Some basic questions regarding making an offer

[cz4ever]

Hi -

I poked around and didn't see answers to a couple of questions I had regarding the resale purchase process.

1. At what point in the purchase process do you get definitive notice of how many points are bundled in the contract? In other words, how and when do I know 100% that the seller's claim that their contract included (say) full points from 2011 and 2012 is true? Does the letter of estoppel from Disney include this information?

2. At what point in the process do you receive (guaranteed close to) final numbers for the entire cost to close (ala the Good Faith Estimate in normal real estate purchases)?

3. What title company (or companies) would you recommend for DVC purchases? Any to avoid?

I'm primed to make some offers, but don't want any ugly surprises. Thanks in advance for the help!

 

[DannysMom]

1) The estoppel is the official notice of the state of the points of the contract in question. That is requested after the contract gets through ROFR. Although if you are going through a broker, I can't imagine why a seller would lie about that to the broker.

2) The broker should be able to tell you what the closing costs are when you are submitting offers, no surprises.

3) I think that the various brokers will have title companies that they customarily work with. I was not asked about title co. preference.

Hi -

I poked around and didn't see answers to a couple of questions I had regarding the resale purchase process.

1. At what point in the purchase process do you get definitive notice of how many points are bundled in the contract? In other words, how and when do I know 100% that the seller's claim that their contract included (say) full points from 2011 and 2012 is true? Does the letter of estoppel from Disney include this information?

2. At what point in the process do you receive (guaranteed close to) final numbers for the entire cost to close (ala the Good Faith Estimate in normal real estate purchases)?

3. What title company (or companies) would you recommend for DVC purchases? Any to avoid?

I'm primed to make some offers, but don't want any ugly surprises. Thanks in advance for the help!

 

[ELMC]

Hi -

I poked around and didn't see answers to a couple of questions I had regarding the resale purchase process.

1. At what point in the purchase process do you get definitive notice of how many points are bundled in the contract? In other words, how and when do I know 100% that the seller's claim that their contract included (say) full points from 2011 and 2012 is true? Does the letter of estoppel from Disney include this information?

When you receive your initial contract it will include this information. This information will then be verified by the broker during the closing process (either through estoppels or by pulling a point summary, or both).

2. At what point in the process do you receive (guaranteed close to) final numbers for the entire cost to close (ala the Good Faith Estimate in normal real estate purchases)?

Again, you will know this right up front and it will be listed in your contract. It's a simple closing with a fixed cost that depends on the size of the contract and the price.

3. What title company (or companies) would you recommend for DVC purchases? Any to avoid?

I'm primed to make some offers, but don't want any ugly surprises. Thanks in advance for the help!

When making offers you usually choose the broker you want to work with and not the closing companies. Some (like Fidelity) work with multiple closing companies and you can request one over the other. People on here have reported that they like Timeshare Title & More over First American Title, but I have had positive experiences with them both. This is a fairly simple process and more times than not it goes off without a hitch. I wouldn't stress too much about it. Good luck with your purchase!

 

[princessaloha]

In red...

Hi -

I poked around and didn't see answers to a couple of questions I had regarding the resale purchase process.

1. At what point in the purchase process do you get definitive notice of how many points are bundled in the contract? In our case we found out a couple of hours after we spoke to our agent to put in our offer. I believe but don't quote me, from what was said to me, that the agency always pulls a current report from Disney and the points, along with pending travel plans etc are included. In our case the report showed that the majority of supposed banked points were being used for an upcoming trip. Long story short, once we re-submitted an offer/accepted then the contract arrived with all points to be included in the sale. Once you and the seller sign that contract then you are contractually guaranteed those points if and when the sale if finalized. In other words, how and when do I know 100% that the seller's claim that their contract included (say) full points from 2011 and 2012 is true? When your agent pulls (requests) the current report from DisneyDoes the letter of estoppel from Disney include this information?

2. At what point in the process do you receive (guaranteed close to) final numbers for the entire cost to close (ala the Good Faith Estimate in normal real estate purchases)? Our final numbers that came with the final closing documents was the exact amount quoted to us

3. What title company (or companies) would you recommend for DVC purchases? We went with Fidelity and First American and would highly recommend them Any to avoid?

I'm primed to make some offers, but don't want any ugly surprises. Thanks in advance for the help!

 

[disneynutz]

I would interview several Brokers and ask them your questions. The answers that you receive may help you choose who to go with.

Bill

 

[AllieV]

As for points available, there may always be ugly surprises Or for some, nice surprises

My agent did a points check twice: once upon writing the contract and again upon closing it.

On one contract, we agreed upon price and details and the agent requested the points, but it turned out they didn't have what was advertised. They had a mishmash of banking then borrowing then cancelling. So I declined to go further. The contract hadn't yet gotten to me.

On my final contract, I didn't even get a notice of points (because the agent saw they were as advertised) but I did ask before signing anyway because of my prior experience. Then when we'd signed the closing documents and sent money, I was informed they were awaiting a points confirmation from Disney then they'd close the file and record the deed.

I suppose a sneaky seller could try to use points in between ROFR and close, and I'm guessing you could back out without injury if so.

As for title company, a few of us discovered one major difference in the two that Fidelity uses: First American Title takes your deposit up front, leaving you to recover it if the sale falls through (eg Disney buys it); Timeshare Title & More waits for the contract to pass ROFR before taking your deposit. I've heard of foreigners losing up to $50 in exchange fees each way when losing a contract. So it might matter for that reason.

 

[marsh0013]

As for title company, a few of us discovered one major difference in the two that Fidelity uses: First American Title takes your deposit up front, leaving you to recover it if the sale falls through (eg Disney buys it); Timeshare Title & More waits for the contract to pass ROFR before taking your deposit. I've heard of foreigners losing up to $50 in exchange fees each way when losing a contract. So it might matter for that reason.

Interesting I used the broker that gets starred out and Timeshare Title & More and they cashed my deposit right away.

 

[DizBub]

Interesting I used the broker that gets starred out and Timeshare Title & More and they cashed my deposit right away.

We used Disney Visa for the down payment with Timeshare Title & More and they won't charge the card until closing. Did you send a personal check? If so, it's probably because it takes time for the check to clear. Actually we've dealt with them twice and both times have been different. 1st time they required $500 down and the 2nd time $1000.

Edit: I take that back. We passed ROFR 7/3 and TT&M took our $1000 deposit on 7/6. Still haven't closed 7/19.

 

[cz4ever]

Thanks everyone for the input -- I found it very helpful and very much appreciate your guidance!

 

[marsh0013]

We used Disney Visa for the down payment with Timeshare Title & More and they won't charge the card until closing. Did you send a personal check? If so, it's probably because it takes time for the check to clear. Actually we've dealt with them twice and both times have been different. 1st time they required $500 down and the 2nd time $1000.

Edit: I take that back. We passed ROFR 7/3 and TT&M took our $1000 deposit on 7/6. Still haven't closed 7/19.

Yes, personal check. Would have loved to have put it on my Disney Visa, but I was not given the option to pay via credit card. We also passed on July 3. I know my closing docs and final payment were received this past Monday July 16, but I haven't heard anything beyond that.

 

[DizBub]

Yes, personal check. Would have loved to have put it on my Disney Visa, but I was not given the option to pay via credit card. We also passed on July 3. I know my closing docs and final payment were received this past Monday July 16, but I haven't heard anything beyond that.

Well, it looks like we are in exactly the same boat here. Same timeline. Wonder why they didn't give you that option? I at least got $10 in rewards on the credit card.

Oh well, the day is not over yet. Maybe we will hear something soon.

 

[marsh0013]

Well, it looks like we are in exactly the same boat here. Same timeline. Wonder why they didn't give you that option? I at least got $10 in rewards on the credit card.

Oh well, the day is not over yet. Maybe we will hear something soon.

I would have liked to get those $10 in rewards. Oh well, next time (haha, of course I'm already thinking about next time!), I'll ask. And I just got an email that we closed and the deed has been sent to Disney! Hope you hear back soon as well!

 

[DizBub]

I would have liked to get those $10 in rewards. Oh well, next time (haha, of course I'm already thinking about next time!), I'll ask. And I just got an email that we closed and the deed has been sent to Disney! Hope you hear back soon as well!

Congratulations!! I should be so lucky, no e-mail for me.

Are you a new member or adding on to an existing membership? Will be interested to see how fast they get your contract recorded and points loaded. Keep us posted.

 

[marsh0013]

Congratulations!! I should be so lucky, no e-mail for me.

Are you a new member or adding on to an existing membership? Will be interested to see how fast they get your contract recorded and points loaded. Keep us posted.

Sorry you didn't get any notice today. Maybe tomorrow. Hopefully soon!

And we're new members. Broker told me they'll let me know when they receive confirmation from Disney that the transfer is complete. But I've been reading about people calling member admin. Should I wait to hear from the broker? Or give member admin a call sometime late next week?

 

[AllieV]

Yes, personal check. Would have loved to have put it on my Disney Visa, but I was not given the option to pay via credit card. We also passed on July 3. I know my closing docs and final payment were received this past Monday July 16, but I haven't heard anything beyond that.

Since we used the same company, maybe this will help. They got my money and closing docs on monday 7/2. There was a holiday that week and I don't know for sure when the seller got hers in. After a few confusing and vague emails, I got a definite answer that it was closed and deed recorded and sent to Disney for recording on Monday, 7/16. Two weeks later.

Edit: I checked the county database daily and only today, 7/19, did the deed show up; however, it is dated 7/12/12. So it took a week for the county to enter it.

 

[princessaloha]

Sorry you didn't get any notice today. Maybe tomorrow. Hopefully soon!

And we're new members. Broker told me they'll let me know when they receive confirmation from Disney that the transfer is complete. But I've been reading about people calling member admin. Should I wait to hear from the broker? Or give member admin a call sometime late next week?

Hello. Personally I say: call. As long as you are polite and don't expect too much, what could it hurt? Worst case scenario, you get a less than friendly person who laughs at your request and tells you to wait for your paper work. Ok, that was personal, lol. Best case scenario, you get set up and can make a reservation!

So 1 vote from me to call

FYI: you'll need to have the seller(s) name and original contract number and the date it was recorded.

 

[disneynutz]

The more time that Administration spends on the phone, the longer they will take to process resales. There are only a couple of people that work there and they have other responsibilities besides resales.

Has anyone tried calling MS using their SSN as identification? That's where we got our info.

Bill

 

[ELMC]

Hello. Personally I say: call. As long as you are polite and don't expect too much, what could it hurt? Worst case scenario, you get a less than friendly person who laughs at your request and tells you to wait for your paper work. Ok, that was personal, lol. Best case scenario, you get set up and can make a reservation!

So 1 vote from me to call

FYI: you'll need to have the seller(s) name and original contract number and the date it was recorded.

I'm going to respectfully disagree here. From the time that your broker contacts you saying that Disney has been notified of your purchase, there is typically a two week wait to get your contract processed and points loaded. Then it takes a few days for your notification to arrive by mail. I understand that people are anxious to make their first reservations, but to call every day or every few days during that time frame seems like a bit much to me.

I mean, people give Tammy a hard time on here, and maybe she could improve upon her phone demeanor a little. But based on the threads I've been reading, I estimate that she possibly receives upwards of 10-15 of these calls a day. I vote for letting the system do its job and checking up only after the two weeks have passed. Like Bill said, the time they spend on the phone is time they are not spending processing your contract. So you're really hurting yourself in the end.

 

[marsh0013]

Thanks everyone I'm in no rush I'll give it the 2 weeks

 

[princessaloha]

I'm going to respectfully disagree here. From the time that your broker contacts you saying that Disney has been notified of your purchase, there is typically a two week wait to get your contract processed and points loaded. Then it takes a few days for your notification to arrive by mail. I understand that people are anxious to make their first reservations, but to call every day or every few days during that time frame seems like a bit much to me.

I mean, people give Tammy a hard time on here, and maybe she could improve upon her phone demeanor a little. But based on the threads I've been reading, I estimate that she possibly receives upwards of 10-15 of these calls a day. I vote for letting the system do its job and checking up only after the two weeks have passed. Like Bill said, the time they spend on the phone is time they are not spending processing your contract. So you're really hurting yourself in the end.

Sorry ELMC, I respectfully disagree. If it wasn't an option then DVC would institute a "we can not help you with that information until you have received all your paperwork, have a beautiful day" reply. As I originally posted, I think it's acceptable to call and politely inquire. In fact, my agent suggested it when I asked her what was the next step? She could have told me to just wait but no, she not only encouraged it but gave me the numbers and all pertinent information.

In regards to certain customer service personnel... ALL the other cs reps were kind and helpful. Certain customer service personnel are the way they are whether they get one call or 15 a day. As someone who owns a company that deals in customer service I have strong feelings about this that I won't share here except to say, if you deal with the public and can't be polite, get another job.