Resale: Final payment /Now what happens?

[sitchu2]

Today I was airborne expressed papers stating my contract was found to be insurable, and I have some to sign and final payment is requested,

I guess this means Disney approved the contract? It did not state so, or does it go thru disney at closing?

After I send the papers and check how much longer do I have to wait until I am in the system??

Felicia

 

[kem330]

depends how fast they close and record the documents- shouldn't be too long- a week or so. You should ask your agent- they can tell you when deed is recorded and a few days after that call disney and see if you are in the system

 

[Sharper]

Your agent will likely need to check with, or refer you to, the closing agent. It is unclear about where things are. It could just be that Disney has indicated that they will not exercise their right to buy the contract, but they may not close for a couple of weeks or more. Then it may be several days after closing before you are in Disney's system.

That was my one real complaint about purchasing via resale, the uncertainty about things (mostly small, granted) but I like to have all specifics in black and white. Not to say that I wouldn't do resale again if the money was right, but that was the down side.

 

[WDWguru]

Originally posted by Sharper
That was my one real complaint about purchasing via resale, the uncertainty about things (mostly small, granted) but I like to have all specifics in black and white.

We're the same way - want to know what's going on at every little step. I think this depends a lot on your resale agent, however, and is not inherent in the resale process. We've purchased two contracts from Jaki at atimeshare.com and were informed every step of the way what was happening and what to expect next both times.

 

[MELSMICE]

We got some info stating that our deed was going to be recorded. We signed & sent everything back. Beginning of this week we got a Thank-you note from our resale agent but haven't heard anything else.

Do you think we're in the system yet? I haven't received any other paperwork with phone numbers or anything, so I don't even know how to contact DVC to check. Maybe I should just call my resale agent, huh?

 

[kem330]

Call 1 800 800 9800 option 3 and option 3 again. They can look it up by your SSN. I too used Jaki and she told me exactly what was happening and when and who to call. Whats wrong with these sales agents that they don't talk you through it?? Don't they know how ANXIOUS we are to get those first ressies!!!!

 

[MELSMICE]

kem330 - Thank you, thank you, thank you

I called & we are in the system. On February 1, which seems sooooooo far away right now, I can make my ressies for our first trip home!!

 

[crisi]

They receive your check and paperwork.

The receive the sellers notarized paperwork

If all the signatures are good (our seller forgot to have something notarized, so back it went), they will schedule a closing, cash your check, send the seller a check and send Disney the paperwork.

It could take a couple of days - if the seller doesn't promptly return his end (or something is wrong - something didn't get signed notarized - on either end), or the closer is booked, it could take several weeks.

Once the closing happens it will be several days to a week before you are in Disney's system and be able to make reservations.

So you are at probably a week out - best case - from making reservations - in our case it was about three weeks or a month from when we sent the check.

 

[Sharper]

Originally posted by MELSMICE
I called & we are in the system. On February 1, which seems sooooooo far away right now, I can make my ressies for our first trip home!!

If you are in the system, why must you wait until February 1st to make a reservation? We were able to make a reservation as soon as we were in the system

 

[MELSMICE]

We have to wait until February 1 because our use year is Feb.

 

[DebbieB]

Use year has nothing to do with when you can make a reservation. It goes by the date of your trip. You can make a reservation now with your Feb 2003 points for a stay between 2/1/03 and 1/31/04. Of course, the 11 month/7 month limits apply.

 

[MELSMICE]

Thanks for the info DebbieB - looks like I'll be making another phone call tomorrow.