Is there a waiting period?

[coinkc]

Forgive my ignorance but I don't know much about DVC. My sister and her husband are interested in purchasing at Bay Lake Towers. Her question is whether there is a waiting period or not once you buy. They are planning a trip in June and want to know whether they would be able to use their points for that.

 

[vicki_c]

Buying direct from Disney, you will be able to make reservations very quickly (like days). However, availability may always be an issue depending on when you want to travel, how close that is, which resort you want, etc.

But there is no waiting period.

If a resale contract is purchased, it can take much longer until you are able to use your points due to more parties being involved.

 

[JimMIA]

Under Florida law, there is a ten-day "recision period." During that period, the buyer has the option of canceling and receiving all of their money back without question for any reason.

Because of that legally-mandated recision period, DVC usually takes about two weeks to close direct purchases. However, they DO allow reservations to be made shortly after the deposit is made.

IMHO, considering the possibility of being able to make ONE upcoming reservation is one of the worst possible reasons for rushing into a purchase of a luxury item which includes a 50-year financial committment. If your sister has such basic gaps in her understanding of what she's doing, I would strongly urge her to wait, do her research thoroughly, and then make an informed decision.

For example, does she know that she can save $50-$60 PER POINT on BLT by buying resale?

Does she even know that the resale market exists?

I can't think of any legitimate reason to buy direct at the current price differential between direct and resale.

 

[coinkc]

Thank you for the information. Her and her husband have been thinking about purchasing DVC for a few years so it's not something they are considering for one vacation. They just have a trip planned for June and would want to use their points if they decided to purchase.

They are still in the research gathering stages and are also looking into the resale market but asked me to find out about the waiting period.

 

[bumbershoot]

Guides have been known to offer their help in making that first reservation (because they CAN make interesting things happen with availability every so often), and I've seen some people say that they made getting a certain reservation something that needed to happen before they were willing to sign the papers.

So...maybe she could get a/her/your guide on the phone and see about going forward with that particular reservation in mind.

 

[ToddyLu]

The day we purchased direct from Disney in 2009 (June). The guide stayed on the phone with us and secured our 2 SV studios at AKV for the Oct trip we already had planned at Pop. There was no waiting period.

If you sister does decide to purchase direct and wants to stay in a room with a "special" view or something then she should make that part of the "deal". The price she has paid for the upcoming trip would certainly be useful in paying toward her DVC.

If I had gotten my upcoming trip with a good discount then I would keep it and plan to bank my DVC points for the next year's trip. JMO.

 

[JimMIA]

Her and her husband have been thinking about purchasing DVC for a few years so it's not something they are considering for one vacation.

I know they're not going to buy DVC for one vacation.

My point was that they should not focus on whether or not they would be able to purchase in time to make ONE reservation for June 2012.

Yes a guide might be able to assist them with that reservation, but the cost of that assistance is $50-$60 per point...and that's WAY too high a price to pay for a one-time convenience. They'll be far better off buying resale.

 

[JimMIA]

The other part of your question (which is unasked, but still relevant) is what the timeline would be like on a resale.

Your sister should plan on 6-8 weeks from offer to fully closed and "in the system" and able to make reservations. That general guideline may in fact turn out to be less time, but it's best to plan for 6-8 weeks. Much of that time is waiting for Disney to make a ROFR decision, which can take up to 30 days. A second delay occurs after closing for Disney to receive all the documentation from the closing agent, set up the new account, and put the points in. That usually gets done in 7-10 days.

If your sister buys resale, it's unlikely they will be able to use their points for a reservation in June 2012. However, they could take a small part of what they save and rent a reservation from a DVC owner. In fact, if they're still in the research stage, that might be a smart strategy no matter how (or whether) they end up purchasing because it will relieve that pressure from a factor which really shouldn't be a factor in their decision.