Made my first offer with Fidelity and it was .... odd

[rothesay]

I was on fidelity a week or so ago and it seemed like their list prices were as much as 10 per point less than other brokers. Figured there had to be a catch, and sounds like that $195 fee is part of it. On a 50 point contract, that's an additional $4 per point.

At the end of the day, list or the agreed selling price does not matter if it is not going to pass ROFR. And you're absolutely correct with the $195 fee. Also, I found the offer process is not very transparent, they just tell you there is another buyer with a higher offer, on a couple of occasions, I am not sure if I am bidding against myself.

 

[codina818]

I can't be sure, but it seems they send out an extremely low priced list, then, when numerous offers come in, they tell them about the other offers.

I dont think they are making the other offers up.. just that their system is geared to generate the maximum number of offers.

 

[miTnosnhoJ]

I think that Fidelity has some of the most realistic prices, if you look at the prices being registered on the Orange County Controllers site. Some of the other brokers start with prices that are very high, perhaps because some buyers will not have the market knowledge to negotiate.

 

[APiratesLifeForMe2]

Sorry to have to agree here. Our recent experiences with Fidelity included a 3-week delayed closing, a 5-week delay in getting paperwork, inflated closing costs (over the given estimates) on 2 contracts, and very little help from Fidelity. Hope OP has better luck with them.

That really makes for an unpleasant experience! We are in estoppel now so hopefully things don't start lagging now.

I can't be sure, but it seems they send out an extremely low priced list, then, when numerous offers come in, they tell them about the other offers.

I dont think they are making the other offers up.. just that their system is geared to generate the maximum number of offers.

From my personal experience I am the one who brought up the other listing I saw on the site after asking him if they had any other similar listings available. I got the impression each agent perhaps does things a little differently. He did give me the indication that when you send in an offer from the email blast, they typically have someone follow back up with you if yours didn't make the cut to see if they have something else. I think this is actually a good thing as opposed to an email saying sorry about your luck.

 

[ldo]

confirming you got a great price. I sold 50 VWL points (semi-stripped) 18 mths ago in 1 day for $93. I hope you make it thru ROFR.

 

[LAX]

At the end of the day, list or the agreed selling price does not matter if it is not going to pass ROFR. And you're absolutely correct with the $195 fee. Also, I found the offer process is not very transparent, they just tell you there is another buyer with a higher offer, on a couple of occasions, I am not sure if I am bidding against myself.

I used a different broker, but also had the same experience about other higher offers. I guess it might be a common practice in this industry. On my first two attempts, I refused to up my initial offers and was told other bidders took the contracts. On my third, I raised it a little and ended up getting the contract.

LAX

 

[Babydreamz]

MY very first offer was with a different broker for $7 below asking and the broker called me back and basically told me if I didn't offer list price I wasn't going to get it. I declined and put in an offer on a different listing. The first one is still showing as available on the website. Who knows what went down.

Well we're currently waiting to find out if we pass ROFR on the second listing we put an offer on.

I used a different broker, but also had the same experience about other higher offers. I guess it might be a common practice in this industry. On my first two attempts, I refused to up my initial offers and was told other bidders took the contracts. On my third, I raised it a little and ended up getting the contract.

LAX

 

[jtwibih]

What other fees does Fidelity have that aren't advertised? We are looking at a resale contract and find their prices to be pretty good but if they are difficult to deal with or have a bunch of fees (especially if they are non-refundable even if Disney exercises ROFR) then I may need to stay away.

It seems that the Timeshare Store is very reputable but they are high.

 

[LynJ]

We made a verbal offer through Fidelity, but weren't told until after the offer was verbally accepted that it was a bankruptcy. We'd have to get the trustee's approval, then pass ROFR, then wait for approval by the bankruptcy court. Oh, and the trustee was out of the office for a few days. We wouldn't even see a written contract to make the offer official for at least a week.

Great listing price, yes, but no guarantee the court would ultimately approve it. We ended up rescinding our oral offer and looked elsewhere. Were in ROFR within 2 days-- before the bankruptcy trustee on our prior offer would even be back in the office.

It may go smoothly for some, but i didn't want to risk the chance of court denial after ROFR or the extra time involved for court proceedings to finish.

 

[APiratesLifeForMe2]

What other fees does Fidelity have that aren't advertised? We are looking at a resale contract and find their prices to be pretty good but if they are difficult to deal with or have a bunch of fees (especially if they are non-refundable even if Disney exercises ROFR) then I may need to stay away.

It seems that the Timeshare Store is very reputable but they are high.

Just the $195 additional fee and that's regardless of contract size. You don't pay it up front so if you don't pass ROFR you aren't at a $200 loss. The closing costs seemed in line with others in the market and for me personally communication has been great so far. I know lots others have different experiences with communication so I went into it knowing that may be an issue- the price was worth the risk for me.

 

[kmn952]

We are currently working on a resale contract with fidelity for the wilderness lodge. They said they will send it to Disney in the next day or two, as the seller just signed the contract today. Hoping it passes, it was a great deal and the buyer agreed to pay the 200 dollar fee!

 

[TinyTGO]

I have some experience with Fidelity. I think they are able to offer some better priced deals for a couple reasons. First, they guarantee the sale of their listings within 15 days. That means they've already coached the seller down to a lower price point. Second, they charge only 5% seller's commission. Most other sites charge between 8-10%. Another interesting note, title insurance is NOT included in your closing costs. It's optional and runs for an additional $200-300.

My biggest issue when I've used them is their lack of communication. When you are bidding and negotiating they are all over it. The second you sign that contract. They poof like Houdini.

Also, when negotiating I got the feeling that I was negotiating with the salesman and not the seller. It was almost as if the broker had already been given the lowest price and was negotiating on behalf of the seller.

 

[DVC Doctor]

I have worked with Fidelity several times and can report that all my dealings with them have been very positive.

I recently made an offer on a DVC contract, went thru a few rounds of offer, counter, re-offer, re-counter, accept.

The good news is that I passed ROFR in 3 business days and now in closing.

My agent was Thomas Kwok and I was 100% satisfied with his services and Fidelity.

 

[APiratesLifeForMe2]

I have worked with Fidelity several times and can report that all my dealings with them have been very positive.

I recently made an offer on a DVC contract, went thru a few rounds of offer, counter, re-offer, re-counter, accept.

The good news is that I passed ROFR in 3 business days and now in closing.

My agent was Thomas Kwok and I was 100% satisfied with his services and Fidelity.

He is my agent too!

 

[sherwimpy]

I purchased from Fidelity my first contract. Price per point is only a small part of it. Fidelity has admin fees, added title insurance, etc. Their closing costs are much higher than most. I just purchased another contract. Its simple math. Take all of your costs and divide them by the amount of points you are purchasing. That will be your actual cost per point. You will be surprised what you price per point comes up to with Fidelity. Nothing wrong with that, just be aware.

 

[DisneyBeach2]

Ah. There was (is?) a Vero Beach 150 point December contract for $40, with named 2014 and all 2015 points. But those 300 "current" points will all expire in four months.

I saw this one too and called about it but the current bidding war on it was up to $46 a point

 

[DisneyBeach2]

At the end of the day, list or the agreed selling price does not matter if it is not going to pass ROFR. And you're absolutely correct with the $195 fee. Also, I found the offer process is not very transparent, they just tell you there is another buyer with a higher offer, on a couple of occasions, I am not sure if I am bidding against myself.

When I called they said the low price in the emails was to it sold quickly, and they go very fast and they usually get multiple offers

 

[Matty B13]

When I called they said the low price in the emails was to it sold quickly, and they go very fast and they usually get multiple offers

I'm sure there are other offers........

 

[PSUDinsey]

Does anyone have contact information for Thomas?

 

[CaliAdventurer]

This is how we got our amazing contract. I got the email, called my husband for the ok, called fidelity and bought it. Everything was exactly as advertised but there were delays with closing etc that had to do with having a Japanese seller and an escrow office on 'Hawaiian Time'. Fidelity certainly doesn't do any hand holding but I would buy again because I got a contract I love for a great price and I'm not a micro manager. Fortunately, I had this forum to hold my hand and answer all my questions : )