May have to sell...

[ilovecoasters]

DH and I may have to sell our DVC contract. Does anyone have advice or has been through it so we know what to expect? It's not something we want to do, but we may have to cut back on some extras due to both of us possibly taking a pay cut.DH says our DVC is the first thing to go since we financed and still have 5 years of payments left. It is not a good time to be a public school teacher in Florida.

 

[Sandisw]

I am sorry to hear you may have to sell. I have sold a contract via the TSS. It was an easy process. Right now, because of the change in resales beginning March 20th, it appears that contracts are selling pretty fast.

Once you call and list, its just a matter of waiting for a buyer. It also seems that ROFR is taking about 30 days so from the time you have a buyer to closing is probably 6 - 8 weeks.

Of course, you will have to pay the commission, which I think is around 10% (it was in 2009 when we sold).

Good luck!

 

[sweetdana]

LIST ASAP. with the March 20th rule changing; there are much fewer contracts esp. lower points. The value of it will probably go down after that also.

The other option is renting your points, if you think it might work out within a few years. Even Direct, I with finance charges and MF, you should paying less than 10$ a point. Most rentals on the rental board are about 10$ - 11$ a point unless it is expiring soon.

I do not think it is a good time anywhere for a teacher..
Good luck deciding.

 

[pkitty]

I sold last February during the "Global Financial Crisis" and had my SSR contract snapped up in 24 hrs with The Timeshare Store.....second contract went into ROFR with WDW and was finalized within 30 days. Simple process even for out of the country purchasers such as myself. If you need to get rid of them...do it now before those changes come into effect. This way you at least stand a fighting chance of coming out with enough to cover you loan with DVC. I sold because I wasn't going to be using them for a while due to work commitments and our DD is going of to college so I felt that they where unnecessary. There's the must haves and the nice to haves. When things straighten out for you again you can always buy in again....until then take advantage of the promo codes, free dining and package deals. It's not over....just detoured for a while keep your chin up....it could be worse.....children around the world are starving....glum but factual. WDW isn't going anywhere......it'll still be standing when you want to visit again. Sadly my nephew is a teacher and he has been doing supply work since he graduated 3 years ago....so I can sympathize. He's back to living at home in the basement......what can you do

 

[Mjasp]

Pkitty...Very well said, it's not over, just a detour and when all is said and done you may just like using the promos and not having the maintenance hanging over your head.

 

[Deb & Bill]

I think you will have to pay it off before you can close on it. But I'm not an expert on that. Contact a reselling company (TTS is good as are others) and find out from them.

 

[Jason@dvcstore]

DH and I may have to sell our DVC contract. Does anyone have advice or has been through it so we know what to expect? It's not something we want to do, but we may have to cut back on some extras due to both of us possibly taking a pay cut.DH says our DVC is the first thing to go since we financed and still have 5 years of payments left. It is not a good time to be a public school teacher in Florida.

I am sorry to hear about your situation and that you might have to sell. If you would like to get information about listing your points with The Timeshare Store, Inc.® feel free to email us at sales@dvcstore.com and one of our associates can you email you the information. Of course, if you would like to talk to someone please call us at 1-800-550-6493.

If you do end up selling the good news is that you can always buy back in.

Jason

 

[Mjasp]

I am sorry to hear about your situation and that you might have to sell. If you would like to get information about listing your points with The Timeshare Store, Inc.® feel free to email us at sales@dvcstore.com and one of our associates can you email you the information. Of course, if you would like to talk to someone please call us at 1-800-550-6493.

If you do end up selling the good news is that you can always buy back in.

Jason

Wish these forums had a like button like Facebook. I'd "like" your last quote, the good news is that you can always buy back in

 

[ilovecoasters]

Thanks everyone. It's really a wait and see right now since this is not something we want to do. My post was never meant as a solicitation, I apologize that others took it that way. We are at the mercy of our governor with our pay cut. Could be worse, friends of ours might lose their home.

 

[andycat]

Sorry to hear about your situation. A couple of things that may affect your decision...

If you bought direct, the resale value will be considerably less, so your proceeds may be less than you're expecting. If you financed the purchase, it's possible you won' have enough to pay off the loan after expenses. Other threads here have talked about simply giving the deed back to Disney, but as SweetDana said, you can probably rent out the points and at least cover the payments.

That said, a broker like TTS is probably the easiest way to sell, although there are others. You can post the points on eBay, or list them in the local paper and on Craigslist. Please be very careful and research thoroughly if you consider using one of these routes as there are many pitfalls. (I will buy your property for twice your asking price - but I need you to wire me 60% of the overage...)

I wish you the best of luck. There was an article in the Sunday Jacksonville paper about how Gov. Scott wants Florida to be "bigger than Texas" - as in bigger budget cuts! This from the man who's company defrauded the federal government of $1 billion. In the immortal words of Bugs Bunny, "What a maroon!" (http://www.youtube.com/watch?v=C_Kh7nLplWo)

 

[nyck]

I also think you will still be responsible for 2011 dues, depending on when your use year is I think. So if you haven't paid these already in full you will need to before closing. Jason can tell you for sure, but when I was looking at selling before I am pretty sure they told me that

 

[18sprint]

Very, very sorry to hear about your situation. I have a nephew in the same situation here in Ohio. This may not offer much comfort, but remember that even though you may have to sell, when things pick up for you, you might consider renting pts instead of becoming owners. I think had I discovered that you could rent pts, I may have not bought into DVC. Several of our friends have gone the rental path and had very, very good experiences with it.

 

[briand1023]

You could potentially rent your points for $10 or $11 per point to offset annual dues and some of your monthly payments, possibly enough to allow you to still keep the DVC membership. Best of luck.

 

[dianeschlicht]

While renting points out might be an option, I think it would depend on how many points you are talking about. If the contract is minimal, it isn't likely to be enough income to pay BOTH the dues and loan payments.

As others have said, you need to also make sure you would get enough to pay off the residual of the loan too. I would use those two criteria for deciding your path. If it's enough points where rentals would pay for both the dues and the payments...go for it. If there aren't enough points to realize enough income to do those things, I'd think about selling. Of course, if you sell and you don't get enough proceeds to pay off the loan, that is something to consider as well.

You will have to sit down and run the numbers for both situations. I'd probably contact the TTS and have them help you with the possible numbers from a sale. Then you can take those numbers and look at them in comparison to the likelyi income from renting.

 

[MrShiny]

While renting points out might be an option, I think it would depend on how many points you are talking about. If the contract is minimal, it isn't likely to be enough income to pay BOTH the dues and loan payments.

Yes, it all depends on you financing. Renting reservations at $10/point is not too hard.

In my case, that would give me $4000.

My dues are about $1900 and my loan is about $2800/year.

So if I rent out everything, I still owe about $700 (but I retain ownership, which of course has value). It all depends on the amount you financed and the rate you recieved. I financed through Disney - a home equity loan would have been less interest and a lower payment.

The good news is that if you do sell, very likely you can buy back in when things are better, and if the DVC resorts are your primary use, you should be able to get a good resale price.

Good luck to you!

 

[jsinohio]

I am sorry to hear you may have to sell. I have sold a contract via the TSS. It was an easy process. Right now, because of the change in resales beginning March 20th, it appears that contracts are selling pretty fast.

Could someone give just a brief explanation of what the changes are for resales? Guess I've totally missed that discussion. Thanks!
.
.

 

[MrShiny]

Basically, any resales after 3/20/11 can not use their points for things like the Disney Cruise Line, etc. Basically they can only use those resale points for DVC. These other ways are not as good a use of points anyway, but still could make the resale seem not as valuable as the direct purchase points.

 

[fireflymedic]

Sorry to hear that you are having to sell. Maybe the Gov. of Fla. wont get his way with the retirement system taking a 5% paycut will be tuff on all most all local Gov. Workers