OKW Resales?

[Peterd]

To those who have recently purchased OKW resales, How much is the going rate these days including closing costs? Have any of you purchased contracts that had used up this year's points already, and how was the price affected without the first years points? We own at both OKW and BW, and were thinking about selling our OKW and either buying a BW resale or possibly BCV with the new incentives they're offering. Thanks for any info.
Pete

 

[EROS]

Peter, just be aware that the commissions for the sale of your OKW contact are STEEP, perhaps $1000-$1500 or more depending upon your number of points. Even with the BCV incentives, you'll still take a pretty good hit.

Good Luck,

 

[Peterd]

Thanks for the reply. I went to the Timeshare store to check out some of the prices. It mentioned that the buyer paid a good portion of the closing costs, is that true? or negotiated between the buyer and seller? We have most of our points at the BW, and were looking to sell off our 150 pt Okw add-on.
As for the incentives at the BCV, sounds great. We were split between buying more BW or BCV, and with the offer it may sway us over to the BCV. We had talked to very higher up at the Boardwalk, and he believed eventually the pool hopping would be eliminated. Even if it's only eliminated at the BC, it would be great to know you have the best pool on property. Does anyone know if BCV DVC owners will have the same type of free use of the resort's weight room like the BWV owners do?

 

[EROS]

Peter, EVERYTHING is negotiable in a resale, but generally the BUYER picks up the closing costs.......around $500. However, the SELLER must pay the broker's commission. On your 150 point OKW contract, you'll probably have to pay from $6-$10/point in broker's fees. OUCH!!!!! So for example, if you accepted an offer for $62/point, you'd actually only be realizing $52-$56/point........as compared to the $70/point incentive cost at BCV.

If you really wish to unload the OKW contract, I think that you'd be better off buying a BWV resale..........unless your heart is set on BCV .

Good Luck,

 

[Peterd]

wow that IS steep! I didn't realize how much they charged for the commission. I figured we would sell, then turn around and put it all down on a down payment for BCV. I guess it will be less of a down payment than I thought. Do you know the going price for Disney to step in and buy when you list it too low? I know they're not in the habit of buying resales, but I heard they did if you offered the price to low. I would think the Okw/ Bw would go pretty quick being that they're sold out. How tough is it to sell on your own, or use something like ebay? Has anyone tried that?
I guess we would probably just suck it up and pay the broker fee, rather than have to deal with the problems of selling on your own.
Thanks for the replies.

 

[skaiss@aol.com]

My wife and I are going to buy and old key west resale in the next few weeks. We are just looking for a good deal. I dont know how to handle it safely and legally with out a broker but if we could figure it out, I would be interested.
skaiss@aol.com stephen

 

[Cinderella]

I was disappointed too when I found as well as the buyer paying closing costs - I would need to pay $1500 closing costs on my 150 VWL points.

I don't know at what point disney steps in but, some of the resale brokers I looked through tell you to name a price and they add commission on to that. I am willing to take $60 per point but, they would be advertising at $70 per point which doesn't give anyone much incentive to buy. And I don't know if Disney would look at the sale as $70 per point or $60 per point.

Over on www.tug2.com they explain all about how to private sell. It seems pretty straight forward and you pay someone about $400 to handle the legal stuff, which is similar to the closing costs. You need to pay $15 per year to access a lot of the site but, it is well worth it and also gives reviews on over 1500 resorts. Plus you also get to place a free advertisment, so you can advertise your timeshare for sale there. Hope this all helps.

 

[Laurabearz]

Originally posted by Cinderella
I was disappointed too when I found as well as the buyer paying closing costs - I would need to pay $1500 closing costs on my 150 VWL points..

WOW! $1500 closing costs..... WHo is your broker.... we are paying less than a 1000 for over 400 points! I would talk to them about your closing costs if it is not to late.....

 

[EROS]

I think that Cinderella was referring to $1500 in COMMISSION costs which she would have to pay to the broker.

In answer to your question, Cinderella, I think that the DISNEY review board looks at the selling price BEFORE commissions are deducted. Thus, if you sell for $65/point, but only realize $55/point after commission, DISNEY still looks at the $65 as the sale price.

 

[Peterd]

Thanks for all the help Eros and Cindy, I'm gonna go check out tug now. I got a reply from the timeshare store, and they said their commission is 15% on sale, 1500 minimum. Ouch.

 

[EROS]

Peter, I'll be interested in your assessment of selling the contract on your own. We sold an OKW contract via a broker several years ago; I just didn't want to hassle with selling it myself, though I was aware of the TUG site. Anyway, we also were interested in BUYING a BWV contract. I was therefore able to negotiate a lower commission structure than 15% with the understanding that I'd be using the broker for both a sale and a purchase.

Good Luck,

 

[Peterd]

I was just sent a timeshare closing services number. I'm gonna call tomorrow to see how it works. I'll let you know.