Questions on resale process

[discorsner]

Can someone walk me through the resale process and/or add any details in that I have missed?

Are these correct steps?
1. Decide where we want to buy and what UY and point total we are looking for.
2. Make offers to sellers through one of the main broker sites.
3. Seller accepts offer (hopefully)
4. Sign paper work and Send deposit? How much is this? A certain percentage?
5. Goes to ROFR at Disney
6. Disney passes it (hopefully)
7. Close officially with paperwork and pay rest of the money.
8. Wait for Dinsey to recognize you in their system.
9. Start making reservations.

Can anyone add anything to this? Can anyone tell me what the deposit amount usually is and when the balance of the money is due?

We are tryiing to get ready to make offers for a first contract within a few months or so and we want to be ready with all the info we need!

 

[LeslieLou]

We just bought 2 resale contracts (offers in prior to the March change)...

I was flexible on where we wanted to buy. I put together spreadsheets to understand the total cost per point over the life of the contract taking in to account MFs, years remaining at the resort, and buy-in cost. We knew about how many points we wanted. I monitored the resalers for a listing with the number of points/one of my chosen locations. I didn't care about UY - we will vacation various times throughout the year.

Can someone walk me through the resale process and/or add any details in that I have missed?

Are these correct steps?
1. Decide where we want to buy and what UY and point total we are looking for. Yes, but it will be easier/faster if you have multiple locations you're willing to purchase. If you do buy more than one contract, it's best to keep the same UY so you only have 1 member number
2. Make offers to sellers through one of the main broker sites. Yup! We called to put in our offer and it went very smoothly. TSS was open at 8pm the night I wanted to put an offer in
3. Seller accepts offer (hopefully) Could be some negotiation here
4. Sign paper work and Send deposit? How much is this? A certain percentage? Deposit was $500/contract a few months ago for each of mine
5. Goes to ROFR at Disney Yes and this takes several weeks - 3 or 4
6. Disney passes it (hopefully)
7. Close officially with paperwork and pay rest of the money. There is usually a specific date the seller can close by. They cannot have any pending reservations for you to be able to close on the contract. If they can close immediately after ROFR, you will send your paperwork/remaining money immediately after passing ROFR and receiving paperwork from the title company. The company will send you a statement that shows how much you owe. Closing costs do depend on how big the contract is. However, there is a minimum - I don't think the cost goes lower than around $230 (or $320...I'm feeling dyslexic right now) because title searches are a fixed cost.
8. Wait for Dinsey to recognize you in their system. Took about 2 weeks for us each time
9. Start making reservations. Can do this almost immediately when you're in the system. On the first day I called, I was in the system but my points were not loaded in yet so I had to call back the next day

Can anyone add anything to this? Can anyone tell me what the deposit amount usually is and when the balance of the money is due?

We are tryiing to get ready to make offers for a first contract within a few months or so and we want to be ready with all the info we need!

 

[Deb & Bill]

If the contract is being sold as a result of a death or divorce, it could take longer.