Question - Purchasing from family member

[eva]

My sister and BIL are looking at selling 200 points at Vero. They have decided that they will have to sell at $68.75 a point if they are to pay the 10% comission and pay off the loan at DVC without owing anything. Well, my husband and I thought that we might offer to take the points off their hands at a lower rate and by pass the comission. In the end everyone should make out. But the only way we could do this is by taking over their loan. Does anyone know if DVC will allow someone to assume a loan? We would love to refince our house to pay for it. But since we just built a new house and only have a little over 20% equity in the house that is not an option. If we could assume the loan and give them a small cash settlement, we would probably do it. I would think that DVC would love to have this happen. If they sell it through an agent, the loan will get paid off and DVC will lose all the remaining interest. Any thoughts?

 

[spiceycat]

go look on the resale - VB sells for less - $63 to $68 - so I am not sure your friends could get what they want anyway.

good luck!

I would get your friend to call DVC and see. they will buy back anything that they consider a deal. I think for VB it is $62????

 

[eva]

I guess if they would buy it back for the amount of the loan, they would probably be happy. That would be about $62 a point. I was pretty sure that they would not be able to go through an agent and pay off the loan. Anybody else know the answer to this question?

 

[MCazer]

You can take over a loan, I did this when we bought our resale directly from the seller in 1997.

They called Disney, we were sent some paperwork. I used a law program and drew up some documents, and we fedexed them to eachother. Disney charged us I believe $200 to do the recording etc..

Once we had the loan, we paid it off. We got it for $54 /point back then, with free passes until 2000. Wish I had gotten more points then.

We have 232 Old Key West points.

 

[eva]

Thank you so much for answering my question. I'm glad that this is a possibility. My sister and her husband bought when we took them on a trip to WDW. They were really impressed with the GV that we were staying in at the time. I think that they purchased without really thinking it through. We tried to warn them that it takes some planning and research to really make DVC work. But I think that they got caught up in the moment. Being at WDW can do that to you. Now they have a new baby on the way and have to do a major add-on to their home. Since my sister is going to quit work, they won't be able to afford the payments for DVC anymore. We felt kind of bad and wanted to help out if we could. I definitely wouldn't mind having the extra 200 points too.