DVC RESALES
DVC RESALES

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Old 09-17-2014, 07:22 PM   #1
ohmgirl
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Backing out before closing

We met with a rep today and started the process to purchase DVC. We only filled out an initial application sheet today and are scheduled for closing tomorrow. Since I have not yet signed a contract I should be able to back out without hassle correct.
I have felt nothing but tension since I left the sales office and I think I need to trust my gut.
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Old 09-17-2014, 07:27 PM   #2
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Follow your gut. Do more research...
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Old 09-17-2014, 08:18 PM   #3
Deb & Bill
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Quote:
Originally Posted by ohmgirl View Post
We met with a rep today and started the process to purchase DVC. We only filled out an initial application sheet today and are scheduled for closing tomorrow. Since I have not yet signed a contract I should be able to back out without hassle correct.
I have felt nothing but tension since I left the sales office and I think I need to trust my gut.
Agree. Back out and take some time to make an educated decision.
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Old 09-17-2014, 10:05 PM   #4
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DVC can cost as much or more as a car initially, and when you add the price of decades of trips plus maintenance dues, it will cost more than a nice house by the time it is said and done.

For many of us, that is a reasonable decision. But you are wise to put on the brakes until you've fully considered the ramifications, as well as the options on ways you could buy into the system.

DVC is going to be here next month, next year, and next decade. The salesman's entire job is convincing you that you need to BUY NOW. The reality is that you don't. Decide on your own time frame. I would suggest at least six months.
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Old 09-17-2014, 10:25 PM   #5
ohmgirl
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Thanks everyone. I guess I am just nervous about calling tomorrow and saying I no longer want to move forward. I did fill out paperwork about our income, but did not sign any sort of contract, so there should be no negative ramifications correct?
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Old 09-17-2014, 10:35 PM   #6
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Sounds like you're buying directly from Disney. In most cases, you can actually back out 10 days afterwards. But they're use to people backing out. Don't let the pressure force you into something you aren't ready for. Do more research.
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Old 09-18-2014, 12:29 AM   #7
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And when you finish your research ( including WEEKS of reading this board), if you decide that purchasing is right for your family, you will most likely find that paying cash and buying resale is the way to go.
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Old 09-18-2014, 07:32 AM   #8
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Just to clarify Florida law, you have 10 days from the time you sign a sales agreement to rescind (cancel) the purchase. If you do so, you will receive a full and complete refund of any monies you have paid in. This right to rescind is not a company policy, it is Florida law and applies to ALL real estate transactions in Florida.

You were not scheduled for "closing" today. You were scheduled to complete the purchase paperwork, and if you do so, your 10 days will start then. DVC will wait the required 10 days before they actually legally close the sale and transfer the ownership of the points to you and record your deed.

Purchasing direct is a little confusing, because you can use your points to make future reservations but those points are not actually yours until the closing and recording of the deed is finalized and the points are deposited into your new account.

The standard advice to anyone, in any kind of real estate transaction (but especially when buying a timeshare) is: if you have even the slightest doubt, rescind.

In your case, it is possible that rescinding would cause you to lose a minor promotional discount on the purchase. Those discounts are real -- not sales talk -- but they may also be available again in the future. Or, a better discount might be available.

But that small discount is really a minor consideration. As msmithmd pointed out, the context of this purchase is actually hundreds of thousands of dollars if you add future maintenance fees and trip costs to the initial purchase price. If you're financing, you also have to add those very high costs to your total.

My suggestion is that you cancel, go home, wipe the pixie dust out of your eyes, take a couple of weeks to get back into the routine of home and work -- and then start over. Take your time; do your research.

The first question I would answer is: "Do we want the long-term financial obligation of a timeshare (ANY timeshare)?" Is a timeshare -- anybody's timeshare -- really the best vacation lodging solution for your family? How often would we use it? Where would we go? Are there savings to be had using a timeshare, and if so, are the savings worth the cost and long-term financial obligation?

To answer that question honestly, you have to consider all other options -- paying cash for lodging both onsite and offsite (including typically available discounts), renting timeshare reservations (offsite or onsite) from owners, buying DVC, buying some other timeshare for a fraction of the DVC cost, etc, etc.

The best guide to all of those reality-based questions is your actual history of vacationing. Do you already go to WDW often enough to justify a DVC purchase, or is this your first magical trip? How do you purchase vacation lodging now? Is that method "broke" and in need of a new way of doing things? Or, are you satisfied with the present method of getting lodging?

IF you decide to purchase a timeshare, and IF you decide that DVC is the one timeshare which best meets your needs -- then, and only then, I would really research both the DVC system and how it works...AND look at the resale marketplace.

Good luck with your decision.
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Old 09-18-2014, 10:08 AM   #9
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Definitely exercise your right to rescind before your 10 days are up. As others have said, do more research. We almost signed on the dotted line when we took the tour back in May. We decided to come home and think about it. That's when I discovered Resale. There are a lot of sites that give the pro's and con's to DVC as well as direct vs resale. Look them up and make notes.

Good luck!
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