Financing and offers

[Raven01]

Found a contract I like a lot and pondering financing short term, possibly with Vacation Club Loans.

How does that work? Get the financing and then make an offer, I am assuming?

Side note - I know the pros and cons of financing. If there is one thing I have learned in this process, it is what works for one family may not work for another. In my case I have found a contract that’s perfect for what I need, so I’m more willing to finance now for a few months.

 

[princessfionasmom]

Financing happens pretty quickly so I would put in the offer and get going on the financing right away. We went thru Monera and they were awesome and super quick.

 

[Sandisw]

I had really good luck and quick response with Lightstream. Same day approval and then I selected date to get funds.

. I did the same thing as you are thinking..short term due to being able to purchase exactly what I wanted!

 

[scot@dvcstore]

The lender will need a copy of the purchase/sales agreement before final approval on the loan terms. Best to get an accepted offer then submit a copy of the purchase agreement to the lender. Assuming the numbers from the lender are as expected then sign the purchase agreement and return with your initial deposit .

As a side note.......Vacation Club Loans is a great company to work with. Hope this helps.

 

[mjlash22]

Another option to look at for short term is a personal loan. You may find the rate lower. At one point I thought I was going to need a short term loan for my situation and was going to go with Sofi. Their rate was lower by a couple points compared to others.

 

[Raven01]

The lender will need a copy of the purchase/sales agreement before final approval on the loan terms. Best to get an accepted offer then submit a copy of the purchase agreement to the lender. Assuming the numbers from the lender are as expected then sign the purchase agreement and return with your initial deposit .

As a side note.......Vacation Club Loans is a great company to work with. Hope this helps.

So it does not cause a problem to make an offer if I do not have financing in place?

These replies have been great - thank you! I sent an application for financing last night and am waiting impatiently. If I don't get the contract at the price I want, I'm okay with waiting - but if I can, I'm super excited. And that emotional reaction tells me that the decision is the right one for me.

 

[jerseyduke]

It should not cause an issue, but be ready to move quickly. Monera is fast. There is some paper work, its not just a quick loan, you are getting a mortgage, so its not 1-2-3, but it's close.

 

[CanadaDisney05]

Do you have access to a HELOC, or an unsecured line of credit through a bank? You may be able to get lower interest rate, and if it's an unsecured line of credit, then atleast the loan is not secured against your DVC

 

[tnicks]

Ha, you really have the bug! Good luck!

 

[Raven01]

Yeah, I've been saying for months to my boss hire me a secretary or let me get my timeshare. And you see what I'm doing LOL!

HELOC would be a good option, but with my planning about 75% of this should be paid off within 6 months. So the interest rate isn't too much of a concern.

 

[evr25160]

Yeah, I've been saying for months to my boss hire me a secretary or let me get my timeshare. And you see what I'm doing LOL!

HELOC would be a good option, but with my planning about 75% of this should be paid off within 6 months. So the interest rate isn't too much of a concern.

Which property are you looking to buy at if you don't mind me asking?

 

[Henwen88]

There are also additional closing costs when financing. We did this several years ago (through Monera, 6 months to pay off- they were great) and were surprised that the closing costs were ~$200 more than the 'quote.' Live and learn.

 

[Jack_Sparrow_NJ]

You would make an offer first. We used The Timeshare Store and Monera and the process was quick and smooth.

 

[Raven01]

It actually surprises me that the offer comes first, but evidently financing is easy to come by. Regardless, my financing was approved so it became moot.

I am going to purchase AKV.

 

[Raven01]

Y'all are bad influences. I still don't have a secretary, but my DVC offer was accepted, so... LOL. Mental Health 1, Secretary 0. Once the contract is signed and sent off to Disney I'll post details on the ROFR thread.

 

[kcall13]

Please read your contract before you sign because it specifically states that the sale agreement is not subject to ability to get financing and you will forfeit your deposit if you can't get funded. I am having issues because of this and hoping I don't lose my deal which I also only need short term funding for :-(

 

[Jack_Sparrow_NJ]

But you can cancel within 10 days and that normally is enough time to finance, at least with the usual players.

 

[kcall13]

After thinking it over I am going to sign and complete the funding process and reach out to an attorney to review before my 10 days has expired. My Realtor is telling me they have the contingency written for a cash buyer and it should accurately represent that I am a financing buyer. She is extremely troubled by the fact that agent is unwilling to bring my request to the seller and intends to simply tell seller we did not sign within the time frame -- hence the reason I am suspect of this agency all around at this point. Given the deal that I got, my thought is that seller is very motivated to sell so it will be an unfortunate waste of his and my time if the attorney tells me to withdraw from this deal based on the inaccurate contingency clause. I will update you on how it goes but I do know this is not an agency I would use as a seller or buyer again based on this experience. The Agent is putting the deal at risk and not even giving Seller an opportunity to make his own decision.

 

[Sandisw]

After thinking it over I am going to sign and complete the funding process and reach out to an attorney to review before my 10 days has expired. My Realtor is telling me they have the contingency written for a cash buyer and it should accurately represent that I am a financing buyer. She is extremely troubled by the fact that agent is unwilling to bring my request to the seller and intends to simply tell seller we did not sign within the time frame -- hence the reason I am suspect of this agency all around at this point. Given the deal that I got, my thought is that seller is very motivated to sell so it will be an unfortunate waste of his and my time if the attorney tells me to withdraw from this deal based on the inaccurate contingency clause. I will update you on how it goes but I do know this is not an agency I would use as a seller or buyer again based on this experience. The Agent is putting the deal at risk and not even giving Seller an opportunity to make his own decision.

With all due respect, I think you are expecting something outside the industry standard and given the sheer number of buyers out there, it would be very difficult for a broker to bring things like this to a seller. To be honest, as a previous seller, I would not have agreed to it, and if a broker even suggested, I would ask for their opinion as to whether it is every adjusted.

There are ways to secure financing without needing a contract. I used Lightstream. No paperwork was needed.

if the price is as good as you mention, then I am sure the seller will get an offer quickly if you change your mind with buying,

 

[Spridell]

In the process of closing now and using Monera. They have been great!!!

VERY fast with all paperwork and approved for the loan instantly.