What's the fastest closing on a resale?

[ChrisMouse]

Hey all...

Just curious what the fastest closing is on a resale...if everything goes well...

We are so bummed...we just found out that the resale we are buying has points that will most likely expire before closing. The points expire 7/31, and it would be SO AWESOME to sneak in a way to use up those points before they're lost...but I've not heard if anyone has ever managed to close within 6 weeks?

TIA for any info!

 

[kend58]

Hey all...

Just curious what the fastest closing is on a resale...if everything goes well...


TIA for any info!

Curious how fast otehrs have seen this doen.

Should the timing get to tight couldn't the "current owner" make a Ressie in your name and then close after the end of that trip - call your TS salesperson that would be what I would want to do under the circumstances

 

[JimMIA]

Six weeks from what? From making an offer? From ROFR waiver? From actual closing of the sale? Also...um, how come you "just found out" your contract had points that expired on July 31???

There are several stages in a resale transaction. The first is the offer and acceptance, which hopefully will go quickly.

The second, and most excruciating, stage is ROFR. If you don't know what that is, ask and one of us will explain it. It can take up to a month, but usually doesn't.

The third stage is the actual closing itself, which involves getting all the transaction paperwork to the parties, getting it signed and returned and actually closing the deal.

The fourth stage is the administrative transfer by Disney, creating an account for you and putting the points into the account. Only then will you be able to make a ressie.

From CLOSING, figure 10 business days. The only way you'll know is to wait a few days after you are notified that your transaction has actually closed, and then start calling MS. (We can't post the MS number here, but your agent will be able to give it to you.)

When we closed on our resale, we were "in the system" about the 8th day...but with no points. The points went in the following day, and once they did we could make ressies.

We generally tell folks to plan on 8-12 weeks from offer to making reservations at the end of the process...but it usually doesn't take that long. My guess is 6-8 weeks from start to finish is more the norm.

Good luck!

 

[ChrisMouse]

Thanks for all of the info.

Sounds like we have no hope of using the points that will expire. Our contract just went to ROFR today.

We knew our contract had banked points from 2006, but until we got the initial paperwork to sign over the weekend, we did not know that it actually had 2005 points as well, that will expire. This morning we received this clarification from our agent:

"It looks like the point status is as follows. Those 52 points that are showing are actually banked points which can not be banked again. They will expire 7/31/07, however on 8/1/07 you will have 104 points. These are the 2006 and 2007 points. The points that will expire are 2005 points."

Anyway...bummer that those points will go to waste...but with the points expiring on the 31st, I just don't think we'll be lucky enough to pass ROFR, get the contract closed, and get into the Disney system in time.

Thanks for your help!

 

[wheelcap]

Don't give up hope just yet!! We got our paperwork at the beginning of May, and closed at the end of May. Form beginning to end, it only took about 5 weeks. So - there is still time to get closed and reserved.

 

[rlduvall]

My experience was even a little quicker than wheelcap. We mailed original Contract back to The Timeshare Store on November 2nd, passed ROFR on November 9th (just luck that our contract made that "batch") and closed on November 29th (in spite of all the Holiday closings). BUT, all the parties (grantor, grantee, TTS and Disney) were diligent and responsible. (Again, just lucky that TTS submitted to Disney right when they were reviewing that "batch.) We all handled/returned our documents quickly and there was no fooling around. That can really make a difference.

Still wasn't quick enough to get a summer HHI reservation, though. BUT, going this October instead.

 

[priley88]

Hello,
We put in an offer on april 11 and closed on May 24. Disney had us in the system june 4 so I think it took 7 weeks. THe sellers were slow getting there papers back to the title company so thats why it took so long. But were in now and I will be in WDW in oct
Pam VWL junkie (can't help it )

 

[njmeisje]

I made my offer May 21st, and just closed yesterday June 12th. (23 days start to finish). Now I'm waiting to show up in the Disney system, so I can make my first reservation. They said to plan for 10 days, but I am hoping for sooner!!

Good luck
Diane

 

[disneymomto5]

Mine was really fast, about 3 weeks from beginning to end. I had been told to expect much longer, but it was quick!

 

[dragonflymom]

I just made my first ressie this morning. From day of offer to being in Disney's system, it took only 3 weeks, much faster than the 2- to 3-month timeline I was expecting. Here's my timeline:

5/22 - Offer made & accepted on TTS listing.
5/23 - Buyer & seller both faxed in paperwork. TTS sent contract to Disney for ROFR
5/30 - Disney waived ROFR.
5/31 - Sent completed escrow documents.
6/8 - Official date of close. Disney mailed me membership literature & documents.
6/14 - Made my first ressie!

I think the key was that both buyer and seller wanted a quick close and both parties would fax and send things the same or next day. I also think the staff at TTS were first rate--very responsive, friendly and customer oriented. I'm really glad I went the resale route as I only want a 100 point contract at this point in time. Everything has turned out great so far!

 

[dragonflymom]

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