The OTHER costs of Resale?

[gopherit]

Aside from the price listed - when you get a resale contract, what are the OTHER associated costs?

Tax?

Title?

Fee to broker?

I can't tell if a resale is a good deal or not without knowing what extra charges are involved. (THanks in advance for any help on this!)

[greenban]

Aside from the price listed - when you get a resale contract, what are the OTHER associated costs?

Tax?

Title?

Fee to broker?

I can't tell if a resale is a good deal or not without knowing what extra charges are involved. (THanks in advance for any help on this!)

Despite the number of addons I've done, I really can't fully answer this question.

To the best of my recall (sufferring as we're all still sick, and DW had to close her office!)

I don't recall any tax.

There is a transfer fee and perhaps a recording fee, but they have always been bundled in the closing cost of $500.00 to $1500.00 depending on the # of points purchased.

There is also a title search, and title insurance which have also been rolled into the closing costs.

For my latest add-on (1156 points) it came to approx $1.30 a point, for small contracts it can exceed $5.00 a point.

Hopefully Tom will chime in.

-Tony

PS Don't forget the intangiable costs. In my case loss of, 'marital perogtive', when I had to explain to DW, that I bought yet another resale!

[gopherit]

For my latest add-on (1156 points) it came to approx $1.30 a point, for small contracts it can exceed $5.00 a point.


1156? Woof - that was SOME add-on!

[Colorado Belle]

Hi G....
Until Tom chimes in, I'll do my best:

When you buy resale, you have two other costs that are often somewhat negotiable in your offer.

SAy the seller wants $85 per point an d for you to pay the closing costs AND the maintenance fees for the current years points.
You might counter offer with $82.00 per point with the buyer paying the transfer fee (this is usual except on those ebay offers), you paying the closing costs which include ROFR, title insurance and the 'closer' or titile company to file the necessary deed transfer, and no reimbursement for maintenance.

Then the seller might counter/counter.

When I bought my contract, I said that since the seller had already paid the maintenance fees, that I didn't see why I should reimburse them...I paid @$400 in closing fees for 175 points, so about $2.25 a point. To compare it with a purchase direct from Disney....I added my offer price per point and the closing cost and came up with an amount about $5.00 per point less than Disney at the time . Plus, I got full 2004 points which I 'valued' at $10.00 per point (rental). Plus I didn't pay maintenance on 2005 points (closed in May)...With DIsney, you don't pay closing fees, you don't have to sweat ROFR, and sometimes (with new resorts) you also get past years points without maintenance...but you usually pay current maintenance from close of contract day.

Hope I got that right!
I think that with resales from sold out resorts, you are generally much better off that paying Disney direct, but with SS...Disney offers those 'sweeteners' which can make it a better deal.

[gopherit]

I think that with resales from sold out resorts, you are generally much better off that paying Disney direct, but with SS...Disney offers those 'sweeteners' which can make it a better deal.

That's what I was thinking too -and since I'm pretty much thinking HHI or OKW, hence, the questions!

Not that I'm in a position to do an add-on now, but who knows how I'll feel once the tax man cometh and we get our end-of-yr comps, etc. Might just be enough to move this gopher! (Or more importantly - the gopher's more financially-restrictive mate! ;) )

[PoohsPal]

It seems like Tom announced a new program in the fall that had lower closing costs fro small add-ons. I'llsee what I Can find.

[PoohsPal]

Closing Costs REDUCED on smaller point DVC Resale packages!
After much discussion between The Timeshare Store, Inc. and Timeshare Closing Services, Inc., we came to an agreement and wish to announce that the following prices will take effect as of Thursday July 28, 2005 for those purchasing from The Timeshare Store, Inc. (These prices are NOT retroactive, so please do not ask about it.)

These prices DO include the necessary title search and estopple information from Disney Vacation Club.

25pts to 50pts Closing Costs = $262 without Title Insurance Policy - additional $60 for Title Insurance Policy

51pts to 75pts Closing Costs = $299 without Title Insurance Policy - additional $60 for Title Insurance Policy

76pts to 100pts Closing Costs = $337 without Title Insurance Policy- additional $60 for Title Insurance Policy

DISboard Members, pat yourself on the back, we heard your voices!

The Timeshare Store, Inc., hopes this will be helpful when you make your smaller point package decision!

Thomas E. Yeary (Tom)
Owner/Broker HTH!

[nono]

Having bought through Tom's group in the fall, I can tell you there were no hidden costs. Very clean and neat process.:teacher: The costs were exactly as outlined in the above post.

[gopherit]

Wow, thanks - that pretty much spells it out!

You guys rock! :thumbsup:

[TheTimeshareStore]

Hi guys, I've been out of town and have just seen this thread. I think the question about fees for a resale have pretty much been answered in the posts above.

I'll reiterate:

The only fees that MUST be paid are the closing costs. They are negotiable and can be spilt by buyer & seller or the contract will state to be paid by buyer or seller, whichever terms have been agreed upon.

The annual dues for points going to the new purchaser are also negotiable. If they have NOT been fully paid to Disney by the seller, they MUST be paid by someone. Again they can be split by buyer & seller or the contract will state to be paid by buyer or seller, whichever terms have been agreed upon.
__________________________________________________ ________

Seller fees are $20 to Disney for ROFR and commission to the selling broker.
__________________________________________________ ________

I hope this is what you were looking for. Feel free to ask away, if anything else pops into your mind.

Best wishes,
Tom :scratchch