How do presales Work?

[RweTHEREyet]

If they start pre-selling BVC, do you pay down payment and if you finance do payments start immediately, or do payments start when BCV become available? HAS DVC down pre-sales in the past? Anyone have experience with this?

 

[RobDoc]

DVC has not done this type of presale in the past so it is new experience for everyone. There were presales of sorts at HH, VB, BWV and VWL, but no points were available for use until closing had actually occurred.

Most likely, they will require a downpayment, but there will be no closing (and no payments) until the resort officially opens. In addition, BCV owners will likely have no points to use until the resort opens and closing has occured.

DVC will certainly announce all details if a presale does in fact occur. Stay Tuned!

 

[alikat99]

DH and I did a pre-sale of VWL on the first day that they were available for sale, sometime in late Nov 2000. Anyway, we signed all of the papers, gave our down payment on the day we signed up. However, loan payments and dues payments didn't start until the month after when closing was supposed to be (Jan 14, 2001). Our first payments were in February. Also, we could make ressies with our points, but the ressies had to be after the closing date of 1/14/01.

My guess is that if they do some pre-sales of BCV, they will do them in a similar manner. You will sign the papers and give them a downpayment, but no more money is due until after the actual closing and release into the DVC.

 

[RobDoc]

One difference with BCV (if it does happen) will be that at VWL- the resort was already open before the "sales" began. Prospective owners could even walk thru the resort before buying.

If BCV won't open until 2002- no one will have stayed there if sales begin early.

It will be interesting to see if DVC does offer some sort of $$ incentive (maybe the current $75 per point) for BCV presales and the raise the selling price once the resort opens.

 

[CaliforniaDreaming]

Will they have the point charts available for BCV when they start presales? (We would like to buy just enough for 5 weeknights in a 2 BR every year - after staying 2 nights in a deluxe on cash and then 1 weekend night @ BCV) Thanks!

 

[Dean]

Regardless of what else happens, count on having the points schedule available at the time sales start. Also count on it being at least slightly higher than WL and BW. You're likely looking at around 200-240 points (more for premier) depending on when you want to stay.

 

[bicker]

Not to question you, Doc, but my wife insists that pre-sales in advance of CoO is strictly illegal in Florida. She says money cannot change hands until the permit is issued. Does anyone know the legalities behind this for sure?

I would imagine that they could start taking names though.

 

[RobDoc]

, but my wife insists that pre-sales in advance of CoO is strictly illegal in Florida. She says money cannot change hands until the permit is issued. Does anyone know the legalities behind this for sure?

My understanding is that presales ARE allowed in FL. I know of several instances where timeshares and condos have been sold well before any occupancy. No closing can take place until a certificate of occupancy has been issued however. They still need to satisfy all state requirements to be registered to sell and presale purchasers do have liberal opportunity to back out of the deal.

Dean has reported this also, numerous times here on the board...as in this <a href="http://www.disboards.com/forums/showthread.php?s=&threadid=52270"> recent thread.</a>

 

[Dean]

I'm certainly not privy to the legal specifics but know for certain that Marriott has sold several resorts this way. They've taken deposits as early as the initial ground breaking and over a year before occupancy for even 1 unit. They don't close until they get their COO. I suspect that holding the monies in escrow would bypass the legalities your wife is refering to.

 

[princess angel]

Hey Cali!!! funny to run into you here too!!!!!!!!

I am anxiously awaiting more info on the BCV. dh and I plan on buying more points, but are waiting to see what will be the price ad so forth w/BCV. we may end up going with a resale at BWV, it may make more sense!

we'll see!!! I do wish they would release point charts, but I guess they can't do that, cause who knows if it will even open on time!

Laura

21 days til WDW!!! yipeeeeeeeeee