WARNING SIGNS IN THE DISNEY VACATION CLUB RESALE MARKETPLACE!
by Tom Yeary
The Timeshare Store
Handling the Disney Vacation Club Resales requires a great deal of knowledge and expertise as they are unlike any other on the market. It is imperative that you use a broker who specializes in this area to achieve the outcome you desire and avoid some of the unpleasant pitfalls by inexperienced brokers.
Warning signs for BUYERS:
1. A small amount of listings in their inventory (Indicates NO track record)
2. Talking with agent leaves you unsure they know the product. Ask questions about banking, borrowing, points in holding, etc.
3. Unreturned or late response to your inquiry (Where will they be when you need help with the ROFR, Closing Process & getting into the DVC system? A knowledge of the right people to contact in case of a situation is
4. Mistakes on postings on their website. Example: OKW, 2 bedroom Wk 6 (DVCs are in points, not weeks and certain size units.)
5. The company tells you that you can purchase BWV for $65 a point and clearing the ROFR will be no problem. (They will get their commission when Disney exercises their ³Right Of First Refusal² so they really don't care if you are a new owner or not. In fact, they prefer it, because it's less work for them and they don't have any worries about the closing process or anything else.)
6. Do they have an office? (Many don't, ask for directions, or look up their address, if it's a residential area or a P.O. Box????)
Warning signs for SELLERS:
1. The company asks for an upfront listing, advertising, appraisal, website development, or auction fee. (There is no end to the names they come up with to describe an upfront fee. This is one of the biggest ripoffs out there.
These people will take your money and in most cases you will never hear from them again.)
2. The company insists that you sign an "exclusive" listing agreement with a term of several months or even a year (usually 6 months or more), which of course means you are stuck for the duration of the agreement, even if you find your own buyer. If another company or you find a buyer for your package, you also owe the exclusive broker a commission.
3. The company charges you a cancellation fee if you withdraw your listing before the end of the listing term. (Example: Things happen, if you were selling for financial reasons and suddenly came into some money, you would still be forced to sell or pay the cancellation fee which can sometimes be hundreds of dollars.)
4. They tell you they can get you $150 per point. (That's an exaggeration, but it happens. They will start hitting you up to reduce your price as soon as the listing contract has been signed. They will say the market has changed. Just remember, if it sounds too good to be true, you know the
5. Is their office easily accessible to the public? You should be able to walk in during regular business hours and be assured they can and will handle your business transaction. Does the broker work out of their home?
Do you really think a purchaser is going to drive to their subdivision, knock on their door, and sit down at their kitchen table to write up a contract? How many DVC buyers have actually done this? The internet has enabled many people to disguise the true circumstances of their situation.
They have a pretty website, so the public thinks the are dealing with a really big operation.
6. Do they have a person answering the phone or is it primarily an answering machine. People are continually frustrated in this day and age just dealing with the obstacles of trying to speak to a real person. This does NOT put them in the buying mood. Most often they will keep calling around until they reach someone who can discuss their situation.
7. The company advertises NO Closing Costs. They are either calling the closing costs by another name or not giving the buyer & seller the legal protection needed to pass on a free & clear title. Read the fine print in the listing agreement and closing paperwork. Remember, ³there is NO free lunch².
The latest trend in the Resale business is for brokers to align themselves with a national franchise in order to legitimize their operation, thereby creating a false sense of security to the general public. Examples: ERA, Century 21, GMAC, RE/MAX, etc. Some Resale brokers go from one franchise to another after the number of complaints build up, they simply purchase a new franchise and it's business as usual. Most legitimate and ethical businesses should be able to use and operate under the same name for many, many years.
In fact, if their reputation was one they could take pride in, they would insist upon it!
The above statements are certainly not meant to be construed to include "every" agency that is backed by a franchise. There are definitely some reputable Resale offices with ties to franchises. My warning is, it's NOT always the case. Protect yourself, look for the same warning signs with these companies as you would with any other Resale company!
- Blog - Discovering "The Bare Necessities" of Disney Life Between Disney Vacations
- February Merchandise Events and Artist Appearances/Signings - Disney artists regularly make appearances around the Walt Disney World Resort.
- Whispering Canyon Cafe breakfast moves to Artist Point for 2 days - The Whispering Canyon Cafe's breakfast will be served in Artist Point on 2/5/15 and 2/12/15 due to work in the hotel's lobby. The full breakfast menu, except for pancakes, will be available.
- Modified routes for the monorail in February and early March - Modified routes will take place February 3-5, 9-12, 23-26 and March 2-5 from 11am-7pm.
- 2015 Night of Joy entertainers announced - Night of Joy will be held at the Magic Kingdom on September 11 - 12, 2015.
- Blog - Do You Own the Space Above You in a Theme Park?
- Rumor: Walt Disney World ticket prices to increase in February - Rumors are that ticket prices will go up in mid-February. The no-expiration option may be discontinued and a Water Park-Hopper add-on may be introduced.
- Blog - INTERVIEW – Billy Magnussen: The 'Other Prince' in Into The Wood
- Running the Parks Part 3 - Disney Running Resources - In this post I discuss some of the resources I have found to be most useful when doing research for a Disney running vacation.
- Take a baby to a Disney theme park? Are you nuts?
- List of restaurants and retailers coming to The Landing at Disney Springs - The first phase of Disney Springs will open in Spring 2015.
- Annual Passholder mini golf discount drops to 15% - Previously the discount had been 50% off of miniature golf.
- Blog - Disney's Hollywood Studios Construction Update
- Splitsville to feature live bands on Saturday nights - Every Saturday, 9:00pm-12:30am, a live band will take the stage in the Bullet Bar for a free concert.
- Kali River Rapids begins 2-week rehab - The Animal Kingdom attraction will be closed through February 2.
- Blog - Disney & Starbucks Bring New Mug Collection to Stores
- Polynesian DVC Resort can soon be booked by general public - Beginning February 11, these can be booked by the general public when they are not in use by DVC members. The bungalows will have limited availability.
- Downtown Disney internal boats will not stop at Pleasure Island - They will only run between the Marketplace and West Side.
- Blog - Disney asks Court to Dismiss "Absurd" Frozen Copyright Lawsuit
- VIDEO: Disney Park Bench - Backlot Express - Star Tours - Take 5 Minutes to Relax at Backlot Express - Star Tours
- Dates announced for 2015 Epcot Food and Wine Festival - The Festival will be held September 25-November 16, 2015.
- Epcot Flower Power Concerts renamed "Garden Rocks Concert Series" - The Epcot International Flower & Garden Festival will be held March 4-May 17.
- VIDEO: Disney Park Bench - Stormalong Bay - Crescent Lake - Take 5 Minutes to Relax at Stormalong Bay - Crescent Lake January 5, 2014 - Afternoon
- Happy 40th birthday to Space Mountain! - Along with Carousel of Progress, this Magic Kingdom attraction opened on January 15, 1975.
- VIDEO: Disney Park Bench - Hollywood Boulevard - Sorcerer Mickey Hat - Take 5 Minutes to Relax at Hollywood Boulevard - Sorcerer Mickey Hat
- Blog - 1/14/15: Magic Kingdom Hub Construction Update