DVC Purchase - Pending Reservation not Disclosed

[butterscotchcollins]

It seems like OP has provided plenty of facts and evidence, but the broker and seller don't care because they want their money which is really crummy and totally shady.

I agree at this point if today's resolution isn't 100% to your satisfaction, lawyer up. The seller isn't going to want to waste the money they just made on a lawsuit.

 

[SmallWorldGal]

In preparing myself for the callback I better be receiving today, I was going through my email correspondence and found this gem of an email. I left out the salutation and closing names, but this is literally the email in it's entirety. I mean you don't get more black and white then this, right?

 

[CarolMN]

In preparing myself for the callback I better be receiving today, I was going through my email correspondence and found this gem of an email. I left out the salutation and closing names, but this is literally the email in it's entirety. I mean you don't get more black and white then this, right?

View attachment 492605

Well, that clears everything up, doesn't it! After your call (or first thing tomorrow morning if you don't get one today), I'd forward that email back to them with a request for an immediate full refund. Copy to both broker and title company.

This is the seller's and broker's loss as it's very likely prices will be lower by the time this contract can sell again. Sorry you have to go through all this hassle just to get your money back when the seller has clearly failed to live up to the contract.

Good luck!

 

[ProgressCity]

That's weird that they have the seller submit screenshots. I'm selling two contracts and the site I'm using (one of the big ones) wouldn't put my listings up until DVC sent them a full accounting of my points. The first thing I had to sign was a form giving DVC permission to disclose that info to my agent.

 

[suemom2kay]

That's weird that they have the seller submit screenshots. I'm selling two contracts and the site I'm using (one of the big ones) wouldn't put my listings up until DVC sent them a full accounting of my points. The first thing I had to sign was a form giving DVC permission to disclose that info to my agent.

Agree I found that weird too! Screen shots? Sketchy!

 

[ChipNdale8887]

Agree I found that weird too! Screen shots? Sketchy!

I will say I inqured about a contract of theirs back in beg of March and this is their fees on a 100 point Poly listing they sent me.

Approximately $1,200 for closing costs and doc stamps

$349 admin fee for contract processing

$150 DVC resort transfer fee and Estoppel

Total: $1,699


This was on a 100 point contract. $1,200 for closing costs....

 

[Heather07438]

I'm sorry you're going thru this for a process that usually brings people happiness, not aggravation.

It's understandable for the seller to be unfamiliar/confused to the finer details of selling their contract, but that's why agents are used. Nobody's perfect and it's sad the agent(s) dropped the ball in procedures but now they're trying to dump the burden on you.

Wrong is wrong. I can sympathize that it's rough times for them but that's beside the point. You shouldn't come out of this harmed when you did everything properly and in good faith. Hope you get a timely resolution, it is of the essence.

 

[SmallWorldGal]

I will say I inqured about a contract of theirs back in beg of March and this is their fees on a 100 point Poly listing they sent me.

Approximately $1,200 for closing costs and doc stamps

$349 admin fee for contract processing

$150 DVC resort transfer fee and Estoppel

Total: $1,699


This was on a 100 point contract. $1,200 for closing costs....

YES! Their fees were insane. When I submitted my offer, I basically told them a price I'd pay including all fees, and they kept their high fees and just reduced the ppp to the seller. I thought it was pretty sucky at the time, but my cost was what I had offered. I do think I got a good deal especially considering it was submitted way before covid. Total cost including all fees for the 70 point contract was $130 but it was stripped (or so I thought).

 

[DisMomKY]

I will say I inqured about a contract of theirs back in beg of March and this is their fees on a 100 point Poly listing they sent me.

Approximately $1,200 for closing costs and doc stamps

$349 admin fee for contract processing

$150 DVC resort transfer fee and Estoppel

Total: $1,699


This was on a 100 point contract. $1,200 for closing costs....

Why is the buyer paying Estoppel? That’s weird

 

[SmallWorldGal]

UPDATE!

Thankful to say the VP's of both companies apparently realized I had way too much proof in my favor to try to put up a fight. In their defense, they were not directly brought into this until probably 4 pm on Friday and handled it today as they said they would.

So, their comeback today was for all points left on the contract to go to me in the sale with me paying nothing extra additional, but removing the credit requirement for seller to pay 2021 fees on those points. The issue is those "2021" points having been borrowed into 2020 (for August 2020 reservation), those points are now 2020 points permanently and therefore aren't very useful to me considering 11 month window has passed and 7 month window would most likely be passed as well knowing the timeline and re-submission through ROFR required. With the closure, my ability to actually book within the time period that this falls within would be minimal at best and not a risk I am willing to take considering how this process has gone thus far. If this would have come to light in a more timely manner, then I would be more inclined to accept. So, the title company is supposed to send over cancellation paperwork, and I'll be getting my full refund.

For the record, I really have no complaints on the title company. I think the VP I spoke to on Friday was just buying herself a little time to try to read the notes on the file. I would never in a million years do business or believe anything this broker company said.

 

[RhodyKP]

UPDATE!

Thankful to say the VP's of both companies apparently realized I had way too much proof in my favor to try to put up a fight. In their defense, they were not directly brought into this until probably 4 pm on Friday and handled it today as they said they would.

So, their comeback today was for all points left on the contract to go to me in the sale with me paying nothing extra additional, but removing the credit requirement for seller to pay 2021 fees on those points. The issue is those "2021" points having been borrowed into 2020 (for August 2020 reservation), those points are now 2020 points permanently and therefore aren't very useful to me considering 11 month window has passed and 7 month window would most likely be passed as well knowing the timeline and re-submission through ROFR required. With the closure, my ability to actually book within the time period that this falls within would be minimal at best and not a risk I am willing to take considering how this process has gone thus far. If this would have come to light in a more timely manner, then I would be more inclined to accept. So, the title company is supposed to send over cancellation paperwork, and I'll be getting my full refund.

For the record, I really have no complaints on the title company. I think the VP I spoke to on Friday was just buying herself a little time to try to read the notes on the file. I would never in a million years do business or believe anything this broker company said.

Like most painful experiences this is also a good learning one! I'm sorry you went through all that but glad about the resolution. Thank you so much for sharing what you went through so others (like me!) can learn from it.

 

[starry_solo]

UPDATE!

Thankful to say the VP's of both companies apparently realized I had way too much proof in my favor to try to put up a fight. In their defense, they were not directly brought into this until probably 4 pm on Friday and handled it today as they said they would.

So, their comeback today was for all points left on the contract to go to me in the sale with me paying nothing extra additional, but removing the credit requirement for seller to pay 2021 fees on those points. The issue is those "2021" points having been borrowed into 2020 (for August 2020 reservation), those points are now 2020 points permanently and therefore aren't very useful to me considering 11 month window has passed and 7 month window would most likely be passed as well knowing the timeline and re-submission through ROFR required. With the closure, my ability to actually book within the time period that this falls within would be minimal at best and not a risk I am willing to take considering how this process has gone thus far. If this would have come to light in a more timely manner, then I would be more inclined to accept. So, the title company is supposed to send over cancellation paperwork, and I'll be getting my full refund.

For the record, I really have no complaints on the title company. I think the VP I spoke to on Friday was just buying herself a little time to try to read the notes on the file. I would never in a million years do business or believe anything this broker company said.

Wait, "removing the credit requirement for seller to pay 2021 fees"? Do you mean removing the BUYER requirement to pay the 2021 fees?

 

[SmallWorldGal]

Wait, "removing the credit requirement for seller to pay 2021 fees"? Do you mean removing the BUYER requirement to pay the 2021 fees?

Original agreement was seller cover 2020 and 2021 fees (credit to disney for 2021) because no points. In this peace offering to me, they were referring to additional points i would receive as "2021" points, therefore I'd pay fees on them, but they are actually "2020" points since already borrowed. Their whole idea here was to compensate seller for the loss of their reservation/points without me having to bring any more money to the table for the extra points, but truth is the points clearly don't have full value considering the less than 7 month booking window at time of closing (most likely) combined with the clear capacity issues that are sure to come once disney has a firm reopening date. If they were true 2021 points where I would be able to use my 11 month booking window, I would have been more likely to entertain the idea.

 

[LAX]

Original agreement was seller cover 2020 and 2021 fees (credit to disney for 2021) because no points. In this peace offering to me, they were referring to additional points i would receive as "2021" points, therefore I'd pay fees on them, but they are actually "2020" points since already borrowed. Their whole idea here was to compensate seller for the loss of their reservation/points without me having to bring any more money to the table for the extra points, but truth is the points clearly don't have full value considering the less than 7 month booking window at time of closing (most likely) combined with the clear capacity issues that are sure to come once disney has a firm reopening date. If they were true 2021 points where I would be able to use my 11 month booking window, I would have been more likely to entertain the idea.

If your seller acts quickly, he/she might be able to cancel the reservation and have those borrowed points returned back to their original UY, which would help you get some values out of them. DVC has been "unborrowing" points for cancelled reservations recently, including some reports of reservations not actually affected by the closure.

LAX

 

[EM Lawrence]

I’m glad this is resolved!

 

[starry_solo]

Original agreement was seller cover 2020 and 2021 fees (credit to disney for 2021) because no points. In this peace offering to me, they were referring to additional points i would receive as "2021" points, therefore I'd pay fees on them, but they are actually "2020" points since already borrowed. Their whole idea here was to compensate seller for the loss of their reservation/points without me having to bring any more money to the table for the extra points, but truth is the points clearly don't have full value considering the less than 7 month booking window at time of closing (most likely) combined with the clear capacity issues that are sure to come once disney has a firm reopening date. If they were true 2021 points where I would be able to use my 11 month booking window, I would have been more likely to entertain the idea.

you need to counter with them cancelling the reservation and getting the 2021 points unborrowed before you agree to pay for them. Otherwise the seller should be paying for these now worthless points

 

[Toonses]

UPDATE!

Thankful to say the VP's of both companies apparently realized I had way too much proof in my favor to try to put up a fight. In their defense, they were not directly brought into this until probably 4 pm on Friday and handled it today as they said they would.

So, their comeback today was for all points left on the contract to go to me in the sale with me paying nothing extra additional, but removing the credit requirement for seller to pay 2021 fees on those points. The issue is those "2021" points having been borrowed into 2020 (for August 2020 reservation), those points are now 2020 points permanently and therefore aren't very useful to me considering 11 month window has passed and 7 month window would most likely be passed as well knowing the timeline and re-submission through ROFR required. With the closure, my ability to actually book within the time period that this falls within would be minimal at best and not a risk I am willing to take considering how this process has gone thus far. If this would have come to light in a more timely manner, then I would be more inclined to accept. So, the title company is supposed to send over cancellation paperwork, and I'll be getting my full refund.

For the record, I really have no complaints on the title company. I think the VP I spoke to on Friday was just buying herself a little time to try to read the notes on the file. I would never in a million years do business or believe anything this broker company said.

Yay! So happy you got resolution and we’re able to cancel the deal. Honestly - shadiness with this broker is not worth any further dealing - no matter the incentives. So happy you were able to get this resolved!

 

[kevtlas]

I will say I inqured about a contract of theirs back in beg of March and this is their fees on a 100 point Poly listing they sent me.

Approximately $1,200 for closing costs and doc stamps

$349 admin fee for contract processing

$150 DVC resort transfer fee and Estoppel

Total: $1,699


This was on a 100 point contract. $1,200 for closing costs....

Holy cow! I think we only paid around $450-$500 total for our fees on a 210 point contract. $1700 in fees for any number of points is insane!

UPDATE!

Thankful to say the VP's of both companies apparently realized I had way too much proof in my favor to try to put up a fight. In their defense, they were not directly brought into this until probably 4 pm on Friday and handled it today as they said they would.

So, their comeback today was for all points left on the contract to go to me in the sale with me paying nothing extra additional, but removing the credit requirement for seller to pay 2021 fees on those points. The issue is those "2021" points having been borrowed into 2020 (for August 2020 reservation), those points are now 2020 points permanently and therefore aren't very useful to me considering 11 month window has passed and 7 month window would most likely be passed as well knowing the timeline and re-submission through ROFR required. With the closure, my ability to actually book within the time period that this falls within would be minimal at best and not a risk I am willing to take considering how this process has gone thus far. If this would have come to light in a more timely manner, then I would be more inclined to accept. So, the title company is supposed to send over cancellation paperwork, and I'll be getting my full refund.

For the record, I really have no complaints on the title company. I think the VP I spoke to on Friday was just buying herself a little time to try to read the notes on the file. I would never in a million years do business or believe anything this broker company said.

Been reading through and hoping this would finally be resolved, so congrats! From all the posts of what the contract and emails stated, I'm just dumbfounded that they tried to get away with that behavior for so long. You are definitely more patient than I'll ever be...

 

[E2ME2]

I will say I inqured about a contract of theirs back in beg of March and this is their fees on a 100 point Poly listing they sent me.

Approximately $1,200 for closing costs and doc stamps

$349 admin fee for contract processing

$150 DVC resort transfer fee and Estoppel

Total: $1,699


This was on a 100 point contract. $1,200 for closing costs....

Whoa! That is steep
I only paid about $750 in total Fees on a 225 Point Contract.
ET

 

[heynowirv]

In preparing myself for the callback I better be receiving today, I was going through my email correspondence and found this gem of an email. I left out the salutation and closing names, but this is literally the email in it's entirety. I mean you don't get more black and white then this, right?

View attachment 492605

Tru Dat