tips for making my first ever resale offer

[anonymousegirl]

Hi everyone-- I'm thinking about making my first offer on a resale contract. If I understand it, I make an offer, seller accepts or declines. If accepted, it goes to Disney for ROFR. Disney can take it from me and pay the seller what I was offering, correct? And I start over.

Any tips you can pass on are greatly appreciated!

 

[Best Aunt]

Hi everyone-- I'm thinking about making my first offer on a resale contract. If I understand it, I make an offer, seller accepts or declines. If accepted, it goes to Disney for ROFR. Disney can take it from me and pay the seller what I was offering, correct? And I start over.

Any tips you can pass on are greatly appreciated!

Seller can make a counter-offer to you.

 

[a742246]

Understand use year, when would you travel?

 

[Ruttangel]

You should look out for loaded contracts. That means those with extra points that were banked from previous year.
They can be better value if you can rent or use them.
Ignore the list price as such and offer much lower amounts based on values in the ROFR thread.

A buyers offer usually includes this years dues and payment of closing costs, Make sure you take all that into account. So, if a contract comes with banked 2022 points you won’t pay dues for those but you would normally pay 2023 dues. Everything is negotiable

What resort/points you looking for?

 

[anonymousegirl]

I have my eye on a contract. It matches my direct contract June use year, so I would have 2023 points coming. I always go to Food and Wine so I travel to WDW between late August and mid October. Looks like buyer hasn't paid 2023 dues yet, so I'd be on the hook for those.

 

[Ruttangel]

I have my eye on a contract. It matches my direct contract June use year, so I would have 2023 points coming. I always go to Food and Wine so I travel to WDW between late August and mid October. Looks like buyer hasn't paid 2023 dues yet, so I'd be on the hook for those.

They must pay dues for 2023 before they can sell it’s just that most brokers put that as part of the contract that you pay seller back for those dues. Only difference is if they had used points for 2023 then you wouldn’t pay for the part used. As I said you can just factor this into your offer price

 

[Sandisw]

I have my eye on a contract. It matches my direct contract June use year, so I would have 2023 points coming. I always go to Food and Wine so I travel to WDW between late August and mid October. Looks like buyer hasn't paid 2023 dues yet, so I'd be on the hook for those.

Everything is negotiable and that includes the dues. Most resale brokers suggest that if you are getting the points for the current year, you should reimburse the seller for dues.

However, I always based mine on when I was buying in th year because dues are based n calendar year…so, if I was buying in the summer, I never offered more than 6 months worth unless the contract also has banked points....

 

[Her Dotness]

If you happen upon your "personal unicorn" contract, go for it if you possibly can get a price you can live with even if it's not ideal.

DH had searched for a VGF Feb UY 100-150pts for 3 years. He'd see a few VGF Febs now and then, but all were far more points than we wanted.

Shortly before VGF went on sale, there came a stripped 150 at a price we felt was kinda high but still way lower than people were guessing VGF would soon go for. Yup, our personal unicorn.

I told DH I bet the owner wouldn't wiggle much at that price. We offered $5 less than asking; they wouldn't go lower than $2 less. We said, "It's our unicorn, stripped though it is. We can pay cash. Let's do it."

We did and were fine enough with what most would say was a really foolish buy, given nobody but DVD knew what the direct price would soon be. No regrets at all given how long we'd searched.

If your unicorn appears, good luck.

 

[intamin]

If you happen upon your "personal unicorn" contract, go for it if you possibly can get a price you can live with even if it's not ideal.

DH had searched for a VGF Feb UY 100-150pts for 3 years. He'd see a few VGF Febs now and then, but all were far more points than we wanted.

Shortly before VGF went on sale, there came a stripped 150 at a price we felt was kinda high but still way lower than people were guessing VGF would soon go for. Yup, our personal unicorn.

I told DH I bet the owner wouldn't wiggle much at that price. We offered $5 less than asking; they wouldn't go lower than $2 less. We said, "It's our unicorn, stripped though it is. We can pay cash. Let's do it."

We did and were fine enough with what most would say was a really foolish buy, given nobody but DVD knew what the direct price would soon be. No regrets at all given how long we'd searched.

If your unicorn appears, good luck.

This is what I said regarding my subsidized Aulani even though it was stripped as well at least of it’s current UY points. Still worth it IMO and I wasn’t about to play games with the only subsidized contract that was left on the market, let alone one that was in a UY that still worked for me. If it’s your unicorn, don’t fret over a couple dollars per point.

 

[anonymousegirl]

Gulp! Just made an offer after consulting the ROFR list. The wait begins!

 

[Her Dotness]

This is what I said regarding my subsidized Aulani even though it was stripped as well at least of it’s current UY points. Still worth it IMO and I wasn’t about to play games with the only subsidized contract that was left on the market, let alone one that was in a UY that still worked for me. If it’s your unicorn, don’t fret over a couple dollars per point.

Seriously! That was a golden unicorn.

 

[RoseGold]

Name your title company. Don't let them pick.

 

[Nursemanit]

To expand on what @RoseGold said - name your title company with your offer. Make it clear that the offer depends on this and don't accept " we don't work with that title company" In Florida the one paying for the title work gets to pick.

If you don't name your title company with the offer - it will be assigned and sent to the title company of their choice before you get the acceptance of the offer.

 

[anonymousegirl]

To expand on what @RoseGold said - name your title company with your offer. Make it clear that the offer depends on this and don't accept " we don't work with that title company" In Florida the one paying for the title work gets to pick.

If you don't name your title company with the offer - it will be assigned and sent to the title company of their choice before you get the acceptance of the offer.

Well, I already made the offer but the offices were closed. I don't think I can name a title company now, but which companies should I avoid? Would I be able to name my own if the seller counter offers?

 

[lilsonicfan]

I made quite a few offers and never named a title company until my offer was accepted and the broker asked who I would prefer.

 

[RoseGold]

I made quite a few offers and never named a title company until my offer was accepted and the broker asked who I would prefer.

The agreed contract, which I am guessing you didn't sign for all of these offers, has a title company, because it has closing in it. It is submitted to ROFR with a title company.

I changed title companies and had to resubmit to ROFR.

You can put a title company in the offer.

 

[RoseGold]

Well, I already made the offer but the offices were closed. I don't think I can name a title company now, but which companies should I avoid? Would I be able to name my own if the seller counter offers?

Update the offer. If nothing is signed, nothing is done. This is not a big deal, it changes closing by a few bucks and takes a few clicks.

 

[CarolMN]

When you make an offer, put a time limit on it. For example, "This offer is good until (specific time EASTERN) on (date)". That way, if the seller isn't serious or dragging their feet, you won't be stuck waiting and can move on to the next contract . It's not unusual for a buyer to have to make offers on more than one contract. As you probably know, sometimes, it just doesn't work out.

I know you already made an offer, so the above is for next time.

Good luck! Hope you are successful and we can welcome you home soon.

 

[RoseGold]

When you make an offer, put a time limit on it. For example, "This offer is good until (specific time EASTERN) on (date)". That way, if the seller isn't serious or dragging their feet, you won't be stuck waiting and can move on to the next contract .

Maybe an unpopular opinion, but I wouldn't bother. Nothing is done until it's signed, and you can still back out.

You might annoy a broker, I guess. But if you don't hear from anyone in a couple days, I don't think anyone would be surprised if you updated that you aren't interested anymore. I've had pretty good responses in a couple days, from even the more controversial brokers.

I've never put in simultaneous offers with multiple brokers, but I might do it. Nothing is done until it's signed. Heck, in FL you can back out 10 days later. That's for all timeshare contracts.

 

[lilsonicfan]

The agreed contract, which I am guessing you didn't sign for all of these offers, has a title company, because it has closing in it. It is submitted to ROFR with a title company.

I changed title companies and had to resubmit to ROFR.

You can put a title company in the offer.

I was responding to the poster who said that if you don’t name a title company in the offer, it will just automatically be assigned to one.

I think most of us are making offers the same way, that is, using the “make an offer” box on a website or emailing an offer. I’m not certain it’s necessary at that point to name a company, which is what that post was implying.

Of course, before signing a contract, one should name a title company. For me, when my offer was accepted, the broker asked me who I preferred and that was then added to the official contract.