Not a good day

[ssdelaney]

I was in the process of purchasing 200 points through a resale when I received a call yesterday. It seems that the seller does not own 200 points, he only owns 150. The contract was signed and Disney was in the process of the ROR when this matter came up. I am so angry. I found the financing, had my credit run (which lowers your credit score) and filled out a massive amount of paperwork for something that does not exist. Needless to say I am not a happy camper today. I will begin my search again or just go straight through disney before they have their price increase.

 

[CarolMN]

Sorry that happened to you. Easy to see why you are frustrated. Hope the next time goes through like a charm!

 

[dianeschlicht]

YIKES! So what happens now? I'm trying to figure out how this happens???? Were there maybe 50 banked points that they were counting?

 

[dvcnut39]

Sorry this happened to you. Hopefully you'll get the contract you want ASAP.

 

[elijahpep]

That must have been terrible news. I hope you have better luck next time,
DVC is great and hope that you get this worked out soon.

Sending you pixie dust and Mickey Wishes~

~DW

 

[debloco]

I was in the process of purchasing 200 points through a resale when I received a call yesterday. It seems that the seller does not own 200 points, he only owns 150. The contract was signed and Disney was in the process of the ROR when this matter came up. I am so angry. I found the financing, had my credit run (which lowers your credit score) and filled out a massive amount of paperwork for something that does not exist. Needless to say I am not a happy camper today. I will begin my search again or just go straight through disney before they have their price increase.

So sorry!
I hope you find another resale that will be perfect for you soon!

 

[shellbelle1971]

How awful for you! Thank goodness you were able to find out the true situation before you closed, though!

 

[JimMIA]

That's a pretty disturbing story. I'm not sure what kind of due diligence the brokers use before listing a DVC contract, but you'd think they would insist on some proof of what the person owned. If not, how can they be sure it's a good-faith listing? Should be an easy public records check to find out.

If this were me, I'd not only be looking for a new contract...I'd be looking for a new broker!

 

[Amy5000]

That's a pretty disturbing story. I'm not sure what kind of due diligence the brokers use before listing a DVC contract, but you'd think they would insist on some proof of what the person owned. If not, how can they be sure it's a good-faith listing? Should be an easy public records check to find out.

If this were me, I'd not only be looking for a new contract...I'd be looking for a new broker!

I agree it's a disturbing story, but I actually don't think that most brokers do title searches before listing a property. Really, isn't that the title companies job? As disturbing as this is, I wonder if it was a misunderstanding or if something more intentional...

In either event, sorry this happened to you.

 

[Deb & Bill]

Even everyone on the DVC DIS Boards knows about the Orange County Comptroller's website. Wouldn't it be easy for a broker or even a purchaser to check this out by pulling up the owner? Of course, the purchaser would have to know the owner's name and often that doesn't show up until the closing.

 

[Jason@dvcstore]

I understand your feelings and frustration regarding your purchase. I have been at The Timeshare Store, Inc. since January of 2004 and this was first instance of this happening. This did, however, happen to you and so your thoughts are that this must happen to a lot of people. I was the associate that handled the sale of these points and please allow me to explain what happened. I will start with a little background on the verification of ownership.

When someone is selling their DVC points we send them a listing agreement which they fill out and send in. We then request a Points Activity Statement from Disney. Some sellers provide their own Points Activity Statement from the internet, however, we always wait until we get official notification from Disney on exactly what they own and how many points are in the account. After getting this information we then list the property.

When the Points Activity Statement came in for this listings it showed the sellers owned 200 points. It showed the seller had 200 points in 2006, 200 points in 2007 and 200 points in 2008. I believe it also showed some banked points in the account. The agreement was then sold and after receiving paperwork from both buyer and seller it was sent to Disney for ROFR. Disney then indicated to me that the property was a 150 point listing. I immediately thought Disney has the wrong contract # they were referring to. I explained that we had a Points Activity Statement showing that the owner owned 200 points. We then requested a new Points Activity Statement from Disney. It once again showed the same details with the same 200 points. Disney explained there was a problem with their system. After a few hours of this they finally sent the correct information with the Points Activity Statement showing 150 points. I then had to inform the buyer of the situation. I totally understand your frustration regarding the entire transaction. Disney apologized to The Timeshare Store, Inc and, of course, it was not sent incorrectly on purpose. The Timeshare Store, Inc. apologizes to you as well. We understand your frustration and hope you accept our apology. If given another chance we will do our best to make your next transaction go as smooth and as fast as ever (Disney owes us one). My only hope is that this problem with Disney and the Points Activity Statements does not happen again.

 

[Snookies]

I understand that DVC has experienced computer problems as exemplified by the recent period when points could not be banked online. However, a follow-up question that I would have in this case involves the seller's intent, i.e., was the seller claiming to be selling 200 points? If I were listing any of my contracts with a reseller, I would be able to tell them exactly how many points I owned (and wanted to sell) and if a piece of paper indicated otherwise, I would be able to tell them it was a mistake.

 

[dianeschlicht]

I understand that DVC has experienced computer problems as exemplified by the recent period when points could not be banked online. However, a follow-up question that I would have in this case involves the seller's intent, i.e., was the seller claiming to be selling 200 points? If I were listing any of my contracts with a reseller, I would be able to tell them exactly how many points I owned (and wanted to sell) and if a piece of paper indicated otherwise, I would be able to tell them it was a mistake.

I totally agree....One would think the owner of the points would have rectified this situation.

Jason, I can certainly understand your frustration. I know a lot of folks here were frustrated with the points activity about that same time. Some of us were unable to check our transactions online for more than a week. Again, it's too bad the people selling the contract didn't speak up and let you know it was for 150 points instead of 200.

 

[mikeandkarla]

Even everyone on the DVC DIS Boards knows about the Orange County Comptroller's website. Wouldn't it be easy for a broker or even a purchaser to check this out by pulling up the owner? Of course, the purchaser would have to know the owner's name and often that doesn't show up until the closing.

I believe once the contracts are signed by both parties (buyer and seller), each gets a copy, which contains all names associated.

 

[AnnaS]

Wow -

So if the buyer was paying saying $70 a point Xs 200 - that totals to $14,000.
The seller was really getting $93 a point (for his 150 contract). He did not notice this? He did not think someone would catch it? What would have happened if this was caught after closing? Which is probably highly unlikely.

Did the seller have any comments?

Don't be discouraged. Try again. Good luck and pixie dust your way.

 

[carolina_yankee]

When someone is selling their DVC points we send them a listing agreement which they fill out and send in. We then request a Points Activity Statement from Disney. Some sellers provide their own Points Activity Statement from the internet, however, we always wait until we get official notification from Disney on exactly what they own and how many points are in the account. After getting this information we then list the property.

I certainly respect the Timeshare Store's reputation and commitment to quality service, but I don't understand why the seller isn't required to produce a copy of the deed sent to them by DVD indicating the points purchased? If I were trying to sell a contract, that's the first document I would have in hand when apporaching a broker . . .

I certainly understand contacting DVC to verify the status of the points as well as the validity of the deed, but it would seem that deed would be a great place to start.

At any rate, more than Timeshare Store, DVC really messed up on this one. Pixie dust to the OP for a better second time around.

Dirk

 

[InstImpres]

I certainly respect the Timeshare Store's reputation and commitment to quality service, but I don't understand why the seller isn't required to produce a copy of the deed sent to them by DVD indicating the points purchased? If I were trying to sell a contract, that's the first document I would have in hand when apporaching a broker . . .

You don't have to produce a deed because in many cases people still have loans on the points therefor they do not have a deed yet.

At least that is my guess as to why it doesn't have to be produced

 

[Delaware Mike]

You don't have to produce a deed because in many cases people still have loans on the points therefor they do not have a deed yet.

At least that is my guess as to why it doesn't have to be produced

While this might be true, ownership is registered with Orange County, in the case of DVC ownership at WDW, and ownership information (contract number, number of points the contract reflects, et cetera) can be researched (for free) on their Comptroller's website.

Possibly a little due diligence was in order....?

 

[JimMIA]

Given Jason's explanation of the due diligence TTS did, I think it's obvious this was a DVC mistake, not a broker mistake.

When a broker gets a points activity statement directly from DVC -- which shows not only the size of the contract, but also all points usage, status, etc -- I don't know what more anyone could reasonably expect. That is a LOT more information than they would get from the Orange County site, and it protects the buyer much more because it verifies banked and borrowed points, etc, etc.

Unfortunately, DVC was wrong. Mistakes do occur.

 

[DisDaydreamer]

Even everyone on the DVC DIS Boards knows about the Orange County Comptroller's website. Wouldn't it be easy for a broker or even a purchaser to check this out by pulling up the owner? Of course, the purchaser would have to know the owner's name and often that doesn't show up until the closing.

ditto... seems like it should be the broker's responsibility to do this.