talk me through resale

[goofy4wdw]

I am pretty sure we are going to buy via resale at some point in the next month ( if we find the right number of points at the right resort). I was just hoping someone could talk me through what the steps will be like. When we find a contract that we are interested in and we contact the company to bid, I assume their is a good faith deposit made...is it a set number or % ? What happens next....do most people counter offer like in the sale of a house? I just am unsure what to expect and would like to be as informed as possible before I start the process.
Also I've seen alot of talk about the timeshare store, has anyone worked with anyone else?
Thanks,
Meg

[vizsla]

Once you make a bid and the seller excepts, a deposit will be required. The amount will depend on the company you are dealing with. Once they receive the deposit they will forward the paper work to the DVC, once it passes the RORF the agent will contact you back with the instructions on all the paperwork and go over the arrangements for payment. It does take a few weeks from start to closing, and it would be best if you have access to a fax machine since alot of the paperwork can be cmpleted faster.

[SignguyTom]

Our resale purchase took 8 weeks from first call to being in the Disney system. Though it took a while, the process was very easy. We had financing pre-arranged, so I'm sure that made it a bit simpler. Everything was done through e-mail and fax machine. We sent our deposit check (10%) and final payment/paperwork via Express Mail.

One suggestion would be that when you make your offer, try to do so by adjusting the closing costs and/or maintenence fees instead of a price reduction "per point". Though not an exact science, the lower the point cost, the better chance Disney will snatch it out from under you, and you'll have to start the process all over again.

BTW, our purchase was done through Jerry at The Timeshare Store.

[HockeyKat]

We also bought resale, Scot at the TSS.

Our entire process took about 7.5 weeks from receipt of signed contract/deposit. It would have been a bit quicker had the post office not inexplicably held some of the bank paperwork for over a week (postmark was right, delivery date OFF).

Here is the timeline:

2/2 (Fri): Returned from renting points, found good contract, and sent Scot an email to make an offer of $1/pt lower and with an agreement to bank some outstanding points. He called me within the hour to tell me that my offer was accepted, and emailed me the paperwork that day. It required some notarization and a 10% deposit.
2/5 (Monday): Notarized paperwork and fedexed overnight
2/6: Paperwork received, loan application (through Benchmark Bank, TSS's preferred lender) submitted, submitted for ROFR
2/8: Approved for loan
2/14: Passed ROFR
2/15: Received some emailed paperwork from closing services, faxed back
3/12 (Mon): Sent closing paperwork to complete.
3/15: Returned paperwork, 2-day
3/16 (Fri): Loan paperwork received (snafu w/ post office, not TSS/closing services/bank fault)
3/19 (Mon): Paperwork received, missing some info, fixed and faxed back. Returned loan information to bank.
3/25 (Mon): Check received at closing services from bank, contract closed.
4/2 (Sat): In Disney's system, first reservation made.

HTH!

[Zippy_D_DooDah]

I have a question (please forgive my ignorance). We are already DVC members. Just bought in through Disney at SSR last year so this is all still new to us. If we were to make our next purchase through the The Timeshare Store and everything goes well and we are added to the Disney System, does all of that info show up on the DVC Member website, or do I have to keep up with that contract seperately?

[FiggyFan]

Zippy;

If you purchase a resale with the same use year as your existing membership, it will all show up together at DVC. If you purchase a different use year, you will have two separate memberships.

Even if everything is the same use year, if you own two different resorts you have to keep track of the two flavors separately for things like the 11 month vs 7 month reservation window.

We own BWV and BCV, and end up using banking and borrowing to group our points by resort to simplify things. For example, we used all BWV points for our 2006 trip, including some we borrowed from 2007. We will be using all BCV points for our 2007 trip, including some banked 2006 points.