When you make an offer on a resale, do you put down a deposit?

[we"reofftoneverland]

Is it like bidding on a house? And if you do put down a deposit, what happens if Disney buys it? Do you get the deposit back?

I am wondering if there is a thread that spells this out?

Are there any fees associated with resale besides closing costs like direct?

 

[Kazrak]

Checking my purchase (through Timeshare Store), they needed a 10% deposit within 7 days of the offer being accepted. If Disney exercises ROFR, you can get the deposit back or use it on another offer.

The total for closing was just purchase price plus the closing costs, plus the next year's dues because I was closing so close to when they were due. Closing fees were the title insurance, recording charges, etc.

 

[Marionnette]

Is it like bidding on a house? And if you do put down a deposit, what happens if Disney buys it? Do you get the deposit back?

I am wondering if there is a thread that spells this out?

Are there any fees associated with resale besides closing costs like direct?

You may pay a fee to your bank for a cashiers check.

It may cost you to send your signed documents and check via FedEx, USPS or UPS overnight. At least one title company that I know of will send you a FedEx prepaid label. Another one I used expects you to foot the bill to get those things to them.

You may or may not have to pay dues on the points you're getting but that is negotiable during the offer/acceptance period.

Your title company should be able to provide you with an estimate for all funds needed at closing so that there are no surprises.

Your deposit will be returned to the original form of payment if the sale does not pass ROFR.

 

[NewbieMom]

Is it like bidding on a house? And if you do put down a deposit, what happens if Disney buys it? Do you get the deposit back?

I am wondering if there is a thread that spells this out?

Are there any fees associated with resale besides closing costs like direct?

Most brokers requires a deposit to ensure you are serious about the contract. This is taken within a few days of signed contract. If your contract is taken during ROFR, it'll be returned to you.

Some brokers have additional "admin fees" (Fidelity comes to mind) but it should all be disclosed upfront.

 

[Deb & Bill]

And if you back out of the contract once it has gone through ROFR, you lose the deposit. We got half of two deposits that way. One contract for sale, buyers back out twice. The selling agent got the other half.

 

[sndral]

Most brokers requires a deposit to ensure you are serious about the contract. This is taken within a few days of signed contract. If your contract is taken during ROFR, it'll be returned to you.

Some brokers have additional "admin fees" (Fidelity comes to mind) but it should all be disclosed upfront.

Fidelity’s $195 administrative fee (last I looked) is the only unusual one I can think of - if you’re buying a smaller contract that can add a couple of dollars a point to your out the door cost compared to other brokers.
All terms are negotiable, including whether buyer or seller pays closing costs, and whether buyer or seller pays current years maintenance fees - which are $5 - 6 per point depending on resort, one broker was asking buyers to pay MFs for banked points - but that’s an outlier as those points have a very limited shelf life.

 

[Jason@dvcstore]

Is it like bidding on a house? And if you do put down a deposit, what happens if Disney buys it? Do you get the deposit back?

I am wondering if there is a thread that spells this out?

Are there any fees associated with resale besides closing costs like direct?

When you offer on a property here at The Timeshare Store, Inc.® you can simply make the offer via email or verbally. You don't have to sign any offer sheet to make an offer. If Disney buys your property back you can have your deposit refunded or, of course, you can leave it in escrow and look for another property.

Most transactions the buyer is paying the agreed upon purchase price, the closing costs and appropriate dues.

I hope that helps.

 

[beercity]

I paid a deposit when the offer was accepted. It was a fixed $1000 I believe. They allowed a credit card for the deposit but they charged a fee for that option. My points earned on that transaction made it worth it to pay via credit card. Your mileage may vary.