Question about resale

[abt426]

We are in the process of looking for a resale contract and want to take a trip in early May 2006. If we find a contract this month or early next month how soon could we expect to get through ROFR and be able to use our points? Alternatively can the person we are buying from make a reservation for us prior to the purchase that would stay with the contract throught the transfer?

Thanks
Alena

 

[N&B'smom]

I can't answer the second part of your question but I can tell you the ROFR can take up to 30 days. Sometimes it does, sometimes is doesn't. As for using your points, you have to wait until that has gone through and you get all your paperwork. (as far as I know!)

Shelby

 

[CarolMN]

All pending reservations are cancelled (by Disney) once the contract is sold, so the owner cannot make a reservation for you that will still be there once the transfer is made.

Best wishes -

 

[abt426]

Thanks for the quick replies. I guess it will definately be sometime in January before I can make a reservation. Maybe I'll just rent some points for this trip since I am worried that I may not be able to get a 2 bedroom in May without a little more notice.

 

[JimMIA]

I would plan on at least 6-8 weeks from the time you submit your offer until you are completely "in the system" and able to make reservations.

The offer/acceptance stage usually goes pretty quickly. Then you wait for ROFR approval. ROFR is supposed to occur within 30 days, but occasionally takes a little longer; the average is probably 2-3 weeks. Then there is the process of putting together the closing package, sending it to both parties and getting it back, and finally the closing itself -- that usually takes 2-3 weeks, but you can cut that time by using "expedited closing." And finally, once closing is finished, it takes Disney about 10 working days to get you fully in the computer system so you can make reservations.

The most important things about resale are:

1. Do your research thoroughly. Be sure you understand all facets of the contract you're contemplating buying. Keep asking questions until you fully understand everything.
2. Use a reputable broker. Many of us have used The Timeshare Store (the sponsor of this board and an active member of our community here) and swear by them.
3. Talk to the broker, and also research the ROFR thread, to be sure you price your offer high enough to pass ROFR. If you don't pass ROFR, nothing else about the deal matters.

 

[abt426]

Thanks for the info. I am using The Timeshare Store. My broker and I am just waiting for the "perfect" contract to come up in the system. We just had not talked about anything other than the ROFR process. Can you further explain what expidited closing is? Also does anyone have a link to the ROFR thread. I have seen it before but I don't rememeber where it is and searching for ROFR gives you about a million results
Lastly a little off my intial question, but can members transfer reservations into other accounts? For example if I buy a contract with no 2006 points and instead of borrowing I decide I would like to rent points for that trip, could someone make the resrvation after I pass ROFR but before I am throught closing etc... then transfer it to my account when I am in the system?

Thanks
Alena

 

[CarolMN]

...(snip)...... Also does anyone have a link to the ROFR thread. I have seen it before but I don't rememeber where it is and searching for ROFR gives you about a million results

The ROFR thread is on the Planning Board. Here's a direct link to it:
http://www.disboards.com/showthread.php?t=720134

...Lastly a little off my intial question, but can members transfer reservations into other accounts? For example if I buy a contract with no 2006 points and instead of borrowing I decide I would like to rent points for that trip, could someone make the resrvation after I pass ROFR but before I am throught closing etc... then transfer it to my account when I am in the system?

Thanks
Alena

Well it doesn't exactly work that way. You can't "transfer" a reservation to another account. Only points can be transferred.

You could ask if someone would make the reservation for you (in your name) and accept points from your account (after you close) as "payment". It's a bit awkward to do it that way, IMHO. There isn't much benefit to the other owner unless he/she wants the home resort advantage to make a reservation at your future home resort. If you are buying BCV, VWL or BWV, you might have pretty good luck finding someone to do it that way for you, though.

If you are worried about getting your May reservation on short notice, you could just rent points from another owner for that trip. After closing, you could rent a reservation to someone else to recoup some (or all) of the $$ you spent to rent points for the May trip. (It's very possible, you'll decide to keep the points for yourself, though, LOL).

Best wishes -

 

[JimMIA]

Can you further explain what expidited closing is?

Some of the closing companies offer expedited closing for an extra fee. It speeds the process a little by using courier instead of snail mail to send documentation back and forth to the Clerk of the Court.

Also does anyone have a link to the ROFR thread.

Yep
http://www.disboards.com/showthread.php?t=720134
Go to the last page or two of that thread for the latest info. Your broker, however, will be a better guide because they see a lot more contracts than are posted on the thread. I wouldn't say that of every broker, but it is true of TTS.

Lastly a little off my intial question, but can members transfer reservations into other accounts? For example if I buy a contract with no 2006 points and instead of borrowing I decide I would like to rent points for that trip, could someone make the resrvation after I pass ROFR but before I am throught closing etc... then transfer it to my account when I am in the system?

Yes and no. You could rent points and have another member make a reservation for you, but they could not transfer the reservation itself.

The alternative would be to simply rent the points after you are in the system and then have them transferred into your account. If you do that, be sure the points have the right use year and get transferred properly into the right use year. The points need to be valid during the period of your stay.

 

[abt426]

Thanks for the links and info.

Alena

 

[mydogdrew]

Jan, May and Sep are the easiest months to book. You should be able to get what you want in Jan or Feb for May. Since you are already well inside 7 months I would wait. Both of my resales went from accepted offer to points in the DVC system within 4-5 weeks. However, they may be slower now.

 

[littlestar]

We always go in early May. I don't think you'll have a hard time finding a 2 bedroom somewhere. Especially if you can make a reservation by January. I'd wait. Now if you were talking spring break, yes, I would worry. But not early May.

You'll be fine. There will be something at SSR or OKW, maybe even the smaller resorts.

Best wishes on finding a contract.

 

[CALNEVA DISNEYFANS]

We are in the process of looking for a resale contract and want to take a trip in early May 2006. If we find a contract this month or early next month how soon could we expect to get through ROFR and be able to use our points? Alternatively can the person we are buying from make a reservation for us prior to the purchase that would stay with the contract throught the transfer?

I just purchased resale thru The Timeshare Store. I don't recommend paying for the faster service. If you stay on top of the paperwork they request and overnight your signed papers and check, you should expect to close within 60 days. GOOD LUCK...

P.S. Make sure you understand use year, and make sure it works for the time you plan on traveling. I didn't quite understand the impact until AFTER I purchased.

 

[abt426]

Thanks for the reassurance about early May being available in another 6-8 weeks. I guess you are all right that I am within 7 months so a few weeks isn't likely to matter now. Plus I don't want to have to shell out $10 a point to rent when I am already going to be buying points and paying dues. I don't think it will matter if we don't get our home resort. Any 2 bedroom is great with me!

Thanks
Alena

 

[Aneille]

I was able to have the seller make the ressie for me before the purchase.

The key is the closing date has to be after your reservation.

I also additionally put $$ into escrow to cover the reservation as a renter in case the contract didn't make it through ROFR or something happened during closing to stop the sale.