DVC RESALES
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Old 05-08-2013, 07:11 AM   #16
JessLCH
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I am amazed that no one reads their contracts, it states that closing can be set anytime after 30 days. I distinctly remember about a year ago someone getting ROFR'd on day 34.
Actually, I AM one of those rare folks who DOES read the contract. The contract we received from Fidelity is very short and vague and has no specifics on many DVC related things, including details on the ROFR process and how long it takes. I am also one of those rare folks who requested a POS booklet to review before signing anything. Still waiting on that document.
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Old 05-08-2013, 05:21 PM   #17
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Originally Posted by JessLCH View Post
Actually, I AM one of those rare folks who DOES read the contract. The contract we received from Fidelity is very short and vague and has no specifics on many DVC related things, including details on the ROFR process and how long it takes. I am also one of those rare folks who requested a POS booklet to review before signing anything. Still waiting on that document.
I'm pretty sure fmer55 was referring to the POS not the resale contract. I don't recall hearing anyone who's been successful getting the POS prior to a sale but maybe Fidelity can get you one. I was able to get an abbreviated version in 1994 directly from DVD when I was considering buying initially but they don't do the abbreviated version anymore.
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Old 05-08-2013, 05:42 PM   #18
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. . .
Second, does use year have an impact on whether or not Disney will exercise ROFR?
Any points ROFRd by DVC stays in the same UY. So when the points are resold they are sold as the same UY. I would expect that ROFRs are made specifically for a certain UY and others are not. Sometimes DVC members or potential members will ask to be placed on a waiting list for a specific UY at a certain resort. And if the price is right DVC will ROFR a contract for that UY. But other times DVC just ROFRs a bunch of contracts.
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Old 05-08-2013, 06:17 PM   #19
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I'm pretty sure fmer55 was referring to the POS not the resale contract. I don't recall hearing anyone who's been successful getting the POS prior to a sale but maybe Fidelity can get you one. I was able to get an abbreviated version in 1994 directly from DVD when I was considering buying initially but they don't do the abbreviated version anymore.
Fidelity mailed me a POS on Monday...they say I should receive it this week. Have no idea what version it will be. We are new buyers and need to read a an offering statement before committing to a big expense. I was really surprised that the Fidelity contract was so vague. And was even more surprised that it seems most people just sign the vague doc without requesting more specific info.( I posted a question a few days ago asking about this.) Maybe most resale purchasers are already DVC owners so they are already know the important contractual details. I do wonder if other resale brokers have more detailed contracts or if most people just sign docs without really caring about the fine points. Overall, we are pretty skeptical of the entire timeshare industry and only want to do this with DVC with a complete understanding of our purchase.
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Old 05-08-2013, 07:35 PM   #20
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Originally Posted by JessLCH View Post
Fidelity mailed me a POS on Monday...they say I should receive it this week. Have no idea what version it will be. We are new buyers and need to read a an offering statement before committing to a big expense. I was really surprised that the Fidelity contract was so vague. And was even more surprised that it seems most people just sign the vague doc without requesting more specific info.( I posted a question a few days ago asking about this.) Maybe most resale purchasers are already DVC owners so they are already know the important contractual details. I do wonder if other resale brokers have more detailed contracts or if most people just sign docs without really caring about the fine points. Overall, we are pretty skeptical of the entire timeshare industry and only want to do this with DVC with a complete understanding of our purchase.
You're lucky, many have tried and failed over the years though I'm sure some were successful. I would point out that one can actually get a better feel and more information on a BBS such as DIS than by reading the POS, esp if you spend the several months to get a feel that some of us recommend. Back in 1994 when I was researching and then bought, there wasn't the availability of info that there is now. All we had were boards like Prodigy and AOL and they were often less than helpful IMO. I do think everyone should read the POS but I'm not sure it's a prerequisite for a purchase today.
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Old 05-08-2013, 07:57 PM   #21
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You're lucky, many have tried and failed over the years though I'm sure some were successful. I would point out that one can actually get a better feel and more information on a BBS such as DIS than by reading the POS, esp if you spend the several months to get a feel that some of us recommend. Back in 1994 when I was researching and then bought, there wasn't the availability of info that there is now. All we had were boards like Prodigy and AOL and they were often less than helpful IMO. I do think everyone should read the POS but I'm not sure it's a prerequisite for a purchase today.
The Fidelity contract was just SO vague and generic, we needed more info. I actually found a "sample contract" from Disney when I had looking into purchasing direct a few years ago. That was actually somewhat helpful. the interesting thing is that the Fidelity contract specifically tells you you should review all the important docs before signing contract. I realize they HAVE to say that, but still, never expected to be so hard or unusual to access that info. I have learned a TON from these boards, but my husband has a business and finance background and would never agree to a large purchase with such a flimsy contract alone. And frankly it is because he is a savvy business and financial guy that we are in a position to afford this major purchase. So I trust his financial and business wisdom.

Heck we might not even pass ROFR anyhow. But at least I feel we are doing the appropriate homework!
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Wilderness Lodge Villas (2/07, 2/09, 12/13)
Grand Californian Villas (8/10)
Saratoga Springs Resort (11/11)
Disney Dream (2/12)
Royal Pacific Resort Universal ( 2/12, 9/14)
Wyndham Bonnet Creek Presidential (11/12)
Disneyland Hotel (8/13)
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Old 05-08-2013, 08:06 PM   #22
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Originally Posted by JessLCH View Post
The Fidelity contract was just SO vague and generic, we needed more info. I actually found a "sample contract" from Disney when I had looking into purchasing direct a few years ago. That was actually somewhat helpful. the interesting thing is that the Fidelity contract specifically tells you you should review all the important docs before signing contract. I realize they HAVE to say that, but still, never expected to be so hard or unusual to access that info. I have learned a TON from these boards, but my husband has a business and finance background and would never agree to a large purchase with such a flimsy contract alone. And frankly it is because he is a savvy business and financial guy that we are in a position to afford this major purchase. So I trust his financial and business wisdom.

Heck we might not even pass ROFR anyhow. But at least I feel we are doing the appropriate homework!
The interesting thing is that a vague and limited contract probably gives you more protections and not less when you consider FL timeshare law.
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