeds. They may answer some of your questions. The articles are about a year to a year and a half old, but they are still valid.

Buying DVC deeds at public foreclosure auctions

Disney now bypassing judicial system on some foreclosures

More bidders participating in DVC public foreclosure auctions

Winning a DVC deed via public foreclosure auction

The last article is about one person's experiences winning a deed at auction. You might find her experiences helpful in trying to figure out what might happen during the typical auction process.

​

I was under the impression that the foreclosure game was more or less dead once disney started using a different avenue for the foreclosure process. I can't remember what it is called -- but I think it removed the ability to participate in the online auction -- so now you have to go in person. Is that correct?

I also recall that Disney seems to outbid other people most of the time on these, and that it is therefore, usually cheaper to just stick with resale.

*edit -- I suppose I should read the first page before rehashing everything that was already said on page 1. Damn Zombie threads!

 

[wdrl]

I was under the impression that the foreclosure game was more or less dead once disney started using a different avenue for the foreclosure process. I can't remember what it is called -- but I think it removed the ability to participate in the online auction -- so now you have to go in person. Is that correct?

I also recall that Disney seems to outbid other people most of the time on these, and that it is therefore, usually cheaper to just stick with resale.

*edit -- I suppose I should read the first page before rehashing everything that was already said on page 1. Damn Zombie threads!

In November 2015, Disney began using the Trustee Foreclosure process on some, but not all, DVC deeds that were in arrears. The Trustee foreclosures are handled by Baker Hostetler, LLP, a law firm in Orlando Florida. The last time I checked, Baker Hostetler was not conducting these auctions electronically, so participants had to be in Orlando to participate. Rarely do I see any indication that a third party enters a bid on these Trustee foreclosures -- but it has happened.

Not all DVC foreclosures are being handled through the Trustee method. There are still a number of judicial foreclosures that are conducted by the Clerk of the 9th Circuit Court. A quick check shows that since January 1, 2017, 33 Judgment orders have been issued by the 9th Circuit Court. So there continues to be several DVC foreclosures that are being conducted electronically by the Clerk of the Court.

 

[wdrl]

In November 2015, Disney began using the Trustee Foreclosure process on some, but not all, DVC deeds that were in arrears. The Trustee foreclosures are handled by Baker Hostetler, LLP, a law firm in Orlando Florida. The last time I checked, Baker Hostetler was not conducting these auctions electronically, so participants had to be in Orlando to participate. Rarely do I see any indication that a third party enters a bid on these Trustee foreclosures -- but it has happened.

Well, things always change. . .

On 3/10 and 3/13/2017, 11 Trustee foreclosures were recorded with OCC. Of the 11 deeds, 10 had bids from third parties. Disney won all 11 deeds, but the only one that it won with the minimum bid of $100 was a 160-point VGF deed. The most money Disney paid was $23,100 of a 350-point SSR deed, which computes to $66 a point.

I only tracked the deeds won by Disney. I don't know if there were any DVC deeds that were auctioned by the Trustee but won by third parties. Its possible Disney didn't win all the deeds being auctioned by the Trustee, but I would have to spend a lot more effort in trying to follow the paper trail.

 

[mustinjourney]

pretty clear that the trustee foreclosures are much more profitable endeavors for Disney over the normal way.