?'s about buying resale...

[SplashMtnCrew]

We are seriously considering buying a dvc resale through the Timeshare store in the very near future. So we have some questions for people that have bought resale recently and that have owned for a while.

1. How long did the entire process take? From the time you found the resale you wanted to your points being available w/ disney. We will be vacationing in January and would like to have the process done and stay at our home resort on our upcoming trip.

2. What were the closing costs and what was included in those costs? We are looking at 150pts @ OKW.

3. If financed, what type of interest rates and term options are there? Is that interest tax deductible like it is when buying through disney? I realize that is more of an account/tax preparer question, but has anyone actually deducted the interest?

4. Do you have to pay MF on all the points you buy? Again we are looking at 150pts with all 2009 pts available.

5. If you used the TSS, what was your experience like? How would you describe the TSS?

6. And DH most important question.....is/has dvc been worth it to you and your family?
Sorry this is so long, TIA to all of you

 

[JimMIA]

1. How long did the entire process take? From the time you found the resale you wanted to your points being available w/ disney. We will be vacationing in January and would like to have the process done and stay at our home resort on our upcoming trip.

I used to say 8-12 weeks from offer to points in your account so you could make reservations. But I think the process may be a little quicker now -- that was based on our experiences five years ago. I'm sure someone with more recent experience will post a more current timeline.

2. What were the closing costs and what was included in those costs? We are looking at 150pts @ OKW.

That depends on the broker and the closing agent they use. TTS can tell you to the penny.

3. If financed, what type of interest rates and term options are there?

Depends on what options you choose. I would check with TTS (they have financing available, I believe) and I'd also look at a home equity option if you have that available to you.

Is that interest tax deductible like it is when buying through disney? I realize that is more of an account/tax preparer question, but has anyone actually deducted the interest?

If you buy direct through Disney, you will be paying a mortgage on a real estate interest. Whether that is deductible depends, and yes, that is a question for your accountant.

If you finance through a broker, or privately through a bank, you're probably going to get a signature loan which would NOT be deductible.

If you use a home equity loan, that is interest on your HOME and that is deductible.

4. Do you have to pay MF on all the points you buy? Again we are looking at 150pts with all 2009 pts available.

Everything in a resale is negotiable, with the default being that "banked" points are free, and you pay MF for current points that are unused. Of course, that would vary if the contract was near the end of the Use Year and you had limited ability to use those points. Basic answer: negotiable.

5. If you used the TSS, what was your experience like? How would you describe the TSS?

Our two experiences with them (one successful, and one unsuccessful due to an unscrupulous seller) were very good. They really earned their keep with the difficult transaction. Description: Professional to the bone.

We enthusiastically recommend TTS.

6. And DH most important question.....is/has dvc been worth it to you and your family?

Our DVC ownership has been worthwhile to us, but everyone's experience is different. You really have to look at YOUR family and YOUR needs, and do a realistic evaluation.

 

[cvjw]

We just closed on 2 contracts. The first one from start to finish was about 7.5 weeks, the second was 8 weeks. We have a third one in the process now. We put the offer in on 8/3, and received the closing papers this past week. It could be another week, or another 2 weeks before we have the points in our account. It just depends on how fast the sellers return their papers, how fast your closing company gets everything together, and how fast Disney does their part.

 

[sweet angel]

We just got word on Friday that our resale contract passed Disney's ROFR. Our first contract that we bid on did not. We put the offer in on this contract on 8/10. So from 8/10 to 9/4 for offer, acceptance, and transmittal to Disney for their review. We've been told we should have our closing docs within 2 weeks and then as quickly as we get our check back and all paperwork is complete, that's when we'll close.

TSS is not currently offering financing.

So far I will say that everything has been efficient and there has been good communication.

 

[Sandisw]

We have used the TSS to both buy and sell. The process for buying took about 5 weeks (this was back in January) from offer to being in the Disney system. The sale took longer, but only because I had to delay closing until after we came back from our August trip. But, the experience, both times, was wonderful and I highly recommend them.

Everything is negotiable when you buy resale. MF's, price per point, and who covers closing can all be considered. When you contact the TSS, they will discuss with all of this with you, as well as share with you their feelings about ROFR.

If your goal is to stay using your DVC points in January of 2010, just be aware, that you may not necessarily find what you are looking for in terms of rooms at this late date. The good thing is that the rooms that are typically available on shorter notice (because of the size of the resorts) are OKW and SSR. But, since you would be booking, at the earliest, October, only 3 months out, the availability will be hit or miss.

We just bought in this year, after debating for many years. We wanted to be close to the MK and until they built BLT, that wasn't an option. Of course, now that we own, we are very happy about our choice and know that it is the right decision.

Good luck!

 

[SplashMtnCrew]

Thanks for the replies, we're trying to decide if buying resale or direct from disney is better for us. We can see the benefits for our family of owning dvc. We are only an hour or so away from HHI so we would go there as well and wdw which is about 6 hrs away. Now to see if we are brave enough to jump off the fence......

Are dvc members able to buy regular tickets at the same price as when you book a package w/disney? What is the dvc price for ap's? What is the time frame of adding the ddp for dvc owners? Sorry about all the questions but all you dvc diser's are like a wdw encyclopedia

 

[sweet angel]

Obviously, I'm still new to this, but why would you want to pay more buying thru Disney, than saving money on a resale?

I can't answer as to the other questions because I don't know yet. There's a list of DVC owner perks somewhere. Maybe try googling it?

I never buy my tix directly thru Disney.

I think it boils down to the type of resort you're used to staying in. If you're used to the Values and are happy with them, DVC may not be a financially sound decision for you. However, if you're used to staying at Moderate or Deluxe resorts, it's probably a good bet.

 

[disneynutz]

Thanks for the replies, we're trying to decide if buying resale or direct from disney is better for us. We can see the benefits for our family of owning dvc. We are only an hour or so away from HHI so we would go there as well and wdw which is about 6 hrs away. Now to see if we are brave enough to jump off the fence......

Are dvc members able to buy regular tickets at the same price as when you book a package w/disney? What is the dvc price for ap's? What is the time frame of adding the ddp for dvc owners? Sorry about all the questions but all you dvc diser's are like a wdw encyclopedia

DVC discounts can change at any time so don't count on them. Tickets are cheaper through a discount broker. Adult AP's are $100 off regular price. DDP must be added to your reservation at least 48 hours before check in and paid for when you check in.

 

[SplashMtnCrew]

Obviously, I'm still new to this, but why would you want to pay more buying thru Disney, than saving money on a resale?

We don't actually see it as paying more thru disney. With the incentives, etc that disney offers, no possibility of ROFR and knowing we will be able to close and book a room for our annual January trip is worth a lot to us. Plus, if we decided to finance the purchase, which we haven't, with disney you can write off the interest on taxes, which is a benefit in itself, plus it's invisible. If we decide to pay cash we will obviously buy resale.

 

[SplashMtnCrew]

DVC discounts can change at any time so don't count on them. Tickets are cheaper through a discount broker. Adult AP's are $100 off regular price. DDP must be added to your reservation at least 48 hours before check in and paid for when you check in.

Thank You!

 

[disneynutz]

Obviously, I'm still new to this, but why would you want to pay more buying thru Disney, than saving money on a resale?

Marketing and human nature. People don't seem to mind paying more because Disney has nice sales people and they make you feel good. They also tend for some reason buy emotionally and like the instant gratification of getting their points the next day.

 

[Sandisw]

Obviously, I'm still new to this, but why would you want to pay more buying thru Disney, than saving money on a resale?

I can't answer as to the other questions because I don't know yet. There's a list of DVC owner perks somewhere. Maybe try googling it?

I never buy my tix directly thru Disney.

I think it boils down to the type of resort you're used to staying in. If you're used to the Values and are happy with them, DVC may not be a financially sound decision for you. However, if you're used to staying at Moderate or Deluxe resorts, it's probably a good bet.

There are many reasons to go direct. If you want BLT or VGC, your only real option at this point, is to buy direct through Disney.

For AKV, depending on the incentives at the time, the price can be competitive and may be worth the ease of going through Disney. Plus, if you have a specific UY that you want, and know exactly the # of points you want to get, you can do that through Disney--resale, it is a waiting games. If time is a factor, Disney is faster.

And, financing. Much easier to do through Disney. But, I agree, if you are in no rush, not interested in the new resorts, and flexible, you can save money going resale.

 

[wdrl]

There are many reasons to go direct. If you want BLT or VGC, your only real option at this point, is to buy direct through Disney.

For AKV, depending on the incentives at the time, the price can be competitive and may be worth the ease of going through Disney. Plus, if you have a specific UY that you want, and know exactly the # of points you want to get, you can do that through Disney--resale, it is a waiting games. If time is a factor, Disney is faster.

And, financing. Much easier to do through Disney. But, I agree, if you are in no rush, not interested in the new resorts, and flexible, you can save money going resale.

I'd like to add that whether a contract is "loaded" or "stripped" of points may affect the value of a resale contract. Most of the time, Disney will sell a fully loaded contract, meaning that you will get the full complement of points for the current UY and next UY. Some resale contracts are stripped of some or all of the current or next year's points. You might save some money on a resale contract, but you may not any points until the 2010 or even 2011 UY. For example: A few weeks ago we considered some AKV resale contracts. In one case involving a 100-point contract, the difference between Disney and the listed resale price was $7 a point ($700). Closing costs added another $397 to the resale price, so the difference between Disney and the resale contract was still $303 ($700 - $397) in favor of the resale contract. However, the resale came with only 24 '09 points, while the Disney add-on would come with 100 '09 points. So, the way I looked at it, the Disney add-on was "costing" me $303 for 76 '09 points. Of course, a resale buyer can negotiate with the seller and try to reduce the total cost of a contract, but I use this example just to illustrate that there are several factors to consider when deciding between buying direct and buying a specific resale contract.

 

[SplashMtnCrew]

I'd like to add that whether a contract is "loaded" or "stripped" of points may affect the value of a resale contract. Most of the time, Disney will sell a fully loaded contract, meaning that you will get the full complement of points for the current UY and next UY. Some resale contracts are stripped of some or all of the current or next year's points. You might save some money on a resale contract, but you may not any points until the 2010 or even 2011 UY. For example: A few weeks ago we considered some AKV resale contracts. In one case involving a 100-point contract, the difference between Disney and the listed resale price was $7 a point ($700). Closing costs added another $397 to the resale price, so the difference between Disney and the resale contract was still $303 ($700 - $397) in favor of the resale contract. However, the resale came with only 24 '09 points, while the Disney add-on would come with 100 '09 points. So, the way I looked at it, the Disney add-on was "costing" me $303 for 76 '09 points. Of course, a resale buyer can negotiate with the seller and try to reduce the total cost of a contract, but I use this example just to illustrate that there are several factors to consider when deciding between buying direct and buying a specific resale contract.

This is yet another thing we have been discussing about dvc and resale. We noticed that most contracts at dvc resorts we are interested in were stripped down of 09 pts and some were even missing some 2010 pts. Not being able to use the pts within a reasonable amount of time doesn't interest us. It would be like paying for a refrigerator and not being able to use it for 18-24 months

 

[connorsgp]

... we just closed on a BCV contract for 165 points. We expect to be able to make our first reservation on Wednesday, around 7 1/2 weeks after we first contacted The Timeshare Store. Our contract included 75 banked points from 2008 that have to be used by Feb. 1, 165 points from 2009 banked to 2010, and the full 165 points for 2010 available on Feb. 1, 2010. And since the owner had banked the points, we pay no MF until 2010! So, in effect, we get a "free" vacation in January and 330 points to play with from here on out. I offer my example to show that you can just as easily find contracts with banked points as those with unavailable points if you do a little research. I've since seen at least two other BCV contracts for sale with similar banked points.

Re TSS, they have been fantastic! Jamie Carr was our agent, and she has been incredibly responsive and informative throughout the process. Considering the deal and treatment I've received, I can't imagine not at least looking at resale as a DVC option. (And BTW, my closing costs were $500).

 

[sweet angel]

... we just closed on a BCV contract for 165 points. We expect to be able to make our first reservation on Wednesday, around 7 1/2 weeks after we first contacted The Timeshare Store. Our contract included 75 banked points from 2008 that have to be used by Feb. 1, 165 points from 2009 banked to 2010, and the full 165 points for 2010 available on Feb. 1, 2010. And since the owner had banked the points, we pay no MF until 2010! So, in effect, we get a "free" vacation in January and 330 points to play with from here on out. I offer my example to show that you can just as easily find contracts with banked points as those with unavailable points if you do a little research. I've since seen at least two other BCV contracts for sale with similar banked points.

Re TSS, they have been fantastic! Jamie Carr was our agent, and she has been incredibly responsive and informative throughout the process. Considering the deal and treatment I've received, I can't imagine not at least looking at resale as a DVC option. (And BTW, my closing costs were $500).

Jamie is our agent too. We are waiting on closing docs for our 164 pts at BWV (tried for BCV first, but Disney exercised their ROFR). We will have all 2009 pts, and all 2010 pts. We don't plan to vacation until Oct/Nov of 2010, so we're thinking we'll always be points ahead -- unless we have a big vacation year. We, however, ARE paying the MF for 2009 since I didn't want to take a chance at drawing unneccesary attention to the contract.

 

[DisOrBust]

Can I get your opinions please?

Animal Kingdom 100 points with a February use year. There are 200 points coming on 2/1/10 (100 + 100 banked points from 2009) and 100 points coming on 2/1/11. Closing Costs=$397 Priced at $88/pt ($8800).

I'm thinking 85/pt ad seller pays closing costs.

I have considered DVC for years but am never confident in what I am willing to pay. Would love to hear thoughts....

TIA!

 

[sweet angel]

Can I get your opinions please?

Animal Kingdom 100 points with a February use year. There are 200 points coming on 2/1/10 (100 + 100 banked points from 2009) and 100 points coming on 2/1/11. Closing Costs=$397 Priced at $88/pt ($8800).

I'm thinking 85/pt ad seller pays closing costs.

I have considered DVC for years but am never confident in what I am willing to pay. Would love to hear thoughts....

TIA!

You can TRY anything....I was too paranoid to ask for less than the listing. First time the list price was too low anyway and got grabbed during ROFR.

Ask your agent, he/she should be able to give you a feel.

Off topic...I just received my closing docs yesterday and sent them back today.

 

[chalee94]

I'm thinking 85/pt ad seller pays closing costs.

I have considered DVC for years but am never confident in what I am willing to pay. Would love to hear thoughts...

seems low to me, but these days, you never know. i suspect DVC would take it (ROFR) but you can ask the agent and see.

(i'm assuming you've already done some research and know what UY months would tend to work better for you...feb UY is not ideal for november-december travel but works well for spring and summer.)

 

[DisOrBust]

THere goes my confidence again lol!

I thought UY doesn't mater to much. We plan on Tgiving so if I know that can't I book 11 months out for TGiving?

If the points are banked can I not use them untill Feb 2010?