Somebody confirm this for me, please.

[Pam&Joe]

My brother-in-law is having some financial trouble and he is under the impression that DVC will just take back his points if he contacts them and tells them he can't afford them anymore. I told him he was crazy and they wouldn't do that as it would set a bad example to others in the same boat.

As a side note, I told him we'd be interested in buying his 320 points, though.
Does that make me a bad man??

 

[bookswin]

Your B-I-L is mistaken.

DVC is not a bank to which you can mail back the keys if you can't pay the mortgage. He bought the property and he owns it for the next 35-50 years.

He should have no problem selling it through any of the several realtors who specialize in DVC, though he will have to pay a commission of about 10%.

You are not bad offering to buy it from him; in fact, you are a savior.

 

[Brian Noble]

If you would buy them for more than he owes, then it might be worth writing up an offer sheet. If Disney ROFRs, he gets more than he would just giving the points back. If they don't, you get points at a nice price.

 

[Pam&Joe]

Thanks for the feed back.
One thing I wasn't aware of which may or may not complicate matters is, he still owes DVC mortgage payments. He's up to date as of now. My sister told me they still have about $10G's to pay off.

Would DVC do a "transfer" of his contract(s) or would we need to go through ROFR? I'm guessing we'll need to go through the motions to get this done either way. Looks like I'll be calling my guide in the morning.

 

[dianeschlicht]

Thanks for the feed back.
One thing I wasn't aware of which may or may not complicate matters is, he still owes DVC mortgage payments. He's up to date as of now. My sister told me they still have about $10G's to pay off.

Would DVC do a "transfer" of his contract(s) or would we need to go through ROFR? I'm guessing we'll need to go through the motions to get this done either way. Looks like I'll be calling my guide in the morning.

Since this is family, DVC will usually alllow some written transfer agreement that doesn't eliminate, but kind of side steps ROFR.

 

[RobDoc]

My brother-in-law is having some financial trouble and he is under the impression that DVC will just take back his points if he contacts them and tells them he can't afford them anymore. I told him he was crazy and they wouldn't do that as it would set a bad example to others in the same boat.

As a side note, I told him we'd be interested in buying his 320 points, though.
Does that make me a bad man??

DVC will buy back contracts at some of the resorts. It is usually at a very low purchase price (mid $50's have been reported), so he can likely sell for more thru a resale or direct purchase. Either way, it will need to pass ROFR.

 

[Pam&Joe]

Thanks everyone for the all the info.

I contacted my guide but Ken Bradshaw has left the company so I'll be working with my new guide Al Lewis on this.

Thanks again.

 

[moredisneyplease]

Good luck to both parties!!!

 

[tjkraz]

Just to add a little more info, if your BIL is sitting on a DVC contract of 320 points and only owes about $10,000, he probably has a substantial asset there. Based upon those numbers, his debt is under $35 per point. The value will vary depending upon which resort he owns, but he should be able to get between $60 - 90 per point selling the contract. After commissions he should be able to walk away with $5k - $15k.

 

[kapeman]

so I'll be working with my new guide Al Lewis on this.

Thanks again.

AL LEWIS!!!

Cool, Grandpa Munster works for DVC!


http://en.wikipedia.org/wiki/Al_Lewis_(actor)

 

[hlyntunstl]

AL LEWIS!!!

Cool, Grandpa Munster works for DVC!

Thanks for saying this 'cause I was thinking it!!

 

[Wigit12]

My MIL thought Disney would buy her points back also.
We ended up buying her points when they didn't sell as quick as she needed through resale. It did have to go through ROFR but since it was family we were told it was more of a formality (but not guaranteed)
We used Timeshare Closing (407-370-2373) and it went very smooth. I know you can it yourself but I wanted to make sure all of the paperwork was filed correctly and timely.

 

[Dean]

Since this is family, DVC will usually alllow some written transfer agreement that doesn't eliminate, but kind of side steps ROFR.

But you'd have to pay off the loan as part of the deal to get the ROFR and deed transferred which if it's $10K for 320 points may not be a bad deal.

 

[drakethib]

AL LEWIS!!!

Cool, Grandpa Munster works for DVC!


http://en.wikipedia.org/wiki/Al_Lewis_(actor)

Is his office at 1313 Mockingbird lane?