Spoke with a DVC Guide about buying in VB. Are now thinking of just buying resale in order to purchase elsewhere. Especially after reading all the negative comments about owning in VB from the DVC Forum. Want to make sure there are no disadvantages to buying resale. Has anyone had any problems with resale? Any other suggestions or helpful hints for us?
Resales
- Thread starter jcljmagic
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TheRustyScupper
Everyone Is Responsible For Everyone.
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Disadvantages:
1) Make certain the current-year points aren't used-up.
2) If some/all of the points are gone, get a price reduction.
3) Make allowances for the closing costs in your budgeting.
4) Other than that, nothing else of which I can recall.
1) Make certain the current-year points aren't used-up.
2) If some/all of the points are gone, get a price reduction.
3) Make allowances for the closing costs in your budgeting.
4) Other than that, nothing else of which I can recall.
snicker-doodle
Mom to Tinkerbell, Cinderella & Snow White
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snicker-doodle
Mom to Tinkerbell, Cinderella & Snow White
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Thanks, Cindy...I'll check them out.
Sherry
Sherry
I purchased my resale via the timeshare store and their service was excellent. However, there are many timeshare web sites that are selling DVC contracts. You can go to any search engine and type in" timeshares." Literally, hundreds will be available. I would also recommend that you check the timeshare user group (tug) classified ad. It can be accessed at www.tug2.net. To join the membership is nominal and the inforamtion is invaluable. The advise suggested above is also very good. The value of the contracts depend upon the available points and price per point. Most seem to be going in the mid-sixty range.
One final point. I would sugggest if you find a private seller you use a service such as the Timeshare closing Service, Orlando, Florida. They can be reached at 407-370-2373. They can hold the money in escrow until the deal is closed and do a title search. You want to make sure there are no liens against the contract. Good luck!
One final point. I would sugggest if you find a private seller you use a service such as the Timeshare closing Service, Orlando, Florida. They can be reached at 407-370-2373. They can hold the money in escrow until the deal is closed and do a title search. You want to make sure there are no liens against the contract. Good luck!
It may take a little longer to close. It may not, but not all sellers are motivated to sign and express back the paperwork promptly.
Remember (as has been mentioned) to factor in closing costs.
Sometimes sellers back out (Disney never does - well, as long as you pass the credit check).
You don't get to take advantages of promos (a backpack, free nights, or whatever the current promos are) buying resale.
If you want a relationship with a DVC sales guide, you are going to have to establish one after the fact with someone who will only get possible commissions from your add ons.
In addition to buying a contract with all the points borrowed, you may end up with a contract with lots of banked points that won't fit into your vacation plans. Not a huge problem, you can let them expire, rent them, or give them away - but know what you are getting and when you are getting it and when you have to use it by.
Because of the borrow/bank points issue, the possible lengthy closing and the possibility of backing out, don't buy a resale for a vacation that you have your heart set on less than about ten months out (and a year even more would be way better - with the flexibility of going earlier if you want - or not having vacation plans at all). It would be frustrating to have a seller back out after spending six weeks on a deal, the next deal having a slow closing, then getting a contract where you need to spend all the points in six weeks-- and then discovering that there isn't any availability when you want to go next month anyway!
Remember (as has been mentioned) to factor in closing costs.
Sometimes sellers back out (Disney never does - well, as long as you pass the credit check).
You don't get to take advantages of promos (a backpack, free nights, or whatever the current promos are) buying resale.
If you want a relationship with a DVC sales guide, you are going to have to establish one after the fact with someone who will only get possible commissions from your add ons.
In addition to buying a contract with all the points borrowed, you may end up with a contract with lots of banked points that won't fit into your vacation plans. Not a huge problem, you can let them expire, rent them, or give them away - but know what you are getting and when you are getting it and when you have to use it by.
Because of the borrow/bank points issue, the possible lengthy closing and the possibility of backing out, don't buy a resale for a vacation that you have your heart set on less than about ten months out (and a year even more would be way better - with the flexibility of going earlier if you want - or not having vacation plans at all). It would be frustrating to have a seller back out after spending six weeks on a deal, the next deal having a slow closing, then getting a contract where you need to spend all the points in six weeks-- and then discovering that there isn't any availability when you want to go next month anyway!
snicker-doodle
Mom to Tinkerbell, Cinderella & Snow White
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When do points expire? Do banked points also expire or can you keep adding to them to use them for an upcoming vacation? Also, what's involved with banking points?
Thanks!!
Sherry
Thanks!!
Sherry
Points expire at the end of your use year. You can bank them into the next use year, but you have to use them then or lose them (you can not carry banked points from year to year). You also need to bank them ahead - six months ahead to bank all your points with a prorated schedule from then on out - so you can't wait until the last day of your use year to bank. You cannot transfer banked points back to their original use year.
For my April use year....I have until September 30th to bank all my points.
December 30th I can bank 50% of my points.
Up until January 30th I can bank 25% of my points.
So I pretty much have to know by September if I am travelling between then and April (although I can borrow next years points into this year for a spur of the moment trip - then use the points I banked from this year next year).
The problem with banked points and resales - say in January you close on an April use year contract with 260 banked points, plus 300 for this year that haven't been spent, plus you are getting 300 in April for next year. You have to spend the banked points by March 31st. You can rent them, or give them away, or plan a quick vacation - but you will need to be flexible on when you go and where you stay - Easter for instance is probably not going to be an option for those point by the time you call to reserve in January. You are past the bank deadline for this year for all but 25% of the points, so you need to spend 75% of your 300 points by March 31st, too. Now this contract would be a helluva deal if you were looking at closing on it in June or July - but a January close will make logistics hard for most people.
So don't pay too much just because a contract has banked points - look to your availability as well.
A lot of resale contracts have the opposite problem. Not only are the points for this year spent (bank! who banks!) but the points are borrowed against the next year. So you are looking at borrowing points when you use year comes up - or being patient about your first trip home. This was the situation with the contract we bought - but since we only go to Disney every other year, and bought our resale contract right after returning, it wasn't an issue for us.
For my April use year....I have until September 30th to bank all my points.
December 30th I can bank 50% of my points.
Up until January 30th I can bank 25% of my points.
So I pretty much have to know by September if I am travelling between then and April (although I can borrow next years points into this year for a spur of the moment trip - then use the points I banked from this year next year).
The problem with banked points and resales - say in January you close on an April use year contract with 260 banked points, plus 300 for this year that haven't been spent, plus you are getting 300 in April for next year. You have to spend the banked points by March 31st. You can rent them, or give them away, or plan a quick vacation - but you will need to be flexible on when you go and where you stay - Easter for instance is probably not going to be an option for those point by the time you call to reserve in January. You are past the bank deadline for this year for all but 25% of the points, so you need to spend 75% of your 300 points by March 31st, too. Now this contract would be a helluva deal if you were looking at closing on it in June or July - but a January close will make logistics hard for most people.
So don't pay too much just because a contract has banked points - look to your availability as well.
A lot of resale contracts have the opposite problem. Not only are the points for this year spent (bank! who banks!) but the points are borrowed against the next year. So you are looking at borrowing points when you use year comes up - or being patient about your first trip home. This was the situation with the contract we bought - but since we only go to Disney every other year, and bought our resale contract right after returning, it wasn't an issue for us.
robinb
DIS veteran
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IMO there is never a problem with banked points. They are always valuable, even if you are unable to use them. You can always rent out your points over at the DVC rental board for $5-$12 per point depending on when they expire.
When we were buying a resale, we took into account any current/banked points and any borrowed/used points. I added $10 pp to my calculations for points left over and deducted $10 pp for any borrowed. Closing costs are about $500.
I have a little spreadsheet that calculates the effective price perpoint on any resale. I can send if anone who emails me.
When we were buying a resale, we took into account any current/banked points and any borrowed/used points. I added $10 pp to my calculations for points left over and deducted $10 pp for any borrowed. Closing costs are about $500.
I have a little spreadsheet that calculates the effective price perpoint on any resale. I can send if anone who emails me.
The Timeshare Users Group (TUG) also has classified ads where members can buy and sell timeshares. This will save you a commission if you can negotiate a purchase or sale.
' http://tug2.net/ '
The Timeshare Store is a sponsor of this forum and deserves consideration.
' http://dvc-resales.com/ '
ralphd
' http://tug2.net/ '
The Timeshare Store is a sponsor of this forum and deserves consideration.
' http://dvc-resales.com/ '
ralphd
Problem is probably too strong a word....if your only problem is too many points - its a nice problem to have.
But I wouldn't buy a contract and pay extra for a lot of points that were going to expire within a couple months (less than four or five) of making my offer. My contract took 10 weeks from offer to close - and that would have left me little time to use or find someone to use the points. Now, if a lot of points that were about to expire came at the same price as a contract with no available points - that would be a deal for me.
But I wouldn't buy a contract and pay extra for a lot of points that were going to expire within a couple months (less than four or five) of making my offer. My contract took 10 weeks from offer to close - and that would have left me little time to use or find someone to use the points. Now, if a lot of points that were about to expire came at the same price as a contract with no available points - that would be a deal for me.
snicker-doodle
Mom to Tinkerbell, Cinderella & Snow White
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- Jul 7, 2002
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- 109
Crisi...
Thanks for your information. It helped me realize that you really need to take into consideration the amount of banked or current points...allow time for closing....and still have enough time to use or sell the points available. Didn't think about that!
Thanks for your information. It helped me realize that you really need to take into consideration the amount of banked or current points...allow time for closing....and still have enough time to use or sell the points available. Didn't think about that!
Not that I'm a genius or anything but I've been doing a ton of research and will be posting an updated analysis of the benefits of resales on Mouseplanet.com.
Should be done in the next week or so, bottom line is that if you travel to WDW more than once every couple years it's well worth buying in.
Should be done in the next week or so, bottom line is that if you travel to WDW more than once every couple years it's well worth buying in.
I haven't seen any negative comments about owning VB. VB is a great resort, truly one of the finest in the world. If you plan to vacation at VB most of the time, it would be very wise to own there.
If you plan to vacation at WDW most of the time, buying VB would be a mistake.
If you plan to deliver phonebooks for a living, buying a little two seat Porsche is probably a mistake.
Does that mean Porsches are bad cars?
Obviously not.
Just like the previous statement does not mean VB is a bad resort.
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