DVC Resale Advice Needed

[SkippyZippy]

Hi everyone, so I know there are a thousand and One posts about DVC Resale’s and Direct sales, so I’m sorry to be a broken record.

Basically I'm looking to join DVC and have been weighing out the options between doing Resale and Direct from Disney. The money we can save is amazing for resale’s which makes me lean towards it. But I have a few questions.

1.) The timeshare store has been getting great reviews, how easy is the process really?

2.) Without getting into a debate about financing purchases, the timeshare store recommends timesharelending.net, has anyone used them to finance a DVC resale, How are they to work with? They require an Escrow service which I know nothing about, what is that process like?

Ultimately it comes down to this, If it is really easy and secure to use timesharelending.net I’m going to go with the resale because I can get more points for less money. But if it’s too much hassle I’m going to go through Disney direct cause I feel more comfortable with financing through them.

Any advice is Greatly Appreciated. Thanks everyone for the time: worship:

 

[Sandisw]

I can't answer you questions about the financing aspect of going resale because the first contract we bought, through TSS, was small so we paid cash.

However, the process to buy resale is VERY easy. You find a contract that suits your needs. You call the TSS, talk to an agent, discuss things, and decide what you want your offer to be. They are great in giving you an idea of what they believe will pass ROFR, etc. Everything is negotiable, however, and they will put in to the owner whatever offer you want.

Once an offer is accepted, you send the deposit, they send you paperwork via email that you sign and send back, and then everything goes to Disney. It takes about 3 weeks to hear back from them as to whether they are going to exercise ROFR or not.

If they don't, they send you closing documents (well, the title company does), you sign and return with payment, and within a week or so, it closes and you are a DVC member!!!

 

[ELKHUNTER]

Depending on ones credit score and the amount of points needed, most banks and credit unions are offering way better interest rates on signature loans for a small contract or a HELOC for larger contracts, due to ceiling limits on signature loans

 

[scot@dvcstore]

The Timeshare Store, Inc. does have a lender that provides DVC loans. I have the details below. Please feel free to be in touch with any further questions.

Finance Options

TimeShareLending.net offers financing for Marriott, Hilton, Hyatt, Disney, Starwood and Season only. Funding available in all US states.
http://www.timesharelending.net/

Interest rate as low as 12.9% - Subject to change.
Terms up to 120 months.
No prepayment penalty for loans over 12 months.
No points.
Minimum loan amount $5,000.
Maximum loan amount $250,000.

Soft Qualifier:
Minimal personal information required. No credit report is run. If you want
to know if you qualify for a loan and for what amount prior to submitting a
full credit application, fill out a short form and you will have an answer
within 24 hours. NO OBLIGATION.

Credit Application:
When you agree this loan is for you, complete the credit application and
submit it. NO OBLIGATION.

Manual Application Form:
Credit application, Hard copy, available for printing

Some of our clients have also used or applied for a Home Equity Loan or Line of Credit. The interest rates for these types of loans are at 3.25% -4.25% and the interest is tax deductible since it is considered a mortgage.

If financing is needed I hope the options above help give you some ideas.

 

[Goin'Again???Yes!!!]

I can answer question #1. I was surprised at how easy it was to deal with them (TSS). I filled in the 'request information' link on the listing that we were interested in, and received a reply within a half hour of them opening for business. Later that evening my wife and I sat down with the laptop, did the math and decided to add on. In about an hour and a half we had exchanged several emails, received, reviewed and faxed the sales contracts/forms and watched as they updated the website to show our listing go to 'Sale Pending'. The next morning we mailed the deposit, and the day after that the contract went to Disney for the ROFR process. We are currently closing on the contract now, less than six weeks after the first contact.
On Question #2. We did not finance the sale,but looking at the rates that are quoted through Disney they do look to be on the high side. If I were to finance, I would consider getting a pre-approval on some type of personal loan or line of credit that way I could figure out an amount that I would want to finance and a payment plan to go with it.

Good luck with whatever you decide.

 

[WDW*Dreamer]

I just made my initial buy-in to DVC using the TSS. The deal was finally completed earlier this week!

The whole process went just as advertised....I'm very happy with the service they provided.

The only difficulty was waiting out the ROFR waiver and final signing of the papers by the seller.....neither of which were under the control of TSS.

Resale was definitely the way to go for me.

 

[mike9950]

I bought my first contract via resale at TTS. Easy process, great communication. Just be patient, the transaction will close. Since that one contract, i added on a few times direct with Disney and while the process is easier, you can't get a better deal on some of the resale contracts available today!

 

[Peggy Sue]

We've added on 4 times .. twice with Disney and twice with Shontell Crawford ... There are three main differences between resale and DVC ...

DVC .. Points are immediately added to your account
Resale .. Must go through ROFR and final recording with DVC

DVC .. no closing cost
Resale .. there are closing costs

DVC .. Sells at their current rate per point
Resale .. Can normally strike a deal that is substantially lower than DVC rate even with paying closing costs.

Resell experience: Helpful, experienced, professional, excellent communication ...we wouldn't hesitate to use the resale market again.

Sorry ...we didn't finance...so can't be much help with this topic.

We believe we now have more than enough points for our vacation needs .. but if we ever do decide to add on additional points we will once again select the resale market. Our initial purchase with DVC was in 1997 ... we paid a lot less per point than today's point price ..that's why we checked out the resale market ...we just couldn't bring ourselves to pay higher prices!

Good luck!

 

[paults]

Hi everyone, so I know there are a thousand and One posts about DVC Resale’s and Direct sales, so I’m sorry to be a broken record.

Basically I'm looking to join DVC and have been weighing out the options between doing Resale and Direct from Disney. The money we can save is amazing for resale’s which makes me lean towards it. But I have a few questions.

1.) The timeshare store has been getting great reviews, how easy is the process really?

2.) Without getting into a debate about financing purchases, the timeshare store recommends timesharelending.net, has anyone used them to finance a DVC resale, How are they to work with? They require an Escrow service which I know nothing about, what is that process like?

Ultimately it comes down to this, If it is really easy and secure to use timesharelending.net I’m going to go with the resale because I can get more points for less money. But if it’s too much hassle I’m going to go through Disney direct cause I feel more comfortable with financing through them.

Any advice is Greatly Appreciated. Thanks everyone for the time: worship:

the process is very easy.
2 things I would do if you buy:

1-buy where you want to stay
2-buy small contracts (50 to 150 pts) they are easier to sell if you need too.
You can't break up contracts and just sell what you don't want.

 

[ToddyLu]

We did finance direct through Disney. We have excellent credit and received the preferred rate of 10.75%. I believe standard rate is around 13%. We purchased 210 points at AKV, for $93 a point I believe (could have been $94). Our monthly note is about $237 and MFs are about $80. One of the most difficult aspects of purchasing DVC was knowing what are the costs going in without actually calling and asking. Once we were sure this is what we wanted I contacted someone live through the website. Within 30 minutes a Guide called me. We discussed pricing and there was no pressure. We talked again the following morning and got everything finalized. I gave him our CC # for the deposit. This was Sat morning. We received our paperwork, 2 days later on Tuesday. We notorized it the following morning, I reviewed everything that evening once again, we mailed it Thursday early and then it was on Dsiney's desk Firday according to our tracking info. The next month we received notification of closing. Our points were there almost instantly. I hope this helps.

 

[lilpooh108]

We purchased our original contract (we're relatively new members) which closed this year via resale. The process was relatively painless. We went through Jaki/****.

We thought it would be easy to add on directly through Disney (Aulani)...actually the paperwork portion was worse, and there were several issues w/our paperwork so I did have to call and bug them for a re-write, which they failed to mail out after we paid for the add on in full. Our guide (and MS) was also not able to work out some membership login/website issues we were having (they could not link my original contract w/my add on contract). I doubt my experience is that typical, but adding on directly through Disney was not as easy as I thought it would be. We ended up going to DLR to finalize our paperwork just in case they lost our stuff again.

 

[tmagg]

How about seller financing? Isn't this an option. Do you see any sellers offering this? I am considering selling just because my kids are in college and we are not using the points. But since the money isn't essential, I would consider financing a purchase. Just a thought to see if others would consider.

 

[Sandisw]

How about seller financing? Isn't this an option. Do you see any sellers offering this? I am considering selling just because my kids are in college and we are not using the points. But since the money isn't essential, I would consider financing a purchase. Just a thought to see if others would consider.

I think as a seller, you can set up whatever arrangement you want. I personally, would never finance for someone. I think trying to get the deed back and foreclosure would be difficult if they just stopped paying. And, while you were going through all of that, they would still have use of the contract.