question for those that have bought resale...

[SusanWasHere]

I just passed ROFR last week on my first resale. Very exciting, but scary as well! I went to the bank today to get the huge cashier's check - using part of my savings to pay it and then will just pay myself back in monthly increments so as to not take out a loan. I about died in the bank today watching her punch in all those numbers. I was fanning myself and had trouble breathing LOL.

So my question is - I was reading the final paperwork to send out tomorrow. It says that the seller said the points are in there and that with checking with Disney about it, all seemed fine. But in the event I buy this and the points are gone, they aren't responsible. So my question is - has this happened to anyone??? You are told points are there in the next use year, you buy it, only to find out they are gone??? Wow - I'm so nervous now. I'm sure it's just anxiety about the big purchase, but just had to make myself feel better. LOL.....

 

[treehugnmama]

I was rather nervous as well. We used the timeshare store and when I buy my next contract I will use them again without the nervousness. I worrried about the same thing but I had no problems

 

[disneynutz]

It's your Brokers responsibility to verify the accounting and making sure that the contract is correct. If you have concerns, you should contact them.

Bill

 

[masman]

SusanWasHere,

I don't blame you, as your concerns are very valid. I'm in the same position you were in about a week ago. I'm waiting to hear if ROFR will be exercised, but if ROFR is waived, I'm not sure if I like the language you stated in your paperwork. If I may ask, which reseller did you use? I wonder if this is standard language used by all resellers. I would hope there would be some way to guarantee we receive the exact item we purchased....use year, amount of points, expiration, banked points, available points, etc...

 

[mikeandkarla]

I think after it passes ROFR, Disney freezes the contract so no action can be taken on the points in the contract until it closes.

 

[BWV Dreamin]

Although not worded as you state, from a sellers perpective, there is a clause that says you must notify the broker should the points change from the listed contract and that it could affect closing. Technically until that contract goes to closing the seller still has full control over the use of those points. Your only recourse as a buyer is to withdraw from the contract if the terms of the contract are altered(due to seller using the points or misrepresentstion) and get your deposit back. The seller who violated the said contract will be forced to pay a commission to the broker. YOU should not agree to that clause you mentioned. Unfortunately nothing is a done deal until closing.

 

[ldo]

There should be a representation that the points are there. When I used the The Timeshare store, right before closing, they called and said that my 2007 points had been banked---it was not a deal breaker, but I said the contract had said available for 2007 usage--TTS was able to work with DVC to unbank the points for the sale.
Your purchase price is based upon a certain number of DVc points--having less points would affect the price you offered. I would not sign it or at least call and find out what means they take to ensure the points remain in the account. If you are dealing with TTS, I would not worry in the least. Elaine

 

[Coach81]

Never heard of it happening..

 

[SusanWasHere]

Thank you all for you help! I also emailed TTS, where I am buying from, and was totally relieved of my stress by the agent. Disney is involved with the sale, so all should be fine. I think it was a combination of reading the paperwork and getting the check for 5 numbers on the left of the decimal that got me really scared, lol. I have to say TTS is always so quick to respond with any questions or concerns and I like that. Thanks again everyone - I think I feel fine enough to mail this envelope out now LOL.

 

[ldo]

enjoy your DVC! Elaine

 

[Jason@dvcstore]

But in the event I buy this and the points are gone, they aren't responsible. So my question is - has this happened to anyone??? You are told points are there in the next use year, you buy it, only to find out they are gone??? Wow - I'm so nervous now. I'm sure it's just anxiety about the big purchase, but just had to make myself feel better. LOL.....

I understand that your questions has been answered, however, I thought I would let everyone know that when you say "they aren't responsible" I believe you are referring to the closing company involved in the transaction. The closing company is not responsible. The Timeshare Store, Inc.® is responsible to insure the points that show in the contract are actually in the contract when it closes. TSS is responsible and if ever any problems please let us know.

Enjoy the points.

Jason

 

[SusanWasHere]

I understand that your questions has been answered, however, I thought I would let everyone know that when you say "they aren't responsible" I believe you are referring to the closing company involved in the transaction. The closing company is not responsible. The Timeshare Store, Inc.® is responsible to insure the points that show in the contract are actually in the contract when it closes. TSS is responsible and if ever any problems please let us know.

Enjoy the points.

Jason

Oh yes - absolutely. I should have said the final papers from the closing company! Thanks for clarifying! And thank you - I am sure I will enjoy the add-on! I just don't want to catch that bad disease I keep hearing about

 

[masman]

I understand that your questions has been answered, however, I thought I would let everyone know that when you say "they aren't responsible" I believe you are referring to the closing company involved in the transaction. The closing company is not responsible. The Timeshare Store, Inc.® is responsible to insure the points that show in the contract are actually in the contract when it closes. TSS is responsible and if ever any problems please let us know.

Thanks for the clarification, Jason. That is a relief!

 

[Dean]

I understand that your questions has been answered, however, I thought I would let everyone know that when you say "they aren't responsible" I believe you are referring to the closing company involved in the transaction. The closing company is not responsible. The Timeshare Store, Inc.® is responsible to insure the points that show in the contract are actually in the contract when it closes. TSS is responsible and if ever any problems please let us know.

Enjoy the points.

Jason

But are you legally responsible or do you just take on the added responsibility. My understanding is it's the seller who was legally reponsible in this situation and that essentially means you're out of luck unless it was an honest mistake and honest seller. I do know of cases of the points being different once it was changed over though the "usual suspects" normally figure out a way to make it acceptable to the buyer. I also know of many situations where someone bought a timeshare week and the seller had ultimately used or deposited the week that was to be included. In some cases the buyer was out of luck. Last year I bought 4 Marriott weeks. In all 4 of them I got the 2010 week, in one it was supposed to come with the 2009 week as well. Turns out the 2009 week wasn't available so they gave me 3 choices (look for another contract, cancel or change the deal to not pay the dues and not get the 2009 week). I took the last one as it was so short notice that I felt it was a much better deal without the 2009 week but not paying the dues than the reverse.

 

[Disneypubgal]

Welcome home!!