Resale timeline

Discussion in 'Purchasing DVC' started by Liam518, Feb 12, 2019.

  1. Liam518

    Liam518 Earning My Ears

    Joined:
    Feb 11, 2019
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    I’m ready to make the move, and I have heard the process takes a long time via DVC resale market. My question is when do I need the money by? I have my funds tied up in stocks, and want to know if I should pull it out before I make offer, or is there a while between offer, acceptance and actual money exchange. Thanks in advance.

    Also, was wondering if MF are one lump payment or monthly payments?

    Thanks.
     
  2. DduzDis

    DduzDis DIS Veteran

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    You'll need a 10% down payment available upon acceptance of an offer. After that you have until closing to gather the rest. It could be anywhere from 30-60 days. It can vary greatly, but the whole process can take from 45 - 60 days on average I think.

    Future MF can be paid either lump sum or monthly if you set that up on the DVC member website. If you purchase a contract with points available for this year the dues for those will be collected at closing unless you have negotiated something different in the offer. Beyond purchase of the contract you can pay monthly.
     
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  4. sndral

    sndral DIS Veteran

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    How long will it take you to liquidate and get your funds?
    You will need 10% down when your offer is accepted - you can throw that on a credit card easily and have until your bill is due to pay that and avoid interest charges.
    Once your offer is accepted it goes to ROFR from Disney - which takes a couple of weeks up to about a month. Assuming Disney doesn't exercise their right of first refusal once you are notified you've passed ROFR the closing company will prepare your documents which can take a couple of days to a couple of weeks. Then both you and the seller have to return those documents - this is when you send the 90% of the price you still owe, plus the closing costs plus the MFs (if you are paying those last 2 items.)
    W/ the 2 contracts I bought I had the funds sitting in my checking account and sent the money and the signed closing documents right away but both times the sellers took a couple of weeks to get their documents notarized and back to the closing company.
    In your situation, assuming you can get your hands on your money w/in 2 weeks, I'd liquidate as soon as I was notified that I'd passed ROFR while I was waiting for the closing documents from the Title Co..
     
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  5. skippytx

    skippytx Bay Lake Tower

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    My transaction was 35 days from offer to close, and that was considered pretty fast.

    I don't know how long it would take you to liquidate, but I'd probably wait until I found out if I passed ROFR before selling.
     
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  6. TexasChick123

    TexasChick123 Always Dreaming of Our Next Vacation

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    Plan for 60-90 days from signed contract to points in the account. As far as money, like others have said, you need 10% upfront. The other 90% will be due once you get the closing docs if it passes ROFR which is taking 2 weeks to a month after sending the contract off for review. You send a cashiers check with all your closing docs. I’ve had closing docs prepared within a day or two up to 2 weeks after being notified it passed ROFR. A lot of it depends on the title company. I suggest you research them!
     
  7. sndral

    sndral DIS Veteran

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    Wow, that’s fast!
     
  8. kniquy

    kniquy DIS Veteran

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    My timeline is based on a purchase a few years ago. Once accepted there was a deposit needed ( not positive on amount) for me this was the middle of September when i put in my offer. Our contract was through ROFR in about 30 days (some move through quicker) then it was somewhere in mid November when they needed the remainder of the amount. We had our member # and access my mid December.

    I don't know how long it would take for you to pull your $$ from stocks -- If it takes awhile and you know for certain that you are buying then i would get that money in your account to make sure that doesn't cause a hold up in the process.
     

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