In need of resale advice/opinions....

[csharpwv]

OK DISfolk - we need some help in the form of advice and opinions..... PLEASE!

We are in the market for a resale contract at DVC-Hilton Head Island.

We were in the market before the 'big news' hit - so it's not at all like we are rushing into a purchase decision without thinking about all the 'what ifs'.

We are in the market to buy the points to use at Hilton Head, because we have family we want to take on vacation - most often during the summer. However, we don't like the idea of the points not being able to be traded if we want to trade them at some point in the future.

We have found a contract that is pretty loaded with a good number of points up front to use this summer.
I started shopping all of the dedicated DVC resellers, but no one had a contract that both fit our needs, and price per point.
So I started looking at ALL of the timeshare resale site online.

We wanted to stay with our current use year that out other three contracts are under - but were willing to go to a different use year if the deal was right.

We found that deal....

The listing was posted at $45.00 a point and had all but three points from 2009 banked - had all of the 2010 points available - and all the point are coming on the 2011 use date.

So we asked a few questions (and as a result discovered that the seller was not all too familiar with 'DVC speak' and didn't know too much about DVC or how it works.)

We got answers back finally that the seller was willing to pay closing costs and since all the maint. fees were already paid for the year - they would not expect those to be reimbursed, even thought they got no use out of their ownership for the last two years.

OK great - let's get thing thing written up and off to ROFR!

Well... not so fast - the agent, when she got back to me with all of that info said - "So the total cost of the contract will be $12,000"

UHHHHH......

Wait a minute.....

That's not the price per point we talked about - and that's the the price per point that is on your website - and that's not the price per point that was in the initial inquiry when I e-mail the agent.

Hmmmmmmm.......

So - what's up?

Turns out... or so the agent says... "THAT" contract was sold already and just wasn't taken down from the site.

I realized then that I had made a grave mistake of e-mailing the agent the OTHER contracts that we were considering - or had already inquired about. So it seems to be the seller's agent - which happens to be our agent (a little odd feeling - one person can't fairly represent BOTH the buyer and the seller in negotiations - right?) BUT that seems to be common practice in the industry.

The contract I inquired about had the same use year...
The contract I inquired about had the EXACT same number of banked points..
The contract I inquired about was under THIS specific agent...
The contract I inquired about had a SPECIFIC listing number with this SPECIFIC agent..... (see where I'm going with this???)

SO - I'm pretty sure the agent saw that we were willing to pay more for other contracts and immediately jacked up the price in cooperation with the seller.

Am I just being paranoid?

We have reached a deal - but not the SAME deal of $45 a point - however the seller is willing to pay closing costs - and the maint. fees for 2009 - and 2010.

The deal we have reached is still a GREAT deal for HHI - and with the closing costs of HHI being so much higher in South Carolina - it actually ends up being just above $45.00 a point with what we ARE NOT going to have to pay out of pocket.

The agent did something shady in my opinion -
The contract listing WAS removed from the site the day after she brought back the $12,000 offer to us. BUT - there hasn't been a similar contract reposted - and there isn't a similar contract on the market anywhere else.

Was this a bait and switch all along - or is the seller acting solely in the seller's interest, and told them we were looking at more expensive contracts that were quite as 'front loaded'.

So I e-mailed the agent last night with our final offer of $45 per point.

THEN the agent e-mails me back this evening and says that the seller has accepted our offer of $XX per point - which was NOT the $45.00 of our final offer.

So essentially, the agents informed us that that the seller accepted the terms of an offer we didn't make!!!!!!!!!!!

I KNOW the agent received my e-mail last night, because it's part of the e-mail chain that she responded to (my text is below her response in the e-mail from this evening).

It's a GREAT deal - and the terms are GREAT - however, we are having some mixed feelings on this agent - is the agent a crook?
Should we naturally be leery of an agent that doesn't know much about DVC?
What could go wrong?
What could go right?
Was the $45.00 contract with the same use year, exact same number of banked and available points REALLY sold?
Are we being hoodwinked by a busybody agent?
If we walk away - we are NOT going to find a contract like this - I am willing to lay pixie dust on that

ADVICE?
Experience you'd like to share?
Information?
Opinions?

PLEASE - we are somewhat at a loss here



THANKS in advance for your responses!

 

[DiznyDi]

Wow. I have no advice or suggestions for you. Only you can decide if you're comfortable with the transaction. Best wishes to you as you consider and weigh your options.

 

[Sandisw]

I am assuming that the agent is not one of the main ones we hear about on these boards.

To be honest, I don't think I would follow through with things. When your gut tells you that things don't seem right, go with that. I have learned my lesson a few times that when I get that little voice saying "I don't know" it usually means "run the other way".

While I know you want the contract, and it really fits your needs, I would be leary about entering in to this type of deal.

But, I am naturally a nervous nelly so anything that doesn't sit right with me is off the table.

Good luck!

 

[paeskie]

My advice is to proceed cautiously. If you still like the deal you think you are being offered, continue through the process.
When it comes time to sign papers, read them all carefully. Make a final decision based on what they put in front of you. They can say whatever they want on the phone, but the papers will be the real deal.
At that point, even if you think they are taking advantage of you, you can decide on whether or not it is the right contract for you.
Good luck!
Let us know how it works out.

 

[mecllap]

That's an awfully large $$ commitment to make given the history you reported. Did you check any available references from the agent and/or seller? If you even mention the terms "bait and switch" I would say "if it looks like a duck, quacks like a duck", etc.

I guess I would agree with Sandi. Maybe this is an instance to regret something you didn't do, than something you did? (It kind of seems in the "too good to be true" category?).

You can read and understand all the paperwork, but if it doesn't get closed and filed properly, you can still lose money. Lots of people have been burned with timeshare sales and resales. Haven't heard of that with anything related to DVC, but someone probably has figured out a way to do it by now.

 

[Davids-Coco]

That sounds a bit too "messy" to me! I would run, but you really need to decide if you are comfortable with the agent, situation, and questions involved.

 

[goofy2008]

Sounds shady!!
I would push the point of the $45 deal..
Why did all the numbers match???

 

[LouisianaDisneyFan]

I would ask who the closing company will be and also check the credentials of the broker. I would also ask the broker what other DVC contracts he/she has successfully closed within the last year. You are dependent on this broker to send the paperwork applying for the Waiver of ROFR, so his/her understanding of that process... and timeliness to get the contract approved... is imperative. Also, having a closing company that is very familiar with DVC transactions is a big plus. You mentioned closing costs in South Carolina versus Florida, so I'm guessing this is a broker that is NOT located in Orlando and therefore probably not someone who is familiar with the entire DVC closing process. If you feel this broker doesn't have a clue how to expeditiously close a DVC resale, I think I would look for another contract... or perhaps find out if there is a way to have this contract co-brokered by one of the DVC-exclusive resale companies located in Orlando.

 

[Famvaca]

good luck with it.

 

[marynvince]

People often get emotionally tied to big ticket items, like timeshares and cars and let their heart rule over their head. To get the best price, do your research, which you did, offer a fair price and stick to it.

I just purchased at HHI. 220pts dec UY, all 2010 pts, all 2011 pts. I paid closing and 2011 maint. fees. Listed price 52, i offered 42 seller came back with 47, i stuck with 42 and got for 42. passed rofr.

good like HHI is a great resort! with the best CMs

 

[csharpwv]

marynvince - We looked at that exact contract!

HAHA - Small world! So you are the lousy no good %$&*^$ that bought!!!



I'm totally kidding!

But we did indeed look at that contract!

We were going to buy a much smaller contract (50-85 points) - but then when we got to figuring out how we would like to use the contract - we instantly jumped up to around 200 points.

BTW - do you remember what your closing costs were?

 

[csharpwv]

And the plot thickens -

SOOO - episode II here.....

So it turns out that this timeshare resale agency has a "C" rating by the BBB.
The complaints have all been in similar nature to our experience with the company so far.
False advertising....
Incorrect information...
Contracts not being as verbally agreed upon...

And so on - and so fourth.....

ALSO - I found the original reference number on the contract that I inquired about - I Googled the reference number, and guess what - the contract now comes up on the agency's website with the amount that we are offering as the price per point.

SO - in the end, it is the same exact contract, and the Agent has lied to us!!!!!

So here is what I am thinking -
We move forward with the offer- read the offer statement with a fine tooth comb, and correct IN PEN any errors that we find.

We go just far enough along in the process to get the sellers contact information to contact them directly, explain the situation, and hope they will change to a different agent/agency.

Just say forget about it - and make an offer on another contract.

I know I won't find the same deal - but in the end a deal isn't a deal if there is a chance of losing a considerable amount of time and money.

It makes me sick to know that this agent is that much of a swindler!
If I hadn't been a saavy consumer, I would have believed her CRAP about the other contract being sold!

I am a stickler for details - and I notice every little thing.

This agent is a crook!

To beat is ALL - on the BBB site she it listed as the PRESIDENT of the company!

So if the President of the company is this crooked, imagine how the rest of the agents are!!!

No wonder she had a so many complaints with the BBB! WOW

I feel sorry for the seller - with a joker like that representing them, I wonder how long this contract has been on the market?!?!

 

[LouisianaDisneyFan]

So here is what I am thinking -
We move forward with the offer- read the offer statement with a fine tooth comb, and correct IN PEN any errors that we find.

We go just far enough along in the process to get the sellers contact information to contact them directly, explain the situation, and hope they will change to a different agent/agency.

I wouldn't sign anything with this woman, correcting in pen or not. The deal you think you had never existed... and probably never will exist. As you have come to realize, it was a swindle. Signing something with her will not get you the seller's contact information until you receive closing documents, and sometimes not even then. I know the names of our sellers for our resale contracts, but the only contact information I have reads that communication is in c/o the broker. Same for our address, so the seller could not contact us directly either.

I think it's best to consider yourself lucky for getting out of this without losing any money. Move on to a reputable broker instead.

 

[eljefe45]

I'd like to know what resale joint you used.

 

[FindingFigment]

I always check BBB before doing business with any company I'm unfamiliar with. I also filed my first complaint with BBB recently and was able to recoup some of my loss (not Disney related).

If it were me, I would definitely move on to reputable resale brokers and then document everything that happened including the latest findings and report them to BBB. As part of the complaint, ask that this reseller refund any money you've sent to you within 10 days.

I like a good deal just like the next person, but it sounds like you are playing with fire and the deal isn't as good as it sounds. In fact, I wouldn't doubt if this person is listing all new contracts with a low price and then switching it to a higher price once there is someone interested.

Be careful with your money. No one can protect you as well as your own gut instincts!

 

[csharpwv]

WOW - so I got the contract from the agent via e-mail today and it isn't correct. It does not reflect the offer we made, it does not reflect that the seller will be paying closing costs, and it does not have the appropriate date in the purchase agreement (Section VI of the Agent's form).

Not only am I going to contact the BBB to file a complaint, I am going to contact the control/licensing agency for realtors in FL. (I have to do some research on that one).

This has gone from shady to out and out fraud on the part of the Agent!

The sellers names are on the contract - I am going to try to track them down this evening.

There is even a clause in the contract that she (the agent) still gets her full commission even if the sale doesn't close for some reason - so getting the seller away from this agent is in their best interest as well.

 

[csharpwv]

AND - the agent is also listed as the Escrow holder.
That defeats the purpose of holding funds in Escrow does it not?
Isn't Escrow supposed to be held by an independent 3rd party???

 

[3 Hobbits 2 Disney]

Run Away!!!!!!

Nothing is worth that hassle...leave while you are somewhat emotionally dispassionate.

 

[paults]

RUN FORREST RUN No way in _____ would I take this deal

 

[csharpwv]

I have done a little more research this evening -
And once again - the plot thickens -
This agent's real estate license authority has been voided previously.

I just filed a complaint against the agent/agency this evening.

I am also filing a complaint against the agent with the Florida Department of Business and Professional Regulation.

Once I get both complaints filed I will post the agent's information here - and any place else I can find so that no one else has to deal with this idiot!