DVC Resale easy to buy by ok

[WDWRook]

Broker works for the seller, not the buyer. Unless you find a buyer's representative broker (not sure those exist for timeshares).

 

[Rush]

This sums up an observation I had regarding resale contracts. In the resale transaction, the broker (a.k.a real estate agent) is essentially working for the buyer and the seller. It begs the questions; where do their loyalties lye? The buyer or the seller? Is the broker working to get the buyer the best price -or- are they working to get the seller the best price? Since their commission is based off of the selling price it seems they would be working harder for the seller and not the buyer. I just find this a strange conflict of interest with the resale process.

I would suggest no more conflict than “your” real estate agent has a conflict of interest when buying a new home. Their commission is based on the sale price as well. In that business they are playing a long game though, get you the best price possible even if it means less money for them now, hopefully when you sell the house you use them to list and buy your next home. I’m not sure how much that mindset translate to DVC. But I do agree, the broker’s ultimate loyalty lies with the seller, though you might hope your specific agent is loyal to you so that hopefully you use them for your next purchase.

But let’s be clear, I believe this suspected broker in question is largely responsible for rapid price escalation, and refusing to take lower offers to sellers, that I would argue are inline with other brokers prices and the ROFR thread here, are just one piece of that price game. I experienced a little bit of that myself recently. They have lots of listings that draw lots of web traffic, but does that justify 10-20% higher listing prices? I don’t think so, and my wallet voted so.

 

[KAT4DISNEY]

But let’s be clear, I believe this suspected broker in question is largely responsible for rapid price escalation, and refusing to take lower offers to sellers, that I would argue are inline with other brokers prices and the ROFR thread here, are just one piece of that price game. I experienced a little bit of that myself recently. They have lots of listings that draw lots of web traffic, but does that justify 10-20% higher listing prices? I don’t think so, and my wallet voted so.

Yes. It was what they've been doing since they came into being just a few years ago. Nice for sellers. Kind of operating like DVC, The price you see is the one you will take.

 

[hammer1995]

It's the overall total price paid and they'll actually present all offers.

I've actually bought from them before. That fee is not disclosed when you make your initial offer and winds up being a "gotcha" fee. Everyone who makes an offer via Fidelity needs to reduce their offer price accordingly.

 

[KAT4DISNEY]

I've actually bought from them before. That fee is not disclosed when you make your initial offer and winds up being a "gotcha" fee. Everyone who makes an offer via Fidelity needs to reduce their offer price accordingly.

I've bought from them too - more than once. I guess I knew about it ahead of time because of posts here otherwise I couldn't have said at what point I would have learned. It was pretty well known here anyway. And the big thing is because they are willing to present offers you often get a good deal. Back in the day DVC referred owners to them who were either looking or needing to sell. Probably for a fee from Fidelity but maybe not. How about the couple other fees that everyone adds on for the buyer? Those are never discussed either until you get a closing statement.

 

[Pluto1976]

I believe they are considered transaction brokers.

Yep, that's the official title they gave themselves when I inquired about the potential conflict of interest. Personally, no matter what their title is it seems to me they are working primarily with the seller's interest in mind.

 

[natty650]

I would suggest no more conflict than “your” real estate agent has a conflict of interest when buying a new home. Their commission is based on the sale price as well. In that business they are playing a long game though, get you the best price possible even if it means less money for them now, hopefully when you sell the house you use them to list and buy your next home. I’m not sure how much that mindset translate to DVC. But I do agree, the broker’s ultimate loyalty lies with the seller, though you might hope your specific agent is loyal to you so that hopefully you use them for your next purchase.

But let’s be clear, I believe this suspected broker in question is largely responsible for rapid price escalation, and refusing to take lower offers to sellers, that I would argue are inline with other brokers prices and the ROFR thread here, are just one piece of that price game. I experienced a little bit of that myself recently. They have lots of listings that draw lots of web traffic, but does that justify 10-20% higher listing prices? I don’t think so, and my wallet voted so.

So, I ended up placing a new offer on a contract that's been sitting on their website for a litttle while (longer than I've seen contracts on other sites). I didn't select the agent I worked with previously when I placed the offer, and someone else contacted me that was very nice. ...But they are for sure doing their part to raise prices.

The first email indicated that another agent was working on the sale of the contract, and they have multiple offers. It said in this situation they typically ask people to submit a best and final offer. They are very good at what they do to word things in a way that doesn't seem like they are putting pressure on you, but I interpreted the email to say, if you don't offer more now, you will lose out on this contract. He emailed again to let me know that I had until 7:30 AM to submit a revised offer. I replied and told him that I didn't want to change my offer. To no surprise, he emailed me this morning to let me know that it sold for much higher than I offered, but closer to the listing price.

Ugh.

I think that sellers have the right to want to make more money on their contract, but I don't like how these agents that supposedly work for both the buyer and seller are using tactics like this to create bidding wars and raise prices.

I honestly didn't think that buying dvc resale would feel like I'm stepping into a used car lot. I'm not going to visit their site or place any more offers with them. There are so many other companies to work with.

 

[gisele2]

I bought my two contracts with Fidelity . What I like about them is that they work with one possible buyer at a Time. I was the first to make an offer on a BLT and got it.

 

[we"reofftoneverland]

So, I ended up placing a new offer on a contract that's been sitting on their website for a litttle while (longer than I've seen contracts on other sites). I didn't select the agent I worked with previously when I placed the offer, and someone else contacted me that was very nice. ...But they are for sure doing their part to raise prices.

The first email indicated that another agent was working on the sale of the contract, and they have multiple offers. It said in this situation they typically ask people to submit a best and final offer. They are very good at what they do to word things in a way that doesn't seem like they are putting pressure on you, but I interpreted the email to say, if you don't offer more now, you will lose out on this contract. He emailed again to let me know that I had until 7:30 AM to submit a revised offer. I replied and told him that I didn't want to change my offer. To no surprise, he emailed me this morning to let me know that it sold for much higher than I offered, but closer to the listing price.

Ugh.

I think that sellers have the right to want to make more money on their contract, but I don't like how these agents that supposedly work for both the buyer and seller are using tactics like this to create bidding wars and raise prices.

I honestly didn't think that buying dvc resale would feel like I'm stepping into a used car lot. I'm not going to visit their site or place any more offers with them. There are so many other companies to work with.

So we had a very similar experience with them. We found a contract that was stripped and had been sitting for eight months and was 300+ points. It wasn’t perfect for us because we didn’t like the stripped aspect. But we wanted a large contract and it was the correct UY. It was priced high compared to similar contracts on other sites so we bid on it, not a low bid at all, within 10 points. They called me immediately after I submitted the form— like they have too many people working there. And the guy (slick and nice) told me I’m not even going to ask the seller because your bid is too low. What? I was pretty shocked. And immediately he was like what’s your next bid? I was like let me think about it. Really,it was such a weird experience. I had worked with two other companies to purchase resale and they both said something like thanks for the offer I will present it to the seller and get back with you. That contract sat for months. So they are trying to get more than market rates for contracts and they are trying to push buyers around. I’ll never deal with them again.

 

[Pluto1976]

It appears my thoughts about the broker being discussed are true. As stated, they have allot of contracts but their prices are always higher then what I see on other sites and higher then passed contracts in the ROFR thread. Think I will be looking elsewhere should I decide to go resale.

I don't like how these agents that supposedly work for both the buyer and seller are using tactics like this to create bidding wars and raise prices.

Key word: "supposedly" . If they are artificially inflating prices and a few browser sessions and web searches can easily show this, even more the reason they are not working at all for the buyer. Good luck finding your next contract!

 

[natty650]

It appears my thoughts about the broker being discussed are true. As stated, they have allot of contracts but their prices are always higher then what I see on other sites and higher then passed contracts in the ROFR thread. Think I will be looking elsewhere should I decide to go resale.



Key word: "supposedly" . If they are artificially inflating prices and a few browser sessions and web searches can easily show this, even more the reason they are not working at all for the buyer. Good luck finding your next contract!

So disappointing, right? I think the thing I'm most bummed about is that they are able to talk people into paying higher prices, which actually does impact the market. Boo's all around! I hope more potential buyers catch wind of what's happening and stop raising prices for the rest of us.

The best advice I received when I started shopping resale was to be patient, don't pay more for a contract than I think is fair, and the right contract and seller will eventually come along.

 

[we"reofftoneverland]

So disappointing, right? I think the thing I'm most bummed about is that they are able to talk people into paying higher prices, which actually does impact the market. Boo's all around! I hope more potential buyers catch wind of what's happening and stop raising prices for the rest of us.

The best advice I received when I started shopping resale was to be patient, don't pay more for a contract than I think is fair, and the right contract and seller will eventually come along.

Definitely. In the case of the 300+ point contract, we ended up finding a contract with fidelity about a month or so later. 250 points, same resort, same use year. It was listed $10 lower per point and we bid another $5 off— just to see. Well, they took it. So we got it for $15 less per point than the other contract. Plus, it was loaded with 2 years of points, so an extra 500 points for which we did not reimburse. We were originally in the market for a slightly larger contract, but actually this one is working out well. So don’t give up, guys. And check all broker websites. Plus, I think more listings are available in the fall for some reason. Maybe it’s because in the spring and summer everyone is all excited about vacation.

 

[WDWRook]

So we had a very similar experience with them. We found a contract that was stripped and had been sitting for eight months and was 300+ points. It wasn’t perfect for us because we didn’t like the stripped aspect. But we wanted a large contract and it was the correct UY. It was priced high compared to similar contracts on other sites so we bid on it, not a low bid at all, within 10 points. They called me immediately after I submitted the form— like they have too many people working there. And the guy (slick and nice) told me I’m not even going to ask the seller because your bid is too low. What? I was pretty shocked. And immediately he was like what’s your next bid? I was like let me think about it. Really,it was such a weird experience. I had worked with two other companies to purchase resale and they both said something like thanks for the offer I will present it to the seller and get back with you. That contract sat for months. So they are trying to get more than market rates for contracts and they are trying to push buyers around. I’ll never deal with them again.

These agents have to be licensed real estate brokers under Florida law. They either represent the seller, or are a transaction agent, but they don't represent the buyer as you have not engaged them via a representation agreement. Even if a transaction agent, they really work for the interest of the seller and getting the highest price. Regardless, they must present all offers to a seller, unless the seller instructed them to auto reject certain offers.

https://www.flsenate.gov/Laws/Statutes/2018/0721.20http://www.leg.state.fl.us/Statutes...ute&URL=0400-0499/0475/Sections/0475.278.html

 

[Ginamarie]

I would suggest no more conflict than “your” real estate agent has a conflict of interest when buying a new home. Their commission is based on the sale price as well. In that business they are playing a long game though, get you the best price possible even if it means less money for them now, hopefully when you sell the house you use them to list and buy your next home. I’m not sure how much that mindset translate to DVC. But I do agree, the broker’s ultimate loyalty lies with the seller, though you might hope your specific agent is loyal to you so that hopefully you use them for your next purchase.

But let’s be clear, I believe this suspected broker in question is largely responsible for rapid price escalation, and refusing to take lower offers to sellers, that I would argue are inline with other brokers prices and the ROFR thread here, are just one piece of that price game. I experienced a little bit of that myself recently. They have lots of listings that draw lots of web traffic, but does that justify 10-20% higher listing prices? I don’t think so, and my wallet voted so.

I can say in NY state, real estate brokers' loyalty is to the seller. Even if you have someone touring you around to different homes, that person is legally a "seller's agent." The person who lists the house is a "listing agent." Both of them, LEGALLY have an obligation to protect the seller. There are rare occasions when someone signs a contract as an official "buyer's agent" but it normally does not happen. Most people are not educated and think that brokers are acting for both sides. They are not. You'd be shocked at the number of clients I have needed to explain this to, as a real estate attorney, because they don't understand what the brokers are doing.

 

[natty650]

I totally get what the last two posters are saying, but I've read more than one place that the broker is representing both the buyer and the seller. This DIS article/blog/or whatever-it-is from 2019 even mentions that the page sponsor (at the time) "...is in the business of representing buyers and sellers of Disney Vacation Club for more than 25 years." https://www.wdwinfo.com/disneyvacationclub/selling-your-disney-vacation-club-membership/

In other places, I've read that the brokers are "transactional," and do not represent the buyer nor the seller.

I have no doubt that you're right, in the fact that the brokers' loyalties are to the seller, but it just rubs me the wrong way that the buyer is led to believe otherwise in some cases.

Also, besides all of this, the point of my posts was to share my experience with a particular broker I felt had poor customer service and used tactics to increase prices that I did not like. There are other brokers that I have made offers with and am currently purchasing from that are the complete opposite, and have provided a very pleasant buying experience, regardless if they are representing the seller or not.

 

[we"reofftoneverland]

These agents have to be licensed real estate brokers under Florida law. They either represent the seller, or are a transaction agent, but they don't represent the buyer as you have not engaged them via a representation agreement. Even if a transaction agent, they really work for the interest of the seller and getting the highest price. Regardless, they must present all offers to a seller, unless the seller instructed them to auto reject certain offers.

https://www.flsenate.gov/Laws/Statutes/2018/0721.20http://www.leg.state.fl.us/Statutes...ute&URL=0400-0499/0475/Sections/0475.278.html

Time share brokers in Florida act as “transactional brokers” and do not represent the seller or buyer. Basically, they represent themselves.