Heads up - extremely extended closing time due to DVC admin backlog

[Galun]

Just wanted to share our recent timeline in closing.

We bought two more contracts back in March, and passed ROFR in like 2 weeks. We had been buying since 2014 and that was the fastest waiver of ROFR ever.

Then it took until 7/5 for disney to finally close and have the contracts moved over to my accounts. The 3 month timeframe was the longest it had ever took. Furthermore, the contracts were transferred over without points. The email said the correct points would be deposited within 5 to 10 business days.

The points were finally deposited today 7/31... took almost 4 weeks.

The whole process took almost 5 months from an accepted offer. Our last one took maybe 2.5 - 3 months.

Plan accordingly if you want to use the points from your new resale contract. Calling a lot and being the squeaky wheel will probably help.

 

[lovethesun12]

Just wanted to share our recent timeline in closing.

We bought two more contracts back in March, and passed ROFR in like 2 weeks. We had been buying since 2014 and that was the fastest waiver of ROFR ever.

Then it took until 7/5 for disney to finally close and have the contracts moved over to my accounts. The 3 month timeframe was the longest it had ever took. Furthermore, the contracts were transferred over without points. The email said the correct points would be deposited within 5 to 10 business days.

The points were finally deposited today 7/31... took almost 4 weeks.

The whole process took almost 5 months from an accepted offer. Our last one took maybe 2.5 - 3 months.

Plan accordingly if you want to use the points from your new resale contract. Calling a lot and being the squeaky wheel will probably help.

Thanks for posting. This is the exact reason I recently decided not to go through with another purchase and decided to wait until maybe December to look at adding on. I thought having points in my account by December was a given. That may or may not have happened but I'm glad I don't need to bite my nails waiting either way.

 

[Galun]

Thanks for posting. This is the exact reason I recently decided not to go through with another purchase and decided to wait until maybe December to look at adding on. I thought having points in my account by December was a given. That may or may not have happened but I'm glad I don't need to bite my nails waiting either way.

So, to be fair, I got a bit concerned about banking my points by the 7/31 deadline when they haven't showed up yet yesterday. I made a call and they assured me that the banking deadline won't apply to the newly acquired points. Then the points showed up today. That's why I said being the squeaky wheel will probably help.

They seem to be processing stuff, just short staffed probably due to work from home and furlough and what not. If you call you will probably be placed on the top of the list. They responded within an hour when I emailed them with "URGENT" in the subject line. Without that tag, it took a couple days for them to get back top me.

 

[lovethesun12]

So, to be fair, I got a bit concerned about banking my points by the 7/31 deadline when they haven't showed up yet yesterday. I made a call and they assured me that the banking deadline won't apply to the newly acquired points. Then the points showed up today. That's why I said being the squeaky wheel will probably help.

They seem to be processing stuff, just short staffed probably due to work from home and furlough and what not. If you call you will probably be placed on the top of the list. They responded within an hour when I emailed them with "URGENT" in the subject line. Without that tag, it took a couple days for them to get back top me.

Thanks! That wouldn’t have helped me much because I wanted them to book before the 7 month window. I could bank but it would be riskier in my situation given when I planned to travel so I decided to go with a cash stay instead of waiting around and purchase a contract later in the year instead.

 

[sethschroeder]

Just crazy it would take that long.

 

[EM Lawrence]

I think this is something brokers should be disclosing to buyers right now. Because a 5 month time frame to close could easily affect the value of either banked or current year points to buyers, depending on the use year. It could also affect future travel plans and the 11 month booking window.

 

[Grumpy by Birth]

I think this is something brokers should be disclosing to buyers right now. Because a 5 month time frame to close could easily affect the value of either banked or current year points to buyers, depending on the use year. It could also affect future travel plans and the 11 month booking window.

If points expire due to Disney taking an excessively long time to process the contract, it seems like they should have to provide SOME kind of compensation. The buyer could have (and almost certainly planned to) use those points if Disney had processed the transaction in a reasonable amount of time. Why should the buyer be penalized for Disney taking their sweet time?

 

[Prince John Robin Hood]

I've been looking for stripped contracts because of the long timelines. At a minimum I want a use year that gives me time to bank if availability isn't there.

 

[lovethesun12]

If points expire due to Disney taking an excessively long time to process the contract, it seems like they should have to provide SOME kind of compensation. The buyer could have (and almost certainly planned to) use those points if Disney had processed the transaction in a reasonable amount of time. Why should the buyer be penalized for Disney taking their sweet time?

Very true. It's not really fair to the buyer OR seller right now if they have points expiring in December (just one example).

 

[EM Lawrence]

I’ve also looked at stripped contracts. (Not that I’m going to buy anytime soon, just looking for fun, you know.). I’m not sure I would be willing to pay 2020 dues right now, or at least not the whole amount.

 

[Galun]

I think this is something brokers should be disclosing to buyers right now. Because a 5 month time frame to close could easily affect the value of either banked or current year points to buyers, depending on the use year. It could also affect future travel plans and the 11 month booking window.

I know at least one that’s disclosing this. I have a December use year and I only look for these contracts. In one that I was looking at with banked 2018 points, they stated in the listing that those points would expire worthless.

The thing that seem to be out of your control is the speed at which Disney records the deed and put the contract in your account. I felt like maybe it took an extra 3-4 weeks compared to before.

Things that are in somewhat in your control are buyer/seller documents. You save some time if the both buyer and seller return documents quickly. Also I feel like once the contract is in your account, you can possibly speed up when the points get deposited into the account. Like I said, when I sent them an email with “URGENT” in the title, they responded within an hour, and deposited the points the next day.

 

[Lorana]

I know at least one that’s disclosing this. I have a December use year and I only look for these contracts. In one that I was looking at with banked 2018 points, they stated in the listing that those points would expire worthless.

The thing that seem to be out of your control is the speed at which Disney records the deed and put the contract in your account. I felt like maybe it took an extra 3-4 weeks compared to before.

Things that are in somewhat in your control are buyer/seller documents. You save some time if the both buyer and seller return documents quickly. Also I feel like once the contract is in your account, you can possibly speed up when the points get deposited into the account. Like I said, when I sent them an email with “URGENT” in the title, they responded within an hour, and deposited the points the next day.

I’ve tried sending an email and we’ll see what happens. I’m fine* with the process taking a while so long as they deposit the banked 2018 points into RCI so that I don’t lose them.

*I mean, I’ll accept its going to take a while though I’m not really happy having to wait for those points. Especially as I hit my 7 month window for my April trip on 9/16 and hoped to have my points by then.

 

[Galun]

I’ve tried sending an email and we’ll see what happens. I’m fine* with the process taking a while so long as they deposit the banked 2018 points into RCI so that I don’t lose them.

*I mean, I’ll accept its going to take a while though I’m not really happy having to wait for those points. Especially as I hit my 7 month window for my April trip on 9/16 and hoped to have my points by then.

they told me that any points associated with new contract will have manual exception. Like for me if the points deposit after 7/31 I would still be able to bank them by giving them a call. but they did get it deposited today so I could do it myself.
I am not sure about depositing into RCI as that is not entirely within disney.

 

[Grumpy Mouse]

At the very least, all buyers should be insisting (strongly) that sellers not be compensated until after the transfer by Disney is complete (and not available to the seller anymore). Furthermore, I suspect the real solution to this problem is to insist that BROKERS not be compensated either until after the transfer. While I don't know this for sure, I'd bet my next paycheck that the brokers are being compensated immediately after closing - so they could give a rat's bottom on how long it takes for the seller to get their money and the buyer to get their contract.

Withhold broker pay and I bet you'd see them get in Disney's face pretty quick about their ridiculous delays.

 

[EM Lawrence]

So, the general wisdom around here is that prices for resale will dip toward the end of the year as more sellers put contracts up for sale in anticipation of avoiding annual MF. I think that is especially likely to happen this year as the pain of the economic downturn due to Covid is likely to exacerbate the situation. What does the DVC hive mind think the effect of delayed ROFR, and hence delayed closing will have on sellers trying to avoid MF fees in Jan/Feb?

 

[Lorana]

So, the general wisdom around here is that prices for resale will dip toward the end of the year as more sellers put contracts up for sale in anticipation of avoiding annual MF. I think that is especially likely to happen this year as the pain of the economic downturn due to Covid is likely to exacerbate the situation. What does the DVC hive mind think the effect of delayed ROFR, and hence delayed closing will have on sellers trying to avoid MF fees in Jan/Feb?

I think most sellers aren’t aware of the delays. I don’t know that will impact closing if sellers haven’t paid their dues, but when they put contracts up for sale, it may be that having sellers pay MF is going to be a less likely negotiation point.

 

[MouseyMin]

I don't understand why this is taking so long. Aren't we paying for these services with our dues?

 

[AimeeML]

Just wanted to share our recent timeline in closing.

We bought two more contracts back in March, and passed ROFR in like 2 weeks. We had been buying since 2014 and that was the fastest waiver of ROFR ever.

Then it took until 7/5 for disney to finally close and have the contracts moved over to my accounts. The 3 month timeframe was the longest it had ever took. Furthermore, the contracts were transferred over without points. The email said the correct points would be deposited within 5 to 10 business days.

The points were finally deposited today 7/31... took almost 4 weeks.

The whole process took almost 5 months from an accepted offer. Our last one took maybe 2.5 - 3 months.

Plan accordingly if you want to use the points from your new resale contract. Calling a lot and being the squeaky wheel will probably help.

We really appreciate the heads up, we just put in an offer on our second DVC today. The use year is February and the contract has it’s full 2020 points so we made our offer contingent on the seller banking those points.

I’m also worried about our 2019 points that we didn’t bank because our reservation was canceled after the banking window. When I e-mailed Disney early last month (use year August) they said that because they canceled our reservation we would get those points banked for us, but I haven’t seen anything yet. I may have to be a squeaking mouse!

Thanks for posting.

 

[Galun]

We really appreciate the heads up, we just put in an offer on our second DVC today. The use year is February and the contract it’s full 2020 points so made our offer contingent on the seller banking those points.

I’m also worried about our 2019 on our current contract, when I e-mailed Disney early last month (use year August) they said that because they canceled our reservation we would get those points banked for us, but I haven’t seen anything yet. I may have to be a squeaking mouse!

Thanks for posting.

Based on my experience, there is an internal department that member service can call. They seem to have the power to fix most things. I canceled my aulani reservation on the phone, the member service agent called that internal department while I was on hold, and around 10 minutes later everything was restored to as if the reservation had not been made - all points restored to the correct use year, borrowed points returned, etc.

I'd give member service number a call. I had tried email and it was hit and miss. If you get an agent who wasn't helpful, I'd just hang up and call again.

 

[starry_solo]

At the very least, all buyers should be insisting (strongly) that sellers not be compensated until after the transfer by Disney is complete (and not available to the seller anymore). Furthermore, I suspect the real solution to this problem is to insist that BROKERS not be compensated either until after the transfer. While I don't know this for sure, I'd bet my next paycheck that the brokers are being compensated immediately after closing - so they could give a rat's bottom on how long it takes for the seller to get their money and the buyer to get their contract.

Withhold broker pay and I bet you'd see them get in Disney's face pretty quick about their ridiculous delays.

Once the deed is recorded, I think that's it for the escrow and title company