Resale Timing Using Fidelity

[Moniqu17]

I've heard the std resale process should take 60 - 90 days, but we are using Fidelity. I know they tend to be a bit slower, which I am pretty much ok with. But typically how long does it take using Fidelity for the whole process from when offer is accepted to when you get the points from Disney (assuming ROFR passes)? They've already told me to wait around 7 days to get contract to sign and I've heard with others it's only a day or two. I only ask because the contract that we are buying has 160pts from Feb 13. We don't plan on using them this year since we already rented pts for our trip so we'd like to bank the pts. I think we'd have until end of Sept to bank pts... should we have the points by then? Just wondering what the options would be if the process is really more like 120 days??

 

[networktek]

we are using Fidelity as our broker right now and were on track for a 60day timing but looks like it is gonna be longer we are still waiting for the seller to sign the closing papers we had the closing doc signed and final payment sent with in 48 hours the seller has had the closing doc for over a week now.

 

[Minniesgal]

As part of the offer request that the owner bank the points and get it put into ROFR with the points banked. September is doable but tight for you to bank them yourselves will cause you unnecessary stress.

 

[Moniqu17]

Hmm I might have to call Fidelity in the morning to see if that's still a possibility. The offer was already accepted... just waiting on the contract. I didn't know we could ask something like that in our offer. If it's too late I really hope that we have enough time since I know it takes Disney some time to move points and send IDs. Can we move the points right away or will there be a time period that we have to wait (ie to get information packet, etc)?

 

[collections]

we are using Fidelity as our broker right now and were on track for a 60day timing but looks like it is gonna be longer we are still waiting for the seller to sign the closing papers we had the closing doc signed and final payment sent with in 48 hours the seller has had the closing doc for over a week now.

This is EXACTLY my situation with Fidelity right now. Passed ROFR on 5/6, took 11 days to get the docs from the title company. Now they are telling me they still don't have the sellers closing paperwork so I can't close. The seller received the paperwork on 5/17.

 

[Minniesgal]

The thing is it is not necessarily the fact that it is Fidelity that affects the timeline. they are slow to send contracts but that only adds a few days. once ROFR is done it is the closing company that has the documents and one of the biggest hold ups can be the sellers returning documents they have 1 month to do so after receiving paperwork and mine recently took the full month. Disney are also a lot slower to transfer points at the moment, so I don;t really think that the broker matters much in the timeline

 

[Bobby Pic]

Hmm I might have to call Fidelity in the morning to see if that's still a possibility. The offer was already accepted... just waiting on the contract. I didn't know we could ask something like that in our offer. If it's too late I really hope that we have enough time since I know it takes Disney some time to move points and send IDs. Can we move the points right away or will there be a time period that we have to wait (ie to get information packet, etc)?

I am in a similiar situation right now. I sent in final payment and closing documents to Fidelity 2 days ago. My contract is a Dec uy, so I had the same concerns, since I have to bank pts by July 31st. I discussed this with Sharon at Fidelity a fews weeks back and she thought I had nothing to worry about. She did tell me if the closing went further out than expected, she would call the seller and ask them to bank the pts for me.

 

[Moniqu17]

So there is a chance to get the sellers to bank the points even after ROFR but before the final closing in case the timing is close? Very good to know!

 

[agie65]

So there is a chance to get the sellers to bank the points even after ROFR but before the final closing in case the timing is close? Very good to know!

Seller owns the contract till it transfers in disney system, which may be a day or two difference between the transfer of points between the accounts. So seller should be able to bank those for you at any time.

 

[fmer55]

This thread is filled with newbie inaccuracies.

I've heard the std resale process should take 60 - 90 days, but we are using Fidelity.

I know they tend to be a bit slower

, which I am pretty much ok with. But typically how long does it take using Fidelity for the whole process from when offer is accepted to when you get the points from Disney (assuming ROFR passes)? They've already told me to wait around 7 days to get contract to sign and I've heard with others it's only a day or two. I only ask because the contract that we are buying has 160pts from Feb 13. We don't plan on using them this year since we already rented pts for our trip so we'd like to bank the pts. I think we'd have until end of Sept to bank pts... should we have the points by then? Just wondering what the options would be if the process is really more like 120 days??

This being your first contract, I assume by your low post count, I think it is unfair for you to say they tend to be slower.

we are using Fidelity as our broker right now and were on track for a 60day timing but looks like it is gonna be longer we are still waiting for the seller to sign the closing papers we had the closing doc signed and final payment sent with in 48 hours the seller has had the closing doc for over a week now.

Sellers just do not have the same concerns as buyers, they are dealing with life, and often times, parting with a DVC contract that they love.

Seller owns the contract till it transfers in disney system, which may be a day or two difference between the transfer of points between the accounts. So seller should be able to bank those for you at any time.

Not true, the contract is drawn up with the points having a certain status, any changes to that status need to be done in an addendum, which has to be reviewed by Disney. They ROFR based on terms in the contract, post banking of those points would change the contract.

 

[Moniqu17]

I appreciate you clarifying that an addendum would be needed if any changes were made. I will have to ask Fidelity if there is time to change the contract now since no one has signed yet.

I also don't think that my statement was inaccurate or unfair. I based that statement on what I've been reading for awhile now on these boards as well as my own situation. Perhaps the posters were false, but I can only go off of what I've read and my assumption is that the people posting are being truthful and helpful. Also, I've read that it takes other companies a day to two to send out the contract but Fidelity told me on average 7 (if not longer) then I would think that would mean they are a bit slower at least to me anyhow. I've read many times on these threads that some people won't even deal with them because it takes too long??

Sorry, I'm not trying to offend anyone, just looking for help.

 

[gncntry]

I just closed on a contract on 5/24 with Fidelity....
Over a week to receive closing documents and then several weeks for seller to return documents.

3/25/13 Offer made
3/26/13 Offer accepted by seller
4/2/13 Received documents from Fidelity
4/2/13 Questioned broker on one of the docs.
4/5/13 Faxed contract documents back.
4/9/13 Contract sent to Disney for ROFR
4/29/13 Disney waives ROFR
5/9/13 Receive closing docs
5/9/13 Send cashier's check and closing docs overnight to First American Title
5/10/13 Express Mail envelope received at 12:53 pm at First American Title
5/15/13 Email to Cammy at First American Title asking about seller's docs. She said should have by 5/17
5/21/13 Email to Cammy at First American Title. She said seller put docs in certified mail and should have by 5/23
5/24/13 Email to Cammy. She says will close today. Says 3-5 business days for Disney to put us in system
5/24/13 Email from Sharon at Fidelity. Contract has closed. She says 10 days for points to be added to existing membership

I've closed 2 contracts with TSS with a much faster timeline. My experience with Fidelity is that you have to keep asking them and the title company for status updates.

My estimate at this point is 70-80 days from initial offer to actually receiving points.....

 

[NoleFan]

I appreciate you clarifying that an addendum would be needed if any changes were made. I will have to ask Fidelity if there is time to change the contract now since no one has signed yet.

I also don't think that my statement was inaccurate or unfair. I based that statement on what I've been reading for awhile now on these boards as well as my own situation. Perhaps the posters were false, but I can only go off of what I've read and my assumption is that the people posting are being truthful and helpful. Also, I've read that it takes other companies a day to two to send out the contract but Fidelity told me on average 7 (if not longer) then I would think that would mean they are a bit slower at least to me anyhow. I've read many times on these threads that some people won't even deal with them because it takes too long??

Sorry, I'm not trying to offend anyone, just looking for help.

I have had 2 contracts with 2 other companies (not Fidelity) - had contracts same day & closing documents within 3 days of passing ROFR in both cases. I have NEVER read a post that Fidelity provides contract or closing documents (First American) anywhere near this time frame. I agree that Fidelity is slower- the timelines posted here support that fmer55.

 

[Countryrunner262]

I'm a buyer and I'm dealing with life too. We all do.

 

[fmer55]

I'm a buyer and I'm dealing with life too. We all do.

A huge part of your life right now is getting your DVC. Whereas a seller may very well not be so excited to sell their DVC, is my point.

Not trying to offend anyone, I am actually on your side, I have done 4 contracts with Fidelity and never had a problem. The one place they seem to lag is the title company takes longer than the others. Maybe 7-10 days, longer. So while I do not disagree, I certainly think you get the best deals with Fidelity. And I would think you would be doing yourself a disservice if you eliminated Fidelity from any hunt for DVC.

 

[fmer55]

I have had 2 contracts with 2 other companies (not Fidelity) - had contracts same day & closing documents within 3 days of passing ROFR in both cases. I have NEVER read a post that Fidelity provides contract or closing documents (First American) anywhere near this time frame. I agree that Fidelity is slower- the timelines posted here support that fmer55.

You piqued my interest so I had to go back to my first contract and see what my specifics were. Here is my timeline on my first contract timeline. Will you please, please, please stop speaking in absolute terms. I understand this was a year ago, but here it is. 2 days from offer to contract:

http://disboards.com/showpost.php?p=44759762&postcount=39

The one thing that it seems Fidelity and their closing companies do differently is Estoppels. They wait until ROFR clearance and the others do it during ROFR.

And then I went back to my second one, offered June 8th, Friday, received contracts the same day and sent to ROFR on Tuesday the 12th. Documented in threads I have started.

 

[Minniesgal]

So there is a chance to get the sellers to bank the points even after ROFR but before the final closing in case the timing is close? Very good to know!

No this is not the case. You need to put the contract in for ROFR with the final points status or you will need to get an addendum which can I think reset the ROFR timeline and certainly can give disney more than 30 days to decide. The best option is to negociate with the sellers to bank them as part of the contract before it goes in for ROFR. Speak to your broker for advice they know what to do.

 

[Minniesgal]

I just closed on a contract on 5/24 with Fidelity....
Over a week to receive closing documents and then several weeks for seller to return documents.

3/25/13 Offer made
3/26/13 Offer accepted by seller
4/2/13 Received documents from Fidelity
4/2/13 Questioned broker on one of the docs.
4/5/13 Faxed contract documents back.
4/9/13 Contract sent to Disney for ROFR
4/29/13 Disney waives ROFR
5/9/13 Receive closing docs
5/9/13 Send cashier's check and closing docs overnight to First American Title
5/10/13 Express Mail envelope received at 12:53 pm at First American Title
5/15/13 Email to Cammy at First American Title asking about seller's docs. She said should have by 5/17
5/21/13 Email to Cammy at First American Title. She said seller put docs in certified mail and should have by 5/23
5/24/13 Email to Cammy. She says will close today. Says 3-5 business days for Disney to put us in system
5/24/13 Email from Sharon at Fidelity. Contract has closed. She says 10 days for points to be added to existing membership

I've closed 2 contracts with TSS with a much faster timeline. My experience with Fidelity is that you have to keep asking them and the title company for status updates.

My estimate at this point is 70-80 days from initial offer to actually receiving points.....

Your timeline is very similar to mine with a different broker. Our offer was 20th of March, went in for ROFR the 22nd March, ROFR waived the 18th April and closed 16th May. We are still waiting for points to be added to our membership and we are now at around 70 days.

 

[agie65]

A huge part of your life right now is getting your DVC. Whereas a seller may very well not be so excited to sell their DVC, is my point.

Not trying to offend anyone, I am actually on your side, I have done 4 contracts with Fidelity and never had a problem. The one place they seem to lag is the title company takes longer than the others. Maybe 7-10 days, longer. So while I do not disagree, I certainly think you get the best deals with Fidelity. And I would think you would be doing yourself a disservice if you eliminated Fidelity from any hunt for DVC.

I have several contracts thru fidelity, it takes 7-10 days to get contract, title company has not contacted me over 2 weeks after passing ROFR, I already talked to sales manager over fidelity and told him if I can use other title company. Yes per point you may get little less at fidelity but 195 admin fee, slight high closing cost then TSS/magic vacation, slower response time, lot of people do not see a real saving because of these issue.

 

[agie65]

Not true, the contract is drawn up with the points having a certain status, any changes to that status need to be done in an addendum, which has to be reviewed by Disney. They ROFR based on terms in the contract, post banking of those points would change the contract.

I just had same issue, seller banked the point without my knowledge, I came to knew after passing ROFR, we just closed on the contract, if disney makes any fuss I will let you know. Personally I do not think post banking, should cause any problem but good to know, it can be a issue.