ROFR Thread Jan to March 2023 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[DonMacGregor]

ocdb8r1---$98-$26465-250-SSR-Sep-0/21, 250/22, 250/23, 250/24-Seller pays closing- sent 2/13

ocdb8r1---$233-$71865-295-VGC-Dec-200/21, 295/22, 295/23, 295/24- sent 2/13

New(ish) member jumping into the deep end. Was a DVC member over a decade ago and caught the bug again. After 2 consecutive years renting, decided it was time to take the plunge.

 

[HIRyeDVC]

ocdb8r1---$98-$26465-250-SSR-Sep-0/21, 250/22, 250/23, 250/24-Seller pays closing- sent 2/13

ocdb8r1---$233-$71865-295-VGC-Dec-200/21, 295/22, 295/23, 295/24- sent 2/13

New(ish) member jumping into the deep end. Was a DVC member over a decade ago and caught the bug again. After 2 consecutive years renting, decided it was time to take the plunge.

Ain't nothing like throwing down a S%IT ton of money to make a splash into membership! Like a boss!

 

[beldred]

Well, we bought our first contract (a small BCV) in November and had planned to make do with it until Poly2 gets released. Well.... after being told 2025 by the DVC guide we spoke to at our stay last week (first time on our own points wooooo!) we decided we can't wait that long. With the downturn in the market, seems like a good time to go ahead and add on anyway. LOL Started making offers today! Trying to do better this time since last time we definitely overpaid by the time you consider closing costs and fees on a small contract.

My question - and why I'm posting on this particular thread (besides the fact that I basically lived in here for 3 months last year) Do most brokers have similar closing costs? I'm trying to ballpark our all-in before making offers (and no crappy admin fees this time!! Especially since Fidelity promised to refund mine and never did, the scoundrels.) Some brokers list their approximate closing costs but some I'm looking at do not.
So like, our previous closing costs were like $550ish. Can I assume that will be a safe guessimate with a variance of 50 bucks or so? or is the variance a lot bigger? Thanks!

 

[BattyKoda]

The good news is the contracts are only a few pages. Just be sure to read entire paragraphs, for example, the part about the Buyer owing the full seller's commission in addition to losing their deposit (if Buyer defaults) was an unexpected addition on the www.fidelityrealestate.com contract. Most of these seem easy to read compared to car or home purchase paperwork

Did you ask them to remove that or walk away from it?

 

[AstroBlasters]

ocdb8r1---$98-$26465-250-SSR-Sep-0/21, 250/22, 250/23, 250/24-Seller pays closing- sent 2/13

ocdb8r1---$233-$71865-295-VGC-Dec-200/21, 295/22, 295/23, 295/24- sent 2/13

New(ish) member jumping into the deep end. Was a DVC member over a decade ago and caught the bug again. After 2 consecutive years renting, decided it was time to take the plunge.

I was wondering how long that $233pp contract would last. Nice pickup!

I hope you can actually find a way to use those 2021 points!

 

[HIRyeDVC]

I was wondering how long that $233pp contract would last. Nice pickup!

I hope you can actually find a way to use those 2021 points!

was it listed for $233pp? on dvcresalemarket?

 

[Azndjdude]

Well, we bought our first contract (a small BCV) in November and had planned to make do with it until Poly2 gets released. Well.... after being told 2025 by the DVC guide we spoke to at our stay last week (first time on our own points wooooo!) we decided we can't wait that long. With the downturn in the market, seems like a good time to go ahead and add on anyway. LOL Started making offers today! Trying to do better this time since last time we definitely overpaid by the time you consider closing costs and fees on a small contract.

My question - and why I'm posting on this particular thread (besides the fact that I basically lived in here for 3 months last year) Do most brokers have similar closing costs? I'm trying to ballpark our all-in before making offers (and no crappy admin fees this time!! Especially since Fidelity promised to refund mine and never did, the scoundrels.) Some brokers list their approximate closing costs but some I'm looking at do not.
So like, our previous closing costs were like $550ish. Can I assume that will be a safe guessimate with a variance of 50 bucks or so? or is the variance a lot bigger? Thanks!

The title company generally charges closing costs and if you use financing the finance company has closing costs as well. There is one known dvc resale company that charges an admin, but all the rest of the charges will depend on the title company and/or the finance company. They are all generally similar, the biggest variable will be the transfer taxes. Transfer taxes are $0.70 per $100. So if you purchase a $10,000 contract, then you'll pay $70, but if you purchase a $20,000 contract then your transfer tax would be $140.

 

[beldred]

The title company generally charges closing costs and if you use financing the finance company has closing costs as well. There is one known dvc resale company that charges an admin, but all the rest of the charges will depend on the title company and/or the finance company. They are all generally similar, the biggest variable will be the transfer taxes. Transfer taxes are $0.70 per $100. So if you purchase a $10,000 contract, then you'll pay $70, but if you purchase a $20,000 contract then your transfer tax would be $140.

Okay thanks. Is the transfer tax usually a part of the quoted closing costs? Or is that a separate fee? I definitely did not pay enough attention to our last contract.

 

[Noles235]

Okay thanks. Is the transfer tax usually a part of the quoted closing costs? Or is that a separate fee? I definitely did not pay enough attention to our last contract.

Part of the quoted total closing costs

 

[ocdb8r1]

was it listed for $233pp? on dvcresalemarket?

Yes - was one of their "Hot Buys" which they claim is not up for further negotiation. I took it at face value after spending the last two weeks making offers on several contracts and not being able to get anyone below 240. I still think there is room for the VGC contracts to further soften and at this price point, I also had a bit of pause about just waiting for the DLR Tower to open and buying direct (likely for cheaper). However, we love the Grand Californian and I think it will continue to be very difficult to get into PLUS if they keep up with the resale restrictions on new resorts I think it's going to impact longer term value of those points.

I was wondering how long that $233pp contract would last. Nice pickup!

I hope you can actually find a way to use those 2021 points!

Sadly I think they'll be "sleep around points" at best as I doubt there will be much if anything at VGC left....I'll be lucky to get into the system before there are even 6-7 months left on them. I will CERTAINLY find some way to use them though!

 

[TinkAgainU]

Did you ask them to remove that or walk away from it?

The Seller and I compromised - Seller was apparently not told what deposit was offered, and I had requested a different (non affiliated with brokerage and cheaper) escrow, so the offer had to be negotiated again, and contracts rewritten and signed again. A delay i attributed to the salesperson who seemed to presume I would sign whatever I was sent? Delayed things, but still going forward.

 

[TinkAgainU]

So like, our previous closing costs were like $550ish. Can I assume that will be a safe guessimate with a variance of 50 bucks or so? or is the variance a lot bigger? Thanks!

/// For a small contract I found Mason to be cheaper than Magic Title - seemed more like a a $150 or $200 difference from the brokers own escrow/title? It is my understanding, if you pay closing costs, you can choose the escrow. ///

 

[snowy82]

When we bought our first contract last year, ROFR took 2-3 weeks. How's it been looking lately??

 

[njcoach24]

When we bought our first contract last year, ROFR took 2-3 weeks. How's it been looking lately??

They seem to be coming back quick...14 business days based on some of the posts I've seen.

I'm hoping we see some today.

Maybe a Chiefs fan is letting everyone through.

 

[njcoach24]

When we bought our first contract last year, ROFR took 2-3 weeks. How's it been looking lately??

https://www.disboards.com/threads/closing-time.3836891/

Just looked at bunch of these...almost all of the most recent ones show 17-19 days including the weekends.

 

[BattyKoda]

Once an offer has been submitted, how long should one give the seller/broker to respond before it's acceptable to put another offer in for something else?

 

[mattburmeister]

mattburmeister---$109-$7735-65-SSR-Jun-0/21, 0/22, 0/23, 65/24- sent 2/10

Just a small addition to bump up to 1BRs from Studios Would bring our total to 275

Thought it was a good price for a smaller contract.

 

[AKVDisneyFan]

Once an offer has been submitted, how long should one give the seller/broker to respond before it's acceptable to put another offer in for something else?

If you see another contract that you’d like then I’d make an offer on it. You’re not bound to anything yet so you can retract your offer on the first contract if the second contract seller/broker comes back before the first.

 

[lmshrage]

lmshrage---$93-$15620-150-SSR-Feb-0/22, 300/23, 150/24- sent 2/13 - passed 2/24

 

[intamin]

mattburmeister---$109-$7735-65-SSR-Jun-0/21, 0/22, 0/23, 65/24- sent 2/10

Just a small addition to bump up to 1BRs from Studios Would bring our total to 275

Thought it was a good price for a smaller contract.

Just wait til you realize the bump from the 1BR to the 2BR is less than the bump from the studio to the 1BR