Newbie-Points question

[Coamfo]

Hi all! We are buying an AKV resale that passed ROFR in 6 days! Our contract is for 250/pts. I'm so unclear as to how they work though. Our use year is June and we will have 88 banked 2014 points, 250 2015 points, and all 2016 and forward.

The realtor said we will lose the 88 in June, I'm assuming June 1?, anyway what do I do with the 2015 points? We close the end of Feb. When do the 2015 points have to be banked by? Once banked, are there rules on them or can I still use whenever I want?

Our plan is to go to AKV either the first or second week of Dec. 2016. Would we use 2015 points? We have family that may rent the 88 2014 points if there is anything available left in April.

Thanks for your help and sorry about so many questions

 

[DisBuckMan]

The 88 banked points from 2014 will expire on May 31, if you don't use them. The 2015 points will also expire on May 31, unless you either use them before then or find a way to bank them before Jan 31.

 

[disneynutz]

you need to learn about what you are buying ASAP. The website http://www.*******.com is a great source of information.

Bill

 

[Coamfo]

Thank you!

 

[mort1331]

If you can see if the seller can still bank the 2015 points, if not then you can rent out both the 2014 and 2015 points for short sale. This could also offset your purchase price.

 

[Coamfo]

If we close Feb 29 and the 88 points expire May 31, can I rent them that late? How much per point would you think for a short sale?

 

[ktmo]

Do you have a trip planned for the spring? If not, I would try and see if the seller can bank the 2015 points, or you will lose those. Can they do that now, or is it too late? I would check with the broker about that.

Check out sites like David's DVC rentals. He has lots of information and often has "deals" for last minute points. But, you run into difficulty with availability, so you may end up losing the 2014 and 2015 points.

 

[Coamfo]

The realtor asked the owners to bank the 2015 points for us before Jan 31. The owners are supposed to supply confirmation that it has been done. We are going to list our 88 points from 2014 at a discounted price with one of the DVC rental companies. Thanks

 

[ktmo]

Great. Then you don't have to worry about losing all the 2015 points.