Resale buyers--what was negotiable?

[cswans]

Just moving along the path to ownership!!! For those who bought resale, what things were negotiable or do you wish you had negotiated on?

 

[Laurabearz]

Price per point..... and you can ask for the seller to pay closing costs (400-500 bucks)

I would do your research on what points are selling for, keeping in mind banked and borrowed points. You can find 200 OKW points for 58 bucks (no points banked, some borrowed) or 200 OKW points for $63. Most points from last year and all for this year... that kinda of thing.

Good luck and have fun. There are some sweet resale deals out there if your patient!

 

[cswans]

Thanks Laurabearz!

Anyone negotiate who paid the current years maintenance fees (if on monthly debit--guess it's a moot point if it was prepaid annually) or does anyone know if that is regulated by law?

 

[Kick it up a notch!]

Cswans,

As with buying anything, you can negotiate anything you want into the deal. The seller can accept or reject your offer and you can go on from there. You can negotiate on price, dues, even closing costs. Keep in mind that the seller is paying a fee to the broker that is sometime a very high percentage of the selling price depending on the size of the package.

You can take advantage of packages that have no points available for the current year and even points borrowed from the next year. These packages usually are the best values for the price but they can't be used for a year or two.

We bought a resale and it had no points available due to borrowing but we already own so we can still use our membership while we wait for the other points to become available.

Good luck and keep emotion out of the decision and you will make a great purchase!!!

 

[vacationman]

Just make sure you are not in a hurry and you can get a great deal. You just need to find a truly motivated seller.

We bought a contract with 95% of the points for this year still left and had the seller pay all maintenance fees and the closing costs. Final price to us was just under $58 per point. We are very pleased.

 

[crisi]

We didn't negotiate on price per point - the $$$ weren't worth it to me, nor closing costs. I'm cheap, but I'll pay not to be bothered.

The contract we bought is an April use year with all but 7 points borrowed for 2002. Its BWV - 150points and we are paying $63 a point. We will pay no maintenance until 2003 - since the points for 2002 are basically used.

I possibly could have offered $60 a point and ended up paying 61 or 62, but at the size of the contract, it isn't a significant amount of money to me (and I know that the commission on this sale that the seller was paying was substantial)

This worked for us, since we just got back and aren't planning on WDW until late 2003 at the earliest.

 

[cswans]

I sure appreciate all the thoughts and advice! I'll keep ya' posted!

 

[yesdisneyfool]

Just put an inquiry on a resale. (never done this before)

What is the commission to the seller?
What is the commission to the buyer?
How long does the process take?
Do I need to put a deposit when accepted?

Want to know because it will help in my negotiations.

Thanks for any advice.

 

[kem330]

Resale timeshares are different than real estate in that there is one agent who represents the seller and you the buyer. The agents typically get $1500 commission (or sometimes negotiated as low as $1000) paid to them by the seller. The process can take as little as 3 weeks, but typically 6 weeks. First step if you are dealing with a timeshare broker is to contact the broker and discuss your needs. Then they will contact you when a contract becomes available (if they don't already have one). Many resales never make it to the web listings, they are sold off of brokers lists.
You make an offer and if its accepted you do have to send a check or money order for deposit and then the balance will be due at closing. After closing the deed needs to be recorded and then Disney is notified, so it can take a few days before you are in the DVC system. As previously mentioned, everything is negotiable, however it appears that negotiating wise, sellers are more likely to drop the price/point than agree to pay closing costs. You have to figure around $450 for closing so factor that into your price per point. Maintenance fees are normally prorated for the year, unless all the points have been used. Contracts with borrowed or no points should go in the $58-$60 range (plus closing costs) and those with current points around $60-63/point, $65 if they have banked points. This is just an average of whats been reported on the board in the last year. At one point people were listing BW for $70- $72/point, and ended up around $68 which was a little high. Others have reported getting as low as $55/point, but it seems Disney will exercise their ROFR on contracts this low.

 

[yesdisneyfool]

Thanks kem330, sounds like you've done this before. So I can call the Timeshare Store and let them know what I'd be interested in and they'll call me? If this is so, I might not see it posted on their board.

Thanks again for the advice.

 

[kem330]

Yes you can call The Timeshare Store- also many from this board have used Jaki Apetz at A Timeshare Broker 888-345-2622. She was great and a good negotiator!

 

[Laurabearz]

Originally posted by yesdisneyfool
Thanks kem330, sounds like you've done this before. So I can call the Timeshare Store and let them know what I'd be interested in and they'll call me? If this is so, I might not see it posted on their board.

Thanks again for the advice.

I second calling Jaki and the Timeshare Store and tell them what kinda of thing your looking for.
We told Jaki we wanted between 200-270 BWV points for 63-66 a point (depending on how many banked and borrowed points) We also requested certain use years. It took a couple of weeks but it was great knowing that she would call me if anything came in and I didnt have to worry... it was just a matter of time.

Flash ahead 3 weeks...... She emailed me last night with a totally sweet deal for our BWV add on! And that contract never saw the light of day.......

If your patient.... the perfect contract will roll around. You'll see!

Have fun

 

[yesdisneyfool]

Thanks ladies for the advice and guidance. Looks like I'm on my way. I'll be patience when I make my request.

 

[yesdisneyfool]

I know the link to The Timeshare Store. What is the link to A Timeshare Broker?

Thanks in advance.

 

[kem330]

www.atimeshare.com