Reassurance about Fidelity please! Final update page 8--we are in!

[disynut]

I found the perfect contract for us at Fidelity. I've been reading on these boards for years, and for the past few months started paying attention to the resale stuff, as we were looking at possibly adding on. I went ahead and made an offer, we'll see. I've seen good and bad about Fidelity, I'm hoping since the March crush is over we'll be okay, but we'll see.....

The March deadline did not bother us, as we would probably pay cash for a cruise, and the others just didn't seem to be that big a deal. I do have some points that were bought directly through Disney that I could do that with if we wanted. We will mainly be staying at DVC resorts, with the possibility of trading out through RCI some. That is possible, right?

I'm a bit nervous right now......

 

[disneyfam27]

I was just about to put out a post about my latest news about closing a small contract through Fidelity and saw your post. I have finally received the closing documents from my contract that passed ROFR on 3/29. I called Fidelity last week to following up on when I would received my closing docuents. I had called two weeks prior I was told that I would be getting the docs around 4/22. So I waited until the 29th and called back because I still hadn't recieved the documents yet. Sharon put me on hold to make a call and when she came back told me that I would get the documents early next week.

Well I did get them today (finally), but when I looked at my Buyers statement the amount due was more than I expected. This is because when I got my contract I was given the option to do a "Deed Only" closing that did not include a Title Search or Title Insurance. The cost of closing was quoted at approx $300 for this closing. If I wanted a full closing it would be $375. But on my Buyers statement it showed $75 for Abstract or title search and $60 for Title Insurance. So I called Timeshare Title & More and spoke to Jane who told me that "If you want a deed only closing you need to find another title company, because we don't do that". Then she advised me to call Fidelity to take up the matter.

So I called Fidelity and spoke to Sharon. After some back and forth and a return phone call she told met that the contract could be sent to another title company, but the difference would only be $25 less, because the minimun closing cost was $350 and I TT&M was only charging me $375 including the title insurance. I have to admit that when Sharon originally quoted me the cost she told me that closing would be around $375. But when the contract came in and gave me the option of a $300 closing I opted for this. Now I am being told that the minimum closing $350?!?

Sharon was very apologetic and told me that the contacts that are written and sent are kind of standard blanket contracts and she was was sorry if I had gotten the impression that the closing cost would be less than $350.

What I am trying to figure out why the document I signed said if it opted for title search/insurance it would be $375 ($300 without it), but the mimimum closing cost that Fideility charges is $350, BUT the amount for the Title Search and Title Insurance on the statement equals $130 of the closing?

 

[JimMIA]

Without jumping into the good/bad Fidelity debate, you should know that several of the other brokers have the ability to submit offers on contracts listed on Fidelity's website.

If you're not comfortable with Fidelity, I'd just contact another broker and handle the purchase and closing through them.

 

[BWV Dreamin]

Without jumping into the good/bad Fidelity debate, you should know that several of the other brokers have the ability to submit offers on contracts listed on Fidelity's website.

If you're not comfortable with Fidelity, I'd just contact another broker and handle the purchase and closing through them.

This is not exactly true. While some may have the ability to, its only IF Fidelity agrees to it. In fact, during the March boom, they did not let other brokers sell their listings.

 

[BWV Dreamin]

Fidelity is a small outfit. Very small. They simply do not have the manpower to return phone calls, chat, etc. The one and only time I used them, they had a horrible closing company. The only thing they have going for them is that Disney turfs them over contracts. It's not like all these sellers want to use them to list their properties. Be warned, many of these contracts are in default. If you bid on them, be prepared for a long, long, process.

 

[mouseaider]

As I have said in the past, Fidelity was good by me. But you must not be expecting to have things fly along so you can use the points right away.

We purchased a small contract through them and every thing went extremely smooth..... but ...... it took a longer than what our first contract did through TSS.

Would I buy another contract through Fidelity again ??? You bet, if they had one we wanted at the right price.

Good luck...... I'll be watching your progress.

 

[dbs1228]

Disneyfam27 I was giving the same option as you to do full closing with title search and title insurance and took the full closing because I know Fidelity gets a lot of distressed contracts so I wanted to be fully covered. My paper work shows it as an OPTION also, less money if you opt not to get it. That is just wrong. I think Fidelity should pay the additional owed and move on since they are the ones that generated the original paperwork giving the option!

OP - We just closed on a contract through Fidelity everything went fine. Communication not the greatest but I got a great contract at a great price so I am happy. I did tell the broker when making the offer, I do not want to play games, get involved in divorce situations, or anything that could really drag the process down. I walked away from my 1st offer after 3 days of not getting an answer when I found out it was a divorce situation and they could not agree upon who would pay the balance owed on the contract after closing! Good luck

 

[JimMIA]

This is not exactly true. While some may have the ability to, its only IF Fidelity agrees to it. In fact, during the March boom, they did not let other brokers sell their listings.

In that case, they may have burned their bridges with the other brokers -- which would be stupid, but not surprising. But perhaps that was only a temporary posture caused by the fact that they were seriously over their head during Feb and March.

If you can't get Fidelity listings anywhere else, I'd just look elsewhere if you're not comfortable with them. We've used The Timeshare Store several times, both buying and selling, and they've been great every time.

 

[3girlsfun]

Like the title says, I hate to be negative, but... NO way I am using Fidelity again. We intend to add on at some point to our DVC, but, I will look elsewhere until I find something anywhere but at Fidelity!!!

We are in the process of buying our first contract, resale, through Fidelity, and it has been a nightmare. I have read all the postings and such on here and other boards about them being in over their head during the February and March boom, but, it got so ridiculous. Communication is terrible! If you want specifics, PM me, and I'll let you know, I just know that most are tired of hearing me whine on here.

We just today overnighted our paperwork, and we are looking at a projected closing date of May 17th, and then another 2 weeks before we are in Disney's system, so, maybe around the beginning of June we will be able to make a reservation. We put in a bid in March. I also have the exact dates of everything at work. If you would like to know my timeline, I can get it to you when I go back to work. PM me if you do.

I just can't say enough...there was virtually no communication, and all communication I ever had was only received after I emailed or called several times. I kept being advised here on the boards to be patient, so, as the process went on, I kept getting more and more patient, and still, the communication NEVER improved.

 

[rock_doctor]

Disneyfam27 I was giving the same option as you to do full closing with title search and title insurance and took the full closing because I know Fidelity gets a lot of distressed contracts so I wanted to be fully covered. My paper work shows it as an OPTION also, less money if you opt not to get it. <snip>

Ditto... we also went with the full closing. In Florida they put leans on property for just about anything so you absolutely need the extra protection (IMHO). I would do the full closing and not worry about the $75 then you will have title insurance in case anything goes wrong after closing...

 

[jekjones1558]

I have bought directly from Disney and from 3 different resale brokers, including Fidelity. I guess that I am lucky because I had good experiences with all of my contracts. When it came to resales I looked for a contract that fit my needs and the broker was secondary. I have read about bad experiences with several brokers but in many cases the seller was the cause of the problem and brokers have only so much they can control.
Good luck, OP. There are some good deals out there!

 

[erikawolf2004]

If Fidelity is so bad why do they have the majority of the listings? Can the TSS do offers thru them? I have liked the people I have talked to at the TSS, but they don't have many listings that I'm interested in at BWV, but Fidelity has pages of them-what gives???

 

[cyatesxyz]

Well so far so go for me and Sharon at Fidelity. We just were notified that we passed FROR today and should expect estopples to take 3 weeks.

Sharon was very polite and took the time to answer all my questions at the time we made the offer. The only delay so far was due to the seller taking just over a week to sign and return the contract. Not too much Fidelity could do about that. Everything else has been handled very quickly and professionally, and with no prompting/calling from me.

Just my $0.02, YMMV, etc., etc.......

 

[krisnchris]

We're still waiting to hear if we passed ROFR submitted on 4/5 through Fidelity. Meant to hound them today but forgot. Points don't need to be banked so no rush here.

 

[Buckeye Fan]

We purchased 4 contracts through Fidelity in the past (Rachel) and had no issues whatsoever. We made an offer on a 5th, and the problem wasn't with Fidelity, it was with the seller. He did not return his paperwork in a timely manner, and we ended up walking away from that one by our own choice.

 

[disynut]

Thanks to everyone for your responses!

I knew a little about there being a difference in the closing--I had called earlier about a different listing than the one I made an offer on, and Rachel had mentioned the difference. I was planning to go with the full, with title search.

I had read about it taking a long time on some, but we don't have any upcoming plans, so I wasn't in any hurry. I guess I was more worried about the dragging out of things and being "surprised" at the end about the amount of points available, etc.

Now, having said all that, my offer was made through Sharon, and the counteroffer(the original asking price) is not good enough for me to worry with it any more. I'm planning to just keep on looking for another perfect contract..... I'm sure it's out there, I just have to find it.

 

[nunzia]

..I'm one who had no problems at all with Fidelity.

 

[DizGirl20]

Just closed on a contract with Fidelity. Had no issues at all, in fact I am a very happy and satisfied customer because we got a great deal. When I initially called to make our offer, they had the seller on the phone... so I only waited about 30 seconds for a "yes". I would not hesitate to use them again!

 

[disneyfam27]

I have decided to pay the additional $75 and closing cost. I am not in the mood to fight with Fidelity about a small amount. I just want to close and be done with it. It is only a 25 point contract, so I was trying to keep the costs down, but it has 25 points from 2009 that have to be used by Nov 30, so I don't want to hold this up any more.

Congrats to those of you that have had good experiences with Fidelity.

Sorry to those of you that have had bad experiences, hope everything worked out in the end.

And for everyone who may be currently looking, just take the opinions of me and everyone else with a grain of salt and try to make an informed choice.

I love my DVC membership even if the road getting there can be a bumpy ride sometimes!

 

[hauntedcity]

We're still waiting to hear if we passed ROFR submitted on 4/5 through Fidelity. Meant to hound them today but forgot. Points don't need to be banked so no rush here.

Be aware that they date they say they submitted may not be the actual date. I was told my contract was submitted on March 30, but it turns out that it was REALLY sent on April 11.