New help

[Tracy0729]

I have a good friend who wants us to buy his timeshare at OKW. He has 230 points and he just bought the extended contract they were offering. I found a title co who will do the transaction for us. She said I just have to make up a contract and fax it to her. The cost is 525.00 dollars and she will do it all except write the contract. I am not sure on this , do I but on the contract 76 a point and pay him the extra money for the extra years separately or do I put on the contract 96 a point because he has the extra years already. I want this to pass rofr so if someone could please help me. Thanks Tracy Also does anyone have a sample contract for buying a Disney Timeshare. I have no idea how the make a contract.

 

[Chuck S]

Isn't $96 per point the same amount you can buy OKW for directly through Disney, including the contract extension? If so, I would consider paying your friend less than that, as he would certainly get less than $96 per point through normal resale channels, and it should still clear ROFR.

As far as a contract... a simple contract/offer should include price per point, overall total, which party pays closing and title costs, and terms (if any, like owner finacing, who pays current dues, etc.)

 

[DisDaydreamer]

Can't help you directly and don't know for sure they do this, but ask the TTS or others if they will act as a buyer's agent for a fee and write the contract and handle the logistics. I have certainly done this in with a real property purchase. Just a thought.

 

[Tracy0729]

My friend is fair and I will talk to him about lowering the 96 a point. I am just not sure what they are going for now with resale with the extension. Everything for sale right now is without the extension. I really wants this and I do not want Disney to refuse it. I called the timeshare store they want 500.00 more to write the contract then if I did it myself and sent it to the title co. Tracy

 

[castleri]

If your cost is $76 plus the $15 he agreed to pay for the extension then it should come to $91 a point not $96 which is a savings of $5 a point over Disney price. Most of the resales are listed at $74-$76 which is in the price range you are working with.

 

[billmac50]

I just added on to my OKW contract and it was $96 with the extension and no closing costs. I think Disney also pays the closing for new contracts as well. If that is the case, then closing is worth over $2 per point, so your friend should charge you less. If you deal directly with Disney, you can most likely pick your use year and choose exactly how many points you want. When I spoke with my sales rep, most YU's were available.

Good luck and hope to see you down there!!

 

[Chuck S]

Disney no longer pays closing on new contracts, but the closing costs are generally less than on a resale.

 

[LisaS]

How many points are available with your friend's contract? Will you get a full set of current UY points? Any banked points? Have any of next year's points been borrowed and used? All of this should be factored into the price.

If you purchase OKW directly from Disney at $96/pt you will get a full set of current Use Year points. If you purchased, say, a 160-pt contract with an Oct Use Year your first points would be 160 2007UY points. Your dues for 2007 would be pro-rated from date of purchase so if you purchased today you would pay about 42 days worth of dues for 2007. If a Dec UY worked for you AND you purchased no later than Nov 30th, Disney would give you a full set of 2006 UY points and then on Dec 1st another full set of points for you 2007 UY, again owing only a few weeks worth of dues for 2007. (This assumes they still have Dec 2006 points available.)

Unless your friend is giving you a great price and/or a lot of banked points with this contract, it may not be a good deal. You could purchase directly from Disney for not much more and potentially get more points or at least less work involved on your part and no waiting -- the deal would be done in a few days.

 

[Califgirl]

Plus, right now I heard that if you are buying a new contract of at least 225 points (SSR or AKL, not OKW, I know) with a member's referral, Disney will give you $2,250 back, AND give you 160 developer points on top of the 2007 use year points.

I agree with others, you should check into what Disney has to offer before blindly buying your friends contract. After checking into what is available from Disney directly, you can then buy our friends contract with complete confidence, it that is what you want to do.

 

[Tracy0729]

I talked with my friend he will sell me 232 points with the extension of years okw is the home for 90 a point. I will pay all closing cost and the contract has 50 points needed to be used by June 2008 all 2007 points that he will bank for us then in June of 2008 I will have two years 2007 and 2008 of points 464 points. Do anyone thing disney would refuse this offer. Let me know what you guys think Tracy

 

[castleri]

Since those of us who have declined the extension have not yet gotten any paperwork I wonder if those who have accepted have gotten whatever they need to confirm this and pay for it. Depending on when you plan to close you should be sure who will make the payment and when if it has not already been paid.

Everyone has the extra years until they decide to accept or decline the offer. Those who accept will have to pay the $15 per point by Feb 29th or it goes to $25 a point. Those who decline do not have to pay anything - simply send back the notarized paperwork (if we ever get it).

It does seem as if the deal you are making with your friend should make it through ROFR. It is also a good deal for him since he won't have to pay a 10% commission on the sale through a resale agent and you are paying the closing costs. Having all the 2007 points plus the extra ones is an advantage for you. The worst that can happen is that it doesn't make it through ROFR and you have to find another contract through resale or spend an extra $6 a point through DVC and minimal closing costs so for the same money you would end up with a few less points than with your friend's contract. Good luck with you decision and let's hope we can all say "Welcome Home" soon.

 

[Tracy0729]

My friend has given me the copy of the paperwork from Disney showing the extended years. It cost him 3480.00. We now signed the contract for 90.00 a point wish me luck that it goes thur rofr we will have 232 pts per year first year we will have all 2007 points and 2008 points in june. Thanks Tracy

 

[Dean]

You should be able to get the closing done for less than $525 for this situation, likely about $300-365. You might talk to some that specialize in timeshares closing. Also make sure what you are actually agreeing to is what is stated on the contract. It is illegal in FL, and all states I know of, to list one price and pay another. I know it's done at times but you need to know the risks. If there is a loan, it will have to be paid off as part of the closing. Your friend needs to know that ALL reservations that are still pending will be cancelled when DVC changes the name over at the time of closing.