Resale Question

[Wislodgers]

We are in the final leg of closing on a resale purchase. To all of you that have purchased resale, did the agent or closing company ever update on the status of the contract? I have made about 4 phone calls to the closing agent. No one has ever contacted me. I called at the beginning with a couple questions on dues(which they could not answer) and now toward the end of this only to find out they are still waiting for the seller to return their papers. I also accidentally found out, through Disney, that points we specified to be banked were not and also there were less points currently available than advertised. I did call our agent, and this matter was addressed and taken care of immediately. So I really have no complaints with the agent, but the closing company has made me feel out of the loop. I have no clue as what to expect or even what is going on. We already own with DVC, so we know the basics of the workings with the contracts. I feel for people buying their first contracts through resale with them. Is this just the norm?

 

[robinb]

I also accidentally found out, through Disney, that points we specified to be banked were not and also there were less points currently available than advertised. I did call our agent, and this matter was addressed and taken care of immediately.

Wow. Wasn't that part of your contract? Who are you using as your agent and closing company? Just wondering as I am in the process of closing on a resale myself.

 

[mtdewhead]

We just closed on our first resale contract in April. We signed the first papers in Feb. and I didn't hear anything at all until I called the day before the closing date (late April) and then I got the closing papers 3 days later. After that I called MS about 1 1/2 weeks later and I was in the system even though I had no paperwork. Just last week I received the deed and member card and member guidebook (all seperate mailings within days of each other). So basically, I think you're on your own until the mailman brings the goodies!

 

[Wislodgers]

robinb- In defense of the agent, he seemed to have a valid excuse why we were not sent an addendum to the contract. He did not blame anyone else and readily admitted it was his fault that it was overlooked. To me that said a lot, I dislike when people blame everyone but themselves when there is a problem. The few points that were "missing" were in no way a make or break on the contract for us. The agent reimbursed us for the points, which we appreciated.

I guess we are not the only ones left on our own. I will just be glad when the sellers return the papers and we can close!!

 

[crisi]

We've had a similar experience. Our seller didn't get something notarized, so it had to go back. I've never spoken to the closing company and have done all my contact through the agent - who had a very hard time reaching the closing company to find out if we'd closed.

This hasn't been a big deal for me, since we don't have a trip planned until fall of 2003. But a resale does take some time, and there are far more things that can go wrong - Disney doesn't back out on a contract - and I doubt they forget very often to get the paperwork properly notarized.

 

[nisiemouse]

I guess we were very fortunate. Our seller was out of country and sent everything back very quickly and everything was done correctly. Our closing papers were missing one form but the agent took care of contacting the closing company and getting the paper faxed to us the next day. Our agent called us to let us know when we closed and when I should try to contact Disney for our number. She wanted me to contact her when we had our number. We were overcharged on dues (the seller had a late fee) but our agent made sure the closing company reimbursed us. We were anxious to make our first ressies since we were going Thanksgiving and already had bought plane tickets before we decided to join DVC. The process did take longer than I thought it would but our agent kept us informed every step of the way. I hope everything is final for you soon.

 

[AnnaS]

I had told my guide I was starting to consider re-sales - of course they want to make the sale - she did tell me resales will always be there (increase too of course) and to be careful about status of points. It does take longer to close . Even though maintenance fees might be negotiable, I would only pay 6 months (with BCV) vs. a whole year with resales. I would also put it all on my cc which I could not do with a resale - so no travel rewards here too. Any other drawbacks with resales?

 

[WDWguru]

Hmmmm, let's see... saving thousands of dollars, buying the resort I want, the abililty to wait for just the right contract for my needs, getting banked points ready to use.... other than that I see no drawbacks.

Seriously, I think the ones mentioned in previous threads pretty much cover it. We've gone both ways - bought one contract from DVC and two resales from Jaki at atimeshare.com. Both experiences were equally easy and painless. It really depends on your individual situation. We've had no problems verifying dues owed, points available, etc.

We have had better service from our resale agent than our DVC guide. Jaki has done a great job of keeping us informed at every step, makes calls for us to check status with all parties involved, etc. We actually had to call our guide at DVC to find out when we closed as we hadn't heard anything for several weeks.

 

[Wislodgers]

We did originally buy from Disney, and it was very easy. The resale has not been difficult, and given another contract like the one we hopefully will close on, we would definitely go through the same agent. Our resale is the same VWL w/ Sept. as our original contract. Disney has already flagged the sellers contract that it is to just be combined under our current member number when it goes through. That was a selling point for us, knowing we would not be dealing with two seperate member numbers. I would not discourage anyone from doing a resale, unless Disney has what you want. We seriously considered BCV, but felt we would prefer to stay at VWL. I believe in the "buy where you want to stay". I hope to someday try out all the DVC's. It is fun because they are all unique in their own way. It is great to have choices!