DVC Resale Contract Advice Needed

[luvdisneyland]

Well I don't know if I would go that far because yes I understand that my chances are better of hitting the powerball than running into a financing issue -- people do in fact hit the powerball so Agent's advise still puts me at risk and I think it is bad advice. I also don't like doing things to get around the terms of the deal and I want a deal with terms I can feel comfortable complying with. If some folks are ok with risk taking on their money that is certainly their choice to make but I am not one of those people.

OMG, I’m out! You talk in circles, the agent did NOTHING wrong. I thought this was covered already. I’m waiving the white flag on this one

 

[tnicks]

Agreed. For what it's worth, the broker did try to accomplish this by asking the OP to sign the contract and hold off on the deposit until she was able to secure funding. That got them labeled as dishonest.

We didn't even get there.

Ha, OK. My original interpretation was that the broker was giving OP 2 days or that they were going to tell the seller to walk. That didn't sit well with me, but appears to have been inaccurate perhaps.

 

[jlb727]

1. I just used DVC Resale Market to buy and it was the easiest thing ever compared to the 5 actual real estate transactions I have done in the past 10 years.
2. Also it’s hilarious that someone so seemingly risk averse would try to buy a timeshare with zero research.
3. Really I’m just here because WOW this thread is entertaining.

 

[Katie2]

1. I just used DVC Resale Market to buy and it was the easiest thing ever compared to the 5 actual real estate transactions I have done in the past 10 years.
2. Also it’s hilarious that someone so seemingly risk averse would try to buy a timeshare with zero research.
3. Really I’m just here because WOW this thread is entertaining.

View attachment 441283

This thread has brought me soooo much joy today, but I honestly have thought multiple times (during each of the 7 pages so far...) that this is someone pulling our leg. No way is this thread legitimate. The equal level of rage and cluelessness is baffling, while at the same time strangely addicting.

However, if this is a legitimate thread, OP has zero business buying a DVC (or any other timeshare) after she freely admits she is completely clueless about the product. This is a real estate interest for up-to 50 years, with an ever changing set of rules and maintenance fees. If you are having issues signing a contract without a financing contingency, I don’t know how you reconcile signing an agreement that openly states that it can change at anytime (with little notice) at the discretion of the other party. Truly perplexing....

 

[ELMC]

This thread has brought me soooo much joy today, but I honestly have thought multiple times (during each of the 7 pages so far...) that this is someone pulling our leg. No way is this thread legitimate. The equal level of rage and cluelessness is baffling, while at the same time strangely addicting.

However, if this is a legitimate thread, OP has zero business buying a DVC (or any other timeshare) after she freely admits she is completely clueless about the product. This is a real estate interest for up-to 50 years, with an ever changing set of rules and maintenance fees. If you are having issues signing a contract without a financing contingency, I don’t know how you reconcile signing an agreement that openly states that it can change at anytime (with little notice) at the discretion of the other party. Truly perplexing....

If we were trolled it was a superb job. Truly excellent. But I suspect that it was legitimate. We've all seen how emotional some of us can be when it comes to DVC. Remember the threads documenting resale buyers calling for their membership ID number two, three, four times a day? Nothing surprises me anymore.

 

[CanadaDisney05]

While I agree with the general consensus of this thread, lets be fair to OP. I don't think what they were asking for was that outrageous. Unless you are well informed, you likely don't understand the nuances of Florida timeshare law, and general real estate practice. I understand where the concern would be that if the financing falls through at the last minute, and you are stuck footing the bill in cash.

In all likelihood, the broker tried explaining this stuff, however it can be complicated and was likely lost in translation. Very often, "experts" talk in industry jargon that goes over the head of the average joe. This leads to frustration. From the OP's point of view (not truly understanding how it works), I can see how they would view the events as being dishonest. In a normal real estate transaction, the buyer and seller each have their own representative. If the buyer makes an offer, even if the agent believes it to be a poor offer, they must atleast present it to the seller. Thats all OP was asking for. In a normal real estate transaction, there is room for much more customization of the deal.

 

[Disneybuckeye]

While I agree with the general consensus of this thread, lets be fair to OP. I don't think what they were asking for was that outrageous. Unless you are well informed, you likely don't understand the nuances of Florida timeshare law, and general real estate practice. I understand where the concern would be that if the financing falls through at the last minute, and you are stuck footing the bill in cash.

In all likelihood, the broker tried explaining this stuff, however it can be complicated and was likely lost in translation. Very often, "experts" talk in industry jargon that goes over the head of the average joe. This leads to frustration. From the OP's point of view (not truly understanding how it works), I can see how they would view the events as being dishonest. In a normal real estate transaction, the buyer and seller each have their own representative. If the buyer makes an offer, even if the agent believes it to be a poor offer, they must atleast present it to the seller. Thats all OP was asking for. In a normal real estate transaction, there is room for much more customization of the deal.

Understand on the above, but if you have any concerns about being able to obtain financing then you have no business making this purchase. We recently built a very pricey new home and put decent six figures down. If we were going to finance, and it fell thru, we would have lost that money and the builder was stuck with a home to sell. All real estate transactions come with a level of risk. I think the OP just needs to rent or pay cash in full as they are way too high strung for this kind of transaction.

The other thing OP is you might not get the rooms you want at the time you want. How will you handle that scenario?

 

[katandmouse]

If you are having issues signing a contract without a financing contingency, I don’t know how you reconcile signing an agreement that openly states that it can change at anytime (with little notice) at the discretion of the other party.

This is what I was thinking too.

OP, if you are this worried about backing out of your purchase agreement if needed, or what happens with a rental contract, and if these terms and conditions are biased or not, I recommend reconsidering DVC altogether. The DVC Agreement is much more favorable to DVC and gives much less rights or protections to owners.

Again the only issue here for me is I need to come back and do this as a cash buyer in December where a funding contingency is not going to cause me to worry.

Do you mean you plan on purchasing this December now or next December after your wedding? I hope you wait until after your wedding at least. I would focus on planning and enjoying that now. If you’re not using your DVC membership to book rooms for your wedding, there’s no need to rush buying. And I don’t think a purchase like this should be rushed at all anyway. Good luck with everything!

 

[CanadaDisney05]

Understand on the above, but if you have any concerns about being able to obtain financing then you have no business making this purchase.

I agree with this, but that is a separate topic. Someone making a poor personal finance decision is completely different than someone calling a small company "dishonest" online. There are also concerns (I understand they are remote, but still within the realm of possiblity) that the bank that offered the financing goes under, or increases their requirements at the last moment.

 

[kcall13]

Well this is still going ha! I have decided to buy directly from Disney and will wait until my house sale closes so I can purchase cash (originally I was considering financing the resale very short term until I get my funds from closing). As a new DVC member I will get a welcome reservation so I am confident I can book for my dates. Now I need only to decide which resort to buy. Considering Boardwalk, Beach Club, Poly or maybe even OKW. Anyone have any advice on these places? We are a family of three who will not be expanding so a studio works. WE love Poly but haven't tried that many of the others. Friends have suggested Boardwalk and highly recommend OKW.

 

[Matty B13]

Well this is still going ha! I have decided to buy directly from Disney and will wait until my house sale closes so I can purchase cash (originally I was considering financing the resale very short term until I get my funds from closing). As a new DVC member I will get a welcome reservation so I am confident I can book for my dates. Now I need only to decide which resort to buy. Considering Boardwalk, Beach Club, Poly or maybe even OKW. Anyone have any advice on these places? We are a family of three who will not be expanding so a studio works. WE love Poly but haven't tried that many of the others. Friends have suggested Boardwalk and highly recommend OKW.

I don't quite remember, but the "Welcome Home Reservation" has to be at your home resort, because DVC can break the 11 & 7 month booking windows. I think they will pull a room out of "their" inventory at the new resorts to accomplish this if there are not enough room declared yet. But I could be wrong.

 

[_auroraborealis_]

Welcome Home does not guarantee the resort you want. They will try - no guarantee - to get you your dates and maybe resort.

I have seen people who think it a guarantee then complain that Disney couldn't magically make BWV Standard appear 5 months out for JW.

 

[ELMC]

Well this is still going ha! I have decided to buy directly from Disney and will wait until my house sale closes so I can purchase cash (originally I was considering financing the resale very short term until I get my funds from closing). As a new DVC member I will get a welcome reservation so I am confident I can book for my dates. Now I need only to decide which resort to buy. Considering Boardwalk, Beach Club, Poly or maybe even OKW. Anyone have any advice on these places? We are a family of three who will not be expanding so a studio works. WE love Poly but haven't tried that many of the others. Friends have suggested Boardwalk and highly recommend OKW.

Welcome to the internet, where nothing dies ever.

Obviously it is important to consider your feelings about the particular resorts as most likely you will be picking your travel dates, booking your home resort at 11 months, and then seeing where you can move to at 7 months. You want to be sure that you will be happy with your home resort in case there is nothing available to switch to. Keep in mind that the vast majority of people utilizing the DVC system do so for studios. They are consistently the first to book and offer the least flexibility.

Quite frankly, I would not even consider buying BCV direct. At $225 per point all of the value has been priced out of the contract. The same goes for BWV but to a slightly lesser extent. Poly is not a bad choice but the delta between direct and resale is roughly $80 per point...I'm not sure how to justify that. So that leaves OKW, which is one of the two resorts I would even consider buying direct (the other being SSR). That said, I know your initial experience was a bit tumultuous, but I wouldn't be so quick to rule out resale. Based on what you've said in previous posts I actually think the best fit for you is Poly resale, assuming you can book your stays at the 11-month mark. Even if you have to use cash to book your wedding reservation, it might be the better long term play. Once you do more research I don't think you will be as scared of the resale process as you might have been. Plus, if the timing works out and you do get your dates, you can simply cancel your cash reservation and use your DVC instead. Good luck!

 

[kcall13]

Welcome Home does not guarantee the resort you want. They will try - no guarantee - to get you your dates and maybe resort.

I have seen people who think it a guarantee then complain that Disney couldn't magically make BWV Standard appear 5 months out for JW.

I understand that. I have a room booked at Rivieria that I can switch to points if I can't get what I want so have this covered.

 

[kcall13]

Welcome to the internet, where nothing dies ever.

Obviously it is important to consider your feelings about the particular resorts as most likely you will be picking your travel dates, booking your home resort at 11 months, and then seeing where you can move to at 7 months. You want to be sure that you will be happy with your home resort in case there is nothing available to switch to. Keep in mind that the vast majority of people utilizing the DVC system do so for studios. They are consistently the first to book and offer the least flexibility.

Quite frankly, I would not even consider buying BCV direct. At $225 per point all of the value has been priced out of the contract. The same goes for BWV but to a slightly lesser extent. Poly is not a bad choice but the delta between direct and resale is roughly $80 per point...I'm not sure how to justify that. So that leaves OKW, which is one of the two resorts I would even consider buying direct (the other being SSR). That said, I know your initial experience was a bit tumultuous, but I wouldn't be so quick to rule out resale. Based on what you've said in previous posts I actually think the best fit for you is Poly resale, assuming you can book your stays at the 11-month mark. Even if you have to use cash to book your wedding reservation, it might be the better long term play. Once you do more research I don't think you will be as scared of the resale process as you might have been. Plus, if the timing works out and you do get your dates, you can simply cancel your cash reservation and use your DVC instead. Good luck!

This was my initial assessment as well but seems like I am paying extra by paying cash for my 2020 visit and then buying resale. Sounds like I can't close on resale in time to book at 11-months out and it also sounds like even getting reservations for 11 months out for the 1st week of December is going to be like hitting the lottery!

 

[_auroraborealis_]

I understand that. I have a room booked at Rivieria that I can switch to points if I can't get what I want so have this covered.

I would not count on being able to switch it to points. They are different inventories and there are accounting things involved. If they have Saratoga available they may not offer you Riviera.

 

[kcall13]

This is what my Disney rep advised me to do. Either way I am not going to move forward until my 11 month so they would be able to confirm rooms at that time.

 

[kboo]

Based on what you've said in previous posts I actually think the best fit for you is Poly resale, assuming you can book your stays at the 11-month mark.

This!!

If you buy direct, you’ll be paying extra cash - and perhaps a LOT of extra cash, for a possibility of a welcome home booking that may or may not be at the resort you really want.

 

[_auroraborealis_]

This is what my Disney rep advised me to do. Either way I am not going to move forward until my 11 month so they would be able to confirm rooms at that time.

They don't welcome home visit 11 month bookings. Welcome home is only available inside 6 months.

 

[Networth]

The more I read this the more I think it’s a joke.