Resale - Form of payment?

[ClaraOswald]

I know we can put the deposit on our credit card (yay for points!) But the bulk of the payment...how does that work? For the down payment on our home, I believe we used a cashier's check. However, that was just handed over in person. So is it a cashier's check for DVC resale too? Can that be done online or would I need to physically mail it?

Probably dumb questions but I am totally clueless as I haven't made any purchases like this before in my life.

 

[AstroBlasters]

I know we can put the deposit on our credit card (yay for points!) But the bulk of the payment...how does that work? For the down payment on our home, I believe we used a cashier's check. However, that was just handed over in person. So is it a cashier's check for DVC resale too? Can that be done online or would I need to physically mail it?

Probably dumb questions but I am totally clueless as I haven't made any purchases like this before in my life.

I have wired the funds from my bank to the title company.

 

[ClaraOswald]

I have wired the funds from my bank to the title company.

I don't even know how to do that. Do I physically have to go down to the bank and have an appointment with someone or what? I am seriously so lost. Ha! I was never taught this stuff in school.

 

[Canchaser143]

I don't even know how to do that. Do I physically have to go down to the bank and have an appointment with someone or what? I am seriously so lost. Ha! I was never taught this stuff in school.

Depending on your bank, you will be able to do it online! Usually under the transfer section. OR you are more than welcome to go do it in person!

 

[HappyThoughtsTees]

I don't even know how to do that. Do I physically have to go down to the bank and have an appointment with someone or what? I am seriously so lost. Ha! I was never taught this stuff in school.

If you are familiar with online banking it will be easy. It's similar to a transfer, just with some extra security layers. Your title company can help walk you through it when you get to that point.

 

[AstroBlasters]

The title company will include wire instructions with the paperwork you e-sign. Just print off that page when you download a pdf copy of the signed contract.

Make sure to call the title company and verify the instructions before going to the bank.

Go to the bank and tell them you need to send a wire. You will need two forms of ID.

Do not use the word “timeshare”, just say it is for a real estate transaction.

 

[naman1221]

I don't even know how to do that. Do I physically have to go down to the bank and have an appointment with someone or what? I am seriously so lost. Ha! I was never taught this stuff in school.

Depends on your bank - at Chase, you can setup a wire online but I prefer to gointo branch just because im sending 20-30k, i want to be sure I am doing it right.

Also, depending on your account level, wires do have a fee. Chase is typically around $25.

 

[AnnaKristoff2013]

I know we can put the deposit on our credit card (yay for points!) But the bulk of the payment...how does that work? For the down payment on our home, I believe we used a cashier's check. However, that was just handed over in person. So is it a cashier's check for DVC resale too? Can that be done online or would I need to physically mail it?

Probably dumb questions but I am totally clueless as I haven't made any purchases like this before in my life.

Bank check or wire transfer.

 

[AstroBlasters]

Also, do NOT wire the money until the seller has returned signed documents.

Buyers can e-sign, but sellers often have to sign physical paperwork that is notarized and then mailed back in to the title company.

 

[AnnaKristoff2013]

Do not use the word “timeshare”, just say it is for a real estate transaction.

Why? I was honest with my bank every time. You’re wiring the money to an escrow company, the bank’s not going to flag it as a scam.

 

[AnnaKristoff2013]

Depends on your bank - at Chase, you can setup a wire online but I prefer to gointo branch just because im sending 20-30k, i want to be sure I am doing it right.

Also, depending on your account level, wires do have a fee. Chase is typically around $25.

Yeah, also I agree with this. I’d do it in person. You want to be able to look over the screen of the person sending it for you and make sure everything is right. Once a wire transfer is sent, it is irreversible.

 

[RoseGold]

Do not use the word “timeshare”, just say it is for a real estate transaction.

Why would they care?

I use my brokerage and set up standing instructions right when I get closing papers. Then, after the seller does their part it's just a few clicks or a phone call, they text or call to verify. I can do it all online now.

ALWAYS call a human to confirm wire numbers. This is a common scam if your (or their) email is compromised.

 

[AstroBlasters]

Why would they care?

I use my brokerage and set up standing instructions right when I get closing papers. Then, after the seller does their part it's just a few clicks or a phone call, they text or call to verify.

ALWAYS call a human to confirm wire numbers. This is a common scam if your (or their) email is compromised.

It’s a risk thing. They branches are trained to ask elevated security questions if they feel there is an elevated risk situation that involves a cashiers check or wire.

 

[AstroBlasters]

Why? I was honest with my bank every time. You’re wiring the money to an escrow company, the bank’s not going to flag it as a scam.

It’s not dishonest to say it’s a real estate transaction. They don’t need to know the type of real estate.

 

[RoseGold]

It’s a risk thing. They branches are trained to ask elevated security questions if they feel there is an elevated risk situation that involves a cashiers check or wire.

I send a lot of wires, and they've never asked me anything close to that. But I'm using a big brokerage, not a local bank. You are allowed to buy a timeshare with a wire, even the scammiest timeshare doesn't make the wire fraud.

 

[AstroBlasters]

I send a lot of wires, and they've never asked me anything close to that. But I'm using a big brokerage, not a local bank. You are allowed to buy a timeshare with a wire, even the scammiest timeshare doesn't make the wire fraud.

Of course you are allowed to. If you send wires all of the time then you are not considered high risk because it is part of your normal account activity.

However, if the whole process seems intimidating and you walk in nervous and then a banker finds out you are sending a large amount of money in a wire for a timeshare then that could lead to some additional elevated risk questions.

This is how the bankers and tellers are trained. It’s to try and help make sure their customers aren’t scammed.

FWIW, large brokerage firms have the same types of questions if they detect certain things over the phone or in-person.

This is all because of the Patriot Act.

 

[ClaraOswald]

Okay, so I looked at my banking website and there is a way to wire money online. As long as I'm using a reputable company like www.dvcresalemarket.com for my purchase, I should be safe, right? I absolutely hate doing things in-person (thanks, anxiety!) so if I can safely avoid it, that is ideal.

 

[AnnaKristoff2013]

Okay, so I looked at my banking website and there is a way to wire money online. As long as I'm using a reputable company like www.dvcresalemarket.com for my purchase, I should be safe, right? I absolutely hate doing things in-person (thanks, anxiety!) so if I can safely avoid it, that is ideal.

It’s the escrow/closing company that you will be wiring the money to. Make sure that you call to confirm any wire instructions sent to you by email (because of scammers/spoofers), using a phone number that you independently find for the escrow company. Other than that, you should be good to go.

 

[Mexacajun]

Bought three resale contracts last year, got cashiers check from the bank for all three. No issues. Just mailed the cashiers check.