ONe more question about banked points

[Kebby]

So looking at resale contracts, say it says there are 200 points left from Aug 2012, 200 aug 2013, et.

What does that mean? Do I only have until July to use the Aug points from 2012?

 

[pmaurer74]

THose who know more than me can chime in but if you want to bank the points for next year you have to do so 3 months before the UY so it would be too late to bank those points. You can either use them or rent them...is this right? What confuses me is I see people getting contracts with 2011 points, how is that possible? Would they not have to be banked points and used in 2012?

 

[BestDadEver]

I am going to assume that the UY is aug that means that if you wanted to bank those point you would have to do so before april I believe its 4 months before the UY expires that you need to bank the point if no they need to be use by the end of that UY .

Yes you are way past the bank date for the 2012 points and they would have to be used by this aug witch could be a problem even if you get through with ROFR fast you may have a hard time booking so close .

Resale is not my thing cause of these issue but . I think resale people would say you can get one that has the back year point that can be more usable .Like lets say you closed on this contract in February you could have banked the 200 and had 400 for 2013 . Basically if you buy that contract and cant book something those 2012 points would be wasted .

 

[CarolMN]

So looking at resale contracts, say it says there are 200 points left from Aug 2012, 200 aug 2013, et.

What does that mean? Do I only have until July to use the Aug points from 2012?

Yes, it means that you only have until 7/31/2013 to use the 2012 points. If not used, they expire and are lost to you. The banking deadline for an August use year is the end of the following March. (You cannot bank during the last 4 months of your use year).

It is virtually impossible to close in time to use those 2012 points. Consider them to have zero value if/when you decide to make an offer for that contract.

Here is a thread that will help you understand the use year concept:

Understanding Use Year