DVC Re-sale Process

[goofydiz]

On 08/03, I contacted The Time Share Store to purchase a re-sale. The offer was accepted by the Seller and TSS e-mailed me the Purchase Agreement, etc. asked me to fax signed documents back and mail 10% down A.S.A.P. I mailed out the signed documents and check overnight and faxed out signed documents also. I just heard back from them today by e-mail. This is what I received:

The Disney Vacation Club package that you purchased or sold was sent to Disney for Right of First Refusal TODAY. Disney has 30 days for their ROFR and will notify us as soon as they decide. Upon notification, your associate will notify you either via e-mail or phone.


If Disney decides to purchase the agreement the seller is the first person notified. If you, the seller, receive notification from Disney that they are buying back the property please call your associate immediately so they can notify the buyer.


At this point you are approximately 45 days away from receiving your final documents. As a buyer, once you receive the final documents you need to return them upon request with a bank check. As a seller, once you receive the final documents you need to get them notarized and returned.


Thanks again for your business. Please contact your associate should you have any questions or concerns during this process.

My question after reading this e-mail is - How is this process handled? I understand that if Disney chooses the ROFR that the seller is notified first. But if they say that it passes - who is notified? Is it TSS?

Next - It states that the buyer receives final documents and the seller receives final documents - Do we each receive seperate documents or Do I receive a document first then once I send it to the TSS they forward it to the seller and wait for them to send it back again?

Sorry if I'm confusing anyone - just trying to get a handle on a time frame of how long to expect it to take IF it is approved.

 

[disneygrandma]

We also purchased a resale from TTS, and here are the dates of the different stages:

6/28 - Was notified of a contract for sale, and we agreed to purchase it.
6/28 - Purchase agreement was emailed for us to sign, return by fax, and then overnight original with down payment.
6/30 - Contract was sent to Disney for ROFR.
7/10 - Passed ROFR.
7/31 - We received closing papers for us to sign, and a copy of what the sellers had been sent to sign.
8/1 - Closing papers with final payment were sent.
8/4 - Contract was closed.

I hope this helps you. The seller has their own documents to sign, but the seller will need to return their paperwork before your purchase can be closed. I think our purchase moved along fairly quickly, and was a pretty simple process from our standpoint. We're glad it went so smoothly because we're from Nebraska and can not buy directly from Disney unless we are there in person. Resale is our only option for adding on at the sold out resorts.

 

[goofydiz]

If your sale is any indication, I guess I would have approximately a little over a month till it is finalized. Hopefully the seller moves quickly and doesn't sit on their paperwork.

If all goes well with ROFR and we get the contract we have 190 points that expire on January 31st. Hopefully I'll be able to book something - but if not I'll have to bank 50% of my points. I just hope I don't have to loose any of them. That would be horrible!

Anyone else care to share how long your contract took to complete?

 

[JimMIA]

I believe the ROFR package is actually sent to Disney by the closing agent, because they need Disney's approval letter to prepare the closing documents. When we passed ROFR, the closing company was the first to know. The TTS people are also very good about staying on top of things, and as soon as they know, you'll know.

You can expedite the process somewhat by using expedited closing which uses couriers/overnight instead of snail mail for sending documents back and forth. I personally think that is worth the $45 or whatever if you're in a hurry.

Disneyygrandma's schedule looks somewhat quicker than we usually see. I usually tell people to plan on at least 6-8 weeks, and it can take 12. Theirs got done in just over a month, and I suspect they were very fortunate.

Good luck!

 

[deedeetoo]

To follow on ....

How soon after closing are you in the Disney system to make reservations and bank points?

We are buying a 150 point contract with April UY which has all 2006 points. We were planning on banking them and using them next summer but I guess I didn't think through the time frames very well and now am beginning to worry. As I understand it, our 100% banking deadline is Oct 1. That seemed so far in July when we made our offer to buy. Now I'm starting to do the math and realize that we probably won't close until late August or early September. Is it likely we will be in the Disney system before Oct 1? If we aren't, will they give us a one time exemption because we're new? I know I've read about them doing that but the situation may have been different.

 

[JimMIA]

To follow on ....

How soon after closing are you in the Disney system to make reservations and bank points?

We are buying a 150 point contract with April UY which has all 2006 points. We were planning on banking them and using them next summer but I guess I didn't think through the time frames very well and now am beginning to worry. As I understand it, our 100% banking deadline is Oct 1. That seemed so far in July when we made our offer to buy. Now I'm starting to do the math and realize that we probably won't close until late August or early September. Is it likely we will be in the Disney system before Oct 1? If we aren't, will they give us a one time exemption because we're new? I know I've read about them doing that but the situation may have been different.

After closing, it usually takes about 10 working days to get "in the system" so that you can do transactions. Often, you are in the computer one day and the points are not reflected in the account until the following day.

Your banking 100% banking deadline is actually the last day MS is open in September, which I make out to be Friday, September 29.

There are several things you can do, but you have to think them through before making a decision.

• You can ask the current owner to bank the points for you if you're not too far along in the process. Contact your reseller for assistance with that.
• You can take your chances on getting the closing done and getting in the system in time. You still have six weeks for that.
• There is a "super-secret one-time exemption" that often occurs, but you want to save that puppy for the year when you really screw up! So try that just as a last resort, and understand that it's an exception...not the rule. MS is under no obligation to do that for you.

Good luck!

 

[deedeetoo]

Thanks Jim. I think we're probably too far into the process to have the seller bank the points now. We've passed ROFR and are now waiting for the estoppal (sp?) from Disney so that closing docs can be prepared. But I'm glad to hear that it only takes 10 days or so to get in the system. If its that quick then we shouldn't have any problem making Sept 29 to bank the points.

 

[disneygrandma]

The company that handled our closing informed us by phone on Friday, Aug 4th that it had closed, but added we should wait until Aug 15th to contact Disney. Their follow-up email stated that Disney would not receive the transfer information until Monday, Aug 7th, and we should allow them about 10 days to update their records. We are planning on waiting 2 weeks before contacting them, which would be 10 working days.

I agree with JimMIA that our timing from start to closing was much quicker than many posts I've read here. We were given a minimum time frame of how long it would take, but Jason at The Timeshare Store told us not to be worried if it takes longer, because many do. We were lucky that there weren't any problems to delay it. Both the Seller and Disney responded quickly with their paperwork, which meant we were well within that minimum time frame.

 

[JimMIA]

We are planning on waiting 2 weeks before contacting them, which would be 10 working days.

I'd wait about three days and then start calling them every hour, on the hour -- that's what the rest of us did!

oops...just kidding...

 

[lisaviolet]

We are in the process of selling.

Q: If Disney decides to use ROFR and purchase our contract does that speed up the process at all?

Any insights from those who sold and Disney bought it instead of the prospective buyer.

 

[goofydiz]

There is a "super-secret one-time exemption" that often occurs, but you want to save that puppy for the year when you really screw up! So try that just as a last resort, and understand that it's an exception...not the rule. MS is under no obligation to do that for you.

The agent at the TSS did tell me that I could "ASK" for a 1 time extension from Disney. But that he couldn't guarantee they would give one to me. Do you think that this would be the one time to consider asking for an extension?

Disneyygrandma's schedule looks somewhat quicker than we usually see. I usually tell people to plan on at least 6-8 weeks, and it can take 12. Theirs got done in just over a month, and I suspect they were very fortunate.

Now I'm starting to worry, I really didn't think it would take that long to finish. I really don't see any way we will be able to use our points before Jan. 31 with kids in school and such. I personally think it will be very hard to make a reservation anytime before they expire. I'm not picky at all....I'll take any resort. I'm use to staying at Values - so the resort doesn't really matter to me at all at this point. That may be a different story later on once I get spoiled with the Villas!!!!!

You can expedite the process somewhat by using expedited closing which uses couriers/overnight instead of snail mail for sending documents back and forth. I personally think that is worth the $45 or whatever if you're in a hurry.

How does this work? For $45 does it get expedited on both sides (Seller and Buyer)? Because that would be great - and I would definately pay for that!

 

[crisi]

Ours took almost three months. We waited the full 30 days for Disney not to exercise ROFR - which I recall they did by not responding within their window. Then our seller took her sweet time returning documents. When they did get returned, they weren't notarized, so they had to go BACK to get get notarized, once they were returned, it took amost two weeks for the closing to get scheduled. We weren't in any rush and weren't pressing anyone though - I think our reseller was more anxious than we were.....

It was then a week before we could make reservations.

 

[skunk]

Purchased first contract, BWV/ Dec UY resale thru Timeshare Adventures.

5-1 seller banks 95 points to beat 5-31 deadline
5-12 passed ROFR
6-16 check and paperwork returned to TA
7-26 final paperwork submitted to Disney by TA
8-4 Name in the computer
8-10 points in computer and 1st reservation made

We were in no hurry, but what a relief to finally hear "Welcome Home"