In the process of purchasing a DVC contract and I have concerns!

[DreamChasers]

I put in an offer for an AKV contract through sellmytimesharenow.com for a great price a month ago, but it had a number of points that are going to expire in Sept. I was trying to find a way to save the points so they wouldn’t go to waste, transferring to my other contract, depositing into RCI, anything so they wouldn’t go to waste. At first the sales agent was great. She told me that she would try everything to make it work, but that was weeks ago. The last e-mail I received was three weeks ago and she won’t return my phone calls. As it stands now, they have my deposit, I know they haven’t transferred the points into my other contract, since I haven’t seen them, but that’s it. I don’t even know if Disney has executed right of refusal.
Has anyone else dealt with sellmytimesharenow.com before? Is it a big fraud? Am I going to lose the deposit I gave them? I need some reassurance here.

 

[AJA]

It usually takes around 25-30 days to make it through ROFR with Disney. Do you know what day it was submitted?

 

[DizBub]

Can't help you with the agency altho I have heard of them. I do know that it actually takes 30 for ROFR to come back so maybe they haven't heard anything yet themselves. There's still no excuse for not returning your calls or e-mails. Sit tight for a little bit longer and you should have news when they know something. Good luck!!

 

[ELMC]

I put in an offer for an AKV contract through sellmytimesharenow.com for a great price a month ago, but it had a number of points that are going to expire in Sept. I was trying to find a way to save the points so they wouldn’t go to waste, transferring to my other contract, depositing into RCI, anything so they wouldn’t go to waste. At first the sales agent was great. She told me that she would try everything to make it work, but that was weeks ago. The last e-mail I received was three weeks ago and she won’t return my phone calls. As it stands now, they have my deposit, I know they haven’t transferred the points into my other contract, since I haven’t seen them, but that’s it. I don’t even know if Disney has executed right of refusal.
Has anyone else dealt with sellmytimesharenow.com before? Is it a big fraud? Am I going to lose the deposit I gave them? I need some reassurance here.

Sorry to hear that you are going through this. Transferred points do not show up online, so if you are only looking there you won't see them. As far as transferring points to avoid expiration prior to contract purchase, that sort of falls into a gray area and if it's not written into your contract then it could be a bit sticky.

Regardless, you need to have communication and I would recommend contacting someone else in her office until you get answers. Good luck!

 

[DreamChasers]

Do you know what day it was submitted?

The contract was submitted on Jun 13.

Sorry to hear that you are going through this. Transferred points do not show up online, so if you are only looking there you won't see them.

Should I be calling member services then? How do you know if the points have been transferred?

 

[WebmasterDoc]

If you were expecting points to be transferred into your account, you should contact MS to see if the transfer has occurred.

Regarding ROFR, it's possible that the contract has not been dismissed/approved yet, but even there, you are very close to 30 days depending on the closing date submitted by the broker. If ROFR has passed, your broker should contact you for information about closing and to reeceive the balance due on the contract. The agent cannot make any changes to the contract - transfers, banking points, making reservations must all be done by the seller.

I'd be more concerned about the lack of response from your broker.

Good luck!

 

[KAT4DISNEY]

Many times contracts are getting sold at low prices because people can't afford to pay the dues. If that were the case here the dues would have to be caught up before anything could be done with the points - including a transfer. And I'd also guess that the owner would have wanted something in writing about the transfer just in case you happened to back out of the transaction so there may have been nothing done or able to be done.

Hopefully you'll have some communication soon.

 

[sparkhill]

Generally, Member Services will allow you to use your one-time banking exception to bank points after the deadline. I was in a similar situation on a contract I just closed. After closing, I called MS and they banked the points. I think the exception applies once to each contract.

 

[michigankevin]

ROFR for me on my 4 different contracts all took about 30 days.

 

[DreamChasers]

Generally, Member Services will allow you to use your one-time banking exception to bank points after the deadline. I was in a similar situation on a contract I just closed. After closing, I called MS and they banked the points. I think the exception applies once to each contract.

I have never heard of a onetime banking exception. How late will they allow you to bank?

Many times contracts are getting sold at low prices because people can't afford to pay the dues. If that were the case here the dues would have to be caught up before anything could be done with the points - including a transfer.

This was actually a bankruptcy. The trustee is managing the account. Part of the sales contract was that the bankruptcy trustee would keep the dues current until the sale closed.

I'd be more concerned about the lack of response from your broker.
Good luck!

That’s my biggest concern. Has anyone ever bought a DVC contract through sellmytimesharenow.com? I looked into them on the internet and I didn’t find anything negative, so I thought they were a legitimate broker, but the lack of communication!

 

[cz4ever]

That’s my biggest concern. Has anyone ever bought a DVC contract through sellmytimesharenow.com? I looked into them on the internet and I didn’t find anything negative, so I thought they were a legitimate broker, but the lack of communication!

I had a couple of email exchanges with one of the brokers there. I had very basic questions about roughly a dozen of their listings, many of which do not include UY let alone information about banked/borrowed points. Initially he resisted contacting so many owners to get the details, but once I cut it down to my top three, he followed through quickly. I doubt its a scam, but they seem to be designed around volume business and RCI-oriented timeshares -- even the DVC listings describe them in RCI terms.

How did you pay your deposit? If you used a credit card, you should be fine even in the unlikely case that they aren't legitimate.

In general, you seem a bit confused about the DVC resale purchase process. There are a number of threads here that describe it in detail. You've only completed the first step -- agreeing on a selling price and terms and submitting this deal to Disney so that they can decide whether or not to exercise their Right of First Refusal (ROFR). As others have said, Disney ROFR takes up to 30 days. If they decide to waive their ROFR, then you need to sign the final paperwork, send payment to the title company, and wait for closing to occur. There's no way any points would get transferred to you until after you execute the final contract paperwork, the paperwork has been filed with the state, and Disney gets around to loading the points into their system. Even in the best case, you're looking at a couple of more weeks before that can happen, since it takes that long even after Disney passes on the ROFR... maybe more in your case since the seller is an estate so it might take longer for them to sign and return the paperwork.

The only problem is your broker's lack of communication. They should have explained to you that there is nothing that they (or anyone) can do for a month after the initial paperwork is submitted to Disney. Disney has 30 days to decide whether or not to waive their ROFR rights. If the broker did explain that, then you just need to be patient. They literally cannot tell you anything other than, "We're still waiting for Disney to respond. They have 30 days. We cannot speed up that process. I'll call or email you when they respond. Until then, there's nothing else I can tell you... (so please quit pestering us already!)."

 

[DreamChasers]

The 30 day deadline came last Friday. I waited most of the day on Monday to hear if I made it through the first right of refusal or not, I didn’t want to seem too pushy. I didn’t hear anything, so I sent the agent an e-mail inquiring about it. I still have not heard anything back from her. I sent an e-mail to the office administrator who sent me the contracts to sign to see if she knew anything. She told me that Disney sent a request for more information weeks ago in regards to the file and that she did not receive the notice. She had to resubmit the file and my 30 day wait started again on Monday. Oh did I mention the agent still has not been in contact with me to let me know any of this. I can only imagine who Disney sent the request for more information to.

 

[Missyrose]

The 30 day deadline came last Friday. I waited most of the day on Monday to hear if I made it through the first right of refusal or not, I didn’t want to seem too pushy. I didn’t hear anything, so I sent the agent an e-mail inquiring about it. I still have not heard anything back from her. I sent an e-mail to the office administrator who sent me the contracts to sign to see if she knew anything. She told me that Disney sent a request for more information weeks ago in regards to the file and that she did not receive the notice. She had to resubmit the file and my 30 day wait started again on Monday. Oh did I mention the agent still has not been in contact with me to let me know any of this. I can only imagine who Disney sent the request for more information to.

How much of a deposit have you put down? Could you walk away at this point?

 

[xstitches]

I did use this company for one of my contracts. It took 90 days from start to finish until the points were available for use.
Good luck

 

[DizBub]

I agree with Missyrose, can you get out of this? There are so many contracts out there, you can certainly find something similar if not better. The lack of communication with the broker would just put me over the edge. Absolutely no excuse for that. I would call the company back and demand to speak to the owner or at least a higher up.

When I made my 1st offer on a resale I asked if the contract was in any way compromised, like a divorce, bankruptcy, death/estate/probate. I also asked if the sellers were foreign. The answer was "no" on all counts. Turns out the sellers were out of the country indefinately and they never signed the final papers. We were advised to cancel and we got our money back. We have moved on but that lost contract still devils me.

 

[ELMC]

How was your deposit paid? If you used a credit card, you could consider speaking with your credit card company and filing a chargeback. That would most likely get someone from that broker on the phone.

I'm not saying that you are getting scammed, and I'm not saying that you are not. But in my experience there are timeshare resellers who specialize in DVC and there are those who don't. There's a big difference in the level of service that you receive between the two. I know it's frustrating, but all you can do is try to stay on top of it. Getting upset is only going to hurt you. Good luck!

 

[Meggysmum]

I agree with Missyrose, can you get out of this? There are so many contracts out there, you can certainly find something similar if not better. The lack of communication with the broker would just put me over the edge. Absolutely no excuse for that. I would call the company back and demand to speak to the owner or at least a higher up.

When I made my 1st offer on a resale I asked if the contract was in any way compromised, like a divorce, bankruptcy, death/estate/probate. I also asked if the sellers were foreign. The answer was "no" on all counts. Turns out the sellers were out of the country indefinately and they never signed the final papers. We were advised to cancel and we got our money back. We have moved on but that lost contract still devils me.

I am not being funny here but could I ask what the buyer being foreign has to do with the contract? The reason that I ask is because when I started the Resale process I realised that some brokers were not keen to deal with me as I live in the UK. I have now succesfully purchased Resale and can't see any issues at all, in fact it seemed very easy as everything was done by e-mail using a scanner (no waiting for Fedex) and if anything I think the time difference meant that things were done more quickly as the broker would submit things late afternoon which I would then see first thing in the moring and it would be in their inbox by the time they got to work again. I went from offer to points in my account in 7 weeks which seemed good to me!

I presume foreign DVC contracts must have a bad reputation so would like to know how to show I really mean business should I ever need to sell (which hopefuly won't ever happen!)

 

[DizBub]

I am not being funny here but could I ask what the buyer being foreign has to do with the contract? The reason that I ask is because when I started the Resale process I realised that some brokers were not keen to deal with me as I live in the UK. I have now succesfully purchased Resale and can't see any issues at all, in fact it seemed very easy as everything was done by e-mail using a scanner (no waiting for Fedex) and if anything I think the time difference meant that things were done more quickly as the broker would submit things late afternoon which I would then see first thing in the moring and it would be in their inbox by the time they got to work again. I went from offer to points in my account in 7 weeks which seemed good to me!

I presume foreign DVC contracts must have a bad reputation so would like to know how to show I really mean business should I ever need to sell (which hopefuly won't ever happen!)

No offense intended. I always seem to put my foot in my mouth.

When I started looking into resale I was extremely nervous about it and started reading forums to learn as much as I could. Read a few accounts of foreign sellers who had problems getting their documents notarized thus delaying the process. As you can see by my post we had problems with foreign sellers after all. My broker told the seller that he could get his papers notarized at the American Embassy (they were in Peru). He agreed to do that and then stopped all contact. We spent 69 days waiting.

Now my new contract that I am waiting to close on, the sellers live in Orlando. Guess what? They still haven't returned their papers. It'll be a week tomorrow that we got ours and sent them back immediately. I know that sellers have more hoops to jump through, but sheesh!!! Maybe it's just us?

Again, I'm sorry if you or anyone else was offended.

 

[cz4ever]

I did use this company for one of my contracts. It took 90 days from start to finish until the points were available for use.
Good luck

That's at least reassuring...

 

[cz4ever]

The 30 day deadline came last Friday. I waited most of the day on Monday to hear if I made it through the first right of refusal or not, I didn’t want to seem too pushy. I didn’t hear anything, so I sent the agent an e-mail inquiring about it. I still have not heard anything back from her. I sent an e-mail to the office administrator who sent me the contracts to sign to see if she knew anything. She told me that Disney sent a request for more information weeks ago in regards to the file and that she did not receive the notice. She had to resubmit the file and my 30 day wait started again on Monday. Oh did I mention the agent still has not been in contact with me to let me know any of this. I can only imagine who Disney sent the request for more information to.

OMG, that is terrible service. If you don't mind saying, who was the agent you worked with? (PM me if you'd prefer not to name publicly.) I've been talking to one of them about some listings, and your note doesn't exactly give me a lot of confidence.

I also noticed a lot of complaints about them on the web, although most were by buyers upset with their original policy of charging a substantial up-front advertising fee to list and making (bogus? excessive?) claims about how fast the timeshares would sell.