Selling questions

[tkh2009]

We have decided to sell our contract...how does it work? I've sent the request to the timshare store & am awaiting a response. Do I want to list it for enough to cover the balance owed by us I guess?? Also, we've banked our 09 points & already booked our 2010 trip so I guess I need to cancel that trip correct & the points will be credited back so everything will be in order for the resale? Any tips or info would be greatly appreciated.

 

[robinb]

We have decided to sell our contract...how does it work? I've sent the request to the timshare store & am awaiting a response. Do I want to list it for enough to cover the balance owed by us I guess?? Also, we've banked our 09 points & already booked our 2010 trip so I guess I need to cancel that trip correct & the points will be credited back so everything will be in order for the resale? Any tips or info would be greatly appreciated.

Sorry you have to sell . Yes, you will have to cancel any trips using those points or go on the trip before you sell. The TSS should be able to help you price your contract. They know what the average selling price is. Good luck.

 

[tkh2009]

Someone referred another site to sell with...can I list it with more than one place at a time? Do I keep making payments until it's closed?

 

[robinb]

Sorry, I don't know about making the payments. You'll have to speak to your agent about that, or maybe even member services. I know that you can't make reservations if you are not a member in good standing, but I'm not sure how that effects the sale of the contract.

I do not believe that the TSS has an exclusive clause in their agreement so you should be able to list the contract other places which also do not have exclusive agreements. I would double-check with the TTS.

 

[Chuck S]

I think it is just like a home sale, (and assuming it sells before they repo it) any late payments, plus any applicable late charges will be taken out by the closing company. This is assuming it is a mortgage type loan through Disney. If you financed through other means, it would depend upon what you used to secure that loan. Personally, I would continue making payments.

 

[Deb & Bill]

Don't forget that you will have to pay at least a 10% commission to the selling company.

 

[tkh2009]

making the payments isn't the problem, it's just not something we are going to use for a few years if even then. We'd have to rent our points out in the mean time or we'd loose them. I wish there was unlimited banking time, now that'd be nice.

 

[toniosmom]

If you only can't visit for just a few years, have you considered renting or transferring your points? Of course, during that time, you would still need to make your loan payments, plus MFs.

 

[Anthony1971]

I would say rent your points right now.
The resale market is very soft--no one can say if it will get better-- but if you are going to use your points in the future you are better off holding on to the contract.
You can make a few dollars renting and if the market improves you can sell if you still want.

 

[BigTigger]

Two questions on selling that I couldn't find in searching:

1) If DVC uses ROFR, would TTS still get a commission?

2) if DVC uses ROFR, I assume they would have to pay all closing costs?

 

[CarolMN]

Two questions on selling that I couldn't find in searching:

1) If DVC uses ROFR, would TTS still get a commission?

Yes.

2) if DVC uses ROFR, I assume they would have to pay all closing costs?

Depends on who agreed to pay closing costs in your agreement. (In a resale, it's all negotiable).

ROFR just means that Disney has the right to substitute itself for your buyer. All the terms the buyer agreed to would be binding on Disney.

 

[Sandisw]

Someone referred another site to sell with...can I list it with more than one place at a time? Do I keep making payments until it's closed?

You can list with multiple agents as I checked into it before I sold my contract (I ended up with TSS).

The one thing is, however, that you will still owe commission if they bring you a buyer for asking price. While the chances are slim that both companies will do that at the exact same time, it is important to be aware of it.

I also had a trip booked and simply listed it with a stipulation that I couldn't close until after the trip. I put it up 4 months in advance and had a buyer right away (small contract). TSS told me that there are buyers who are interested in delayed closing at it gives them time to get together the finances.

 

[DeeCee735]

If you banked your points to plan your trip, and you cancel your trip, your points would not go back into their original use year. once banked, even if you cancel the trip, those banked points stay in that use year and need to be used by end of that use year or they are forfeited.