How do you determine if dues are current for resale purchase?

[disneyeveryyear]

I know how to look up deeds, but I wonder how you can determine if dues are current.

I had recently read a thread that estoppel was being held up due to DVC investigating the current status of dues and the buyer indicated that s/he had researched and found dues to be 2 years in arrears.

Where do I look for that? I have just recently (this week) had a resale contract accepted and I know the party is selling 4-5 contracts. I am just curious and want to be prepared if this will be a longer than anticipated process.

TIA

 

[Jason@dvcstore]

I know how to look up deeds, but I wonder how you can determine if dues are current.

I had recently read a thread that estoppel was being held up due to DVC investigating the current status of dues and the buyer indicated that s/he had researched and found dues to be 2 years in arrears.

Where do I look for that? I have just recently (this week) had a resale contract accepted and I know the party is selling 4-5 contracts. I am just curious and want to be prepared if this will be a longer than anticipated process.

TIA

Your broker should know the status of the dues paid by the seller. If your transaction is with The Timeshare Store, Inc.® please contact your associate and they will let you know the answer to your question.

 

[KAT4DISNEY]

I know how to look up deeds, but I wonder how you can determine if dues are current.

I had recently read a thread that estoppel was being held up due to DVC investigating the current status of dues and the buyer indicated that s/he had researched and found dues to be 2 years in arrears.

Where do I look for that? I have just recently (this week) had a resale contract accepted and I know the party is selling 4-5 contracts. I am just curious and want to be prepared if this will be a longer than anticipated process.

TIA

That's a weird statement - "estoppel was being held up due to DVC investigating the current status of dues". If DVC doesn't immediately know then who does?

However - if they are significantly in arrears DVC would have filled a lien and likely begun foreclosure. I bought one contract that was in that status. It would be an associated document on the OC website attached to the deed.

 

[disneyeveryyear]

That's a weird statement - "estoppel was being held up due to DVC investigating the current status of dues". If DVC doesn't immediately know then who does?

However - if they are significantly in arrears DVC would have filled a lien and likely begun foreclosure. I bought one contract that was in that status. It would be an associated document on the OC website attached to the deed.

I will have to look up the thread and find out the exact wording.

 

[supersnoop]

Where do I look for that?

You don’t. Any unpaid dues are settled at closing; paid out of the sellers proceeds. If they also owed money on a loan, they might be upside down and the delay could be because they had to go find some money to bring to the table in order to close.

 

[disneyeveryyear]

You don’t. Any unpaid dues are settled at closing; paid out of the sellers proceeds. If they also owed money on a loan, they might be upside down and the delay could be because they had to go find some money to bring to the table in order to close.

Thanks for the help. They are about 13 years into their contract so I am assuming they no longer have any loans, so I will just have faith!

 

[DisneynBison]

So I watch the OC website regularly to see what is passing ROFR at Animal Kingdom. Today must have been the day that Disney said enough is enough on waiting on dues. It looked like there were a bit over 310 Liens filed from DVC onto Animal Kingdom owners.

 

[Henwen88]

So I watch the OC website regularly to see what is passing ROFR at Animal Kingdom. Today must have been the day that Disney said enough is enough on waiting on dues. It looked like there were a bit over 310 Liens filed from DVC onto Animal Kingdom owners.

That's interesting... they only filed for Animal Kingdom contracts, or did you only check AK contracts? Maybe it's getting close to the end of their fiscal quarter.

 

[DisneynBison]

Nope they filed at others to, Poly was about 150, Saratoga was about 500, Grand Floridian was about 90, Boardwalk was about 145, Beach Club was about 75, Bay Lake was about 190 . There sure are a lot of people that don't pay their dues. I am sure in the grand scheme of things it is a small number or a very small percentage of DVC owners but I thought it was interesting to see it pop up. Still probably a few million dollars worth

 

[kboo]

Nope they filed at others to, Poly was about 150, Saratoga was about 500, Grand Floridian was about 90, Boardwalk was about 145, Beach Club was about 75, Bay Lake was about 190 . There sure are a lot of people that don't pay their dues. I am sure in the grand scheme of things it is a small number or a very small percentage of DVC owners but I thought it was interesting to see it pop up. Still probably a few million dollars worth

Wow. Maybe I should have waited to add on...

 

[KAT4DISNEY]

Nope they filed at others to, Poly was about 150, Saratoga was about 500, Grand Floridian was about 90, Boardwalk was about 145, Beach Club was about 75, Bay Lake was about 190 . There sure are a lot of people that don't pay their dues. I am sure in the grand scheme of things it is a small number or a very small percentage of DVC owners but I thought it was interesting to see it pop up. Still probably a few million dollars worth

All because of dues or are some due to late mortgage pmts?

 

[Mumof4mice]

Wow. Maybe I should have waited to add on...

On my wish-list is a fully loaded contract owned by an investment banker who got tired of DVC and just want to get rid of it. I'd have to take a break if I find another contract, wait 2-3months, and the seller decides to just let the contract go to foreclosure again

 

[kboo]

On my wish-list is a fully loaded contract owned by an investment banker who got tired of DVC and just want to get rid of it. I'd have to take a break if I find another contract, wait 2-3months, and the seller decides to just let the contract go to foreclosure again

One of my past resale purchases was a foreclosed or surrendered contract - it was owned by a mortgage company, not an individual. The transaction went smoothly and quickly, and I got a very good price. I didn't know, until we had a signed sales contract, of course, but it made sense then why there was a quick and easy negotiation on the purchase price, and I felt pretty good about ROFR and estoppel.