Multiple offers

[andy117]

We've been looking at getting into DVC, when making an offer will the major sites let you put in multiple offers at the same time? We're looking for something in the neighborhood of 200 points, not too picky about which resort.

 

[Sur]

Our experience has been similar to buying a house.... put in an offer, wait for counteroffer/acceptance/declined. The resale company contacts you and you can put in another offer or not.

We never said "offer $XX but go up to $XX"... what would keep them from just putting the highest in (not to say they would, a few seem rather trustworthy).

If you expect it to sell fast, go with the best you can offer. If not, and another person outbids you, they can accept or get you involved in a bidding war.

Good luck!! Keep us updated!!

 

[Sandisw]

The times that I have put in offers, I'm usually heard the same day. Only once did it take longer so in my experience, the turn around is fast enough to do one at a time. Of course, we were looking for something specific so when we saw it, we put in our best offer from the start as we had a price point we were set on. It took us four tries to get a seller who was willing to accept that same price point.

 

[chalee94]

We've been looking at getting into DVC, when making an offer will the major sites let you put in multiple offers at the same time?

are you willing to pay for all of the contracts if they all accept?

 

[Minnies Dad]

My experience has been you get a response back quite quick - so in my case, even when I have been pursuing multiple contracts, I only had 1 offer in at a time.

 

[disneynutz]

We've been looking at getting into DVC, when making an offer will the major sites let you put in multiple offers at the same time? We're looking for something in the neighborhood of 200 points, not too picky about which resort.

Are you sure that you don't care which resort? You might be kicking yourself later once you spend some time in the different resorts.

Bill

 

[JimMIA]

are you willing to pay for all of the contracts if they all accept?

Charles has nailed the key question to answer in this kind of a scenario.

Generally, with an offer you are required to submit a deposit.

Three things are required for a legally-binding contract: an offer, an acceptance, and "consideration," which means something of value changing hands. Your deposit is the consideration. That means if your offer, accompanied by a deposit, is accepted, you have entered into a binding contract.

If you make multiple offers, and get multiple acceptances, you could lose multiple deposits if you decide not to go through with all the transactions.

Also -- and I've had this happen when I was selling -- if the prospective seller realizes you are making multiple offers, they may not take you seriously.

I had a prospective buyer like that. They were not serious, were wasting my time and the brokers, so I treated them accordingly. I did not even bother to respond to their offer.

*****
Bottom line: I would never make any offer I was not willing to finalize.

 

[Dean]

We've been looking at getting into DVC, when making an offer will the major sites let you put in multiple offers at the same time? We're looking for something in the neighborhood of 200 points, not too picky about which resort.

IMO this is one of the very few areas where the applicable laws/rules and ethics diverge in timesharing. Unless one qualifies in some way and is up front about the multiple offers, I see it as unethical to do so. Just like I see it as unethical to cancel an offer or contract if a better one comes along. Past threads on this subject have suggested that many don't see it that way.

 

[WebmasterDoc]

We've been looking at getting into DVC, when making an offer will the major sites let you put in multiple offers at the same time? We're looking for something in the neighborhood of 200 points, not too picky about which resort.

I would hope that resale brokers would require a deposit before submitting an offer to the seller. If the offer is accepted and later withdrawn, the deposit would then be forfeited. Most real estate transactions are conducted in this manner to prevent insincere offers.

I'd stick with one offer (with a deposit) if you are serious about a purchase. If I were a seller, I'd make sure a deposit has been made before even considering an offer.

Good luck!

 

[rojen]

There are many 200 point contracts out there. You could email a general offer to the brokers saying first person to accept your terms has a deal. Not an unheard form of offer. Problem is they're not identical, different use years and loaded vs stripped.

 

[Dean]

There are many 200 point contracts out there. You could email a general offer to the brokers saying first person to accept your terms has a deal. Not an unheard form of offer. Problem is they're not identical, different use years and loaded vs stripped.

Not that much more difficult to take 3 or 4 contracts and formulate an offer on each c/w any variation in the number of points, UY and points accounting.

 

[CarolMN]

I do not think it is ethical to make multiple offers unless one is willing to go through with all of them if accepted.

That said, if a buyer cancels within the proscribed 10 day period, the deposit must be returned. This is from the Florida statute that governs the cancellation of a timeshare purchase in Florida:

721.10 (3) In the event of a timely preclosing cancellation, the developer shall honor the right of any purchaser to cancel the contract which granted the timeshare purchaser rights in and to the plan. Upon such cancellation, the developer shall refund to the purchaser the total amount of all payments made by the purchaser under the contract, reduced by the proportion of any contract benefits the purchaser has actually received under the contract prior to the effective date of the cancellation, as required by s. 721.06. Such refund shall be made within 20 days of demand therefor by the purchaser or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later.

The underlining is mine.

OP - it is better to make your offers one at a time. To speed things up, just put a time limit on each offer. For example, say that the offer is good for the next 24 hours or expires at 5 pm on 2/18/2013.

 

[andy117]

Thanks for all the advice. I'll be talking to a reseller tomorrow.

 

[heynowirv]

Andy I agree that the way to go is 1 offer @ a time. There's many contracts out there that you're looking for ,and people(brokers) will take you much more seriously.

 

[chalee94]

That said, if a buyer cancels within the proscribed 10 day period, the deposit must be returned. This is from the Florida statute that governs the cancellation of a timeshare purchase in Florida:

721.10 (3) In the event of a timely preclosing cancellation, the developer shall honor the right of any purchaser to cancel the contract which granted the timeshare purchaser rights in and to the plan. Upon such cancellation, the developer shall refund to the purchaser the total amount of all payments made by the purchaser under the contract, reduced by the proportion of any contract benefits the purchaser has actually received under the contract prior to the effective date of the cancellation, as required by s. 721.06. Such refund shall be made within 20 days of demand therefor by the purchaser or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later.

The underlining is mine.

since the language says "the developer", does that section apply to resellers? i know it would apply to direct purchases from DVD, since they are the developer...but i'm a little surprised that an individual seller is subject to the same rule...

 

[CarolMN]

since the language says "the developer", does that section apply to resellers? i know it would apply to direct purchases from DVD, since they are the developer...but i'm a little surprised that an individual seller is subject to the same rule...

Good question.

I am not a lawyer and unused to the language used in writing statues.

That said, I do think the law applies to all sellers. Here is something from 721.17:

(4) That the transferee will fully honor all rights of timeshare purchasers to cancel their contracts and receive appropriate refunds.

And something from 721.21:

Purchasers’ remedies.—An action for damages or for injunctive or declaratory relief for a violation of this chapter may be brought by any purchaser or owners’ association against the developer, a seller, an escrow agent, or the managing entity. The prevailing party in any such action, or in any action in which the purchaser claims a right of voidability based upon either a closing before the expiration of the cancellation period or an amendment which materially alters or modifies the offering in a manner adverse to the purchaser, may be entitled to reasonable attorney’s fees. Relief under this section does not exclude other remedies provided by law.

If there is a lawyer who posts here that is experienced in timeshare law, maybe she or he will provide an opinion.

I really do think it is wrong to offer on more than one contract at a time unless one is fully prepared to buy all that are accepted.

 

[Dean]

since the language says "the developer", does that section apply to resellers? i know it would apply to direct purchases from DVD, since they are the developer...but i'm a little surprised that an individual seller is subject to the same rule...

FL statues 721 specifically defines an individual as not a developer.

(d) The term “developer” does not include:
1. An owner of a timeshare interest who has acquired the timeshare interest for his or her own use and occupancy and who later offers it for resale; provided that a rebuttable presumption shall exist that an owner who has acquired more than seven timeshare interests did not acquire them for his or her own use and occupancy;

(45) “Consumer resale timeshare interest” means:
(a) A timeshare interest owned by a purchaser;
(b) One or more reserved occupancy rights relating to a timeshare interest owned by a purchaser; or
(c) One or more reserved occupancy rights relating to, or arranged through, an exchange program in which a purchaser is a member.

The cancellation info does not specify anyone that it does not apply to, it simply references the purchaser.

721.10 Cancellation.—
(1) A purchaser has the right to cancel the contract until midnight of the 10th calendar day following whichever of the following days occurs later:
(a) The execution date; or
(b) The day on which the purchaser received the last of all documents required to be provided to him or her, including the notice required by s. 721.07(2)(d)2., if applicable.
This right of cancellation may not be waived by any purchaser or by any other person on behalf of the purchaser. Furthermore, no closing may occur until the cancellation period of the timeshare purchaser has expired. Any attempt to obtain a waiver of the cancellation right of the timeshare purchaser, or to hold a closing prior to the expiration of the cancellation period, is unlawful and such closing is voidable at the option of the purchaser for a period of 1 year after the expiration of the cancellation period. However, nothing in this section precludes the execution of documents in advance of closing for delivery after expiration of the cancellation period.

I know there used to be a provision that specified that this info covered private sellers as well but scanning through I can't see that right now.

 

[LisaS]

It has been a few years since I purchased my resale contract so maybe things have changed but I was not asked for a deposit until after my offer was accepted by the seller. The steps in the process from my (the buyer's) perspective went something like this:

• Buyer makes an offer, broker presents it to the seller
• Seller accepts
• Broker emails sales contract to buyer
• Buyer signs and returns the sales contract along with a deposit
• Wait for ROFR...
• Buyer receives closing documents
• Buyer signs and returns closing docs along with final payment

So, at least in my case, until the seller accepted my offer I was not asked to send in any money. That made sense to me because the seller might decide to refuse the offer, in which case the broker would have to send my money right back.

 

[DougEMG]

Generally, with an offer you are required to submit a deposit.

I've dealt with all three of the major brokers and ended up buying through 2 of them. None of them ever required a deposit with the offer. The deposit was always required once the seller and buyer had signed and completed the contract.

Bottom line: I would never make any offer I was not willing to finalize.

I agree with you here. I've had multiple offers in at the same time and have let my broker know that I would be buying all of them if the offers were accepted.

 

[ELMC]

Charles has nailed the key question to answer in this kind of a scenario.

Generally, with an offer you are required to submit a deposit.

Three things are required for a legally-binding contract: an offer, an acceptance, and "consideration," which means something of value changing hands. Your deposit is the consideration. That means if your offer, accompanied by a deposit, is accepted, you have entered into a binding contract.

If you make multiple offers, and get multiple acceptances, you could lose multiple deposits if you decide not to go through with all the transactions.

Also -- and I've had this happen when I was selling -- if the prospective seller realizes you are making multiple offers, they may not take you seriously.

I had a prospective buyer like that. They were not serious, were wasting my time and the brokers, so I treated them accordingly. I did not even bother to respond to their offer.

*****
Bottom line: I would never make any offer I was not willing to finalize.

Like Doug said, this isn't exactly the case. An accepted offer is the precursor to the broker issuing contracts. The deposit is provided at the time you sign the contract, and that is where it become subject to forfeiture should you decide to back out (after the 10 day recision period has expired. This clause does apply to resale purchasers.) Up until that point, your money is not at risk; all you have to lose is your credibility.

But again I agree, I would not make an offer if I didn't intend to buy.

Quick question, Jim, how could you be sure that the buyer in your case wasn't serious? Like Doug, I have made multiple offers at the same time with the intent of following through with any and all accepted offers. So I'm wondering what gave you as a seller the impression that your prospective buyer wasn't serious.