told resale contracts cannot have banked points

[mnra]

We have been looking to buy an additional resale and was told that if 2017 points where banked to 2018 use year that Disney does not allow that on resale. is that true
thank you

 

[bobbiwoz]

If so, it is new. I have bought resale with banked points that I was able to use.

 

[skippytx]

My contract had banked 2017 points into the 2018 use year. No problem. The seller had already banked the 2017 points ahead of time when I bought the contract.

Now supposedly if you're buying a contract with 2017 points, and those points were NOT banked before the closing of the banking windows, they will not allow you to bank them after the window has closed. That's my current understanding of the rules. BUT there have been multiple reports here of people getting an exception to that after closing a resale purchase.

If you buy direct, there is also an exception to the banking windows. I purchased 25 Feb UY points direct in November and was able to bank 2017 into 2018 with no issue.

Not sure if that helps or just makes it more confusing.

 

[Matty B13]

We have bought 3 resale contracts, 2 with banked points from the previous UY (Use Year). I don't think that DVD could take those points away, but they might not let you bank points that you received after closing pasted the standard banking window for your UY. Sometimes in the past they have been nice and let you bank them after the banking deadline. Easiest thing to do is have the current owners of the contract bank the points into the next UY and have it written into the buying contract.

 

[_auroraborealis_]

Who told you this?

 

[mnra]

a reseller we where thinking of putting an offer in with and it seemed like their closing cost where hundreds more then the others

 

[supersnoop]

There was a problem a couple years ago where banked points where missing when contracts are transferred from seller to buyer. It was a glitch; a bug in Disney’s system. It was fixed, with a few contracts updated manually. I suspect that’s the origin of the rumor, but it’s never been true.

 

[supersnoop]

a reseller we where thinking of putting an offer in with and it seemed like their closing cost where hundreds more then the others

Sellmytimesharenow.com? I’d consider them a scam company.

 

[Achuckle]

I just closed on my first DVC contract that I purchased resale and it came with 14 banked 2017 points. The 14 points did appear on top of the regular 2018 points...now I just need to decide where and when to use them .

 

[keaster]

Not true...just closed in january on an Aulani contract with 217 banked points...used them to book Aulani in August!

 

[disneynutz]

Find a different resale broker.

Bill

 

[linzjane88]

Sellmytimesharenow.com? I’d consider them a scam company.

Yeah I had some interaction with them that seemed very scammy They had very little understanding of how DVC works. I am STILL getting calls and emails from them over 3 years later too!

 

[mnra]

that is why we didn;t put an offer in with them as they started telling us we would owe a tax as well .

 

[DisneynBison]

I fully expect it was a case of the company not knowing what they were talking about, but do you lose your ability to bank if you are behind in maintenance fees? I guess I have never looked or cared.

 

[sndral]

Yes, find another resale broker, some one who knows what they are doing.
Regarding previous years points:
If they are banked and you do not close & get access to them before the use year expires you may lose them.
If they are not banked and it is the last 4 months of the use year those [points can't be banked by the previous owner before sending the contract to ROFR or by you once it's yours. Many report one time exceptions - however that was not my experience and we 'lost' 160 points because we closed at the end of the use year and the previous owner had not banked them and DVC wouldn't let us do so either (note I'd valued the contract assuming those points wouldn't count & they didn't.)
Otherwise the banked points should transfer when ownership does.

 

[KAT4DISNEY]

I fully expect it was a case of the company not knowing what they were talking about, but do you lose your ability to bank if you are behind in maintenance fees? I guess I have never looked or cared.

Yes, you do. But the points still stick with the contract.

 

[PatMcDuck]

I read this with dread, as I have a loaded contract in ROFR right now! Feel better after reading the thread.

 

[Kim Gillihan]

Sellmytimesharenow.com? I’d consider them a scam company.

I was talking to sellmytimeshare now at one time and he had no idea what he was talking about... so I agree!

 

[sndral]

that is why we didn;t put an offer in with them as they started telling us we would owe a tax as well .

You, as the buyer, should not owe any taxes. Sellers may owe taxes if they make a profit on the sale.
There’s one scenario where the IRS will go after a buyer for tax - if an international seller does not correctly fill out and file the tax form & if they made a profit on the sale and did not pay the tax owed on that profit, then the IRS will go after the U.S. resident for the tax the seller failed to pay. Usually the escrow co. takes care of filing the form and taking the tax owed out of the proceeds & sending it to the IRS. A couple of years ago a couple of buyers posted that they got letters from the IRS about their international resale purchases, I think it ended up that the escrow company didn’t fill out the forms correctly or something, still a hassle to straighten out.

 

[.landry]

I was talking to sellmytimeshare now at one time and he had no idea what he was talking about... so I agree!

Ha! one of their brokers told me that "BLT contracts were *very* hard to come by"
I was in contract on BLT by the end of that day with a reputable broker