DVC Seller Pulled out!

[Jawolf]

Hi to you all,

I have been reading these forums for a long while as our family are Disney mad, following my wife and I visiting Walt Disney World in 1995. We have been now almost every year and occasionally a couple of times each year!

So on the Mediterranean Disney Cruise we bought into DVC at AKV. Now having had a couple of years I realised more points will enable us to get the desired level of room size, as our son is getting older!

So, found a 100 point add on, same resort and use year, from a resale, well known reseller. Paid deposit and sent for ROFR 3 weeks ago....call last night to tell me that the seller had pulled out as could not pay closing costs....aargh

Now on the search for something else.

Next question, should I stick to one resort (AKV) or get another and I have read about swapping stays each year and use banked or borrowed points to get the room!

Any thoughts would be appreciated.

I have told the DVC reseller to keep my deposit at this time to put towards my next one!

 

[disneynutz]

AKV is pretty easy to book so I wouldn't buy more points there.

We bought several resorts and currently have 3 that we rotate. One year we will book at VGF for our MK portion of our vacation and BWV for the Epcot/DHS portion. The next year we will book VWL for the MK portion and BWV again for the Epcot/DHS stay.

Each stay is like a separate vacation!

Bill

 

[cmrdgrs]

I have to agree with disneynutz, I'd probably add-on at another resort, but that's just my personal opinion. You didn't say if you are looking to book a particular type of room at AKV and that is why you want to add-on at AKV, to have the owner booking window for that particular type of room.

If I were you I would consider branching out to another resort. Is PVB or VGF out of reach for your budget? PVB (IMO) will be wildly popular and I don't think anyone adding on at this resort will be sorry in the long run. If down the road you need to sell or don't think you will use all your points, I think it will sell on the resale market quickly or you will be able to rent your points there with ease. You are still in the member window for an add-on $160pp which ends over the weekend. The price goes up on Monday, 2/9.

Good luck with your decision.

 

[GOOFY D]

Hi to you all,

I have been reading these forums for a long while as our family are Disney mad, following my wife and I visiting Walt Disney World in 1995. We have been now almost every year and occasionally a couple of times each year!

So on the Mediterranean Disney Cruise we bought into DVC at AKV. Now having had a couple of years I realised more points will enable us to get the desired level of room size, as our son is getting older!

So, found a 100 point add on, same resort and use year, from a resale, well known reseller. Paid deposit and sent for ROFR 3 weeks ago....call last night to tell me that the seller had pulled out as could not pay closing costs....aargh

Now on the search for something else.

Next question, should I stick to one resort (AKV) or get another and I have read about swapping stays each year and use banked or borrowed points to get the room!

Any thoughts would be appreciated.

I have told the DVC reseller to keep my deposit at this time to put towards my next one!

If a contract has been in ROFR for 3 weeks, I am not sure how they can pull out. The closing costs would come out of the final settlement of funds.

 

[Jawolf]

Thanks for all your response. Got me thinking about another resort, so now I will be looking at the dates as AKV is 2057. I don't want to spend the full $160/ point and was finding AKV were around $80, a much sweeter spot!

I have also spoken again to the DVC reseller and it seems they must have had finance from Disney, so I guess they will just give them back to them and finish the finance!

Any thoughts on SSR as they do have a 2054 date as well. Wondering if it will be more popular with the Disney Springs updates going on!

 

[CMOORE185]

Thanks for all your response. Got me thinking about another resort, so now I will be looking at the dates as AKV is 2057. I don't want to spend the full $160/ point and was finding AKV were around $80, a much sweeter spot!

I have also spoken again to the DVC reseller and it seems they must have had finance from Disney, so I guess they will just give them back to them and finish the finance!

Any thoughts on SSR as they do have a 2054 date as well. Wondering if it will be more popular with the Disney Springs updates going on!

SSR is a good deal (low buy in, low dues) but again it is a resort that is easy to get at 7 months. I am not sure of Wilderness's end date, but we seem to have trouble getting in there at 7 months. Otherwise the EPCOT resorts are good to buy, but their end dates are 2042.

 

[bellablue2]

watch the market for a good contract in your current use year...maybe the decision will be easier when you see a great contract. okw, bwv, bcv, and vwl have 2042 end dates (other than those okw contracts have been extended). good luck.

 

[sndral]

...
Now having had a couple of years I realised more points will enable us to get the desired level of room size, as our son is getting older!
...

...
If I were you I would consider branching out to another resort. Is PVB or VGF out of reach for your budget? PVB (IMO) will be wildly popular and I don't think anyone adding on at this resort will be sorry in the long run. If down the road you need to sell or don't think you will use all your points, I think it will sell on the resale market quickly or you will be able to rent your points there with ease. You are still in the member window for an add-on $160pp which ends over the weekend. The price goes up on Monday, 2/9.

Good luck with your decision.

If OP in wanting a bigger 'room' as their child gets older meant they want more points so that they can reserve a 1br going forward rather than a studio - then PVB is a bad fit as there are only studios there except for the absurd point hogging 2 br villas.
OP if you want the 11 month advantage at two resorts going forward then a second home resort elsewhere is the way to go. You can alternate years at each resort via banking or you can split stays.
My hesitation is that the Epcot villas, where I'd love to add on, BC and BWV, both end in 2042. So if you want a close to a park DVC with a later end date you need to look at BLT, GFV, or PVB. If you don't care about ease of access to a park then SSR and OKW extended contract, however you don't really need the 11 month booking advantage for SSR or even OKW.
One final thought, if you think you might ever want to bank/borrow to stay at a GV 3 br for a family get together then more AKV might be something to consider.
Happy shopping

 

[Jawolf]

sndral, thanks for your thoughts, they were very similar to my thoughts!

I have decided after checking Disney's availability tool that most resorts with 1 bedrooms we could "afford" have availability at the 7 months, which covered the main times we take our trips at this stage of life! So then looking at AKV it is the only resort to offer the value rooms as well as the standard, savanna and club levels. So giving more choice and giving an extra 15 years of vacation time, I believe this is the better option for us to take.

I have now decided to purchase an extra 160 points as this opens up the 1 bedroom villas at AKV, BWV, OKW and SSR as well as 2 bedroom value at AKV. Realising this last one, was the main point as being "value" it will be gone way before the 7 month point!

For me,the plus points of adding at AKV...
Easy to manage
All points available to book at 11 month
Most places seem to have availability to change at seven month if I want this
The 2057 end date
More choices of room level available at 11 months

A final thought for AKV is actually we get 2 resorts, Jambo House and Kidani Village!

So now I am hoping my $77 / point offer will get through ROFR as it has been accepted by seller!

Again, thank you to all who offered advice and gave me an idea of other things to bring me to a decision!

 

[cmrdgrs]

Sounds like you found a good choice for yourself Jawolf! Wishing you much luck passing ROFR!

 

[Jawolf]

Thanks cmrdgrs, got fingers crossed that all goes well this time!

Maybe the seller pulling from my previous one was fate telling me to get more points, enough to ensure we get the 1 bedroom!
Reseller said it only happens once every 2 or 3 years so hope that was the case and now it is down to DVD and ROFR......

 

[JimMIA]

If a contract has been in ROFR for 3 weeks, I am not sure how they can pull out. The closing costs would come out of the final settlement of funds.

It happens. Depending on the broker, the seller may not have any real idea what is involved or what the details of a potential transaction might be. If the seller purchased direct and financed, they are probably looking at having to pay a LOT of money IN to close. It's not the closing costs, it's paying off their loan + the broker's commission and other fees. Often sellers don't realize all of that until they get a "good faith estimate" from the broker.

From the purchaser's end, there's no recourse. They just have to start over. Technically, the seller might owe the broker their commission, but that may or may not be enforced.

 

[GOOFY D]

It happens. Depending on the broker, the seller may not have any real idea what is involved or what the details of a potential transaction might be. If the seller purchased direct and financed, they are probably looking at having to pay a LOT of money IN to close. It's not the closing costs, it's paying off their loan + the broker's commission and other fees. Often sellers don't realize all of that until they get a "good faith estimate" from the broker.

From the purchaser's end, there's no recourse. They just have to start over. Technically, the seller might owe the broker their commission, but that may or may not be enforced.

So, even though there is a signed contract, the seller can pull out all the way until the final settlement? I know the buyer can pull out within 10 days, but I did not know the seller had the right to pull out all the way until the money changes hands.

 

[CarolMN]

So, even though there is a signed contract, the seller can pull out all the way until the final settlement? I know the buyer can pull out within 10 days, but I did not know the seller had the right to pull out all the way until the money changes hands.

AFAIK, unless the contract specifies otherwise, the seller doesn't have the right to pullout.

The buyer can probably enforce the contract through the legal process. However, it's seldom worth the cost (and time) on the buyer's & broker's parts to do so.

 

[Dean]

sndral, thanks for your thoughts, they were very similar to my thoughts!

I have decided after checking Disney's availability tool that most resorts with 1 bedrooms we could "afford" have availability at the 7 months, which covered the main times we take our trips at this stage of life! So then looking at AKV it is the only resort to offer the value rooms as well as the standard, savanna and club levels. So giving more choice and giving an extra 15 years of vacation time, I believe this is the better option for us to take.

I have now decided to purchase an extra 160 points as this opens up the 1 bedroom villas at AKV, BWV, OKW and SSR as well as 2 bedroom value at AKV. Realising this last one, was the main point as being "value" it will be gone way before the 7 month point!

For me,the plus points of adding at AKV...
Easy to manage
All points available to book at 11 month
Most places seem to have availability to change at seven month if I want this
The 2057 end date
More choices of room level available at 11 months

A final thought for AKV is actually we get 2 resorts, Jambo House and Kidani Village!

So now I am hoping my $77 / point offer will get through ROFR as it has been accepted by seller!

Again, thank you to all who offered advice and gave me an idea of other things to bring me to a decision!

To give you some points to the other side, value rooms at AKV only give you a savings if you use them routinely. IMO the advantages for most for either cheaper overall points like SSR or a different home resort are far more for most than the advantages for adding on at AKV.

So, even though there is a signed contract, the seller can pull out all the way until the final settlement? I know the buyer can pull out within 10 days, but I did not know the seller had the right to pull out all the way until the money changes hands.

I thin many get caught up tin the legal thinking and forget the practicality. Technically they would owe the commission but collecting it wouldn't be feasible. And it'd be even less feasible to go after someone for breech of contract.

 

[suebeelin]

I'm in fear this is going to happen to me!! Certified check sent this past Thursday and waiting for seller docs.

There should be a deposit made by the seller as well, imo!!

 

[JimMIA]

AFAIK, unless the contract specifies otherwise, the seller doesn't have the right to pullout.

The buyer can probably enforce the contract through the legal process. However, it's seldom worth the cost (and time) on the buyer's & broker's parts to do so.

This and what Dean said above.

It's not that the seller doesn't have a legal obligation to complete the sale, but the real-world considerations just make enforcement impractical, especially for the buyer.