Talk me through buying resale...

RobynPrincess

Looking around
Joined
Nov 14, 2010
Messages
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We have decided to buy resale, we did another dvc tour this morning and once the scare tactics started to buy direct it seriously put me off the guy and thus off buying direct.

As far as I understand the process of buying resale (please correct me if and where I'm wrong!)

Step 1 find a contract we like
Step 2 negotiate with the seller until we are both happy
Step 3 it goes to Disney ROFR

Then what? When do we pay? We have to give notice to get our money from the savings account so want to make sure we have it ready in time! Plus we might need a smaller loan (will know when we decide what and how much to buy) so need to make sure that is all in place first.

Thank you
 
We have decided to buy resale, we did another dvc tour this morning and once the scare tactics started to buy direct it seriously put me off the guy and thus off buying direct.

As far as I understand the process of buying resale (please correct me if and where I'm wrong!)

Step 1 find a contract we like
Step 2 negotiate with the seller until we are both happy
Step 3 it goes to Disney ROFR

Then what? When do we pay? We have to give notice to get our money from the savings account so want to make sure we have it ready in time!

10-20% cash deposit upon signing contracts (refundable if Disney exercises ROFR) & balance due prior to closing (around 30 days after contract sent to ROFR)
 
10-20% cash deposit upon signing contracts (refundable if Disney exercises ROFR) & balance due prior to closing (around 30 days after contract sent to ROFR)

That's brilliant, thank you so much. We will no doubt have the 10-20% to pay and then enough time to get the rest of the money out and ready to pay.
 
I would have said:

Step One: Bookmark The Timeshare Store website and start watching their listings. They have an ad on this Board.

I have been happy using them, both as a buyer and as a seller.

My required downpayment of $500 was more than 20%, but I was buying a small contract.
 

We have decided to buy resale, we did another dvc tour this morning and once the scare tactics started to buy direct it seriously put me off the guy and thus off buying direct.

As far as I understand the process of buying resale (please correct me if and where I'm wrong!)

Step 1 find a contract we like
Step 2 negotiate with the seller until we are both happy
Step 3 it goes to Disney ROFR

Then what? When do we pay? We have to give notice to get our money from the savings account so want to make sure we have it ready in time! Plus we might need a smaller loan (will know when we decide what and how much to buy) so need to make sure that is all in place first.
Step 4: Disney notifies listing agency of ROFR, who in turn notifies you.
Step 5: Information sent to title company who does title search and prepares closing documents and new deed.
Steps 6: Documents are sent to seller and buyer for signature. Final payment is due at this time.
Step 7: New deed is recorded and Disney is notified of change of ownership.
Step 8: Title company send you deed & title policy.
Step 9: Disney updates its records to include you as a DVC member.
Step 10: Disney sends you membership information.

Anybody else can to provide further refinement?
 
We bought resale last year. We used Fidelity. The first contract we offered on was 150 points at SSR and the required deposit was $500, which we paid by credit card. That deal fell through because the sellers would not sign the closing documents.

Started over with a 160 points at BCV. The required down payment was $1000. Again paid with a credit card. This deal sailed right through.

Not sure why the difference in the deposits, I think they were using different title companies. The reason I'm mentioning it is because you should be prepared for anywhere between $500/$1000. After you pay the deposit and the contract is sent to ROFR you should have at least a month to arrange your own financing. Of course, if the deal falls through or you get ROFRed you will get your deposit fully refunded. In my case of the first contract we had actually sent in the entire balance and they sent it all back.

Best of luck finding your perfect contract!
 
We bought resale last year. We used Fidelity. The first contract we offered on was 150 points at SSR and the required deposit was $500, which we paid by credit card. That deal fell through because the sellers would not sign the closing documents.

That's terrible. Why did the sellers back out? Not that there is any good reason to do something like that.
 
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Along with TSS there are other resellers that are good. Fidelity seems to have the best deal BUT charge a 195.00 fee to buyers which no other broker does. Do the math and good luck!
 
Thank you everyone for your replies, they have really helped! I have sent a few emails to fidelity now, I'll follow up with a call tomorrow and if nothing comes from them I will have to try another broker, they just seem to have ones that suit our sizes and needs right now.

Hopefully I will be posting soon to say we are owners!
 
Thank you everyone for your replies, they have really helped! I have sent a few emails to fidelity now, I'll follow up with a call tomorrow and if nothing comes from them I will have to try another broker, they just seem to have ones that suit our sizes and needs right now.

Hopefully I will be posting soon to say we are owners!

They don't work weekends (or evenings) so you should follow up with a call tomorrow. They seem to respond better to phone calls during work hours.
 
They don't work weekends (or evenings) so you should follow up with a call tomorrow. They seem to respond better to phone calls during work hours.

Thanks very much for that, I did think maybe they didn't work weekends. I will call tomorrow :)
 
That's terrible. Why did the sellers back out? Not that there is any good reason to do something like that.

Sellers simply stopped answering phone calls and e-mail. Still don't know what happened. They were reportedly out of the country indefinately.

Fidelity was still owed their commission and were going after them but don't know how that turned out either.
 
Along with TSS there are other resellers that are good. Fidelity seems to have the best deal BUT charge a 195.00 fee to buyers which no other broker does. Do the math and good luck!

That 195 fee adds up a lot in smaller contract, say 50 points may cost you $4/pp, on the other hand large contract 300 and up not a significant price increase since listings usually are lower than other resellers.
 















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