Selling DVC Membership - Financial Difficulties

[Rascal1003]

Hi All,
Has anyone had any experience in selling their DVC ownership?

Due to the fact that we are constantly struggling to maintain payments on our membership, the only sensible thing to do is to sell it, but I am not sure how straight forward that is.

We have had our SSR (150 pts) since 2005 and I think a balance of cost and also our changing family holiday requirements (2nd child on the way) have made it that selling is probably the best option for us.

Any advice on this subject would be very gratefully received.

Many thanks in advance.

Russ

 

[JimC]

Sorry about your troubles. I would contact The Timeshare Store. I have bought and sold with their assistance and have always found them helpful, professional and honest.

 

[Claire L]

Have you thought about renting your points to a UK Disser? That way your yearly fees would be covered. Although there is a little bit of work for you in doing this.

Claire

 

[Miffy2003]

Hi Russ

I sold my 150 points at SSR in 2006. We had purchased them outright so the ongoing payments were not a problem, but we needed the money and could not envisage being able to get to Orlando to use them often enough (hence renting the points for a few years wasn't an option).

Anyway, we sold through the Timeshare Store. It was very easy and I highly recommend them.

Be aware that you will lose 10% on the fees and another 10% on a US tax on foreigners selling property. I understand there is a way to get around that but to be honest I never found it and just "wrote off" that money.

Good Luck.

 

[Revtel]

It's expensive to do, and you will lose money and value at every stage.

The Timeshare Store will take 10%, the US Government will take another 10%, and you will lose on the exchange rate, because they will pay you in dollars. You will also have to engage the services of a Notary Public here in the UK. They don't come cheap!

Also bear in mind that you probably won't get the price you are asking for. The offers we had were five to ten dollars BELOW our asking price, and that was before the current recession.

Best of luck.

 

[mrs-mac]

We sold using The Timeshare Company and they were very good. It took a few months for us to get a buyer and we had to pay the costs that everyone mentions but that is just one of those things when you choose to sell. We used a local solicitor for the Notary Public and he charged £25. Good luck if you do choose to sell, l hope you find a buyer quickly in these current times

 

[tubtruck]

I believe it is possible to claim the 10% government tax back if you have made a loss on the property. I was told a trip to the US embassy in london is needed though. If I ever sell I would explore this option as it is probably quite a bit of money.

 

[Rascal1003]

Many thanks for the input everyone. It looks as though resale could actually be a financial loss rather than liberation

Having spoken to Disney on the matter, outside of resale we have a couple of other options that would not be so costly....

Firstly, we can allow the ownership to go into forclosure (reposession effectively) which would result in the ownership being retured to Disney.

Secondly, sign the ownership back to Disney, with no further payment or issues.

The first option means we do nothing, but takes around months, the second is a pretty quick process. As we stand to make no profit, then these options both seem to be better than watching any benefits go into the pockets of tan agent or the taxman.

Not an ideal outcome, but reassuring from our point of view that there is virtually no liability if we simply decide not to ontinue as DVC members.

All credit to the Disney staff, they were extremely helpful as ever.

 

[IMGONNABE40!]

What type of net are you looking for on what you have already paid? What do you have left to pay, and what are the monthly payments/fees involved? I have been considering DVC lately...

 

[Claire L]

I took it to mean when you said payments you meant annual dues not any outstanding finance you may have on the purchase. That being said you do need to work out your best option which will cost you the least, that being said transferring any money back into £'s should work out better as the $ has strengthened since 2005.

Claire

 

[tubtruck]

Be careful !!! and check your small print the loans from disney for DVC for UK customers are not the same as those to US customers. What type of loan did you take ?. If it was one in GBP by GE money this is not secured on the property and is a UK loan. The US loans are in effect mortgages secured against the property and unlike in the UK when a person in the US hands back the keys to a property that is the end of the matter, i.e nothing else owed, unlike here in the UK where you still owe any outstanding amount.

 

[Halo]

To give you an idea Russ, Timeshare Store is currently offering SSR from $65 per point, so you could reasonably expect $60 per point. On your 150 points that would equate to 150 x $60 = $9,000 before commission + tax.

$9,000 @ $1.64 = £5,488.

Commission = 10% = say £550.

Tax which is reclaimable = 10% say £550.

Disbursements re postage etc say £100.

Net of everything you should clear £4,288 or so by selling. The question you need to consider is whether this will clear your outstanding finance before you decide how to proceed.

Good luck, and best wishes.

 

[Jason@dvcstore]

Hi All,
Has anyone had any experience in selling their DVC ownership?

Due to the fact that we are constantly struggling to maintain payments on our membership, the only sensible thing to do is to sell it, but I am not sure how straight forward that is.

We have had our SSR (150 pts) since 2005 and I think a balance of cost and also our changing family holiday requirements (2nd child on the way) have made it that selling is probably the best option for us.

Any advice on this subject would be very gratefully received.

Many thanks in advance.

Russ

Congratulations about your 2nd child being on the way, however, sorry to hear that you need to sell your DVC. Most have already covered all the costs to sell but if you would prefer an associate email you information on selling please send e-mail to sales@dvcstore.com. The Timeshare Store, Inc.® would appreciate the opportunity to try and sell your property. We are also currently working with a company that helps the foreign sellers recover the 10% FIRPTA tax for small fee.

Best of luck to you and your family.

Jason

 

[arielrocks]

did you finance your dvc through disney or GE money in the UK?