Points that Need to Be Used Quickly Question

[Disney Fanatic]

Hi Everyone!

Great News!

We just found out we passed ROFR on 160 OKW points with an October use year.

There are 160 points that need to be used by Sept 30,05.

I know we are really pushing the timelines because we still have several weeks before we are in the system to make reservations.

I have 2 questions:

Do you think we will have a problem booking a week in September towards the end?(Flexible where we stay)

If we sold these points last minute, what would be reasonable to ask with so little notice?

I would hate to lose the 160 points but we did get 160 banked fro 2004 and another 160 coming in October!!! (It's a Happy Day!!)

Thanks so much!!!

We are sooooo excited.

 

[cruise-o-matic]

Do you mean points banked from the Oct '03 UY? (If the points were banked from your Oct '04 UY, then those points aren't available until Oct '05.)

If they are Oct '04 points that were not banked, you may be able to call Member Services and see if they will bank them. I've heard they give a one time "mulligan". If they are '03 points, you cannot re-bank them.

If you have the time to take off, I would try to see I could get some use out of them. For example, 160 points, will get you 14 straight nights in an OKW studio, including weekend points. If not, it may be tough to rent on such short notice (especially since it appears you haven't closed yet). Transferring to another member may be an option. Since they are "distressed", you may have to let them go for well below $10 pt.

I'm not sure, but you may be able to deposit them into II for an exchange.

 

[Disney Fanatic]

Thanks Cruise O Matic

These 160 points need to be used by Sept 30,05.

I will call MS to see if there is anything they can do but I highly doubt it.


How much do you think I can sell for those 160 pts that exprire Sept 30,05?

Thanks

 

[dis-happy]

Welcome Home!!!

And good luck with the points....

 

[vascubaguy]

Since you just passed ROFR, it could be mid to late September before everything is actually finalized and the points get loaded to your account. You have another couple of weeks ahead of you for the title search, etc. Then the closing documents have to be prepared, sent to you and the seller, then returned by both parties along with the final $$$. Then the actual closing has to take place, DVC notified, and then DVC has to get you setup in the system, then the points manually loaded to your account. It could be mid-September before you can even make a reservation... (I'm not sure if that process takes a little longer since you are in Canada)...

It would suck to lose those 160 points, and hopefully it will work out that they could be used.

Here's some hoping that everything works out and those 160 points don't go to waste!!!

Oh, and CONGRATZ on passing ROFR!

 

[gppnj]

If you're going to lose them anyway, you have nothing to lose by banking them with II. You can still do that, right?

 

[Disney Fanatic]

I would hate to see those pts go to waste as well.

I have asked for an expedited closing so hopefully we can close sooner rather than later.

I will ask about depositing them into II once we are in the DVC system or see if Disney can do anything at all to help salvage them.

Otherwise we will probably have to write off those points or try and sell them for someone who lives in the Florida area who wants a cheap vacation to Disney.

When we bought this contract, we bought it knowing that we may not be able to get those points. It was still a good deal because it came with 160 banked 2004 pts and 160 coming in Oct 05. These extra points would be a very nice bonus if we could take advantage of them.

I just don't know how much would be reasonable to sell for so last minute if we close in time?

 

[JimMIA]

The first thing I would do is check with your resale broker and see what they suggest. I can think of a couple of other things that might help.

One is to use expedited closing if the closing company offers it. That may save as much as two weeks in the process.

Another is to offer to reimburse the seller for FedEx-ing their documents back as soon as they get them. Sometimes even motivated sellers are a little slow in taking care of the final details of signing, notarizing, and sending the closing documents. But if they realize how up-against-the-wall you are, hopefully they'll cooperate.

Another is to make darn sure your "cash to close" is there in plenty of time. That may mean a small expense in wiring the cash to close, but it would be awful to have everybody ready to close and your money not be there.

Finally, have the seller try to bank the points. You can't do that yet, because you don't own the account. Have them call and ask to have the points banked. You just barely missed the 25% banking deadline (July 31), so maybe MS will make an exception. And, if you're gonna ask for an exception, go for it! Ask for the whole 160 to be banked - you have nothing to lose.

The "mulligan" that cruise-o-matic referred is the double-secret, once-in-a-lifetime waiver of the banking rules that MS sometimes does. Especially if the seller calls them and says,"Look...this was MY bad. I should have banked the points and I messed up. I really hate to see them lose the points because of me, and they probably will not be able to close in time to use them. I'm not doing this for myself, but I'd like to do something 'magical' for the new owners...can you help me out here?"

Someone may wave a magic wand, and make something happen. There's no guarantee, and they are not under any obligation to do anything, but I think if the seller approaches it that way, you may get lucky.

 

[vascubaguy]

...

Finally, have the seller try to bank the points. You can't do that yet, because you don't own the account. Have them call and ask to have the points banked. You just barely missed the 25% banking deadline (July 31), so maybe MS will make an exception. And, if you're gonna ask for an exception, go for it! Ask for the whole 160 to be banked - you have nothing to lose.

...

I think the points they are referring to were banked from 2003 so would have to be used before Oct 1st. Since the seller banked the 160 pts from 2004, they should have 320 points available on Oct 1, 2005.

 

[Disney Fanatic]

Yes INdeed they are 160 banked points from2003.

The seller already called Disney and they banked the 2004 pts for her as a one time exception because she missed the banking deadline.

I believe the seller would have asked to bank the 03 pts when she asked about banking the 04 pts.

I have asked for the expedited closing and hopefully this will speed things up a little bit.

Once we close, I will call MS to see what are options are with II with these pts or if they can make that one time exception for us for the 2003 pts.
Otherwise I will sell them last minute.

What do you think I should ask for them??

 

[vascubaguy]

Yes INdeed they are 160 banked points from2003.

The seller already called Disney and they banked the 2004 pts for her as a one time exception because she missed the banking deadline.

I believe the seller would have asked to bank the 03 pts when she asked about banking the 04 pts.

I have asked for the expedited closing and hopefully this will speed things up a little bit.

Once we close, I will call MS to see what are options are with II with these pts or if they can make that one time exception for us for the 2003 pts.
Otherwise I will sell them last minute.

What do you think I should ask for them??

I'd probably try for $5-6 or less if one person can take them all! You might even want to post something on the rent/trade board to see if there is any interest, but let them know you haven't closed yet.

Good luck!

 

[lllovell]

Wow - congrats on passing your ROFR!!! Welcome home!

Why don't you look into a big blowout for your family instead of renting those points? CAN you go in September? If you can, the seller (who hopefully would help you) can make the reservation now for you. I bet you could get SOMETHING for the last couple of weeks of September.

If you are going to be forced to sell them, I find it to be a hard sell because YOU won't have the ability to make a reservation for someone else until you have closed nor can you transfer them to a current DVC member until then, soooooooo I am not sure they will be worth very much. BUT, even $5.00 a point would be a nice chunk of change to put back against your maintanance fees, etc. (actually - on 160 point contract - it would more than pay for your first year maintenance fees). So if you offered to transfer them to a DVCer as soon as you have closed at $5.00 a point, you might find someone that is interested in taking that risk of you not closing until the last minute. Would have to be someone REALLY flexible though just in case it didn't all come through. (so - maybe a 50/50 chance of this happening).

I would see about dumping those points into a II trade. I am not sure of the rules involved there, but I THINK you would just have to pay the fee and then would have a year to try to use them. No one wants you to LOSE those points.

Good luck!

 

[disneyeveryyear]

I don't think the seller can make a reservation with them for you right now.

If I am not mistaken, when DVC gets the information regarding the sale and the closing, they will cancel all reservations that the current owner has with that contract. (Am I correct in this thinking?)

II may be your best bet, or a distress sale.

 

[wtpclc]

disneyeveryyear - You are correct. All ressies get canceled at closing.

 

[JimMIA]

Yes INdeed they are 160 banked points from2003.

Sorry, guess I missed that. Forget banking.

Using the points yourself is unquestionably the best option, if you can do it. Ressies would be tough, but you never can tell. Sometimes people cancel just ahead of the 31 days and things open up.

My second choice would be depositing into II, although I'm not familiar with that process and don't even know if it's possible at this late date.

I don't think renting is a very viable option, even if you are able to close and be in the system by the end of August. There's just not enough time left and too many issues with last-second rentals. I wouldn't try to rent unless there was just no other possibility to do something with the points.

 

[vascubaguy]

I'm not sure that depositing into II would be possible. I remember discussing with my guide about making non-DVC reservations after I closed. He said that it wouldn't be a problem to make a reservation at a DVC resort, but everything else would have to wait until the deed was recorded, which I doubt would be done before the end of September.

 

[Laurajean1014]

Try your best to give these points to someone close to you or that has done something nice for you and in turn can offer this to them.

It would be much more rewarding than selling at $5/point.

At $10/point they are undervalued.