Walk me through the steps of a resale!

[MDM]

New to the resale market. We have purchased through Disney for other contracts. With that said, thinking about a resale...Do I have the steps, timing and thought process correctly?

1. Call Resale Company tell them I'm interested in contract XYZ
2. Get price accepted via the seller
3. Send certified check for deposit and "pending" status
4. Apply for loan via .. . ?? a branch of a Fla. Bank.
5. Wait for loan approval, contact resale company once approved and then..
6. Wait to see if I make it past ROFR
7. Hopefully pass and send in rest of $

What am I missing?
What did I mix up?
What if I get loan, but lose contract to ROFR? (Got the $ but no contract to show for it?)

Thanks MDM

 

[Breyean]

Two comments:

1. You can contact most resale brokers and tell them what specifically you are looking for. Some add you to an email or Twitter list; some call you when something comes up within your parameters. Then besides you checking sites, you might also have the brokers getting you some info more immediately.

2. On your loan, what happens if you don't get approved? In your timeline, you have already signed contracts for the purchase, so hopefully you'd have other funds to pay if the loan gets held up or denied. Depending on what sort of loan you are getting (home equity, e.g.) you could set this up earlier in the process to minimize your risk and know what you will have available to use to buy.

 

[ontheuptick]

Number 1 on your list should be:

1. Save up cash to buy DVC.

Don't buy if you have to borrow. Any economic sense DVC ownership can make (and it's borderline/debatable) completely goes out the window when you have to borrow and pay interest. Let alone the burden that the loan is, emotionally.

/rant

 

[MDM]

Thanks, Spoke to the resale company and got some answers. Thanks for the help! MDM