Heads up about Resales! )

[TravelingJen24]

We have had our DVC for about six years and really enjoyed it. I have decided to open up a law practice, so we are now selling our two contracts. However, I wanted to let people know how fast the process has been so far. We have a *** pt contract and 50 pt contract at ***. We listed our resale last week. Within three hours we already had an offer on our 50 pt contract. It was a bit less than the asking price, but that is ok. We were totally shocked. I'm sure that it will take a bit longer for the other contract because of the point value, but that's life.

I just wanted to let everyone know that regardless of the recession, people are still buying resales. I just wish we didn't have to sell, but you have to make sacrifices, right?

 

[Chuck S]

I edited the above post, as listing resort and number of point could be construed by some as a for sale post. I did leave the 50 point info, since it is already under contract . The broker must've had someone looking for a small add-on contract to receive an offer in 3 hours. Congrats, but sorry you have the need to sell.

 

[littlestar]

Your experience sounds like our experience in selling small contracts - they go fast.

 

[TravelingJen24]

Thanks for fixing it. I wasn't even thinking about that.

 

[swanwed6206]

Good luck with the resale... I have thought many times about opening a law practice and if that is one of the sacrifices....ummm....... I guess maybe that is why I haven't opened a law practice!!!!..... good luck!!!!!!

 

[ACDSNY]

Jen, wishing you all the best on your new adventure! Once your practice is up and running successfully you can always try DVC again. There's always DL AP rates for those quick Disney fixes.

 

[CarolMN]

Good luck with the law practice - hope it's very successful!

 

[jonandrenee]

Thanks for the info. Good luck with your practice!

 

[TravelingJen24]

Thank you for all your kind words. I am hoping that in a few years when things are more stable that we can purchase at GCV, or maybe by then there will be talk about DLH. We live so much closer to that resort it would only make sense.

 

[ajseagles3]

Just like any real estate market, it only takes one buyer to agree on terms. I am sure that some "underpriced" contracts sit on the market too long, and some "overpriced" contracts get grabbed up quickly. Timing is as much luck as it is with anything.

I actually just agreed in principle to sell our smaller contract. I had the contract listed with three good brokers, all of which I would gladly do business with again and charged identical commissions. It turns out that the first offer we received was extremely fair, and I had no qualms about accepting it... but it wasn't lightning fast. It just depends.

For those of you looking to purchase, I would find the contract that suits your points, use year, and home resort desires; and just make an offer at a price you feel is fair. Don't get too caught up in the asking price. People have different reasons for asking different prices, and ultimately, you won't get a CRAZY deal because of ROFR.

Still, the resale market is a good thing!

 

[Jason@dvcstore]

We have had our DVC for about six years and really enjoyed it. I have decided to open up a law practice, so we are now selling our two contracts. However, I wanted to let people know how fast the process has been so far. We have a *** pt contract and 50 pt contract at ***. We listed our resale last week. Within three hours we already had an offer on our 50 pt contract. It was a bit less than the asking price, but that is ok. We were totally shocked. I'm sure that it will take a bit longer for the other contract because of the point value, but that's life.

I just wanted to let everyone know that regardless of the recession, people are still buying resales. I just wish we didn't have to sell, but you have to make sacrifices, right?

Good luck with the new law practice and congrats on selling your points quickly. Hopefully, the larger contract will soon follow as another sold property.

Jason

 

[friskykitten]

We have also had to list two of our contracts that we still have financing on due to job loss. Our agent told us most contracts (not the smaller point ones) are on the market for about seven months. We have not had any bites yet on ours so we are considering lowering our asking price. We don't have it listed high or low at this time, just median. In order to move it more quickly we will probably drop our expectations. As a PP said, if it is too low it won't pass ROFR which will still get it sold for us. That will relieve us of the monthly mortgage payment and the dues payment. So I guess it really depends on how desperately we want to move it rather than what we actually hope to get from the sale.

One thing to remember when buying a resale......no matter what they are listing the contract for you can always place an offer for what you are willing to pay. If they turn it down then counter offer or move on to another contract. Don't ever get your heart set on one particular contract as different ones, possibly even better than what you are looking at now, are being listed every day. I know when we bought our resales we got some great advice from Dean and other veterens that made our decisions so much easier. We hope to repurchase someday when things get better for us.

TravelingJen24--I will be interested in hearing how quickly your other contract sells and if you have to do anything to make it move at the pace you want it to. Good luck with your law practice! I don't know what kind of law is your forte but the BK and consumer lawyers are certainly busy right now! I hope your business takes off and you are a DVC owner again in no time!

 

[TravelingJen24]

I hope it is not seven months. We would definitely lower our price before then. We have a ton of points that have not been used and if it doesn't sell in the next few months I will either use some of them or rent them out. I appreciate everyone supporting my decision. It was a hard one to make.

 

[Nevada590]

Resales are not all like that we had ours don with low points quick and painless

 

[CMOORE185]

When you are selling will DVC make you an offer or do you have to go through the whole sales process and ROFR.

 

[dianeschlicht]

When you are selling will DVC make you an offer or do you have to go through the whole sales process and ROFR.

DVC will not make an offer, but they might buy it back at a very minimal price. Usually you get an offer from someone and it gets sent to DVC for ROFR. Then if they think it's too good a deal, they will excersise ROFR and buy it back at the price originally agreed upon with the new buyer.