TimeShare Store

[Nikisha421]

can some one walk me through the process of buying a resale from the timeshare store. from making the call to getting the paperwork to finalizing all documents.

Thanks a lot
I really need some pixie dust

 

[Silver Queen]

I'm curious too!

 

[1-407-WDWJUNKIE]

Here goes as best I can recall:

I called about a specific small contract that was already under contract. You talk to a call administrator first who gave me to the listing agent for that contract, and he told me that it was under agreement, but if I wanted he could call me with any similair listings as soon as they came available.

Keep in mind small contracts go very quickly and you pretty much have to be ready to jump on one when they call.

Later that morning he called me back with pretty much a perfect 50 point BCV contract for us and I took it. With bigger, harder to sell contracts you may be able to negotioate cost or who pays closing, etc as with any real estate transaction.

They send or fax over a Purchase and Sale Agreement and I think some disclosure documents and I sent in a deposit the next day. There is I think a week to 10 days to reconsider at no penalty by Florida Timeshare Law (ask if that is important to you, I'd never considered reconsidering). There are a few document exchanges throughout the process, some that can be done by fax and others have to have the originals signed. Everything was sent very promptly. Keep in mind half of this process relies on the sellers completing paperwork too, and the Timeshare Store can't make them move quickly. There are time limits to complete certain steps built into the contracts but it was never an issue in our case.

After all the initial paperwork is done you wait for ROFR, This was the slowest part of the transaction. Once you pass ROFR you can move on to the closing, which involves both parties signing the final paperwork (which gets mailed all over the place) after which it gets recorded and goes to Disney, We were in the system about a week after Disney got the documents.

The Timeshare Store was always very prompt whenever I called, if my agent wasn't available he always called back before long. My whole process took about 5 weeks which is pretty quick for a resale from what I have read but both Ithe seller and I were pretty prompt in completeing each step.

 

[Nikisha421]

WOW THIS SOUNDS GREAT THANK YOU!!!

I NEED LOTS AND LOTS OF PIXIE DUST

 

[dudleydog]

Sounds just like ours (so far). We are in the ROFR stage, but it has been great so far.

 

[Silver Queen]

Thanks, 1-407-WDWJUNKIE!
Good luck to you with your purchase. If you don't mind, I have a question. Was the purchase you wrote about an add-on? I am not a member and someone has recommended that I begin by purchasing a smaller amount of points as a resale. I'm considering this strategy. I'm just about to retire and my son is 29 with no children yet, so I'm not that concerned with a shorter term contract.

 

[Nikisha421]

the question was just hypothetical

 

[Merilyn]

If you buy from the Timeshare store, be sure to have them title the paper work as "right of suviorship". They don't tell you this and it can make a difference if someone on the title dies or you want to take someone off. It also isn't something Disney tells you either. We are in the process of taking my sister off. She died. We are going to have to probate her will in FL to get her off. No one told us to title it a certain way to prevent this.

 

[rnorwo1]

Does anyone know what the approximate closing costs are buying resale? Are there other fees that would not be the case if buying from dvc?

 

[gk90]

If you call/email TSS they'll put you on their email list and give you updates on their listings as they come in, with details like closing costs. Here's a sample from an email I got from them yesterday, I put some of the closing costs in bold:

Beach Club Villas Membership expires 2042 - Annual Dues $4.80 per point

150 points. December use year. 150 points coming on 12/1/08 and 150 points coming on 12/1/09. Closing Costs=$475 Priced at $91/pt ($13650) Ref# BC150-12-0229-js

Boardwalk Villas Membership expires 2042 - Annual Dues $5.04 per point

50 points. December use year. 50 points coming on 12/1/08 and 50 points coming on 12/1/09. Closing Costs=$322 Priced at $87/pt ($4350) Ref# BW50-12-0229-js

100 points. December use year. 100 points coming on 12/1/08 and 100 points coming on 12/1/09. Closing Costs=$397 Priced at $85/pt ($8500) Ref# BW100-12-0229-js

150 points. September use year. 67 banked points currently available which need to be used by 9/1/08, 242 points coming 9/1/08 (150 + 92 banked points from 2007) and 150 points coming on 9/1/09. Closing Costs=$475 Priced at $80/pt ($12000) Ref# BW150-09-0229-jc

150 points. December use year. 58 points coming on 12/1/08 and 150 points coming on 12/1/09. Closing Costs=$475 Priced at $82/pt ($12300) Ref# BW150-12-0229-js

Saratoga Springs Membership expires 2054 - Annual Dues $4.21 per point

30 points. October use year. 30 points coming on 10/1/08 and 30 points coming on 10/1/09. Closing Costs=$322 Priced at $85/pt ($2550) Ref# SS30-10-0228-js

 

[VTNuke]

The best plan is to plan ahead. Don't expect to buy a resale from TTS and expect to go on vacation next month. I think you need to remember a few points when going into a resale, TTS or with someone else:

1) Buy where you want to stay. Most DVCer's will echo this idea.

2) Because some of the resorts fill up quick during particular times, you'll want to take advantage of the 11 month window for your home resort.

3) Just to make sure you get exactly the type of contract you need or want, give yourself about 4 to 5 months to make sure there's plenty of time for closing. Part of that time is Disney getting you into their system.

So start the process about 15 to 16 months before you actually want to go on your first stay. This gives you plenty of time to plan ahead, pick the right contract, and even get a better deal on a contract that may be stripped for most people, but meets your needs. This will also cover any delays due to Disney deciding to pick up that "great deal" on your resale contract.

 

[Nikisha421]

The best plan is to plan ahead. Don't expect to buy a resale from TTS and expect to go on vacation next month. I think you need to remember a few points when going into a resale, TTS or with someone else:

1) Buy where you want to stay. Most DVCer's will echo this idea.

2) Because some of the resorts fill up quick during particular times, you'll want to take advantage of the 11 month window for your home resort.

3) Just to make sure you get exactly the type of contract you need or want, give yourself about 4 to 5 months to make sure there's plenty of time for closing. Part of that time is Disney getting you into their system.

So start the process about 15 to 16 months before you actually want to go on your first stay. This gives you plenty of time to plan ahead, pick the rightand even get a better deal on a contract that may be stripped for most people, but meets your needs. This will also cover any delays due to Disney deciding to pick up that "great deal" on your resale contract.

that was definetely a great shot of reality that is exactly what I might have been looking for

 

[Escape Artist]

If you buy from the Timeshare store, be sure to have them title the paper work as "right of suviorship". They don't tell you this and it can make a difference if someone on the title dies or you want to take someone off. It also isn't something Disney tells you either. We are in the process of taking my sister off. She died. We are going to have to probate her will in FL to get her off. No one told us to title it a certain way to prevent this.

Merilyn - I'm sorry to hear about your sister.

For everyone else, this is excellent advice if you are buying with someone who is *NOT* your spouse!

If you are buying *WITH* your spouse, look for the thread here on the DIS Boards about titling your DVC as "husband and wife," a superior arrangement for married people and the default setup for married people thru The TimeShare Store.

Sue in Texas
...who just had her title paperwork changed today. Thank you for sharing your expertise, DISer's!