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My DH and I are interested in knowing what the general etiquette is for resale. Do offers start really low?
Or is the general idea that the offer is really close or does it not even matter since you need to figure out if ROFR applies "really low" as in...low enough but still within ROFR expectations?
Thanks for any help!
There's really no point in offering anything you think won't get by ROFR if you want the contract. If Disney exercizes its ROFR, the seller gets his money and the broker gets his commission and the buyer gets to start all over again looking for a contract.
I wouldn't worry too much about the "etiquette". I'd certaianly offer the lowest price I thought would get by ROFR - no matter what the seller listed as the price. If the seller says no deal, you can either offer more or move on to the next contract - there will always be another one, LOL. So you can take your time unless you are in a big hurry to book a DVC stay, of course!
Pretty much everything is negotiable between buyer and seller. "Usually" the seller pays the broker and the buyer pays closing costs.
Disney requires dues to be current before the sale - depending on how many points are available, the buyer may have to reimburse the seller for some or all of the current year dues.
Can't think of much else involved in a resale.
Yup, agree w/ Carol.
Basically, it all depends on your timeframe. If you are aren't that interested in that particular contract, and/or are willing to potentially fail ROFR and have to start over, then definitely make a lowball offer. Sometimes people get lucky. Also, you usually get the ROFR decision in 1-2 weeks.
However, if the contract is "loaded" (has '05, '06, '07 pts) and you really want it, the extra $200-600 might be worth the risk.
I just closed on a resale 2 weeks ago, and another thing to be aware of is that the process does take 6-8 weeks before you are in WDW's system. The $2K+ savings on a BWV contract was worth the wait to us, but if you are buying SSR or BCV the savings may not stack up against the wait.
However, you can buy < 160 pts in a resale where direct you have to buy at least 160 pts. Lower pt contracts come at a premium cost, for this reason.
I can send you more information on ROFR history, if you like... PM me.