Resale Question

[kel3420]

I am trying to sell my DVC points. I have some points left for the current year.

What happens if I don't sell these and make a reservation using current points and borrowing from next year. Then I get an offer. Would my reservation automatically be cancelled? What then happens with my current and borrowed points? I would be taking this trip the same month as I would have to bank the remaining points.

I hope this makes sense, as I am not supposed to disclose actual numbers right?

If I don't sell them, then I want to use the points during Spring Break, so obviously I would need to start researching airfare.

Okay, so then the ressie's are cancelled, I now have airfare and no rooms. I am assuming during that timeframe it would be next to impossible to get another room.

 

[RobDoc]

When an offer is submitted to DVC for ROFR, any pending reservations will be cancelled. This is to protect the buyer and to allow DVC to verify the actual number of points available in the contract to the title insurance company.

If a reservation made with borrowed points is cancelled, the points would be returned to the current Use Year. Borrowed points can not be banked.

Good luck.

 

[DVCconvert]

or, if buyer & seller agree, the closing must take place after you complete your travel.

 

[RobDoc]

Originally posted by DVCconvert
or, if buyer & seller agree, the closing must take place after you complete your travel.

Nope- DVC will automatically cancel any pending reservations.

The buyer would have to rebook a reseravtion for the seller- and that would need to be disclosed in the offer before submission to ROFR since it would be a condition of the sale.

The trip would have to be completed prior to ROFR. Closing is an arbitrary date - ROFR is the date DVC is asked to verify the number of points available in the contract and that's when reservations would be cancelled.

 

[DVCconvert]

Well I may stand corrected -

but this is what I've recently experienced:
I purchased a resale contract ( in early August) that I was told by the broker "couldn't close" until 9/26 as the owner had a trip booked what would be over by then.
I now am looking at that deed, which shows it was recorded by the comptroller of Orange Cty on 10/1.
Seems to me a pretty short turn around from a 9/26 + ROFR to closing and recording.

Don't know, but this is what happened to me, as I understand it. I guess as always a phone call, or letter to MS should be in order.

 

[Dean]

Actually, DVC doesn't actually cancel the reservation until they are notified that the sale has been completed. They will warn you when you submit for resale but won't cancel it at that time, you never know what will happen prior to closing. So it would be possible to time a closing in this situation. Of course this could change tomorrow so make sure you talk to DVC.