Selling on your own

[oldwash]

Thinking of selling one of my Boardwalk contracts myself. I found one thread from the past, but no one was specific on whether they had luck with TUG, Redweek, EBAY, etc. Any input would be appreciated.

 

[supersnoop]

As a buyer, there is no benefit to buying from an owner, and there are lots of potential problems. As a seller, you'll get to keep the ~10% commission, but you'll have a lot of work to do with a process that you know nothing about. Unless you already have a buyer lined up, like a friend down the street, there's no good reason to do it yourself.

 

[sndral]

There may be a subset of bargain hunting buyers who'll buy from a do it yourself seller, but I'd assume they'd expect a smoking good deal for the risk they're assuming.
I personally wouldn't go that route as a buyer - but I'm very aware of the fraud that can happen in these scenarios due to the nature of the work I do, so I'm probably more risk averse than most.
I thought some of the brokers were charging less commission than the typical 10%?

 

[Deb & Bill]

Even if you sell it yourself, it still has to go through Disney's ROFR first.

 

[oldwash]

I'm curious as to what risks just in case I'm ever interested in buying from a private seller. Seems as though there's a few title companies that do a lot of Disney work. I just assumed as long as one's money goes thru them, there would be little to no risk.

 

[ptlohmysoul]

Thinking of selling one of my Boardwalk contracts myself. I found one thread from the past, but no one was specific on whether they had luck with TUG, Redweek, EBAY, etc. Any input would be appreciated.

Facebook. All those you mentioned cost money. Go through a reputable dvc title company who will hold the escrow and I bet you'd have no problem. However, I'm sure the buyer would want a discount rather than paying a premium. And it may take longer to come up with a buyer if you don't have a premium location.

 

[Deb & Bill]

Facebook. All those you mentioned cost money. Go through a reputable dvc title company who will hold the escrow and I bet you'd have no problem. However, I'm sure the buyer would want a discount rather than paying a premium. And it may take longer to come up with a buyer if you don't have a premium location.

Price it too low and Disney takes it. You no longer own it and Disney pays you your asking price less any closing costs you incure, but the buyer loses out.

 

[Dean]

If it's hard to get it may be worth it but for most situations it isn't unless selling to an acquaintance. There are ways to save on closing though and to make it a win/win though. There is a potential savings of 10% plus about half of the usual closing costs that could be split up between buyer and seller.

 

[oldwash]

Facebook? While I am on Facebook, I never post. Wouldn't only your "friends" see it?

 

[mustinjourney]

Facebook? While I am on Facebook, I never post. Wouldn't only your "friends" see it?

there are DVC groups you can join on facebook.

 

[IrishTink]

We purchased our first contract from a private seller several years ago and had no issues at all. As a matter of fact, at the time DVD was going to take the points through ROFR and we actually counter-offered with a slightly higher amount and by some miracle it actually went through!

 

[mustinjourney]

We purchased our first contract from a private seller several years ago and had no issues at all. As a matter of fact, at the time DVD was going to take the points through ROFR and we actually counter-offered with a slightly higher amount and by some miracle it actually went through!

This doesn't make sense. How can you counter-offer Disney's ROFR? From what I understand, if Disney decides to exercise their ROFR, then that's it.

 

[CarolMN]

This doesn't make sense. How can you counter-offer Disney's ROFR? From what I understand, if Disney decides to exercise their ROFR, then that's it.

There was a time (several years ago as I recall), when several posters reported Disney allowing buyers to raise their offers after Disney indicated they would take the contract Can't say if that still happens.

 

[IrishTink]

Timing is everything! It was the scenario Carol stated above. The sellers were just as shocked as we were that it was allowed. I don't think it would be possible now.

 

[Dean]

There was a time (several years ago as I recall), when several posters reported Disney allowing buyers to raise their offers after Disney indicated they would take the contract Can't say if that still happens.

It used to be quite common, remember DVD doesn't really want these back, they just want to sell retail. I haven't seen it referenced much in the past few years and I don't recall any instances where it was reported as an option or as a failure.

 

[RichVIII]

I think the risks as a buyer is a seller not knowing the intricacies involved in selling. I would expect and understand that using going through an agent adds costs. As others have noted, I would expect a better "deal" with someone selling it themselves since I know they are not paying fees. That being said, I would not want the hassle and there are plenty of contracts on the market. Reputation of these agents are critical and these boards and positive posts are how they stay in business. Me complaining about somebody I bought from eBay is going to get me nowhere. I have also heard of issues of fraudulent sellers. That being said, we all have jobs for reasons. I don't do my own dental work or operate on myself, real estate transactions belong to professionals.

 

[TinyTGO]

When you say selling yourself... if you mean that you are planning on using a reputable DVC title/escrow company, then it's pretty simple. They do all the work anyway. When you are paying commission to an agent, you are paying for their network and their advertising... not their contract expertise.

If you mean you are going to try to sell it without a title/escrow/closing company or an agent, then I think you are in for more headache than it's worth. Bear in mind, the $170 to the seller is a fixed cost, and the Doc Tax and title insurance are fixed expenses. Trying to avoid using a title company will save, at the most, $200-300 for the entire transaction. Also, I think you will be hard pressed to find a buyer who will trust a stranger, the seller, with his security deposit during the 2-3 month closing process.

My opinion anyway, for what it's worth.

 

[Dean]

When you say selling yourself... if you mean that you are planning on using a reputable DVC title/escrow company, then it's pretty simple. They do all the work anyway. When you are paying commission to an agent, you are paying for their network and their advertising... not their contract expertise.

If you mean you are going to try to sell it without a title/escrow/closing company or an agent, then I think you are in for more headache than it's worth. Bear in mind, the $170 to the seller is a fixed cost, and the Doc Tax and title insurance are fixed expenses. Trying to avoid using a title company will save, at the most, $200-300 for the entire transaction. Also, I think you will be hard pressed to find a buyer who will trust a stranger, the seller, with his security deposit during the 2-3 month closing process.

My opinion anyway, for what it's worth.

There are 3 parts to this IMO. First, it can be a win win selling on your own. It's reasonable when you already have a buyer lined up such as a family member or acquaintance and for things were it's easy to sell like small or high demand contracts. For the rest, it likely isn't worth fooling with. For some of those situations doing it on your own can be a good choice, where it isn't, closing a lower cost firm like LT transfers (under $180 OTD single contract) is often the best choice. As for title insurance, it's rarely a reasonable choice for DVC IMO. One can easily research on their own and other than a bankruptcy or known divorce situation, the chances of it being helpful are about zero. Maybe for very lost cost insurance and very high cost packages it's reasonable to consider but those would be case by case. I'm only aware of a single instance with a timeshare where title insurance paid off and I don't recall any with DVC. IMO it's like pet insurance or any other specialty insurance, if you can afford to lose it, you can't afford it anyway. IMO this is often the situation where fear overcomes true evaluation and planning. Basically people get to thinking of it as protection that doesn't cost much so they don't go any further than that. Once DVC is changed over to the buyer, the changes of it getting reversed are essentially nil. One can easily research DVC for all but HI, that's the one place I'd likely at least consider it routinely.