possibly looking to sell... overwhelmed!

[Trifs]

My mom may be interested in selling her ownership at OKW, and I told her I will research and gather all info for her. But I am WAY overwhelmed. Can anyone direct me to a place to start?

I thought i would call DVC member services directly to start, but should I skip that part and go right to a broker?

Which resale companies are the most reputable?

What is the typical time for resale?

Any advice would be most appreciated! Thanks!

 

[crazybones27]

Unless you are on the DVC contract member services will not speak with you. Only the members listed on the contracts can call. With that said they wouldn't be able to help you anyway. Disney does not buy back contracts directly from sellers. They do it all through brokers. The most popular on here is The Timeshare Store. They sponser these DVC boards. You should see a clickable link above for them. There are other reputable resale sites. You should google DVC resale and see what comes up.

 

[chalee94]

I thought i would call DVC member services directly to start, but should I skip that part and go right to a broker?

skip that part.

Which resale companies are the most reputable?

these guys are DIS sponsors and have a great track record. i would start here:

http://www.dvc-resales.com/sellers.htm

What is the typical time for resale?

depends on the size of the contract, which resort and how aggressively you price it.

 

[Trifs]

THANK YOU! I will get started on this soon!

 

[JimMIA]

Just want to add another vote for The Timeshare Store. We've bought and sold twice each with them and they have been great to work with.

 

[ImTempest]

The length to completion varies, but an average timeline on the resale market takes several steps:
1. Offer made to the contract and accepted by your mom.
2. Purchase docs signed by Buyer and Seller and returned to broker.
3. Purchase submitted to Disney for ROFR - Right of First Refusal. Disney gets a chance to purchase the contract at the price offered. Disney usually takes about 30 days to make this decision.
4. Passes ROFR - Closing docs drawn up. This can take a few days, although I have read some taking up to three weeks.
5. Closing docs sent to buyer and seller, to be signed and returned, along with payment from the Buyer.
6. Recording of Documents with Orange County Recorder, followed by distribution of funds to the Seller.

Done on the Seller's part. The Buyer usually has a wait while Disney sends them their Member # and loads the points into the new account.

 

[JimMIA]

6. Recording of Documents with Orange County Recorder, followed by distribution of funds to the Seller.

Just a minor correction. The distribution of funds to the seller is a part of closing, and occurs before the recording of the new deed.

If everybody does the paperwork in a timely manner, the seller should be done in 6 weeks from offer to a check deposited in their bank.

 

[DisneyDiana]

When I decided to sell one of my small contracts, I just called Timeshare Store. It was very simple. Mine was only 75 points so It went in less than 24 hours and I got a great price.

 

[judydvc]

I too had an excellent experience with the Timeshare Store. I sold 150 points at the Boardwalk Villas and it took around 6 weeks. The staff was always available to answer questions and everything went smoothly.

 

[mort1331]

Trifs, as the Mods on here will tell you, dont let anyone pm you here about selling your contract. If they do report them. I cannot stress this enough. I hinted about selling an extra contract on here, and was hit up within the day. Reported right away and then the Mods were warning others.
Good luck with the sale if that is what you need to do.

 

[sndral]

BTW, I believe that when it comes time to do the closing documents your mom will have to have her documents notarized - which is a bit of an extra step.
A well priced, smaller non stripped contract will sell quickly, an overpriced contract or a large contract or a stripped contract (one with most of this and next years points already used) aren't as attractive to buyers and will take longer to sell.
There will be closing costs and who pays them is negotiable. Who pays this years maintenance fees is also negotiable. Fidelity is the broker I believe Disney refers owners wishing to sell to and Fidelity charges an administrative fee ($195?) which none of the other brokers charge - typically the buyer pays it - but the fee is negotiable.

 

[Minniesgal]

Just a minor correction. The distribution of funds to the seller is a part of closing, and occurs before the recording of the new deed. If everybody does the paperwork in a timely manner, the seller should be done in 6 weeks from offer to a check deposited in their bank.

Are you sure about that I thought sellers didn't get paid until the points had left their account which is when ?Disney transfers them. I have seen sellers on here complaining about how long it is taking ?Disney to take the points so they can get paid.

 

[JimMIA]

Are you sure about that I thought sellers didn't get paid until the points had left their account which is when ?Disney transfers them. I have seen sellers on here complaining about how long it is taking ?Disney to take the points so they can get paid.

Yes, I'm sure. Closing on a timeshare is just like closing in any other real estate transfer. It is the formal legal transaction where the seller pays in full, any mortgages are settled, sales costs and commissions are paid, and the remaining funds are remitted to the seller.

Stop and think about it for a minute. Would you hand over title to your home to someone on the promise that you would get paid at some point in the future when they got the new deed recorded? Of course not!

The process of getting the account transferred happens after all the paperwork is in order and all monies owed have been paid out to the various parties.

DVC does a fairly quick job of transferring accounts, but the process still takes a couple of weeks (not all of which is DVC's responsibility). When I bought my Wyndham contract, it took Wyndham more than four MONTHS to complete the transfer. But of course, the seller had been paid promptly when they should have been.