DVC Resale easy to buy by ok

[thedjwaver]

Recently purchased a resale contract and it was a pain free experience but the service from the reseller was sub par. Felt communication was lacking and I had to initiate most contact.we were in no rush so the time table was not an issue. Maybe I expect a lot from how highly they are spoken about but my experience was sub par.

 

[KAT4DISNEY]

For the most part there isn't a lot to a DVC resale.

They act as a broker presenting your offer,
get you the contract and then the title company takes over the transaction.
Then you wait on ROFR
and once it passes one or the other notifies you of that,
gets you the closing documents and
then broker or title co notifies you that you have closed and what to expect from DVC.

Was there one or any of those things that wasn't done?

I find there aren't a lot of differences to any of them and in the end it's more about the contract anyway and that something isn't really messed up in the resale process.

 

[thedjwaver]

For the most part there isn't a lot to a DVC resale.

They act as a broker presenting your offer,
get you the contract and then the title company takes over the transaction.
Then you wait on ROFR
and once it passes one or the other notifies you of that,
gets you the closing documents and
then broker or title co notifies you that you have closed and what to expect from DVC.

Was there one or any of those things that wasn't done?

I find there aren't a lot of differences to any of them and in the end it's more about the contract anyway and that something isn't really messed up in the resale process.

from their website “To take our service to another level of excellence, we have created a Contract Concierge Program where a DVC Resale Market Concierge Representative provides weekly communication to both the buyer and seller from sale to close on everything they need to ensure a smooth closing, excellent experience and a maximization of their Membership”

 

[achinforsomebacon]

We're working with one of the main resale companies and have felt the communication has been pretty poor. The contract wasn't sent to ROFR until 3 weeks after both parties had signed. Granted, they never actually said it went so it was our bad for assuming it was (they did say it would be sent after both parties had signed). But during that time, there was no communication about the long delay. We just got an email 3 weeks later saying it was sent to ROFR when we thought we'd be hearing about ROFR. When I called to question it, it seemed like they were just making up an excuse for the delay. Then it supposedly took over 2 weeks for the seller to return the closing documents. I understand this can happen, but the broker didn't seem to care or want to provide any updates. They finally reached out to the seller 2.5 weeks after we got the documents and the seller claimed they had already submitted them. So something broke down with either the broker or title company with that.

Given what's involved from the broker, I'm not sure why they get such a high commission. It's certainly not for providing excellent service (at least in our case). The problem is that in the end, price typically wins. This is our second purchase from this broker (same company, different agent) and if another contract comes along at the right price, we'll most likely use them again.

 

[thedjwaver]

We're working with one of the main resale companies and have felt the communication has been pretty poor. The contract wasn't sent to ROFR until 3 weeks after both parties had signed. Granted, they never actually said it went so it was our bad for assuming it was (they did say it would be sent after both parties had signed). But during that time, there was no communication about the long delay. We just got an email 3 weeks later saying it was sent to ROFR when we thought we'd be hearing about ROFR. When I called to question it, it seemed like they were just making up an excuse for the delay. Then it supposedly took over 2 weeks for the seller to return the closing documents. I understand this can happen, but the broker didn't seem to care or want to provide any updates. They finally reached out to the seller 2.5 weeks after we got the documents and the seller claimed they had already submitted them. So something broke down with either the broker or title company with that.

Given what's involved from the broker, I'm not sure why they get such a high commission. It's certainly not for providing excellent service (at least in our case). The problem is that in the end, price typically wins. This is our second purchase from this broker (same company, different agent) and if another contract comes along at the right price, we'll most likely use them again.

Completely understand sometimes the bargain comes with reduced Customer service. I would not hesitate to use them again as we bought knowing we were in no rush to get points loaded. But comes down price in The end, as I said it’s just an ok service nothing to rave about.

 

[Red Dog Run]

I purchased 5 contracts from 5 different companies. No real major issues, some delays possibly from the volume of contracts being process, but all in all, no complaints valid enough not to use any again. I will note that some companies did much more than others in the way of communication, but when I emailed (or called once), I got a very prompt reply. One in particular (which has good prices, but a 199 broker fee) would be the last on my list for customer service. It was during the ROFR slowdown where my contract took I believe 49 days to clear? Many were in that boat, and the rep was not the type to reach out to supply information, especially since I was still so new to the process and I told him that. All went according to the Disney slow timeline, but when comparing the companies, that one would be last in customer service. This was the service: Offer made. Reply: Congrats, your offer is accepted and sent to RORF. crickets......lol. Not much else. The title company did the rest, I think. I don't even remember the dude's name! He was that non-existent.

 

[KAT4DISNEY]

from their website “To take our service to another level of excellence, we have created a Contract Concierge Program where a DVC Resale Market Concierge Representative provides weekly communication to both the buyer and seller from sale to close on everything they need to ensure a smooth closing, excellent experience and a maximization of their Membership”

Yes, that came up here before and a fair amount of comments questioned what exactly they could do. The process kind of is what it is. I'm surprised they have left that comment up but marketing is what it is. That service was going to be a paid for service which they stated they were rethinking. I assume you weren't charged an extra fee and agree it's not actually any different than others. In your 1st reference I actually thought you were talking about someone else and not that you were referencing the purported Concierge service.

 

[sethschroeder]

They make 7.99% because of their license and covering risk and they make .01% because of service imo.

Not thay they are bad it's just nothing really to it and even when you want to buy its not like a house where any realtor can help you buy in DVC only one company gets the listing normally.

 

[thedjwaver]

Yes, that came up here before and a fair amount of comments questioned what exactly they could do. The process kind of is what it is. I'm surprised they have left that comment up but marketing is what it is. That service was going to be a paid for service which they stated they were rethinking. I assume you weren't charged an extra fee and agree it's not actually any different than others. In your 1st reference I actually thought you were talking about someone else and not that you were referencing the purported Concierge service.

there is no mention of extra fee but then again could just misinformation hopefully our next contract is a little better. Nothing to not use a company was just annoyed I had to start the communications instead just an update as they get updated. Example when ROFR passed I was informed 2 weeks later only after I asked what was taking so long then it went to next phase. But still resale prices will keep me going back.

 

[Rush]

They make 7.99% because of their license and covering risk and they make .01% because of service imo.

Not thay they are bad it's just nothing really to it and even when you want to buy its not like a house where any realtor can help you buy in DVC only one company gets the listing normally.

Except that the site in question has a promotion going on.

List Before June 30th To Sell Your Contract At 8.9% Commission!

So, by your math they make 8.89% because of their license, and .01% because of service. At least until the promotion ends later today.

Although they seem to be a point higher commission than most other brokers, based on how much higher their asking prices are than everyone else I can see why sellers seem to flock to them.

 

[we"reofftoneverland]

Fidelity is our favorite because they are cheap. Although there are others moving in who seem even cheaper. The broker doesn’t matter anyway. It’s the title company that does the work.

 

[MARCIAKAZ]

A few years ago, our offer was accepted for a resale contract...we waited, and waited and followed up and finally we were told that the seller had filed for bankruptcy but had failed to mention that to the broker. They gave us the option of waiting who-knows-how-long to see what the trustee would do about the property, or to cancel the contract. We cancelled, of course.

 

[Rush]

Fidelity is our favorite because they are cheap. Although there are others moving in who seem even cheaper. The broker doesn’t matter anyway. It’s the title company that does the work.

True, although I’d have a tough time using a broker that doesn’t use Mason Title. They’ve been great for me in 3 purchases so far, and heard such bad stories about some of the others.

2 years ago we bought a Poly contract through DVCRM, we requested Mason title. At that time they didn’t use them and were happy to use us as a test case. Now I believe they use them regularly, or at least more readily allow it.

 

[we"reofftoneverland]

True, although I’d have a tough time using a broker that doesn’t use Mason Title. They’ve been great for me in 3 purchases so far, and heard such bad stories about some of the others.

2 years ago we bought a Poly contract through DVCRM, we requested Mason title. At that time they didn’t use them and were happy to use us as test case. Now I believe they use them regularly, or at least more readily allow it.

Not a fan of mason myself, but as buyer you are allowed to choose the title agency. Period. It’s the law. You can tell a shady broker when they give you pushback on that. Test case? Please. Most buyers do not know they should be picking a title company and I am pretty sure some title companies give kickbacks to brokers for just keeping quiet on that and slipping them in.
Adding... fidelity does use mason because we used them once with them to try mason because most people like them a lot. We’ve purchased a few resales with fidelity and we always pick our title company. They will use whomever the buyer picks.

 

[Rush]

You can tell a shady broker when they give you pushback on that. Test case? Please. Most buyers do not know they should be picking a title company and I am pretty sure some title companies give kickbacks to brokers for just keeping quiet on that and slipping them in.

In all fairness, test case are my words. It’s been a few years, it might have just been no one had asked to use them, I don’t exactly recall. They were certainly trying to push me in a certain direction, but I was pretty sure even then I could make that choice regardless of how much push back I got. I was pretty adamant, so maybe they just put a good spin on the situation.

 

[we"reofftoneverland]

In all fairness, test case are my words. It’s been a few years, it might have just been no one had asked to use them, I don’t exactly recall. They were certainly trying to push me in a certain direction, but I was pretty sure even then I could make that choice regardless of how much push back I got. I was pretty adamant, so maybe they just put a good spin on the situation.

Sorry to be so flippant with the test case please! It just really annoys me when people get pushed around.

 

[RoseGold]

I'm not sure exactly what kind of hand-holding you expect from a resale broker selling you a timeshare the price of a used car. I have done business with three. One was frustratingly slow, but all were adequate and got the job done. This isn't rocket science.

If you want to pay five figures more for a phone call on your birthday and a backpack, have at it. I was buying a timeshare.

 

[ABE4DISNEY]

It's a crapshoot with service.

It's your money so just be pro-active. I always do follow-up emails. i.e. I ask to be contacted when it is sent to ROFR....and so on.

 

[Rush]

I'm not sure exactly what kind of hand-holding you expect from a resale broker selling you a timeshare the price of a used car. I have done business with three. One was frustratingly slow, but all were adequate and got the job done. This isn't rocket science.

If you want to pay five figures more for a phone call on your birthday and a backpack, have at it. I was buying a timeshare.

True, but I feel like I needed a lot more on my first resale purchase than I need now. Looking back I probably needed a therapist more than service from my broker!

The point is, if it’s your first purchase, all the research helps, but it doesn’t make you any less nervous and craving for constant info during this ridiculously long drawn out process. It definitely gets better with each purchase. We are 1 week in on our third resale and I barely think about. This time on our first go round I’d be checking my mail constantly and fighting off urges to send inquiry emails every other day.

 

[KAT4DISNEY]

True, but I feel like I needed a lot more on my first resale purchase than I need now. Looking back I probably needed a therapist more than service from my broker!

The point is, if it’s your first purchase, all the research helps, but it doesn’t make you any less nervous and craving for constant info during this ridiculously long drawn out process. It definitely gets better with each purchase. We are 1 week in on our third resale and I barely think about. This time on our first go round I’d be checking my mail constantly and fighting off urges to send inquiry emails every other day.

My first resale the broker was tremendous and gave fun updates. A whole different era.