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Old 10-11-2017, 12:28 PM   #1
BobParr
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Default Are Add-ons considered a separate contract?

I have multiple contracts (BLT x 2, OKW, HHI), all bought through either foreclosure or resale. I'm considering adding on 25 points to get member perks. My question: is an add-on "merged" with your existing contract, or does it remain a separate contract with it's own number?

The reason I ask is that if I later want to sell the contract I added on to, will I get to keep the 25 points and thus my member status?
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Old 10-11-2017, 12:33 PM   #2
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they are kept separate
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Old 10-11-2017, 12:36 PM   #3
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All purchases are separate contracts. The UY and how it's titled will determine if it falls under an existing membership or becomes a new membership.

A true direct add-on has to have the same UY & have the same names on the title. It will fall under your existing membership (same member id number).
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Old 10-11-2017, 01:32 PM   #4
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Quote:
Originally Posted by BobParr View Post
I have multiple contracts (BLT x 2, OKW, HHI), all bought through either foreclosure or resale. I'm considering adding on 25 points to get member perks. My question: is an add-on "merged" with your existing contract, or does it remain a separate contract with it's own number?

The reason I ask is that if I later want to sell the contract I added on to, will I get to keep the 25 points and thus my member status?
They will be separate deeds and therefore you can sell them individually while retaining your others. If you purchase the same Use Year and the names on the deed are all the same, it will be "merged" with your existing Membership # but will have its own Contract #. You can have many "contracts" under one Membership. Ex: Contract 1234.0, 1234.1, 1234.2... etc.
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Old 10-11-2017, 02:47 PM   #5
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Thanks to all who replied...the answer was just what I wanted to hear! Now if I could only get everything else in my life to behave like that
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Old 10-11-2017, 03:33 PM   #6
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Thanks to all who replied...the answer was just what I wanted to hear! Now if I could only get everything else in my life to behave like that
Wouldn't that be nice!

Off topic, but I am curious about your foreclosure experience compared to resale? Much more time consuming and stressful? Or am I wrongly assuming that because of the stigma that can be associated with foreclosures?
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Old 10-13-2017, 03:30 PM   #7
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Wouldn't that be nice!

Off topic, but I am curious about your foreclosure experience compared to resale? Much more time consuming and stressful? Or am I wrongly assuming that because of the stigma that can be associated with foreclosures?
So, my foray into the foreclosure world (I ended up with three contracts total, purchased two years ago) required A LOT of work. Learning the process was just step one. There's no good tutorial, and DVC won't answer any questions about foreclosures.

I'm happy that I went that route, because I got reasonably good value...mainly because I was able to get two years of points at a per point price that was below market for a stripped contract.

That said, the work was substantial. You have to research each contract individually, which is a two-part lookup process. In order to avoid bidding in the blind, you should track all contracts sold (at least for the resorts you're interested in) for a period of at least a month or so and see what they are selling for. You also have to wire the money into an escrow account before you bid, so you're out the cash during the process, which can take months if you're looking to get value. Finally, if you bid on multiple contracts on the same day, you potentially could end up winning more than one. There's no "contingency" bid, and the bidding order isn't set in advance.

The upsides:
1. Foreclosures don't have to go through ROFR, (though Disney does bid on them, so in a way they do).
2. You usually end up with more points than you get on a comparable resale, as the contracts are re-baselined by DVC to full value. This removes a lot of the risk involved with a typical foreclosed property sale.

I looked at the market again recently, and honestly it's not worth it anymore. The prices have skyrocketed, driven by people who bid without doing their research. In many cases, the foreclosures are going for more than resale. Compared to the amount of work you have to do, the value just isn't there.

That said, I'll ask that folks who read this post not ask me to coach them through the process (several have asked). I try to be really helpful on all things DVC, but I don't want to be even partially responsible for someone going through this process and learning that some aspect of it was not what they expected. Buying foreclosures is very much a "at risk" endeavor, and that involved being responsible for your own research.

As little as five years ago, foreclosure contracts were going for 50-75% of resale. Now they are often 100% or more. While the process worked well for me at a moment in time, that moment has passed.
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Old 10-13-2017, 03:44 PM   #8
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Back after the recession, deals were everywhere.....You could pretty much name your price and terms and "steal" any contract you wanted.

Foreclosures where there too, but took a lot more work (as you learned) but you have no fear of ROFR. Of course, those years after the recession, DVC did not exercise their ROFR and contracts passed easily and quickly.

Congrats on your heck of a good deal(s)!!!
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Old 10-13-2017, 03:55 PM   #9
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Very interesting! Thanks for sharing your experience. Sounds like the deals you got were well deserved!
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