Paying DVC balance after down payment - resale contract

[Mimi151]

What are the possible ways to pay for a DVC contract when closing? Can it be put on credit card (to get the reward points), Disney gift cards (to save some money by getting them at Target with 5% discount), or is it strictly a case where you have to send a check?

 

[OKW Lover]

Assuming you are buying directly, you can put it on a credit card.

 

[Mimi151]

Assuming you are buying directly, you can put it on a credit card.

Buying resale. Sorry - didn’t think to add that.

 

[Stormalong Smiths]

That’s going to vary by the title company. One I’ve worked with allows up to $7,500 (total including the deposit) to be put on a credit card without fees and others don’t allow anything beyond the deposit.

EDITED: title company not broker!

 

[chazas]

That’s going to vary by the broker. One broker I’ve worked with allows up to $7,500 (total including the deposit) to be put on a credit card without fees and orhers don’t allow anything beyond the deposit.

DVC Title and Escrow (if that’s who you’re thinking of) now only lets you do $5000. They made a change between two contracts I’m in ROFR on a couple of weeks ago. I wasn’t thrilled about that.

They had really good reviews here which is why I picked them, but the other problem I’ve found with them is they give sellers a “free” online notary appointment and the wait for that is now at about 2 weeks. So I passed ROFR on my first contract last week and signed immediately, but the closing isn’t until the end of next week due to their notary delays.

 

[AstroBlasters]

What are the possible ways to pay for a DVC contract when closing? Can it be put on credit card (to get the reward points), Disney gift cards (to save some money by getting them at Target with 5% discount), or is it strictly a case where you have to send a check?

You have to ask your title agent.

 

[Cfabar1]

What does Magic Vacation Title do? I feel like it is $2,500 on a CC but I don't remember....

 

[4eversleepy]

What does Magic Vacation Title do? I feel like it is $2,500 on a CC but I don't remember....

Just did this a few weeks ago. It's $2,000

 

[LittleBitGoofy]

What does Magic Vacation Title do? I feel like it is $2,500 on a CC but I don't remember....

Without extra fees, $2000 at Magic Vacation Title. You can charge more but then a fee applies to the full charge.

I was trying to hit a new cc bonus at $2500 with our last resale deposit, but elected to just do the no fee limit ($2,000) and then do the rest elsewhere. Another reason I wish I had used a diff title company.

 

[Cfabar1]

Without extra fees, $2000 at Magic Vacation Title. You can charge more but then a fee applies to the full charge.

I was trying to hit a new cc bonus at $2500 with our last resale deposit, but elected to just do the no fee limit ($2,000) and then do the rest elsewhere. Another reason I wish I had used a diff title company.

I believe if you use the board sponsor you are captive to their agency, or pretty close to it.

 

[LittleBitGoofy]

I believe if you use the board sponsor you are captive to their agency, or pretty close to it.

Once it got to 12 days of waiting on my closing docs and they had missed their promised deadline I asked if I could switch title companies. DVCRM said yes, but I would lose that points-guarantee thing dvcrm offers. There was a discussion on that recently, perhaps by Daily Moo? Seemed crummy for them to start stripping benefits to keep me from switching. Magic Vacation Title got it done soon after. Geez they were bad.

 

[lilsonicfan]

Once it got to 12 days of waiting on my closing docs and they had missed their promised deadline I asked if I could switch title companies. DVCRM said yes, but I would lose that points-guarantee thing dvcrm offers. There was a discussion on that recently, perhaps by Daily Moo? Seemed crummy for them to start stripping benefits to keep me from switching. Magic Vacation Title got it done soon after. Geez they were bad.

Points guarantee?

 

[LittleBitGoofy]

Points guarantee?

DVCRM has their guarantee that if the points delivered to your account after closing don't match what was promised in the listing/contract then they will make you whole.

We saw this recently with someone, I can't remember who, that had a seller use points for a cruise after they went to ROFR. So this Broker says they will compensate you if that happens. But in my case they said they'd remove that guarantee if I didn't use their preferred title company, the slow moving and overpriced Magic Vacation Title. I had not seen this caveat disclosed before I asked to change due to the delay.

 

[chazas]

I believe if you use the board sponsor you are captive to their agency, or pretty close to it.

Naah, you can specify the title company if you’re paying closing costs. I specified DVC Title in an offer I made on one of their listings and got no pushback. I didn’t reach a deal, though.

 

[ClaraOswald]

We put down the max allowed with our title company, which was $5000, onto our Disney visa. The remaining we will need to be wired over or we could send a cashier's check. We're just going to go to the bank to have it wired over since it's quicker than mailing a check.

 

[CastAStone]

I believe if you use the board sponsor you are captive to their agency, or pretty close to it.

You are never, ever captive, to anyones title agency. That’s against the law.

 

[CastAStone]

DVCRM has their guarantee that if the points delivered to your account after closing don't match what was promised in the listing/contract then they will make you whole.

We saw this recently with someone, I can't remember who, that had a seller use points for a cruise after they went to ROFR. So this Broker says they will compensate you if that happens. But in my case they said they'd remove that guarantee if I didn't use their preferred title company, the slow moving and overpriced Magic Vacation Title. I had not seen this caveat disclosed before I asked to change due to the delay.

That’s kinda silly. There’s legal protections for that.

 

[Mle8308]

Can't use Disney gift cards because it's resale, not through Disney. Not sure if direct allows you to use gift cards, either. But definitely not resale.