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Offer through Closing, timelines compared

Discussion in 'Buying DVC & Financial Discussions' started by AuLYNi, May 8, 2017.

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  1. AuLYNi

    AuLYNi Well-Known Member

    Joined:
    May 24, 2016
    Messages:
    176
    DVC Since:
    2016
    Home:
    AUL, BCV, PVB
    First Name:
    Lyn
    When I was looking at purchasing a resale contract I was not very sure of what the process would look like, or how long it would take. I documented my recent purchase of Disney Beach Club points via resale in case it helps those looking to buy resale understand the process (as compared to buying direct which I assume is more of a straightforward and immediately gratifying experience). My experience with this purchase was just "meh" as the initial communication was fine and the final timeline pretty much matched what the initial estimates were, however I would have liked a little more proactive communication from both the broker and the title company to keep me informed as the process moved forward.

    For comparison, and for an additional data point, I also included the timeline of my closing for my first purchase (100 points at Aulani). That was with the Timeshare Store and First American Title Company. I was very impressed with the communication from both Timeshare Store and First American. The Timeshare Store kept engaged throughout the process and kept in communication with me and the title company, which very much differs from DVC Magic Resales which completely disengaged once the title company was involved.

    Hope this helps others!

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    • 02/26/2017, Offer submitted to DVC Magic Resales via website. Per Point Price offer of $101 for Beach Club. It is a 170 point SEP contract with closing costs of $575.00 and 2016 Annual Dues of $1,065.90. 170 points coming 9/17 and 170 points coming 9/18.
    • 02/27/2017, Offer acknowledged by DVC Magic Resales via e-mail. I confirmed names for deeds in response e-mail, and asked for an approximate timeline for closing. DVC responded with the following approximate timeline (which as you will see has turned out to be fairly accurate):
    “1) Contracts completed and signed, deposit sent to the title company $1,000.00
    2) Once contracts are signed we submit your file to Disney for the right
    of first refusal. That is a 30 day process at the most.
    3) Around two weeks after we get the waiver from Disney the title company
    will email you the final closing documents. The title company is First
    Reliable Transfers.
    4) Once everything is returned to the title company the deed is recorded
    with the county and the transfer is sent to Disney. It can take Disney a
    couple of weeks to finish the transfer on their end.
    All in all it takes roughly 90 days. I'll keep you posted every step of
    the process.”​
    • 02/27/2017, a few hours after initial interaction above, we get word that buyer accepted our offer (that was quick!) DVCMagicResales sends us contract, buyer’s questionnaire and Credit Card Authorization for the deposit (you have the option to send a check instead if you want to save the 3.5% fee. The points back on my card reduce the cost enough that I just use CC to pay the deposit in order to hasten the process).
    • 02/27/2017, within an hour I have signed documents and credit card authorization back to DVCMagicResales, and I request confirmation of receipt. DVCMagicResales sends me a response confirming receipt.
    • 03/03/2017, file sent to Disney for ROFR (although I wasn’t told until I requested an update per the below).
    • 03/13/2017, I hadn’t received an update since the 2/27 e-mail, therefore I write to DVCMagicResales to check on status.
    • 03/15/2017, not receiving an update, I again request an update.
    • 03/17/2017, not receiving an update, I again request an update.
    • 03/17/2017, Rachel writes back (says she had been on vacation) and confirms that “Your file was sent to Disney on the 3rd of this month. We are two weeks into the ROFR process. We should be hearing back from Disney in the next week. As soon as I hear something we will let you know and then we can move on to the closing process. Thank you so much, enjoy your day!” (I thank her for the response)
    • 03/21/2017, received update from Rachel that “Disney has just emailed me that they have decided to waive their right of first refusal and are allowing the sale to proceed with you as the new owner. Congratulations! Now we have to wait for the title company to gather everything they need to put the closing documents together. It has been taking roughly three weeks for this process. Please keep checking for an email coming from First Reliable Transfers.” So, time from file sent to ROFR was approx. 17 days. Not bad, since for my first DVC purchase, Disney took almost the entire 30 days to clear ROFR.
    • 03/21/2017, I respond “Wonderful, thank you Rachel! Can you let me know what the total balance due will be and approximately when I'll need to make a transfer? (Just want to make sure I sell enough stock to have funds in my account on the date necessary).” (No response)
    • 03/29/2017, I receive e-mail with closing documents from First Reliable Transfers.
    • 03/30/2017, I respond to First Reliable Transfers indicating that I am at a conference and will mail documents on April 4th. First Reliable Transfers confirms this is ok.
    • 04/04/2017, I e-mail signed documents and initiate wire transfer from bank. I request that First Reliable Transfers confirm that they have received the transfer.
    • 04/05/2017, First Reliable Transfers confirms receipt of wire transfer. I thank them for confirming and ask that they keep me updated on the progress of closing.
    • 04/18/2017, I write to First Reliable Transfers and DVCMagicResales asking for an update. First Reliable Transfers responds that “We are currently awaiting documents from the seller before we can complete the recording process. I will let you know as soon as the recording has been completed.”
    • 05/01/2017, I write to First Reliable Transfers and DVCMagicResales asking for an update “Hi, just wanted to check in again. Has the seller returned all signed documents? Can either of you provide a timeline of next steps?”
    • 05/01/2017, First Reliable Transfers responds “Yes, the seller has return their documents, the deed has been recorded and sent to Disney. I expect to have the confirmation from Disney that it has been completed sometime next week. I will let you know as soon as I have the confirmation. I have attached the recorded deed for you as well.”
    • 05/02/2017, I check the Orange County Comptroller’s Office and my contract is already on the site.
    • 05/05/2017, My new membership number appears on the DVC member website (but with 0 points for all years)
    • 05/08/2017, Points appear on my DVC Vacation Club account online. (I had searched online and found out that often the membership and points do not appear on the same day, as first the membership number loads and the points load some days after – this was good to know otherwise I may have freaked out a little).
    That is it. No real need for me to contact the title company or broker again now that the membership is in my account and all seems to have worked out, and as I noted below, in roughly the estimated timeline originally provided to me by DVCMagicResales.

    -----------------------------------------------------------------------------------------------------------------------------------
    Compare the above to.....
    • 04/19/2016, I submit an inquire to the Timeshare Store on their website. I received an auto-response confirming receipt of the inquiry and that someone would get back to me shortly.
    • 04/19/2016, A broker (Jason Erpelding) writes back indicating he’ll be my associate at the Timeshare Store and provided details on the property I was interested in. (Aulani, 100 points. October use year.100 points coming on 10/1/16 and 100 points coming on 10/1/17. SUBSIDIZED DUES. Closing Costs=$900 Priced at $112/pt ($11,200)
    • 04/19/2016, I called and talked to Jason on the phone, since this was my first DVC purchase. He was very helpful in providing me with details about the purchase process generally and indicated that the prices listed on his site could be negotiated (I hadn’t known that!)
    • 04/19/2016, I e-mail with my official offer. Same details as below, however offering $108 per point.
    • 04/19/2016, Jason writes back indicating he has left a message for the seller with our offer.
    • 04/19/2016, Yamillin (an associate of Jason’s) writes saying that the seller countered at $110 per point.
    • 04/19/2016, I write back accepting the counter proposal (it is a subsidized dues contract after all!)
    • 04/20/2016, I receive a Disclosure, contract, credit card authorization and a handy checklist for returning executed documents.
    • 04/20/2016, I notice my name is spelled wrong in the contract and notify Jason.
    • 04/20/2016, revised documents with correct name spelling are sent to me.
    • 04/20/2016, I e-mail signed documents, and receive confirmation from the Timeshare Store that the documents were received.
    • 04/28/2017, I receive an e-mail from the Timeshare Store that “The Disney Vacation Club package that you purchased was sent to Disney for Right of First Refusal TODAY. Disney has 30 days for their ROFR and will notify us as soon as they decide. Upon notification, we will email you letting you know. If Disney decides to purchase the agreement your associate will call you upon receiving notification. At this point you are approximately 60 days away from receiving your final documents (UNLESS YOU HAVE A DELAYED CLOSING). Thanks again for your business. Please contact your associate should you have any questions or concerns during this process.”
    • 05/20/2016, I receive an e-mail from the Timeshare Store: “We have just received notification from Disney that they are waiving their Right of First Refusal. This means that the property is officially yours. You will also be sent an email from your associate within the next 7 days regarding this waiver and who to email if you have any questions or concerns.
    • 05/22/2018, I receive a very helpful update from Jason at the Timeshare Store:
      • “This email is being sent to both buyer and the seller on this transaction. This file waived 5/20/16. I am going to do my best to keep both parties in the loop regarding closing. Typically buyer is trying to get in the system asap and typically the seller wants to receive their funds asap. If you have any questions regarding closing please email me as I am the person who is going to have the most information regarding your file. The final documents will be forwarded to you via email around 6/8/2016. Of course, the faster the seller gets their documents signed and notarized and returned and the faster the buyer returns their signed documents and funds the faster it can close. We are still trying to close on or before 6/14/2016.
    Current timeline:
    1) Expect your final documents in your email around 6/8/2016
    2) We ask that each party (buyer and seller) return their documents ASAP. Friendly reminder the seller has to get their documents notarized and the buyer needs to send in final funds with a cashiers check, bank check or wire transfer.
    3) Once final documents have been returned to the closing company from buyer and seller it is taking 4 days for Disney to provide mortgage and final payoff information to the closing agent so they can close the file
    4) Once the closing company has forwarded everything to Disney it is currently taking 14 to 21 days until Disney has made the transfer of ownership and then Disney will mail the buyer your membership number so you can begin to make reservations. At the point the closing company will mail the seller their appropriate funds.”​
    • 06/10/2016, I write to Jason at the Timeshare Store asking for an update.
    • 06/10/2016, Jason responds that “I just reviewed your final documents yesterday actually so I assume Miki will be Fed Exing the documents to you very soon. “
    • 06/10/2016, I get a second update from Miki at First American Title Company saying “We are working on this right now. Documents will be sent out via FedEx early next week.”
    • 06/16/2016, I FedEx documents back and send wire transfer.
    • 06/17/2016, Yamillin at the Timeshare Store confirms that my wire was received.
    • 06/24/2016, Yamillin at the Timeshare Store confirms that my documents were received and that they are “ still waiting for the sellers to return their signed documents. Closing can happen approximately a week after all docs are in.”
    • 06/29/2016, I write to Jason with a few questions (i.e., how long after closing will it take to get access to the reservations system)
    • 06/29/2016, Miki from First American Title Company writes to update that “I have not yet received the seller’s documents. However, I did receive phone call from them yesterday that they will try to get it out by today.)
    • 06/30/3017, Jason from Timeshare Store writes, “great News! Miki has informed me they will be finalizing the transaction on 7/5/16. Disney will be notified of the change of ownership. Please allow Disney 7-14 business days to complete the change of ownership. Disney will provide you a welcome letter within 30 days.”
    • 07/06/2016, I write to Miki at First American Title Company to confirm the transation closed.
    • 07/06/2016, Miki writes back that it was and that my documents will be send out the next day.
    • 08/05/2016, I make a reservation for my first DVC trip!!
     
    Last edited by a moderator: Nov 11, 2017
  2. DVC Mike

    DVC Mike Founder

    Joined:
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    Messages:
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    DVC Since:
    2007
    First Name:
    Mike
    Thanks! Your experience will give others looking to buy resale an idea of the steps and timeline of events. :tu:
     
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  3. AuLYNi

    AuLYNi Well-Known Member

    Joined:
    May 24, 2016
    Messages:
    176
    DVC Since:
    2016
    Home:
    AUL, BCV, PVB
    First Name:
    Lyn
    I don't know if other people are as impatient as I am, but I would have loved to have seen something like this posted before purchasing. :)
     
  4. Maleficent

    Maleficent Master Member

    Joined:
    Jan 24, 2016
    Messages:
    666
    DVC Since:
    2014
    Home:
    AKV, BCV, BLT, BWV
    First Name:
    Lisa
    You're not alone! Buying direct was easy. Resale, especially the 1st time, was nerve wracking!!:eek:
     
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  5. Dexter

    Dexter Active Member

    Joined:
    May 14, 2017
    Messages:
    63
    DVC Since:
    2017
    Home:
    AKV, BWV, CCV, PVB
    First Name:
    Matthew
    Than
     
    Last edited by a moderator: Nov 11, 2017
    AuLYNi likes this.

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