DVC Foreclosure Sheriff/Public Sales

[LisaS]

I was curious so I took a look at the web site and found a BLT contract that looked like it might be a good deal, but I am not sure. It said that the unit number was 22A and the ownership interest was 0.5092%. So the big question is how many points is that? I figure the A probably means it is part of a lock off, but is it the one bedroom or the studio? Is it a standard view or a theme park view? Is there any way to know?

You can find the Unit information by looking up the floor plans for the resort on the Orange Country Comptroller's website. Someone here has probably done that for the Units at BLT and could tell you about Unit 22A. However, you would need to know the total points assigned to that Unit and then multiply that by 0.5092% to get the number of points in that contract.

Units can vary in size. For example, at AKV a Unit could be as small as 3 studios or as large as two 2BR lockoffs or a GV. As far as the "A" on the Unit number, some Units have just a number, some have a number with an "A" on the end. There is nothing significant I can see about the AKV Units ending in "A" other than that they are adjacent to Units with the same number without the "A". Just a guess but since all of the Units with an "A" on the end are in the first parts of the resort to be declared, it's possible they split up some Units so they could offer points for all Use Years while still holding down the total number of points in the initial declarations. This is for AKV/Jambo House however. I have no idea about the assignment of Unit numbers at BLT.

The only time your Unit number would matter is if part of a resort was damaged due to a fire, hurricane or other disaster and Disney opted not to rebuild that section. Those members who owned a piece of the damaged Units would receive any insurance proceeds and would no longer be owners at that resort unless they owned other contracts there in areas that remained open.

 

[dmunsil]

I was curious so I took a look at the web site and found a BLT contract that looked like it might be a good deal, but I am not sure. It said that the unit number was 22A and the ownership interest was 0.5092%. So the big question is how many points is that? I figure the A probably means it is part of a lock off, but is it the one bedroom or the studio? Is it a standard view or a theme park view? Is there any way to know?

Which web site? The Orange County Comptroller's? Or is there a web site listing deeds that are coming up for auction?

A "Unit" in DVC deeds is an arbitrary chunk of rooms that is a convenience for complying with Florida timeshare laws. Units vary in the number of points, though often there are only a handful of sizes. For BLT, most of the units have a total 19,640 or 39,280 points. Unit 22A is one of the 39,280-point units, so 0.5092% of it is 200 points. Each unit has a single use year assigned to it, and 22A's is February.

The "A" is meaningless, as far as I can tell. Some resorts have just numbers, some have numbers and letters, some have numbers and letters for some units and numbers for other units.

 

[DreamChasers]

Which web site? A "Unit" in DVC deeds is an arbitrary chunk of rooms that is a convenience for complying with Florida timeshare laws. Units vary in the number of points, though often there are only a handful of sizes. For BLT, most of the units have a total 19,640 or 39,280 points. Unit 22A is one of the 39,280-point units, so 0.5092% of it is 200 points. Each unit has a single use year assigned to it, and 22A's is February..

Could you please tell me where to find this information and for other DVC resorts as well.

 

[dmunsil]

Could you please tell me where to find this information and for other DVC resorts as well.

I don't think it's available in any convenient form online. You just have to reverse-engineer it from recorded deeds. Sometimes you have to check multiple deeds to figure out the exact amount a particular unit has, but you don't actually need to calculate the exact amount for a unit in order to get a good approximation of the number of points for a unit. And the use year is right there in all the deeds from Disney.

For example, to see what 22A of BLT is, just search the OC comptroller's site for "Bay Lake Tower" in the legal description, "Disney" as the grantor, and "22A" in the Unit field, and you'll see a ton of deeds. Open up one of them and it'll show the percentage, how many points that deed is worth, and its use year. A little math and you can figure out the equivalent amounts for a different deed with a different percentage of that unit.

In fact the first deed recorded for 22A is a 200-point deed, so that particular one is pretty easy.

 

[calleger]

Some quick research. $100 is the automatic starting bid. So, when it sells for $100 its because no one bid against Disney.

Looking thru some timeshares that sold, looks like its common practice for the initial Plaintiff Max Bid to be equal to the judgment amount. Recent sales of DVC properties show its reasonable to assume Disney does this too. Can't confirm 100% since the Initial Plaintiff Max Bid is hidden for DVC properties. However, looking thru recent sales anything that was bid on and did not reach the judgment amount was won by DVD. To get a deal on a property thru this process, you would need to find a foreclosed loan that was paid down and the owner, for whatever reason, stopped paying. It would be nice to be able to quickly convert the percent ownership to points to make it easier to identify the upcoming deals. The easiest way I can see is to search the Defendants name on the Comptroller website and find a deed that matches. The image of the deed will have the points.

Foreclosure search: https://www.myorangeclerk.realforeclose.com
Comptroller search: http://or.occompt.com/recorder/eagleweb/docSearch.jsp

There is a couple sales this month won by non-Disney bidders. They look to have some of the same people repeated. So, you are probably bidding against some business owners.

Also, a 5% "deposit" of the final bid is due immediately. The deposit amount must be available in your account before you can even make your bid.

 

[wdrl]

I put together a brief summary of the public auction process on DVC deeds being judicially foreclosed by the Circuit Court in Orange County, Florida. Click here to read the article on the DVCNews.com.

Public auctions of DVC deeds occur regularly throughout the month. Anyone can participate in these auctions, which are conducted electronically. But anyone interested in getting actively involved in these auctions must fully educate themselves about the process and the risks involved. There are no DVC Guides to hold your hand and explain things as you go through the auction process.

 

[miTnosnhoJ]

I put together a brief summary of the public auction process on DVC deeds being judicially foreclosed by the Circuit Court in Orange County, Florida. Click here to read the article on the DVCNews.com.

Public auctions of DVC deeds occur regularly throughout the month. Anyone can participate in these auctions, which are conducted electronically. But anyone interested in getting actively involved in these auctions must fully educate themselves about the process and the risks involved. There are no DVC Guides to hold your hand and explain things as you go through the auction process.

Great article. Thanks!