Thoughts on resale via Fidelity?

[CWTC]

We already own a mix of direct and resale spread over 3 resorts. For each of our resale purchases, we used the broker who cannot be named here and have been very happy. We though are looking to add on 300 to 400 AUL points in our same UY: likely will end up with unsubsidized contract which is fine and anticipate on bidding low since we aren’t in a hurry and will mostly be using these as SAP for Poly overwater bungalows or VGC as well as AUL every 2-3 years. I’ve been looking at the aggregators and Fidelity has a few contracts that would work but we are hesitant because of mix ups or errors that we’ve seen here.

What is the general consensus/experience with Fidelity? If we go with Fidelity, which specific title company should we request to make is the smoothest experience possible? And are there any brokers we absolutely should avoid?

thanks in advance!

 

[KAT4DISNEY]

I've been one to not have mix up or errors with Fidelity but I have with 2 other well respected brokers.
Point is - it can happen with anyone. Next point is it is rare when you consider the # of transactions. It's a pain when it happens of course but personally I would not cross off any broker if they had the contract that fit what I wanted.

 

[CWTC]

I've been one to not have mix up or errors with Fidelity but I have with 2 other well respected brokers.
Point is - it can happen with anyone. Next point is it is rare when you consider the # of transactions. It's a pain when it happens of course but personally I would not cross off any broker if they had the contract that fit what I wanted.

That’s a really good perspective - thank you!

 

[TheDisBrews]

We purchased our BVW contract through Fidelity and had zero issues. For title company, they suggested DVC Title and Escrow, which I hadn't heard much about, but Cammy Smith who came highly recommended had just started there. She handled our closing and everything went very smooth and relatively quick. I'm sure horror stories can be found with any company.

 

[Sandisw]

I have not worked with them but agree. Things can happen with anyone. If I went with Fidelity, I’d just ge a bit more dilegent.

 

[Jimmy Geppetto]

We already own a mix of direct and resale spread over 3 resorts. For each of our resale purchases, we used the broker who cannot be named here and have been very happy. We though are looking to add on 300 to 400 AUL points in our same UY: likely will end up with unsubsidized contract which is fine and anticipate on bidding low since we aren’t in a hurry and will mostly be using these as SAP for Poly overwater bungalows or VGC as well as AUL every 2-3 years. I’ve been looking at the aggregators and Fidelity has a few contracts that would work but we are hesitant because of mix ups or errors that we’ve seen here.

What is the general consensus/experience with Fidelity? If we go with Fidelity, which specific title company should we request to make is the smoothest experience possible? And are there any brokers we absolutely should avoid?

thanks in advance!

Here is my perspective:

Pros - they have some of the best prices and sellers seem to be closer to reality on what the market will bear than other brokers. Sometimes you can find a seller who has quite low expectations.

Pro 2 - they let you use any title company and don’t force Magic Vacation Title on you like DVCRM does.

Cons - they are very prone to errors. While I agree with others that it could happen with any broker, it appears to happen quite more frequently with Fidelity. I’ve bought 4 contracts through them. Two major errors. That’s a 50% error rate with me. You can search them in disboards and see the other errors they’ve made with folks.

2nd Con - they don’t communicate well and don’t work around the clock like others. You can go days without hearing from them about an offer.

3rd con - they charge an admin fee. It’s currently $225 but you can negotiate the seller pay it.

If you can get over these cons and get comfortable with them there are some great deals to be had.

As for me… they messed up on selling me an OKW Extended 2057 contract that wasn’t actually extended. It expired in 2042. Luckily Disney caught it in ROFR. I haven’t used them since. But when I did the pricing was unbeatable.

Good luck!

 

[pianomanzano]

I've been one to not have mix up or errors with Fidelity but I have with 2 other well respected brokers.
Point is - it can happen with anyone. Next point is it is rare when you consider the # of transactions. It's a pain when it happens of course but personally I would not cross off any broker if they had the contract that fit what I wanted.

Agree that it can happen with anyone. But at the same time, when it does happen I don’t want the broker ghosting me, trying to add addendums to an existing contract to cover up their mistakes, or some of the other things Fidelity has done that we’ve heard about over the past 2 years here on these boards. It seems to happen more often with Fidelity because they’re not doing their due diligence in reviewing and asking sellers for complete info. That’s personally enough for me to not buy a contract through, no matter how low the price because who knows if the contract is legit/correct.

 

[Chili327]

Got both of my contracts thru Fidelity, & had no issues. Get the contract you want from wherever it is listed, don't worry about it too much, just make sure you're insured and read the contract specifics.

 

[aceshigh73]

First resale was with DVCRM. Painless but pricey. 2nd was with Fidelity, no issues at all.
We are about to close on our 3rd resale contract soon, again with Fidelity, and I’m watching them like a hawk.

That said, use an aggregator like dvcsearch.com and get the right contract that fits your needs. Get screen shots of all the pts transactions from the agent/seller and then again before you close.

Good luck.

 

[RuntheMouse]

Agree that it can happen with anyone. But at the same time, when it does happen I don’t want the broker ghosting me, trying to add addendums to an existing contract to cover up their mistakes, or some of the other things Fidelity has done that we’ve heard about over the past 2 years here on these boards. It seems to happen more often with Fidelity because they’re not doing their due diligence in reviewing and asking sellers for complete info. That’s personally enough for me to not buy a contract through, no matter how low the price because who knows if the contract is legit/correct.

Agreed. I had an error with my purchase through DVCRM earlier this year. The deed recorded was not the contract we purchased (seller owned multiple contracts) I contacted them and they apologized profusely and had it remedied by EOB the following day. Seeing as it required a notary for the seller, I was impressed with the turn around.

Being ghosted by the broker wouldn’t fly with me. That being said, I purchased a contract through Fidelity this year with no issues.

 

[KAT4DISNEY]

Agree that it can happen with anyone. But at the same time, when it does happen I don’t want the broker ghosting me, trying to add addendums to an existing contract to cover up their mistakes, or some of the other things Fidelity has done that we’ve heard about over the past 2 years here on these boards. It seems to happen more often with Fidelity because they’re not doing their due diligence in reviewing and asking sellers for complete info. That’s personally enough for me to not buy a contract through, no matter how low the price because who knows if the contract is legit/correct.

Hmmm, well, I've seen one or two other times a mistake, with someone other than fidelity, led to some "ghosting" of some sort as they figured things out. I also think we're a little too quick to expect instantaneous responses though. It takes time to figure things out. I'll 100% stick with my it can happen with anyone and do not hesitate to use anyone. But that's just my experience since my 1st resale purchase in 2008 and multiple over the years including a Fidelity just a couple months ago. Everyone's got to decide what they want to do.

One thing I think can be important but is rarely asked is some background on the sellers if the brokers have it. Is it a divorce? Estate? Owner that doesn't seem to know much about DVC? That leaves you prepared.

 

[jess2022]

We went through Fidelity and had no issues at all. I think the title company choice is more important.

 

[Cfabar1]

Fidelity has slow response times, which has prevented me from being able to do a deal with them. By the time I hear back from them, I've moved on.

They have some notorious threads on this blog in terms of errors and issues. I would be very cautious about using them, and work very hard.

 

[Nikkimouse44]

I’m waiting for ROFR from Disney right now on a contract with them. This is our first ever purchase. The broker who we are working with has been super responsive. He called me the day we put in the offer to talk it over, called the sellers, called us back that they accepted (all on a Sunday) and explained the process.

We got the contract Tuesday and we had some questions. He took various phone calls from me and my husband while he was on vacation and passed us to someone who was able to answer some questions he wasn’t 100% certain about and we heard from that person the same day.

We signed the contract and paid the deposit, our contract agent put it through to Disney that same day (Thursday). We heard from the title company today (Tuesday after Christmas). I did ask the title company two questions via email and they didn’t respond yet, but I don’t always reply to my own work emails same day so as long as they reply by Thursday morning I’ll be happy.

I have been reading threads, and will be making sure the correct points that we are purchasing and banking are in the account and such, as the sellers are selling two almost similar contracts so I might “annoy” them but rather do it now and not have to hunt them down if there are errors.

 

[Bucketfoot]

Have bought two resale contracts, one of which was from Fidelity. It was not the one I had problems with (listed UY was incorrect).

 

[CWTC]

Wow thank you all for thoughts and insights! I feel better about fidelity hearing your input and definitely will take the advice of paying extra attention to the details and so forth!

 

[RichVIII]

Had a good experience this summer with them. They are not ”overly” communicative but since this was not my first rodeo, I was okay. They have the best prices around for sure. Like others said, just take screen shots since once you are under contract, you can’t go back to the site. I got nervous at some point since my seller had listed three contracts - all the same, but some with more/less points. I was worried about that but it worked in the end.

 

[we"reofftoneverland]

We already own a mix of direct and resale spread over 3 resorts. For each of our resale purchases, we used the broker who cannot be named here and have been very happy. We though are looking to add on 300 to 400 AUL points in our same UY: likely will end up with unsubsidized contract which is fine and anticipate on bidding low since we aren’t in a hurry and will mostly be using these as SAP for Poly overwater bungalows or VGC as well as AUL every 2-3 years. I’ve been looking at the aggregators and Fidelity has a few contracts that would work but we are hesitant because of mix ups or errors that we’ve seen here.

What is the general consensus/experience with Fidelity? If we go with Fidelity, which specific title company should we request to make is the smoothest experience possible? And are there any brokers we absolutely should avoid?

thanks in advance!

Tell fidelity you want to use Jeffrey sweet title. It’s not the broker that matters but the title company. As a buyer by law you get to pick the title company. Don’t let them talk you out of Jeffrey sweet.

 

[Chili327]

Tell fidelity you want to use Jeffrey sweet title. It’s not the broker that matters but the title company. As a buyer by law you get to pick the title company. Don’t let them talk you out of Jeffrey sweet.

Who is Jeffrey Sweet?
I’m not that knowledgeable about all the ins and outs, but have done a lot of reading and researching over the last year or 2 and don’t recall ever hearing that name.
Is it just one guy and that’s the name of the title company?

 

[we"reofftoneverland]

Who is Jeffrey Sweet?
I’m not that knowledgeable about all the ins and outs, but have done a lot of reading and researching over the last year or 2 and don’t recall ever hearing that name.
Is it just one guy and that’s the name of the title company?

A lot of the disboards dvc old timers used him. Lol.

Jeffrey C. Sweet, Attorney at Law
Suite A. Granada Oaks Professional Building
595 West Granada Boulevard
Ormond Beach, FL 32174
Phone: (386) 677-3431 ext. 247
Fax: (386) 677-8284

I googled for recent threads on disboards and this popped up

https://www.disboards.com/threads/good-faith-deposit-to-jeffrey-c-sweet.3758170/