Resales - closing costs

[mickeyluvr]

We are looking at a 50 point HH resale and have been quoted a "firm" price (whatever that means!) How much should we reasonably expect to pay for the closing costs, and what should we offer? I am also wondering if Disney will allow this to go through since it is a different use year from our membership. Any thoughts?

 

[NCRedding]

I think I looked at the same HH resale "firm". The agent quoted closing costs on the 50 points of $360 for the closing. I asked about buying it to see if the people would be willing to try to make a ressie for me for June 2003, and the agent indicated that these sellers are out of town a lot, and would not want to work to get a ressie for me during that time frame. I can't answer about the add-on, but I would think it would be ok with DVC is you had 2 different use years. Good luck (we ended up doing an add-on at BCV)

 

[RobDoc]

"Firm" usually means that the seller is not willing to sell for a lower price than listed.

Closing costs are not significantly reduced for a small contract- which is what makes a DVC direct add-on often more attractive than a resale. You can always try to have the seller pay the closing costs.

Sellers cannot make a reservation in the buyers name, since Disney will cancel all existing reservations when the sale is presented. Disney is not likely to object to a current member getting a different use year, as long as the offered price is above their buyback level (whatever that may be).

Good Luck with your offer!

 

[NCRedding]

The agent didn't tell me anything about the cancellation of existing ressies--in fact, he told me in an e-mail that he had seller/buyers who did ressies in buyers name all the time. Kinda scary that the professional didn't tell me the facts--makes me glad I did the direct sale from DVD.

 

[Cap]

The closing costs are going to seem high, since they are essentially per contract, regardless of a 50 point contract or a 500 point contract.

My HH resale of 150 points earlier this year had $75 for deed recording fees and $350 of escrow / other closing fees for a total of $425. That's $8.50 / point on a 50 point contract. Get a low enough point cost or ask the seller's to pay part or all of the closing costs. Remember, it's all negotiable.