Next step in the resale process...

[rnnomore]

Can anyone tell me what happens next in the buying of a resale? I have sent my payment and contract back to the Timeshare Store. In addition to finding out what happens next, I would also like to know about how long until I am in the MS computer.

Would like to plan a summer trip (hopefully there will be some kind of DVC availability). One other thing...if I have a trip planned already (planned before buying into DVC) for 12/18-12/27, what do you think my chances are of staying at OKW? Probably not good, I know. But I am hoping that something will be available.

Thanks!

 

[Skip Wiley]

We're waiting on a resale from the Timeshare Store now. From my understanding, once they receive the paperwork from you and the seller it's turned over to Disney for their ROFR (Right of First Refusal). If Disney exercises their right they can buy the contract from the seller, and you’ll have to start over. From what I’ve seen on the boards, you may get the chance to up your bid, but is seems most often Disney just buys the contract and you are out. This process seems to take up to 30 days, some get through in a couple of weeks, some the whole month. It seems BWV and BCV on average take longer, but that’s just an observation.

If Disney passes on ROFR you’ll send final payment and the sale will be recorded and sent to Disney, this seems to take a couple of days. At that point, it seems to be three days or so to make it into the system, at which point you can start making reservations. Most people call DVC every day to see if they are in the system rather than wait for the paperwork, which will be sent once you are in the system. You don’t need the paperwork to make a reservation, just need to be in the system.

As I said, this is my understanding of the process, I’m new also, we’ve been waiting two weeks on ROFR, which is a painstakingly slow process once it starts. This is a great board; you’ll get lots of information from experienced DVCers.

 

[Pa@okw95]

The Timeshare Store might give you some answers. I would not count on getting a reservation at that late date for Christmas at OKW. I hope you are buying where you want to stay. You did not say where that was. If it is OKW the 7 month widow would have passed on the dates also. Christmas is very difficult time to get reservations.

 

[rnnomore]

It was OKW that I bought into. But I thought that the 7 month window was 7 months prior to the day I check out. So if I am leaving WDW on 12/27, wouldn't it be 7 months prior to that date, which would bring me to around May 27th? I am very new as you can see, so please forgive all the questions.

Thanks!

 

[calypso*a*go-go]

You are correct about the 7-month window. The only problem is that Christmas is such a popular time to travel that all availability is usually snapped up at the 11-month window. It is also a time where you would probably need to make day-by-day ressies which means you call daily at which ever window you are trying to use (11 or 7) starting with the day you are checking in. During the first call you can tell MS you are doing day-by-day. You just keep calling everyday and adding to the first ressie until you have your entire stay covered. The advantage to this is that if you wait to call based on your checkout date, there may be no availability. Clear as mud? I'm sure there have been better explainations...but I hope this helps.

P.S. Don't forget that you can always waitlist for Dec. Just keep your original ressie and make sure you understand the cancellation policies to see how much time you have to cancel without penalty if the waitlist comes through. Good Luck!

 

[JeffPort]

To further clarify the resale process ...

Disney's ROFR period is 30 calendar days from the submittal of the initial purchase contract. Most of the brokers fax the contract to Disney the day it is signed by both the seller and buyer. Disney can take the whole 30 days, but will usually send back a response in less time (2 - 3 weeks).

If disney waives its ROFR, then the contract is handed over to the closing service. The closing agency will perform a title search (for the title insurance), verify the account status with DVC, and prepare all of the closing documents. This preparation usually takes 1 - 2 weeks from the point that Disney responds to the ROFR inquiry.

The closing documents are then forwarded to the buyer and seller (I received mine via email). Once both the buyer and seller return the executed documents and the buyer provides the closing service (escrow agent) with the final payment, the closing service will officially "close" the sale.

As part of the "close," the closing agency will: (a) pay off any outstanding items on the property (like mortgage balance, unpaid dues, etc.), (b) deliver the remaining proceeds to the seller, (c) send the deed to the county to be officially recorded, and (d) send a copy of the deed transfer to DVC.

Once DVC receives the transfer from the closing service, the transfer is noted in Disney's DVC system. The seller's account is closed and a new account number is created for the new owner. All pending reservations are automatically cancelled and all DVC points are transferred to the new owner's account. That process appears to take about 3 business days from the day that the closing service notifies Disney of the property transfer. When the accounting change is completed in the DVC system, the new owner can make a reservation with any of the points available from the resale contract.

 

[jmatias]

JeffPort did a really good explanation.

ROFR for us took 2 weeks.

Received contract in 1 1/2 weeks. Fedex it back on April 13th. Received letter from the closing company that we closed on the 15th.

New member packet from Disney was mailed on April 20th.

Entire process from offer & acceptance to being an Official DVC member was 6 weeks.

 

[jekjones1558]

SKIP WILEEY:
Yours is a great, simple explanation of the process as we have experienced it on our 2 resales!