Holy Cow! Now I have cold feet!

[jackskellingtonsgirl]

YIKES!!! WHAT are we getting ourselves into??

I just got all of the documents for the DVC resale purchase and I don't think I want to do this after all!

It says we have to overnight all this money to all these different places in the next 7 days, even though we won't be closing on the property until January.

WHAT IF WE DON'T QUALIFY FOR THE LOAN? Shouldn't the whole deal be entirely suspended until we know whether or not we can get financing? If we send in 10% tomorrow then where does that money go if we can't get a loan? They keep it because it is breach of contract? It says if we back out we won't get the deposit back, but we can't buy if we can't get a loan for the balance.

We have never purchased real estate before so I am very freaked out by all of this paperwork.

Does anybody know the EXACT steps to purchasing resale if you are financing?

 

[DebbieB]

You will not close until January? Where are you getting your financing from?

 

[jackskellingtonsgirl]

It is a resale through the Timeshare Store, so our financing will be through Benchmark Bank. But the more I look at these documents the more freaked out I get. Maybe we should just keep doing the hotel thing and forget about buying DVC!

I am going to call them tomorrow to get clarification on all of this.

 

[Jason@dvcstore]

YIKES!!! WHAT are we getting ourselves into??

I just got all of the documents for the DVC resale purchase and I don't think I want to do this after all!

It says we have to overnight all this money to all these different places in the next 7 days, even though we won't be closing on the property until January.

WHAT IF WE DON'T QUALIFY FOR THE LOAN? Shouldn't the whole deal be entirely suspended until we know whether or not we can get financing? If we send in 10% tomorrow then where does that money go if we can't get a loan? They keep it because it is breach of contract? That can NOT be right.

We have never purchased real estate before so I am very freaked out by all of this paperwork.

Does anybody know the EXACT steps to purchasing resale if you are financing?

First, I want to say thanks for your interest with The Timeshare Store, Inc. Be advised we will be in the office Monday morning at 9 am and be happy to answer all of your questions. Benchmark Bank will typically give you an answer with 48 hours of receiving your application. Should the financing not work out and you have purchased based on the financing we will simply have to get the property back on the market for the seller and you will not have had to forfeit anything.

I hope this answer helps you sleep tonight. Give us a call in the morning and we will be glad to help.

Thanks again,
Jason

 

[jackskellingtonsgirl]

Thanks for the reply, Jason!

Since we have never done this before we were a bit shocked by all of the paperwork. It is all very different than applying for a car loan, isn't it? While we originally thought the delayed closing might be a good thing, now I am thinking it might actually be more complicated than something we can close on now.

I'll definitely get my questions together and call tomorrow morning so I can make sure this is going to be the right way for us to go.

 

[jodifla]

Thanks for the reply, Jason!

Since we have never done this before we were a bit shocked by all of the paperwork. It is all very different than applying for a car loan, isn't it? While we originally thought the delayed closing might be a good thing, now I am thinking it might actually be more complicated than something we can close on now.

I'll definitely get my questions together and call tomorrow morning so I can make sure this is going to be the right way for us to go.

Consider getting your feet wet if you ever buy a house. That paperwork literally takes HOURS to sign!

Good luck on your purchase....

 

[flechette]

Your 10% deposit should be going to a holding company - I think it was Timeshare Closing services. It goes nowhere until the transaction is finalized.

When applying with Benchmark - add $50 to the amount you want financed. IE if you need a $4000 loan apply for $4050. There is a $50 application fee that is simply deducted from your finance amount.

Next - take a deep breathe and slowly exhale :-} I was in your same spot last August and yep - this is scary as all heck. But it pass, eventually.

FWIW - I was originally going thru my credit union for financing but they changed their terms from when I spoke w/ them and got an unofficial okay to when we actually needed the money. Benchmark approved us in a little less than 50 minutes: I faxed the application to TSS at 9:30 and I heard back before 10:30 from Jerry.

Good luck! You are in good hands w/ TSS

Michelle

 

[HayGan]

Honestly, I would say if you are not completely comfortable with doing this then do not do it. It is a significant amount of money to spend without being completely sure.

As far as your deposit, it should be completely refundable if you are unable to obtain fianncing. I also believe you have 10 days from submittal of your signed documents to recind your contract and receive a refund.

Please for your own piece of mind, make sure that you are comfortable with this decision before you sign anything.

 

[jackskellingtonsgirl]

Thanks, everyone!

I have complete faith in the Timeshare Store, it's just that I don't think we are actually ready to do this. DH and I talked about it at length last night and we decided we need to wait a few months and be sure that what we buy is what we REALLY want. There's no rush, we're going to WDW for 16 nts. in August, and we don't have a trip planned after that one. We can slow down and figure out what is going to be the most suitable before we plunge in.

 

[HayGan]

Thanks, everyone!

I have complete faith in the Timeshare Store, it's just that I don't think we are actually ready to do this. DH and I talked about it at length last night and we decided we need to wait a few months and be sure that what we buy is what we REALLY want. There's no rush, we're going to WDW for 16 nts. in August, and we don't have a trip planned after that one. We can slow down and figure out what is going to be the most suitable before we plunge in.

I think it sounds like you made the right decision. It really is a serious commitment and if you aren't comfortable with it then it is best to take more time to think it over.

Have a great time on that trip in August! We will be there from Aug 16 -22 so maybe we will see you there