Swapping out buyer mid deal?

[Raenstoirm]

I purchased a 25 point Boardwalk contract that is currently in ROFR. I regret it now. (I want to purchase something larger and if so, I wont have a use for the 25 point contract. Of course I thought this through after purchasing the small contract.) Can I find a buyer to replace me? Is that allowed, buy disney, broker, title company, etc? I am using a very common broker and I put in a $500 deposit.

 

[Dean]

No but you can resell it or fine another contract that matches it to "add to" that one. You can't sub the buyer during the process. Just go ahead and look for something else and if they don't take it and it ends up not matching what you want, just sell it. The cost should be minimal if you have to resell it. Knowing what you really want and how you'll use it would help us to better frame our answers.

 

[sndral]

As long as you match use year and resort you can buy a second contract to reach the number of points you need. Of course BWV contracts for sale are pretty slim at the moment. The other option is to walk away and forfeit your $500, I believe, but look at your paperwork and the consequences for backing out of the deal should be set forth there.

 

[supersnoop]

To more directly answer your question, you can't have someone just step in at this point. The ROFR process would have to start over. So, you might be able to find someone else to buy the contract, but you'd probably have to provide some incentive, or have a really desirable contract. I couldn't find you in the ROFR thread, but I did find a post where you said you're paying a lot, so I would think you'd have a difficult time finding someone else.

If you back out now, you'll lose your $500 deposit. If you go through with the purchase and then turn around and sell, you'll be out the closing costs plus the brokers commission. That would normally be much more than $500, but for a 25 point contract, it might be close.

If you're happy with the resort and use year, I'd just look for a second contract to "add on" with this one. That way, you're only out the additional closing costs, plus whatever premium you paid for the small contract. I guess if you paid $20/point more for the small contract (times 25 points equals $500), then you'd be better off cancelling the deal and losing your deposit.

 

[KAT4DISNEY]

I purchased a 25 point Boardwalk contract that is currently in ROFR. I regret it now. (I want to purchase something larger and if so, I wont have a use for the 25 point contract. Of course I thought this through after purchasing the small contract.) Can I find a buyer to replace me? Is that allowed, buy disney, broker, title company, etc? I am using a very common broker and I put in a $500 deposit.

When did you sign the contract? You should have had 10 days from signing to recind the deal and get your deposit back. Otherwise you'll have to decide if it's worthwhile to back out and forfeit the deposit or just continue with the purchase.

 

[bwbuddy5]

Small contracts always sell well. If your cash flow situation allows, definitely go through with your purchase, and then resale, listing it at a price high enough to cover your lost closing costs and maybe even a little profit, then be patient until it sells at your price. I'm guessing with a 25 point contract, you won't be waiting long.

 

[EllieBride]

Just curious... Do most of the main brokers require a $500 deposit, or do some require more? Im trying to picture a different hypothetical situation where I might want to / need to walk away in the midst of the ROFR waiting game (I wouldn't want to, but it might be necessary). Just wondering how much $ I would be out. Of course, I don't want to do that to the seller if I can avoid it!

 

[supersnoop]

Just curious... Do most of the main brokers require a $500 deposit, or do some require more? Im trying to picture a different hypothetical situation where I might want to / need to walk away in the midst of the ROFR waiting game (I wouldn't want to, but it might be necessary). Just wondering how much $ I would be out. Of course, I don't want to do that to the seller if I can avoid it!

I think most brokers require a 10% deposit with a minimum. Even on my small ($2,500) purchase, the deposit was $1,000. $500 seems low to me.