DVC Resale Market offer, purchase speed & costs

[robbrdbry]

A question for people who have bought via the titled resale company.

We're not entirely in the position where we have the money in our bank at the moment to pay immediately but within a month I think we'd be able to. We have the money ready for a $2000 deposit. How long does it roughly take to pay the full amount for the contract once the offer has been submitted?

Also, can I clarify that the fees that I pay as a buyer and owner are;

Closing costs (if the seller doesn't offer to do so in a rare chance)
and the price per point x the total points eg ($100 x 150 = $15000)

then when owning, we just pay the annual dues of the price per point x points eg ($5 x 150 = $750)

Is this correct? As i'm very tired today but very close to contemplating placing an offer but just trying to make sure i know how much i actually need to budget for and to budget for each coming year.

Thanks all!

[sprocket]

Check the renewal month and points available for 2020 and 2021. Also check the lease expiry for the resort. Some resorts have only 20ish years left.

[meanwoodwhite]

I'm in ROFR at the moment. Looking on other forums it is likely to take 30+ days for Disney to make a decision. Then it looks like closing could be another 2-4 weeks.

You pay the remaining money at closing so you'll be fine making an offer and pay deposit now.

[lov2dibb]

When I sold a contract recently the buyer paid the closing costs and reimbursed the annual dues for current year points.

That maybe negotiable depending on your seller's position.

Closing took a little longer than usual as I had a reservation to use on that contract so I couldn't close until after my stay.

[meanwoodwhite]

Yeah usually the buyer reimburses the seller the dues as Disney requires the dues to be paid in full before selling. it will be included in closing amount. But it depends on two things

1. If it is a stripped contract which means they have used all available points. At which point the seller will pay dues

2. You negotiate with the seller and get them to pay dues. That will depend on the buyers position.

[YorkshireT]

The contract and agreement re dues and costs can be anything the parties agree, but common is buyer pays closing, and buyer reimburses seller any dues for points for this year on the contract. I think from memory if you close December, you’ve got to pay next year’s dues.

[JasonErpelding]

Originally Posted by robbrdbry

A question for people who have bought via the titled resale company.

We're not entirely in the position where we have the money in our bank at the moment to pay immediately but within a month I think we'd be able to. We have the money ready for a $2000 deposit. How long does it roughly take to pay the full amount for the contract once the offer has been submitted?

Also, can I clarify that the fees that I pay as a buyer and owner are;

Closing costs (if the seller doesn't offer to do so in a rare chance)
and the price per point x the total points eg ($100 x 150 = $15000)

then when owning, we just pay the annual dues of the price per point x points eg ($5 x 150 = $750)

Is this correct? As i'm very tired today but very close to contemplating placing an offer but just trying to make sure i know how much i actually need to budget for and to budget for each coming year.

Thanks all!

See more...

Typically the deposit is due within a week and the final funds are due about 7 to 8 weeks later. Be advised because of COVID19 Disney is no longer taking only 2 to 3 weeks for ROFR but around 40 to 50 days. Then Disney is also delayed on getting the estoppel information to the closing company. Normally final funds are due about 7 weeks after a buyer and seller have come to an agreement. With the delay on Disney’s end you probably won’t need the final funds until around 9 to 10 weeks later.

Most transactions are the buyer paying the closing costs, the dues on the regular points they are getting from the 2020 allocation and the agreed upon price per point. Of course, some buyers do make offers regarding seller paying closing costs and seller paying dues rather then the price per point.

I hope that helps and I hope you get some points.

Jason Erpelding
Lic. Real Estate Broker
Buy and Sell DVC, inc.®

[robbrdbry]

Excellent, thank you.

Worth knowing as i've seen a few that have tempted us but I want to get as much money together up front as to finance less.