My sellers reneged AFTER closing!!!

[Terri2007]

Wow... DVC sales office... in Chicago? Will look up. Thanks.

 

[drusba]

It's in Woodfield Mall in Schaumberg. I am fairly certain everyone in Chicago knows where the Woodfield Mall is.

 

[Terri2007]

Yes, I know where it is. Thanks. (We live downtown).

 

[dianeschlicht]

The incentives from the Chicago sales center might make it worth your while to look into that instead of resale. That would get you point use right away instead of having to wait.

 

[Cinderella]

Good luck Terri - it sounds as though it would be worthwhile to pop into your local DVC office. Then at least you can compare what they have with resales, and as Diane says you won't need to wait.

Here in the UK they're not allowed to sell us unless we visit them in Florida. Last time I bought some points, I had to persuade them to keep the deal open for me until my trip!

 

[drakethib]

I'm sorry you had this difficulty, but unfortunately not everyone in the timeshare business is competent and ethical.

I can't think of any legitimate reason why the broker and closing company did not know every financial aspect of this transaction well in advance of closing. As messed up as this deal is, you are lucky to escape with all your money. I would run, not walk, away from this transaction.

Call TSS and buy a real contract from someone who knows what they are doing. If they don't have what you are looking for, have them put you on a call list for what you want.

I agree with Jim.

Many people on this board have had good results with TSS. I sure did on my first purchase.

 

[BWV Dreamin]

Can you say which broker you used for this transaction?

 

[Granny]

Can you say which broker you used for this transaction?

The sale was through International Properties GMAC not TSS.

I think answers your question.

 

[Caskbill]

Just to add a little about GMAC, it's wise to know that they are franchise operations. They are not necessarily a B&M company. Many of the brokers are independent agents who work out of their homes, and don't deal with Disney contracts that much.

I've seen a number of GMAC ads on E-Bay that have incorrect information which shows the broker doesn't really understand DVC.

I've purchased from TTS also. They have a B&M office not too far from Sea World, with about a dozen or so employees. AFAIK they are strictly DVC, and last I heard, handled 90% or more of all the DVC resales that take place.

I've been told that the reason GMAC is listed as being recommended by DVC is because they give a kick-back of every sale to Disney. Just a little info. I would personally would avoid GMAC at all costs.

 

[Cinderella]

Caskbill - I heard that also and I would be inclined to believe it. I was talking to a cab driver in Walt Disney World and he said his company has to pay Disney millions for the privilege of being the official taxi company. I can't remember how many millions a year but it sounded a lot.

Re GMac - I sold both my timeshares on ebay. They advertise theirs on there. I soon as I put mine on, they actually advertised there's at the same price. But when I read the description, there was no actual contract mentioned so it would be very doubtful that such a deal existed.

I have never heard a bad thing about the Timeshare Store at all.

 

[TLSnell1981]

In this case it sounds like the funds from the buyer are not enough to cover the balance due on the mortgage. SSR resales typically go for somewhere in the low 80s/pt, say $83 or so. If they are selling through a broker they will owe a sales commission of 10%-15%, so the buyer might be getting somewhere around $75/pt. If the seller purchased SSR fairly recently they would have paid somewhere between $86-$94/pt. If they paid 10% down and financed the rest, they might still owe around $80/pt on their mortgage. There could be a shortfall of $5/pt, along with the transfer fees ($200?) that are owed as part of a sale. On a 150-pt contract, that would be close to $1000. If the seller is selling due to a financial problem, they may not have the money needed to make up the difference.

I thought of this scenario also, but couldn't imagine a seller not knowing this from the get go!!

 

[spatter1234]

You can get on an email list from one of the realtors at The Timeshare Store. I get one each day from Jamie Carr and maybe something will be available you are interested in. They get lots of new listings each day and she will even call if she finds something you are interested in.

Sorry for your mess and I hope that you find something soon!

 

[JimC]

I'm sorry you had this difficulty, but unfortunately not everyone in the timeshare business is competent and ethical.

I can't think of any legitimate reason why the broker and closing company did not know every financial aspect of this transaction well in advance of closing. As messed up as this deal is, you are lucky to escape with all your money. I would run, not walk, away from this transaction.

Call TSS and buy a real contract from someone who knows what they are doing. If they don't have what you are looking for, have them put you on a call list for what you want.

This is very good advice. The Timeshare Store folks are very good.

 

[BigBahamaDada]

I bought through GMAC, but only because they had a small contract I was looking for as an entry point to DVC. But I would have much preferred the TSS (and orginally had an offer through them that the seller backed out of).

But, regarding the accuracy of the GMAC listings, I couldn't agree more. GMAC had listed a 40 point VWL contract at 4000 ($100 per point) that had been sitting on their website for a while. I wanted a small contract as an entry point to DVC, and having just had one fall through with TSS, was willing to pay a premium and planned to counter.

Anyway, when I contacted GMAC, it turned out the contract was in fact, a fully loaded, 50 point contract, for 4000 ($80 per point). So I snatched up.

GMAC's, um, less than complete attention to detail worked out well enough for me. But it certainly didn't serve their client. And I surely wouldn't list with them as a seller.

 

[JandD Mom]

I've been told that the reason GMAC is listed as being recommended by DVC is because they give a kick-back of every sale to Disney. Just a little info. I would personally would avoid GMAC at all costs.

That's exactly right. My personal dealings with them were very similar. They were trying to push me to sign something that was very unusual, and when I questioned it and wanted to make changes, the sellers suddenly had second thoughts and didn't want to go through with it. I still have the emails that went back and forth with the broker which prove it. Just FYI, the document was something that would give the BROKER's own attorney a large amount of time to get this through closing, it was something that would not have benefitted seller at all, so I can't see why seller would pull out on their own.

There have been some reported successful sales with these guys, but it seems to me that every time I read about a problem, or inaccurate information, they are involved. I am very disappointed that DVC would annoint them as the "official" broker.

I would stay away in the future, and stick with TTS or one of the other more reputable TS brokers.

 

[JandD Mom]

I thought of this scenario also, but couldn't imagine a seller not knowing this from the get go!!

The broker should have gone over this with them.