Resale without a broker?

[ArnyVee]

Is it possible to do a resale without a broker?

Not that I don't think that the brokers deserve their $400 or $500, but if you can cut any corners and still make the transaction successful, then why not.

 

[JOC]

Yes, Arny, some people have purchased DVC through private sellers . Check out www.tug2.net for any listings and info about timeshares in general. Some people have even posted their resales on Ebay.

 

[elgerber]

This is what I did. I purchased mine from the TUG classifieds. We used a title company, the same one who did the original contract from Disney, and everything went great. I was a little nervous at first, but the party I bought from was very upfront from the start, and he asked the title company to hold the deposit, so there was no extra risk for me. It saved both of us some money.

Erika

 

[mickeyc]

I purchased my Mariott via a private sale. We used the Timeshare Closing Service located on Sand Lake Road, Orlando. Their phone number is: 407-370-2373. I used them twice and found them to be very reliable. Good luck!

P. S. You can purchase title insurance through them at a reasonable price, unless you feel it is not necessary. The suggestion using Tug as a resource is very helpful. There is a wealth of information available.

 

[Dean]

The brokers usually get about $1000-1500 minimum or 10-15% which ever is higher. The closing costs can be reduced. Just to get one to do a deed and recording is around $300 now. Recording costs are based on amount but around $100 or more in many cases. The transfer cost with DVC is $100 now from what we've heard. So you may be able to save the brokers fees but you will need to pay some closing costs, at least the buyer will. And if you want title insurance, you will need to use a closing service anyway.

 

[RobDoc]

With Disney's Right-of-Refusal at it's current level, most benefit of a private sale goes to the seller- since they are the ones who would avoid paying the broker. You are unlikely to get a resale for less with a direct purchase than with a brokered sale at this time.

 

[Sims]

With a private resale - who handles the ROFR with Disney?

 

[RobDoc]

Originally posted by Sims
With a private resale - who handles the ROFR with Disney?

It is a requirement to complete the sale and would be the seller's responsibility. It is a provision in the contract and will be a stumbling block in order to have the deed recorded or to be accepted by DVC.

Even if the sale were somehow completed without Disney's approval, it would be very difficult to make a reservation thru Disney.

 

[Bronco Joe]

Originally posted by Dean
The brokers usually get about $1000-1500 minimum or 10-15% which ever is higher. The closing costs can be reduced. Just to get one to do a deed and recording is around $300 now. Recording costs are based on amount but around $100 or more in many cases. The transfer cost with DVC is $100 now from what we've heard.

How do you make a resale work with fees at this level? If I want to buy a 50 point contract, the cost is $20 a point? Even for a 200 point contract - isn't $5 a point a little steep?

 

[Stinson]

Several years ago, we used Sunbelt Title Agency to purchase DVC points and they did an excellent job. They are not brokers. They just assist in the closing for a small fee, including the right of first refusal. Their address is:


Sunbelt Title Agency
215 East Colonial Drive
Orlando, Florida 32801

Fax Number: 407-425-8123

I don't know if they are still in business, but if they are, they provided good service.

 

[Dean]

Originally posted by Bronco Joe
How do you make a resale work with fees at this level? If I want to buy a 50 point contract, the cost is $20 a point? Even for a 200 point contract - isn't $5 a point a little steep?

It's difficult with a small contract or you could go private resale where only the closing costs come to bear and avoid the broker fees. Some want a company to do all the work, others want to save some money and to each their own. Private resale is definitely the way to go with a smaller contract, esp if less than 150 points.

With a private resale - who handles the ROFR with Disney?

Sims, the seller can do it or even the buyer up to a point. You can mail or fax the contract to DVC Member Admin and they will put it before the committee. I just did this on a timeshare trade. We're just getting ready to send everything to a closing agent to do the deed and recording then notify DVC. Of course we could notify DVC ourselves but we wanted a Law firm to do the deed and it's easier to get them to do the recording than try to do it privately through Orange county and figure out exactly how much to send and the like. There are several companies to consider. We used Sunbelt Title before and all was well. We used Voigt and Voigt before with the BW resale and this time will likely be using them again. There are a couple of others that DVC recommends, I can pull out the names if anyone needs them.

The Waiver from DVC must be recorded with the deed so I doubt you'd be able to get DVC to acknowledge the new owner without the waiver.