Sharing Our Recent Resale Experience

[Cfrone]

During the last 6 months or so, we've been fortunate enough to purchase two DVC contracts via the resale market. Unfortunately the experiences with each transaction couldn't have been more different so I thought I'd share a bit in hopes that it helps some folks moving forward.

Over the course of the summer, we purchased our initial contract at VGF via Marissa at www.DVCResaleMarket.com. I was thoroughly impressed with Marissa and the entire DVCRM team throughout the entire process. Communication was incredibly fast and while the process itself was on the slower side (due to ROFR taking several weeks), everything was incredibly easy and seamless.

Then, in the fall, we decided to purchase a small, add-on contract (50 points, also at VGF) via www.FidelityResales.com and this process was a stark contrast to the previous transaction.

The initial offer/negotiation process was a bit drawn out because as others have mentioned, Fidelity appears to adhere to a strict "9 to 5, Monday - Friday" schedule. I can certainly respect the separation of work and personal time but it is certainly worth noting that Marissa/DVCRM always responded to us very quickly, often in the evening and during the weekend. Eventually, we settled on a purchase price, were under contract, and off to ROFR. And fortunately at this point, ROFR was flying and we were able to close the entire transaction rather quickly. However, after closing is where the communication issues really became apparent.

Unfortunately, there was a discrepancy regarding the points and how they were allocated once the contract was added to our membership. According to the original listing, contract, and several emails to clarify a few things, we were expecting to receive:

• 4 points from the 2019 use year (banked into the 2020 which would expire 8/31/21)
• 38 points for the 2020 use year that could be used immediately or banked into 2021
• 50 points in 2021 and beyond

However, we actually received:

• 8 2020 points
• 84 2021 points (34 points from the 2020 use year banked into 2021 with other 50 being the normal 2021 allotment)

Ultimately, not a huge deal (we did receive the same number of total points we were expecting) but due to the borrowing restrictions currently in place, we ended with 34 fewer points that we could access immediately, impacting our plans for a trip in May of this year. Again, certainly not the end of the world but a bit frustrating nonetheless.

Shortly after the points were loaded into our membership, I reached out to Fidelity to try to get some clarification as to what happened while also emailing DVC Member Administration to make sure there wasn't an error when loading points. After initially reaching out to my Fidelity rep on 12/7 and following up again on 12/9, I finally received a response on 12/10 that they'd "look into it" - again, understandable that they need to figure out what may have happened. On 12/16 I was notified that Fidelity had reached out to DVC and it would "require significant IT research to pull the data and it is not a quick process." I mean I guess that's understandable???

In the meantime, DVC MA responded to my separate inquiry and informed me that on 10/2 - weeks before the contract was even listed for sale with Fidelity - the previous owners banked 34 2020 points into 2021. Upon receiving this email from DVC MA, I forwarded the info to Fidelity and expressed my frustration/disappointment that this error went completely unnoticed during the listing, contract, and closing process. Honestly, I wasn't really expecting much in terms of a resolution to the error (perhaps a refund of the administration fee we paid Fidelity??) but I did want it addressed in some manner due to the inconvenience.

On 12/28 I was told by my rep that someone from Fidelity would call me "tomorrow" to discuss. After not receiving a call on 12/29 (and giving the benefit of the doubt for downtime during the holidays), I followed-up again on 1/4. After no response to my follow-up email, I called and emailed my Fidelity rep again on 1/6 and was told the "VP of Sales, Mary" would call me first thing the morning of 1/7 to discuss. Needless to say, I did not hear from "Mary" on 1/7 and after following-up again yesterday afternoon, I have not heard from anyone at all to this point.

At this point, it's more about the principle of the matter rather than what's ultimately a minor error/miscommunication in the point allocation. Moral of the story, I've always been a big believer that at the end of the day, most of the top DVC brokers are basically created equal and the parameters of the contract and the price are much more important. That being said, I'd offer a strong word of caution before potentially purchasing a contract via www.FidelityResales.com. While the price, use year, size of contract, etc., were precisely what we were looking for, the communication and post-transaction "support" has been extremely frustrating and leaves a lot to be desired - especially when compared to our transaction with www.DVCResaleMarket.com.

 

[Carlnne]

Thanks so much for sharing. I have been stalking listings but have decided to stick with dvcresalemarket because of comments on these boards and also because Marissa also answered a question for me and seemed very knowledgable. Glad to hear another good experience.

 

[RanDIZ]

www.dvcresalemarket.com is stellar in all aspects of DVC. The communication is by far the best I've experienced, not only in DVC, but as a business in general. I've only had the experience with working with Humberto, so I can't speak for others. But from the sounds of the experiences I hear on the boards, the other staff is equally dedicated to their job. Other companies take forever to respond, meanwhile, offers come and go and the risk of missing out is huge. The website and APP are both great tools. I highly recommend DVCResaleMarket.

 

[ScubaCat]

I had a similar experience with Fidelity but I caught a slight discrepancy in the contract and was able to clear it up beforehand. Sorry you had to deal with this.

 

[KAT4DISNEY]

I'll add that DVC used to be diligent about checking points - actually they get paid an estoppel fee to do that - but seem to possibly be skipping that step while still collecting the fee. In the end Fidelity does not have access to the actual account and the verification is supposed to and can really only come from DVC. Did request a copy of the estoppel report? I believe it would go to the title company actually who should be catching any differences.

 

[DL1WDW2]

I used DVCResaleMarket also . I didn’t even know others existed...haha
I am always checking their listings and price updates and love their blog.
I used Nick Cotton for my BLT add on purchase.

 

[Cfrone]

I had a similar experience with Fidelity but I caught a slight discrepancy in the contract and was able to clear it up beforehand. Sorry you had to deal with this.

Yeah, we realized the original listing on Fidelity's website was a bit vague so we asked for clarification/specifics during the negotiating process and made sure the additional details were included in the contract itself. Unfortunately the discrepancy was not caught by anyone involved until after everything closed and the points were loaded into our account.

Like I said, at this point, it really isn't about the error (we've adjusted our plans accordingly) but I'm dismayed but the complete lack of communication and Fidelity's apparent indifference to addressing the situation at all - or even offer an apology.

 

[kelsey2020]

Thank you for posting this and sharing your experiences. This sounds incredibly frustrating! I am currently in the ROFR process with DVC Resale Market and it has been such a smooth and easy experience so far. If anything, this post gives me a lot more confidence in working with them! Thank you!

 

[kelsey2020]

I'll add that DVC used to be diligent about checking points - actually they get paid an estoppel fee to do that - but seem to possibly be skipping that step while still collecting the fee. In the end Fidelity does not have access to the actual account and the verification is supposed to and can really only come from DVC. Did request a copy of the estoppel report? I believe it would go to the title company actually who should be catching any differences.

This very well may be true, but Fidelity's lack of communication with all of this seems reprehensible!

 

[myth2001]

I hear people usually request Mason title to avoid these type of issues when buying through fidelity, I did that as well even it is a little more expensive.
Which title company did you use?

 

[KAT4DISNEY]

This very well may be true, but Fidelity's lack of communication with all of this seems reprehensible!

I have more than my share of experience with a lot of the brokers over many years and they all have issues come up at times and all can be great at times. I've purchased thru Fidelity more than once and I've not had problems with them nor actually poor communication from them but I know others have. If I were to go thru the process of sharing resales and rate them my best was with Fidelity. I will refrain from stating who the worst was with though. The title companies really take over most of the things and sometimes are more important. I think one thing to note that not a lot of resale buyer know is that they can select what title company is used. It's probably best if it's someone the broker has some sort of a relationship with though. I've had mediocre to so so interactions and experiences with other brokers that get raved about including both the old board sponsor and the new one however also perfectly fine experiences with them. There isn't a single one of the established brokers that I wouldn't deal with if they had the contract that worked best.

Honestly, I still think the OP's specific issue is mostly upon DVC and the title company.

 

[Sandisw]

Yeah, we realized the original listing on Fidelity's website was a bit vague so we asked for clarification/specifics during the negotiating process and made sure the additional details were included in the contract itself. Unfortunately the discrepancy was not caught by anyone involved until after everything closed and the points were loaded into our account.

Like I said, at this point, it really isn't about the error (we've adjusted our plans accordingly) but I'm dismayed but the complete lack of communication and Fidelity's apparent indifference to addressing the situation at all - or even offer an apology.

I am so sorry and it’s disappointing that the broker missed it. When I was selling through www.DVCstore.com last spring, they were having trouble verifying my points status because my points activity statement I sent them for the listing was so complicated...I make and change a lot...that they would not even list until they got the official one requested from DVC.

I still think you are owed something for the trouble, even the broker sending you a Disney gift card for their error.

 

[Cfrone]

I hear people usually request Mason title to avoid these type of issues when buying through fidelity, I did that as well even it is a little more expensive.
Which title company did you use?

Ironically, we used Mason Title for our transaction with DVC Resale Market and requested to use them again for our transaction with Fidelity.

I have more than my share of experience with a lot of the brokers over many years and they all have issues come up at times and all can be great at times. I've purchased thru Fidelity more than once and I've not had problems with them nor actually poor communication from them but I know others have. If I were to go thru the process of sharing resales and rate them my best was with Fidelity. I will refrain from stating who the worst was with though. The title companies really take over most of the things and sometimes are more important. I think one thing to note that not a lot of resale buyer know is that they can select what title company is used. It's probably best if it's someone the broker has some sort of a relationship with though. I've had mediocre to so so interactions and experiences with other brokers that get raved about including both the old board sponsor and the new one however also perfectly fine experiences with them. There isn't a single one of the established brokers that I wouldn't deal with if they had the contract that worked best.

Honestly, I still think the OP's specific issue is mostly upon DVC and the title company.

To add/clarify, once we realized there was an error with the allocation of the points, we contacted both Fidelity and Mason on the same email asking for assistance/clarification. Since our rep from Fidelity eventually responded (replied all) indicating she'd look into what may have happened, I assumed it was something they'd handle. Otherwise I would have expected her to point me in the direction of the title company (or DVC).

 

[KAT4DISNEY]

To add/clarify, once we realized there was an error with the allocation of the points, we contacted both Fidelity and Mason on the same email asking for assistance/clarification. Since our rep from Fidelity eventually responded (replied all) indicating she'd look into what may have happened, I assumed it was something they'd handle. Otherwise I would have expected her to point me in the direction of the title company (or DVC).

And I'd agree it's reasonable to expect their assistance in determining why it was wrong. I also feel it's reasonable to recognize where the actual responsibilities and potential failure was.

 

[Cfrone]

I also feel it's reasonable to recognize where the actual responsibilities and potential failure was.

Honestly, I agree and ultimately I don't really know who is actually responsible for the error - the seller for providing inaccurate information, Fidelity for apparently incorrectly representing the details in the listing/contract, Mason for not thoroughly verifying everything, or DVC for not paying closer attention to the estoppel - or more than likely, a combination of all the above.

Regardless, at this point, my bigger frustration is with Fidelity showing little to no interest in communicating or responding to me. From the beginning if they would have said, "everything appears correct on our end, you'll have to contact Mason/DVC" or perhaps said "we're sorry for the misunderstanding, we'll send you a $50 Disney gift card for the error" that would have been fine and I would have considered the matter resolved.

Also, in total transparency and fairness, Mary from Fidelity reached out a short time ago and we're going to try to connect on Monday to discuss.

 

[smisale]

I bought through fidelity the sales person I dealt with left and they assigned me a new broker Craig great guy called and answered all my question and being a first time buyer had a lot of them.Sorry to hear about your trouble with them but I would buy from them again in a heart beat

 

[najgreen]

I also bought through Fidelity this year and had a great experience. There were some issues that came up and they were patient with all my questions and very responsive. I am sorry you had a bad experience, though.

 

[Cfrone]

Also, in total transparency and fairness, Mary from Fidelity reached out a short time ago and we're going to try to connect on Monday to discuss.

Quick update to be completely fair and transparent. Mary from Fidelity and I were finally able to connect and she agreed to refund our administration fee due to the error; I'm certainly pleased with this resolution, just wish the communication was a bit more seamless.

And just some details from our conversation as an FYI...

According to Mary, getting DVC to verify contract details quickly and accurately prior to listing the contract has been a bit of a challenge recently due to all the layoffs/furloughs. It sounds like they're basically at the mercy of the seller to provide an accurate "report" of the current point status. Again, not sure how accurate this may or may not be but just passing along.

 

[CarolMN]

According to Mary, getting DVC to verify contract details quickly and accurately prior to listing the contract has been a bit of a challenge recently due to all the layoffs/furloughs. It sounds like they're basically at the mercy of the seller to provide an accurate "report" of the current point status. Again, not sure how accurate this may or may not be but just passing along.

This makes sense and I have no trouble believing it. It's also all the more reason to put something in the contact that compensates the buyer if the listing isn't what the seller represented it to be.

Glad it was resolved to your satisfaction.

 

[EM Lawrence]

I’m really sorry you had such a frustrating experience. I’ve only bought one contract, and I used the combination of Fidelity and Mason Title. The process was great, and I would happily use both of them again. The only frustrating part of the process was that it took so long, but all of that was due to DVC, not the broker or the title agency.