Resale process, what can I expect from here on out?

[tamu91]

Our family has decided to become DVC members. Now, the resale process begins. What can I expect from here on out?

1. I assume, after the broker receives the signed contract back with a deposit, he will present the paperwork to Disney and this ROFR process begins? How long does that take?

2. If we pass the Disney ROFR, the closing process begin. That should not take long since all the paperwork seems to be in order. Let's say we closed. When can I call DCR and book our reservation.

3. What paperwork should I expect from the closing company other than the Deed itself and from Disney, if any.

Thanks again for your help. We wouldn't have taken this plunge with this board and the direct help I have received from many of you.

I sure hope everything goes well.....I can't wait to book our first trip.

 

[JimC]

The variables are how long it takes the other seller to return the signed contract and how long Disney takes in ROFR process. Closing does not take long at all, provided you have your financing all in order. When we bought resale, it took about three months from start to finish (calling Pat at the Timeshare Store to inquire about resale to having the membership cards in hand). The Deed took a bit longer as it has to go to Orange County to be filed. You will get title insurance policy when your deed is returned to you by the closing company.

You can call MS and book reservation as soon as Disney has you in their system as the new owner.

Congratulations and we look forward to welcoming you home when you close

 

[jekjones1558]

Regarding when to call for a reservation:
Our experience has been that Disney had us in the system less than a week after closing, long before we received the actual deed and title insurance paperwork in the mail. So, if you're anxious to get started, call not long after closing. ROFR has been going quickly lately. If you use our sponsor "The Timeshare Store" they will apprise you when Disney has waived and they will give you their best guess about what price will get you through ROFR. Good luck! We have done 3 add-ons with TTS and all has gone very well and quite quickly. Keep us posted here on the DIS.

 

[helenabear]

My resale took almost exactly 6 weeks from start to making my first ressies (6 weeks and 2 days to be exact). Every closing will be different depending on how long ROFR and all that takes. But here's how mine went.

On April 13th I put a call and an offer in with my broker and received a call back later that day that the seller accepted our offer (took about 2 hours). I had the contract by the end of the day. I intentionally took a little longer signing it and over nighting it since our bank was being slow about getting the title search done for our loan. So I sent it in on the 17th (a Sat) and it was received the following Monday (19th). The next day Maggie sent it into Disney for ROFR

15 days later (May 5th) I heard back from Maggie stating that we passed ROFR and were on schedule for our closing day (May 25th). On May 19th, I received all the closing paperwork and I wired the money from my bank to the company and sent the papers back that day as well. Our title was recorded (according to DVC) on May 24th.

I called on May 26th and we were in the system and our home resort was listed but the points hadn't been recorded yet. I called back the next day and we were in the system and I managed to use all my 2004 points with my two ressies I made

The paperwork I got for this was a contract in the beginning stating our intention to buy and we put 20% down at that time. The closing paperwork was just the typical finalizing the sale (like in a house or car, but only 6 signatures were required )

It was a relatively painless ordeal (the bank was my biggest headache) and my only regret that I didn't do this sooner... I was getting a bit worried that I wouldn't be able to make my ressies for July and December since I waited so long

 

[Morganpics]

We were told on 11 June we had passed Disney ROFR. Yesterday we received all documents via email from Timshare Closing Services, Inc. We have sent the money & documents today, were told it would take 4-6 weeks from closing to receive the Deed. We initiated this process 28 May.

 

[mlobbia]

Originally posted by Morganpics
We were told on 11 June we had passed Disney ROFR. Yesterday we received all documents via email from Timshare Closing Services, Inc. We have sent the money & documents today, were told it would take 4-6 weeks from closing to receive the Deed. We initiated this process 28 May.

Morganpics, I am in the exact same boat (to the day, did you pay the hurry up fee? I did!) and I asked the person at Timeshare Closing Services what happens from here on out and they said that once they have all the documents returned (and the $$$$), they overnight a package to DVC with the Change of Ownership information sheet and a copy of the deed signed by the previous owners and it will take 3-5 business days to be in the DVC computer. So DVC does not need the recorded deed from the Orange County Comptroller, which is what takes 4-6 weeks.

 

[Morganpics]

mlobbia,
We didn't pay a hurry up fee. I did overnight documents & funds both times, however. Sounds as though we should be good to go very shortly!

 

[helenabear]

Originally posted by Morganpics
mlobbia,
We didn't pay a hurry up fee. I did overnight documents & funds both times, however. Sounds as though we should be good to go very shortly!

We didn't pay a rush fee either on ours... it took about a week after closing papers were sent in for me to be able to make my first ressie.... I would start calling after your closing date to see... our info was recorded by DVC on May 24th they said and I know we mailed it in on the 19th (well technically the 20th since it was after hours)

 

[mlobbia]

Originally posted by Morganpics
mlobbia,
We didn't pay a hurry up fee. I did overnight documents & funds both times, however. Sounds as though we should be good to go very shortly!

That's kind of what I thought, just another way to get some $$$ from me, but I figured whats a few dollars on top of what I was already spending.

Hope the rest of the transaction goes smooth!

 

[smjj]

Same boat here. We Fed Ex'ed our final documents and money yesterday. From the first call to Pat at TSS to yesterday, it has been about 5 weeks. I guess that means we can call and see if Disney has us in their system in about a week to 10 days...smjj

 

[all5ofus]

Here's the timeline of our recent transaction:

5/18 Signed contract & sent deposit.

5/31 Notified we passed ROFR

6/10 Signed final agreements and sent balance of money.

6/14 Closing completed.

6/15 Deed recorded at Orange County Comptroller

6/22 Confirmed with MS that I'm in the system and points are available to use.

The variables seem to be ROFR (anywhere from one week to the full 30 days), and the time it takes for the seller to send back the signed documents.

Good Luck!

 

[smjj]

Originally posted by all5ofus
Here's the timeline of our recent transaction:

6/22 Confirmed with MS that I'm in the system and points are available to use.

The variables seem to be ROFR (anywhere from one week to the full 30 days), and the time it takes for the seller to send back the signed documents.

Good Luck!

Do you mind telling the phone number for MS?? I have not gotten that far yet but hopefully will be there in about a week...smjj