So annoyed!

[Sheri in CT]

I made an offer on a SS contract back in the middle of May. It was 160 May with 42 banked 2012 point. After 2 weeks info ROFR, the broker calls and says, "oops", it's actually a June. She, of course, blames the seller. I was annoyed, but did not want to start over, so we amended the contract. I contacted the broker today to check on status (we are on day 29). I then get closing documents from the title company, so I'm guessing the broker "forgot" to tell me I passed and we are closing on 7/12 (yay). I just reviewed the documents and there is no mention of the 42 banked points. I e-mailed the title company and they claim the contract did not have any......ugh!.. I called the broker and she talks in circles about how they have been trying to verify the points. I told her that I was not moving forward without them and her response is, "it's only 42 points". It might "only" be 42 points, but they were going to be my 42 points!

 

[CarolMN]

There are no May use years - you must be working with someone who isn't experienced with DVC transactions.

I understand your frustration. Hope it all works out soon.

 

[ELMC]

I made an offer on a SS contract back in the middle of May. It was 160 May with 42 banked 2012 point. After 2 weeks info ROFR, the broker calls and says, "oops", it's actually a June. She, of course, blames the seller. I was annoyed, but did not want to start over, so we amended the contract. I contacted the broker today to check on status (we are on day 29). I then get closing documents from the title company, so I'm guessing the broker "forgot" to tell me I passed and we are closing on 7/12 (yay). I just reviewed the documents and there is no mention of the 42 banked points. I e-mailed the title company and they claim the contract did not have any......ugh!.. I called the broker and she talks in circles about how they have been trying to verify the points. I told her that I was not moving forward without them and her response is, "it's only 42 points". It might "only" be 42 points, but they were going to be my 42 points!

That is frustrating. You should try explaining to her that the fair market value of those points is $462 and that if it's no big deal then they shouldn't have a problem offering you that amount as a credit at closing.

Out of curiosity, did the original and amended contracts each mention 42 banked points?

Good luck getting this sorted out.

 

[Sheri in CT]

That is frustrating. You should try explaining to her that the fair market value of those points is $462 and that if it's no big deal then they shouldn't have a problem offering you that amount as a credit at closing.

Out of curiosity, did the original and amended contracts each mention 42 banked points?

Good luck getting this sorted out.

Yes, the original that both parties signed mentions the 42 banked points. The addendum only references the change of the use month. It wasn't a new contract. Can I cancel without losing my deposit? If so, I want to. I am done with this broker!

 

[ELMC]

Yes, the original that both parties signed mentions the 42 banked points. The addendum only references the change of the use month. It wasn't a new contract. Can I cancel without losing my deposit? If so, I want to. I am done with this broker!

My opinion (not legal advice) is that if they can't deliver what is in the contract, then you have every right to back out. How difficult the broker will make it for you is another story.

 

[JimMIA]

Mistakes do happen, although this sounds more like a broker asleep at the switch if they didn't know a) there is no May UY, and b) the banked points they advertised and sold did not exist!

Mistakes can also be corrected, and I'll give you an example. A couple of years ago, there was a mistake somewhere with a TTS listing and the buyer ended up short some points. Tom transferred that number of points from his personal account to the buyer to make them whole. Ethical businesses don't say, "...Oh well..."

 

[NoleFan]

What broker?

 

[robinb]

That is frustrating. You should try explaining to her that the fair market value of those points is $462 and that if it's no big deal then they shouldn't have a problem offering you that amount as a credit at closing.

I would actually use DVC's direct point rental as a valuation as going through DVC is the easiest and smoothest of transactions for her to replace those missing points. Disney charges $15 per point so those points would be valued at $630.

 

[JimMIA]

What broker?

You're just kidding around...right?

 

[JimMIA]

I would actually use DVC's direct point rental as a valuation as going through DVC is the easiest and smoothest of transactions for her to replace those missing points. Disney charges $15 per point so those points would be valued at $630.

I would use rack rate at that DVC resort for whatever 42 points will buy...or Robin's number, whichever is greater.

*****
Wow! Your girl is really growing up! So is mine...savor the moments!

 

[Sheri in CT]

What broker?

You're just kidding around...right?

Am I allowed to say?

 

[JimMIA]

Am I allowed to say?

Yes, although there is one name that will be ***** out if you try to post it.

 

[robinb]

Wow! Your girl is really growing up! So is mine...savor the moments!

Can you believe she's starting high school next year ?

 

[NoleFan]

You're just kidding around...right?

Figure it is the "F" broker (rating, word, etc...lol) but wanted to confirm. There are still those that will argue that the savings they offer is worth dealing with them- I still argue otherwise. Not worth it to me!!

 

[dbs1228]

I too would like to know who the broker is?

 

[ELMC]

Am I allowed to say?

Yes. You are sharing your experience with a business. If you are worried about a possible filter violation (although I suspect that won't be a problem here) then post the link.

 

[Dean]

I made an offer on a SS contract back in the middle of May. It was 160 May with 42 banked 2012 point. After 2 weeks info ROFR, the broker calls and says, "oops", it's actually a June. She, of course, blames the seller. I was annoyed, but did not want to start over, so we amended the contract. I contacted the broker today to check on status (we are on day 29). I then get closing documents from the title company, so I'm guessing the broker "forgot" to tell me I passed and we are closing on 7/12 (yay). I just reviewed the documents and there is no mention of the 42 banked points. I e-mailed the title company and they claim the contract did not have any......ugh!.. I called the broker and she talks in circles about how they have been trying to verify the points. I told her that I was not moving forward without them and her response is, "it's only 42 points". It might "only" be 42 points, but they were going to be my 42 points!

I'd put the value of the 42 points at around $400 to $420. $15 a point for banked points is an unreasonable valuation. Now if you paid the full years MF on the 160, you over paid for 5/12 so add that to your loss.

 

[JWG]

Figure it is the "F" broker (rating, word, etc...lol) but wanted to confirm. There are still those that will argue that the savings they offer is worth dealing with them- I still argue otherwise. Not worth it to me!!

I don't THINK (big assumption) that Fidelity would make that mistake.
They're slow and deal in a lot of distressed contracts, but at least know use years.

If it's:
Fidelity
DVC by Resale
Timeshare Store

I'd be surprised.

 

[ELMC]

C'mon OP, the suspense is killing us. Who was the broker? (My guess is that it's a broker who does not specialize in DVC, by the way).

 

[Sheri in CT]

UPDATE---- I just heard from the broker. She is being really nice now. She spoke with the seller and the seller claims she had the points, but never banked them. The realtor told her that she signed the contract stating they were included and tried to get her to offer something for them, but the seller is not being flexible. She told the realtor that she has someone that is willing to pay $130 for SS. I laughed and told her to tell the seller "good luck". She is refunding my deposit. I have a Bay Lake closing this month with ********** (they have been wonderful!!!) and now I need to find a 2nd contract.