Questions...

[JCTigger]

I've been looking at the resales on the timeshare store website and I found one that interests me...points wise and price wise...however... I dont understand what the ROFR thing is.... or I had requested information and in it I was told the deposit would be $blank dollars... how and when would I have to send it...? How long does the property usually stick around before it gets bought up so that I could save up the money for the deposit.... My friend has a time share and I think ive picked her brain with so many questions that she doesnt have one left so I figured id try another source..... I mean I know how the program works and everything its just really the starting out financials that Im unsure about....

ANY info would be a huge help!!!

Jill

 

[Cruelladeville]

Whenever anyone sells their DVC timeshare, it goes to Disney for ROFR. If the price is too low, Disney snaps it up, and they can then resell it to any of us at $100 a point, and divide the pts any way they want. That's their right, and it's in all of our contracts. Since you have found a contract, after you make a proposal and the owner approves the price, the contract is sent by the agent to Disney. You don't have to do anything, except sit and wait. After about 3 weeks or so, Disney will either buy the contract, or waive their rights to it, and then it's your's. Since you are going thru TTS, they will do everything for you, except pay for the contract! As for the financing, that's new for TTS, so I don't know anything about it, in the old days we all had to pay cash. Call TTS and talk to an agent there--since they will make 12% commission off the sale, they should be happy to talk to you.

 

[mikesmom]

How long does the property usually stick around before it gets bought up so that I could save up the money for the deposit....

The answer is they don't usually stick around very long. We've had people come on the Boards and mourn because between the time they saw an interesting contract and the time they double checked with their spouse after work, the contract was GONE.

Save first, then contact one of the resellers and let them know what kind of contract you are looking for. Many contracts never even get to the listing.

 

[RobDoc]

Based on the amount of the purchase, you will need to send a deposit. The broker will instruct you in both the amount and date the deposit will be due. Once the offer has been accepted by the seller and reviewed by Disney, yourbroker will send the legal paperwork to complete the sale, including the date final payment is due. If you will be financing, they can assist with that too.

Once you find a contract you are interested in purchasing, contact the broker and they walk you thru the process. It will take a number of weeks from your first contact with the broker until you are ready to close (ROFR can take 30 days alone).

Good luck!