Fidelity closing costs recent experiences

[shairpdrh]

I have an accepted offer on a Poly contract from Fidelity and am expecting my contract on Monday. I have read a number of past threads about experiences using Fidelity, but a having trouble figuring out what is true now (vs. in 2016 or 2017). I would be interested in hearing about what recent buyers have found with their estimate of closing costs vs. actual closing costs. Were they pretty similar? Or were there unexpected charges? Also, did you use their suggested company (if so, who) or did you ask for another company or multiple estimates?

I am happy with the contract and the purchase price (it is the perfect contract for us and after making a number of other offers I feel good about the cost per point). I have also factored in their extra document fee, but I would like to do what I can before I sign the contract to minimize unexpected expenses during closing. Thanks in advance for any experiences you have to share!

 

[Loveallthingsmouse]

We are in the ROFR process, so I am hoping there are no extra fees that were not disclosed in the contract. This is our first experience with Fidelity, but so far they have been great...now I’m nervous that I should be expecting something that wasn’t disclosed.

 

[aokeefe]

I recently bought 150 points from Fidelity this year and last year. I used First American. Closing costs were $739 in 2017 and $744 in 2018- this includes the $195 admin fee.

 

[CatNipRules]

When we got our closing paperwork we received a Buyers closing statement. It listed all of the closing costs...

 

[Matty B13]

All your costs will be in the contract you signed to buy the points, We bought through them last year and the admin fee was $195.

I would say our experience was about average compared to the other 2 major resale brokers we have bought through. Just remember this is a business transaction and it takes time to go through all the hoops, ie. ROFR, Estoppel, and Closing. Usually the only hang ups are if the people who are selling the points are international seller or going through a divorce or bankruptcy.

 

[BillPA]

We used Jeffrey Sweet, total closing on 130 points, with title insurance, attorney fees, title search and recording fees was $495.

 

[shairpdrh]

Thank you all for the helpful feedback! I feel better hearing a few recent experiences. I will make sure the contract matches what they told me initially and then just be patient as it moves through the process! Thanks again!

 

[DVC Fanatic]

I want to comment on this thread but will hold my thoughts for another couple of days as I am working through a slight issue regarding a purchase. Nothing horrible, but want to get others thoughts to once I am officially closed.

 

[CaliAdventurer]

Have used them twice. Fidelity is not the problem. First American is.

 

[shairpdrh]

Have used them twice. Fidelity is not the problem. First American is.

Would you mind elaborating on that? Did you end up with additional costs from First American or just general issues with them? If so, was this in 2016 or earlier or more recently? I only ask because many of the bad reports I read were from 2015-2016 and it seems like maybe things have changed. Thanks!

 

[BestAunt]

Following. I'm currently in ROFR for a beach club purchase thru Fidelity. Estimated costs are $577 plus $195 admin fee. Fingers crossed it is accurate.

 

[NickBCV]

I recently sold through Fidelity and I can say things have gone relatively well. They tend to offer advice to list your contract lower than other brokers but I think that is just them being realistic with trying to set a price to sell. They told me to list by Beach Club points for $120 and when i mentioned that the contracts were listed elsewhere for $140-$150 they agreed and we settled on a price of $140 per point. Sold it about a week later at $132. Had some delays with the buyer sending in signed documents and money and almost had to take their deposit. not Fidelity or First American problem however.

Interesting that our contract closed on 8/20 and I was paid almost immediately and the points are still in my Disney account. I called and asked and found out it can take up to 14 business days for Disney to transfer points. I look at this added wait as karma for the buyers taking so long to sign docs and send in final payment.

 

[NickBCV]

I recently sold through Fidelity and I can say things have gone relatively well. They tend to offer advice to list your contract lower than other brokers but I think that is just them being realistic with trying to set a price to sell. They told me to list by Beach Club points for $120 and when i mentioned that the contracts were listed elsewhere for $140-$150 they agreed and we settled on a price of $140 per point. Sold it about a week later at $132. Had some delays with the buyer sending in signed documents and money and almost had to take their deposit. not Fidelity or First American problem however.

Interesting that our contract closed on 8/20 and I was paid almost immediately and the points are still in my Disney account. I called and asked and found out it can take up to 14 business days for Disney to transfer points. I look at this added wait as karma for the buyers taking so long to sign docs and send in final payment.

One additional note...when the summary of charges came through they has forgotten that I was going to pay the buyers a credit for 2018 & 2019 points used and showed me getting an extra $1,950. I called them right away and told them they had me getting too much and they had to send an amendment. Seemed careless as the initial contract was pretty clear on that.

Also just remembered when i sold the contract they sent me papers showing I was selling a 150 point Animal Kingdom contract to buyers other than the ones we sold to. Easy fix but sloppy and added two days to the initial process. Probably lots of cutting and pasting going on with the sales of the Disney contracts.

 

[NewbieMom]

One additional note...when the summary of charges came through they has forgotten that I was going to pay the buyers a credit for 2018 & 2019 points used and showed me getting an extra $1,950. I called them right away and told them they had me getting too much and they had to send an amendment. Seemed careless as the initial contract was pretty clear on that.

That's a really big mistake. It's great that you caught it and are so upfront about quickly getting it resolved.

Also just remembered when i sold the contract they sent me papers showing I was selling a 150 point Animal Kingdom contract to buyers other than the ones we sold to. Easy fix but sloppy and added two days to the initial process. Probably lots of cutting and pasting going on with the sales of the Disney contracts.

Yes I think brokers do tend to just copy and paste. We've also had lots of errors on our initial contract (not through Fidelity though).

 

[NickBCV]

That's a really big mistake. It's great that you caught it and are so upfront about quickly getting it resolved.

I kind of looked at it as karma too. Plus didn't want to leave it and delay the sale because the documents had an error on them weeks later.

 

[CaliAdventurer]

Would you mind elaborating on that? Did you end up with additional costs from First American or just general issues with them? If so, was this in 2016 or earlier or more recently? I only ask because many of the bad reports I read were from 2015-2016 and it seems like maybe things have changed. Thanks!

Fidelity is just the broker- they handle the dealing between buyer and seller nothing more- once the contract is struck it is turned over to First American. Any lack of action and communication is their bad not Fidelity although fidelity will inquire and lean on First Am if it comes to it and I’m not sure to what effect.

Both of my contacts as buyer took FOREVER!!! If I hadn’t inquired after he exploration date I dont they would have touched it until someone made them. Total lack of urgency. I had to call to ask if they had recorded- one the first one they didn’t send something directly to Disney and I didn’t get more number for ages. Their reply was “at least we know now for the next person”. Both of my contracts took about 6 mos to close. 1 was a foreign seller so okay. The other was not and I signed everything lickety split and ultimately had to get fidelity to call the seller to lean on him. Shouldn’t be my problem.

Thankfully, I wasn’t in a hurry for the points either tine but if I were to buy again I would use fidelity and either request a different title company be used and/or stay on title like white in rice.

 

[SuzGM84]

We purchased our 1st contract through Fidelity in February (2nd contract we put an offer on, as the first was taken in ROFR). I had no issues with Fidelity. They were up front on the closing costs and fees (approx. 500 in closing on 163 points + 195 admin fee). First American was rough to deal with though. The lack of follow-up to emails was frustrating. Also, they got my husband's email address wrong and wouldn't change it (even after I told them time and time again).

Just put in another offer on a contract with Fidelity today. I'm hoping that process is just as smooth as the last one (and that I get a better title agent at First American this time around).

 

[shairpdrh]

Well we went through with the offer and are now in the ROFR process. I asked a lot of questions about all of the fees and I think we are all set. I will hope that we get someone good at First American and that part of process goes smoothly. For now, I will just wait patiently for word from Disney.

 

[RX8]

Preliminary numbers to me was $850 closing plus $195. I haven’t seen anyone post Fidelity’s closing cost that high. The email I got did not seem to indicate the $195 was included in the $850. This is for 160 pt VGC. Anyone else with a similar quote. I do plan on asking Fidelity on Monday.

 

[Nukem68]

Preliminary numbers to me was $850 closing plus $195. I haven’t seen anyone post Fidelity’s closing cost that high. The email I got did not seem to indicate the $195 was included in the $850. This is for 160 pt VGC. Anyone else with a similar quote. I do plan on asking Fidelity on Monday.

I approved a contract from Fidelity on Friday. My closing is estimated at at $618 plus $ 195 admin fee on 210 pts at AKL. This is through First American