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

[DreamChasers]

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

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.

The contract had a seven day back out clause. The seven days were up about four weeks ago. The deposit was $1500 and I would lose that. Besides, it was really a very good price and the use year matches my current contract. From what I have read on the boards I believe Disney could combine the two contracts into one membership, instead of having a separate membership for each contract. When I found out the details of the contract i.e. same use year, lots of points available, the resort I wanted and a very low price (the only problem was the points had not been banked and it was past the banking deadline) I had to make an offer.

With such a great deal the ROFR hangs over you for the entire month. The fact that the agent has not responded to my request, I have to start ROFR over and at this point the chance of being able to do anything with the 2011 points has soured the deal in my mind. I have considered walking away, but since I would lose 1500 on this contract, well, I don’t think I would find another contract that was a good enough deal to make up the difference.

 

[DizBub]

With such a great deal the ROFR hangs over you for the entire month. The fact that the agent has not responded to my request, I have to start ROFR over and at this point the chance of being able to do anything with the 2011 points has soured the deal in my mind. I have considered walking away, but since I would lose 1500 on this contract, well, I don’t think I would find another contract that was a good enough deal to make up the difference.

Feeling your pain. I have been trying non-stop since the end of January to purchase a resale contract. Personally, I would not walk away from this one either. Clearly it's a great deal for you and $1500 is hard to lose. Hang in there. If things go bad at the end at least you will get your deposit back.

Good Luck!!

 

[Meggysmum]

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.

Of course I am not offended I was just curious!

I hope your new contract gets sorted soon, I can't understand why people aren't in a rush to get their paperwork signed so that they can get their money, surely once you decide to sell you want it all sorted and I would have thought sellers would have worked out things like how they are going to get their paperwork notorized whilst waiting for an offer.

 

[Meggysmum]

The contract had a seven day back out clause. The seven days were up about four weeks ago. The deposit was $1500 and I would lose that. Besides, it was really a very good price and the use year matches my current contract. From what I have read on the boards I believe Disney could combine the two contracts into one membership, instead of having a separate membership for each contract. When I found out the details of the contract i.e. same use year, lots of points available, the resort I wanted and a very low price (the only problem was the points had not been banked and it was past the banking deadline) I had to make an offer.

With such a great deal the ROFR hangs over you for the entire month. The fact that the agent has not responded to my request, I have to start ROFR over and at this point the chance of being able to do anything with the 2011 points has soured the deal in my mind. I have considered walking away, but since I would lose 1500 on this contract, well, I don’t think I would find another contract that was a good enough deal to make up the difference.

I think you are wise to take such a pragmatic approach now as there seems little to be done but wait and keep your fingers crossed. It sounds like general incompetence and as someone else has mentioned a complete lack of understanding by the agents of how DVC works. Lets hope that all the correct information is now in the hands of ROFR and we will be hearing good news from you in a months time. I think that the extra points are certainly lost now but as long as the contract is still great value hopefully it will be yours soon.

 

[DizBub]

Of course I am not offended I was just curious!

I hope your new contract gets sorted soon, I can't understand why people aren't in a rush to get their paperwork signed so that they can get their money, surely once you decide to sell you want it all sorted and I would have thought sellers would have worked out things like how they are going to get their paperwork notorized whilst waiting for an offer.

Yeah, you would think.

If I was the seller I would certainly want my $$ sooner rather than later. I think some sellers are caught short when they realize how much they owe the selling agent when the contract is completed and drag their feet.

Maybe our new sellers are on vacation........out of the country.

 

[Raisincain]

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!)

Hi Meggysmum!

I have asked this question of resale brokers and the answer is quite multi-faceted. I have not heard of overseas buyers being "troublesome" in the "hard to get along with" sense, more likely it is the process of dealing with different legalities and the availability of different services in different countries that is at issue.

An example of this is identity verification. In the US we have notary services available on just about every corner; every bank has a notary public who is able to verify our identities through the use of government issued identities. On the other hand, some other countries require a patron seeking such services to make appointments with specifically appointed individuals for such services; these appointments can take many days or even weeks to arrange.

Why is this important? If I am hoping to use my points for a vacation in December, but buying from a foreign seller (as opposed to a domestic seller) in August, the delay inherent in such a transaction may render my travel arrangements impossible to book.

There are also additional considerations that a buyer may need to take into consideration. For example, if our goverments' revenue service (the IRS) levies a tax against a non-resident seller of a property and if your countries' revenue service does this as well, you are being taxationally penalized by both countries and will probably be looking to recoup part or all of this tax in your sale price. At this point, as a buyer I would probably recognize that your flexibility in sell price would probably not give you much downward negotiating range.

I am sure there are other considerations at work here, but these are some that I have had pointed out to me by agents; it is not that the brokers or buyers are prejudiced against foreign individuals, its' just that this variable introduces an additional set of considerations that need to be addressed. I hope this helps!

 

[cz4ever]

With such a great deal the ROFR hangs over you for the entire month. The fact that the agent has not responded to my request, I have to start ROFR over and at this point the chance of being able to do anything with the 2011 points has soured the deal in my mind. I have considered walking away, but since I would lose 1500 on this contract, well, I don’t think I would find another contract that was a good enough deal to make up the difference.

The three contracts that I just negotiated were from the same place, albeit a different agent. He's been very responsive. When the contracts had all been counter-signed, I asked him to keep track of them and let me know when they went to ROFR, since I had heard about a case (yours) where the paperwork wasn't sent to Disney for a month. He said that he'd heard about the incident. Apparently it created quite the stir in the office, including a big meeting, and it led to a reprimand for the title company (not the one I'm using), who was apparently at fault.

Take that all with a grain of salt, but I thought I'd pass it along. So far my experience with them/him have been all very good.

 

[Dean]

The contract had a seven day back out clause. The seven days were up about four weeks ago. The deposit was $1500 and I would lose that. Besides, it was really a very good price and the use year matches my current contract. From what I have read on the boards I believe Disney could combine the two contracts into one membership, instead of having a separate membership for each contract. When I found out the details of the contract i.e. same use year, lots of points available, the resort I wanted and a very low price (the only problem was the points had not been banked and it was past the banking deadline) I had to make an offer.

With such a great deal the ROFR hangs over you for the entire month. The fact that the agent has not responded to my request, I have to start ROFR over and at this point the chance of being able to do anything with the 2011 points has soured the deal in my mind. I have considered walking away, but since I would lose 1500 on this contract, well, I don’t think I would find another contract that was a good enough deal to make up the difference.

It depends on how the contract was drawn up. The cutoff's for canceling are 10 days if the contract were drawn up correctly and 1 year if not. If it stated 7 days, it would not be in compliance and thus the 1 yr would apply as I understand it. Also, if there is a closing date stated, and that date is missed without an written authorization otherwise, the contract is voided. Here's the info from FL statues 721 that applies.

(c) The following statement in conspicuous type located immediately prior to the space in the contract reserved for the signature of the purchaser:
You may cancel this contract without any penalty or obligation within 10 days after the date you sign this contract. If you decide to cancel this contract, you must notify the seller in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to the seller at (address) . Any attempt to obtain a waiver of your cancellation right is void and of no effect. While you may execute all closing documents in advance, the closing, as evidenced by delivery of the deed or other document, before expiration of your 10-day cancellation period, is prohibited.

(d) The year in which the purchaser will first be entitled to occupancy of a timeshare period associated with the timeshare interest that is the subject of the resale purchase agreement.
(3) If a resale purchase agreement utilized by a person described in subsection (1) does not comply with the provisions of subsection (2), the contract shall be voidable at the option of the purchaser for a period of 1 year after the date of closing.

 

[DreamChasers]

Hello all and thanks to those who have posted. I just wanted to give you all an update. Last Wednesday I received word from the title company asking me for the final payment on this contract. I guess that means I passed first right of refusal with Disney, but I still have not heard anything from sellmytimesharenow .com or from my agent, except from another agent asking me if anyone had responded to my request for information from over two months ago now. I am hopeful that the contract will be transferred into my name before September 1st so I can give that one time late banking exception a try.

As far as the particulars of the contract I guess I can divulge them now. The contract was for 160 points at AKV at $49.38 per point. I will take over the Maintenance fees, but not reimburse the trustee and I paid the closing costs. There are 226 points that will expire on Sept 1 and all future points available. So if I am lucky enough to be able to bank 160 of the points I would only lose 66 points. I thought it was a pretty good deal.

 

[ELMC]

Thanks for the update and the details. It's a great deal, especially if you can bank the 2011 points before August 31. Thanks for taking the time to update us and good luck on a quick closing!

 

[Dean]

Hello all and thanks to those who have posted. I just wanted to give you all an update. Last Wednesday I received word from the title company asking me for the final payment on this contract. I guess that means I passed first right of refusal with Disney, but I still have not heard anything from sellmytimesharenow .com or from my agent, except from another agent asking me if anyone had responded to my request for information from over two months ago now. I am hopeful that the contract will be transferred into my name before September 1st so I can give that one time late banking exception a try.

As far as the particulars of the contract I guess I can divulge them now. The contract was for 160 points at AKV at $49.38 per point. I will take over the Maintenance fees, but not reimburse the trustee and I paid the closing costs. There are 226 points that will expire on Sept 1 and all future points available. So if I am lucky enough to be able to bank 160 of the points I would only lose 66 points. I thought it was a pretty good deal.

You might have been able to salvage 160 points, unlikely any more than that. I doubt that's possible now unless you can get the closing company to do it or the seller which is also doubtful. It's still a good deal if DVC works for you otherwise. Welcome home.

 

[MickeyFan612]

Hello all and thanks to those who have posted. I just wanted to give you all an update. Last Wednesday I received word from the title company asking me for the final payment on this contract. I guess that means I passed first right of refusal with Disney, but I still have not heard anything from sellmytimesharenow .com or from my agent, except from another agent asking me if anyone had responded to my request for information from over two months ago now. I am hopeful that the contract will be transferred into my name before September 1st so I can give that one time late banking exception a try.

As far as the particulars of the contract I guess I can divulge them now. The contract was for 160 points at AKV at $49.38 per point. I will take over the Maintenance fees, but not reimburse the trustee and I paid the closing costs. There are 226 points that will expire on Sept 1 and all future points available. So if I am lucky enough to be able to bank 160 of the points I would only lose 66 points. I thought it was a pretty good deal.

That's a great deal!! So glad you seem to have worked everything out. Your customer service from the one individual sounded the nightmare and I'm shocked about the further lack of communication. I'm currently working with a young lady from sellmytimesharenow and I'm praying it is not the same one I haven't actually put in an offer on anything, as of yet, but we talk back and forth and she calls me periodically. I'm hoping this remains the case after she recieves my deposit. Hope you don't mind but I plan to message you for the name Gl with final closing!!

 

[DizBub]

Thanks for coming back with the update!! You did get a good deal. Hoping for a quick closing for you and are able to either bank most of your points or better yet use them.

 

[FloFlo71]

Can I ask what asking price were the points advertised for? Just trying to work out which points its worth making an offer on.

You got an amazing deal.

 

[DisneyPT]

We used another well known broker and I always had a response within hours of asking it. They also gave us an updated timeframe after we made it to the next step of the process. Offer, signing contract, ROFR, Closing, transfer by Disney. ROFR took 29 days and we knew within hours of it passing. I would be concerned as other have said about the broker not responding.

 

[DreamChasers]

Can I ask what asking price were the points advertised for? Just trying to work out which points its worth making an offer on.

You got an amazing deal.

I am trying to remember, but I think the asking price was $60 per point. I actually offered more per point then the $49.38, but asked for the seller to pay closing costs. I was told that, that could not happen, so I just lowered my offer by the cost of the closing costs and they took it.

 

[DreamChasers]

Well it has all been wrapped up. The contract has been transferred to me. To make the entire process as stressful as possible the Trustee took 12 days to actually sign and submit the paperwork, which was this past Monday. Luckily the good people at the closing company worked there magic and got Disney to do a late banking and 160 of the 226 points that would have expired tomorrow were banked. As for the other 66 points I was able to give 42 points to another DIS board member, but 24 points are still going to expire at the end of the day tomorrow. I really hate to see them go to waste, but I am really happy, since it could have been much worse.

 

[DreamChasers]

Well it has all been wrapped up. The contract has been transferred to me. To make the entire process as stressful as possible the Trustee took 12 days to actually sign and submit the paperwork, which was this past Monday. Luckily the good people at the closing company worked there magic and got Disney to do a late banking and 160 of the 226 points that would have expired tomorrow were banked. As for the other 66 points I was able to give 42 points to another DIS board member, but 24 points are still going to expire at the end of the day tomorrow. I really hate to see them go to waste, but I am really happy, since it could have been much worse.

 

[Dean]

Well it has all been wrapped up. The contract has been transferred to me. To make the entire process as stressful as possible the Trustee took 12 days to actually sign and submit the paperwork, which was this past Monday. Luckily the good people at the closing company worked there magic and got Disney to do a late banking and 160 of the 226 points that would have expired tomorrow were banked. As for the other 66 points I was able to give 42 points to another DIS board member, but 24 points are still going to expire at the end of the day tomorrow. I really hate to see them go to waste, but I am really happy, since it could have been much worse.

It sounds like it worked about as well as it could have. Welcome home.

 

[cz4ever]

Well it has all been wrapped up. The contract has been transferred to me. To make the entire process as stressful as possible the Trustee took 12 days to actually sign and submit the paperwork, which was this past Monday. Luckily the good people at the closing company worked there magic and got Disney to do a late banking and 160 of the 226 points that would have expired tomorrow were banked. As for the other 66 points I was able to give 42 points to another DIS board member, but 24 points are still going to expire at the end of the day tomorrow. I really hate to see them go to waste, but I am really happy, since it could have been much worse.

That's great news (both the fact that it's done and especially that you were able to save the 160 points). The net result is an amazing deal. Congrats!