Come on Estoppel!!!!

[RobbW]

Thanks for your data on the closing docs. Don't know how I missed you posting those dates.

 

[Zobie]

We are first time buyers. So far it looks like we have a bit of pixie dust! Sent ROFR 10/13 Passed 10/23! Now just hoping the magic continues through the process. Hope to book in early Dec at the 11th month mark, but overall just hoping we have no major issues.

Zobie---$95-$19,000-200-BWV-Feb-200/15(banked to '16), 200/16, 200/17-Sent 10/13/15-Passed 10/23/15

 

[3 DD love princesses]

@RobbW did you close on your contract? I remember you said you got your closing docs pretty quickly. Thanks again for posting your data helped to see the numbers. Just waiting for ours to close now. Can't believe *** is taking so long to get closing docs sent. Here I thought we were waiting for disney to send the estoppel and they had it since we passed ROFR. so it took them 39 days to send the closing docs. Just hoping we close ASAP so I can get my reservation in and be able to use our points as they expire Jan 31st. we were really hoping to do F&W last minute but since Disney took our first contact that took that out of the picture. Then we had planned on using our points for Christmas but as of now doesn't look to good. heres hoping everyone closes soon.

 

[knobster]

Our timeline thus far:

Offer accepted: 9/14
ROFR: 9/25
Received closing documents: 10/21

In both this and my last contract (different broker and different closing company), they didn't tell me when they received estoppel. I specifically asked this time and they didn't answer the question. Maybe I asked too many questions at once.

So I asked the broker if they knew when estoppel was received, and she at first said 10/1. But then I mentioned that I had asked someone (not the closing agent but someone who works for the closing agent) on 10/15, this person had told me that they hadn't received estoppel yet. So the broker responded that the closing agent person was "probably referring to the updated estoppel". I have no idea what this means, but I guess I will just leave the estoppel as "unknown". I feel bad that I can't be included in one of RobbW's stats.

RobbW, thanks for all of that number crunching.

 

[RobbW]

@RobbW did you close on your contract? I remember you said you got your closing docs pretty quickly. Thanks again for posting your data helped to see the numbers.

Yep! Our deed was recorded on 10/13/15. Just waiting for our member number to come via snail mail. My wife tried calling Member Accounting to get the number over the phone, but the CM told her they do not provide numbers over the phone due to security reasons. She said that has always been DVC's policy, but some CMs don't care and give out the number anyway. The CM told my wife that our member packet with member number had been mailed out that day. That was last Wednesday. We still haven't received it as of yesterday's mail. Hoping it arrives either today or tomorrow. As you can see, I've already taken the liberty of adding a DVC owner banner in my signature!

So I asked the broker if they knew when estoppel was received, and she at first said 10/1. But then I mentioned that I had asked someone (not the closing agent but someone who works for the closing agent) on 10/15, this person had told me that they hadn't received estoppel yet. So the broker responded that the closing agent person was "probably referring to the updated estoppel". I have no idea what this means, but I guess I will just leave the estoppel as "unknown". I feel bad that I can't be included in one of RobbW's stats.

RobbW, thanks for all of that number crunching.

You're welcome! If it's any consolation, I don't put that much weight into the estoppel date anyway. The date you receive your closing docs is more important than the estoppel date!

 

[girli565]

How late wasn't too late? And who did you switch to? I have one in the works and another one that I didn't submit the contract yet.

@ustasmom Sorry I haven't responded, I just saw this...

My closing agent at *** told us that since she hadn't drawn up any of our paperwork because estoppel wasn't in on our contract that we were fine to change finance companies. We changed from Monera to Timeshare lending.net

 

[ustasmom]

@ustasmom Sorry I haven't responded, I just saw this...

My closing agent at *** told us that since she hadn't drawn up any of our paperwork because estoppel wasn't in on our contract that we were fine to change finance companies. We changed from Monera to Timeshare lending.net

Thanks! I ran the numbers and both had advantages and disadvantages, depending on the terms and amounts. Monera was better for smaller loans but Timesharelending had better rates for the higher loans.

 

[mickeyman]

Keep in mind time share lending charges $5 per month fee so although not that much it's $600 over the course of a 10 year loan which is about equivalent to another percent higher on interest

 

[girli565]

Keep in mind time share lending charges $5 per month fee so although not that much it's $600 over the course of a 10 year loan which is about equivalent to another percent higher on interest

Thanks! I ran the numbers and both had advantages and disadvantages, depending on the terms and amounts. Monera was better for smaller loans but Timesharelending had better rates for the higher loans.

Yes, they do charge a $5 monthly fee. We went the credit check route so we got a way better rate than the no credit check route.

And they will finance up to 90% of the purchase price versus Monera who won't most of the time.

 

[mickeyman]

Yes, they do charge a $5 monthly fee. We went the credit check route so we got a way better rate than the no credit check route.

And they will finance up to 90% of the purchase price versus Monera who won't most of the time.

Monera financed $11,400 of my $12000 purchase.

 

[AmyKat]

And they will finance up to 90% of the purchase price versus Monera who won't most of the time.

Option A for a Monera loan is financing 95% of the purchase price. That's available to anyone.

 

[girli565]

Monera financed $11,400 of my $12000 purchase.

I actually emailed Monera about this exact issue because I couldn't understand why they wouldn't finance our remaining loan balance after our 10% down payment and this is what they responded, "Our loans are determined by the resort and points, not by the purchase price. Therefore, our underwriters have determined that for xxx resort, we only finance $xxxx max amount." The remaining amount on my contract was $9720 and they would only finance a max of $8322. We are buying at SSR. I'm sure other resorts have a higher value in their calculation.

 

[AmyKat]

That's bizarre. If you put the information in on their website, it gives you the same option A for all resorts. It tells me I could finance 95% at SSR if I had bought the same number of points at the same price there as I did at OKW. I'm not sure why they would have a different answer in an email than what their website provides. Maybe there's some other factor I'm overlooking.

 

[girli565]

Option A for a Monera loan is financing 95% of the purchase price. That's available to anyone.

I just ran the number so you can see that the percentage financed may not be the same for everyone's purchase situation. It's based on price per point and resort.

 

[girli565]

That's bizarre. If you put the information in on their website, it gives you the same option A for all resorts. It tells me I could finance 95% at SSR if I had bought the same number of points at the same price there as I did at OKW. I'm not sure why they would have a different answer in an email than what their website provides. Maybe there's some other factor I'm overlooking.

Lol I just posted the same thing with our exact info. We paid much more than $67/point so that's probably why. Contracts now a days are going for well over $85/point at SSR so that's probably why.

 

[AmyKat]

That's exactly what it is. If I run 200 pts at $85/point at OKW, option A only lets me finance 77%. It looks like it's less of a resort issue and more of a price per point issue.

 

[girli565]

That's exactly what it is. If I run 200 pts at $85/point at OKW, option A only lets me finance 77%. It looks like it's less of a resort issue and more of a price per point issue.

Yeah that's what I figured. Timeshare lending offered to finance 90% of our loan regardless of price per point. We actually have more money to put down but it was nice to see it offered.

 

[3 DD love princesses]

Yep! Our deed was recorded on 10/13/15. Just waiting for our member number to come via snail mail. My wife tried calling Member Accounting to get the number over the phone, but the CM told her they do not provide numbers over the phone due to security reasons. She said that has always been DVC's policy, but some CMs don't care and give out the number anyway. The CM told my wife that our member packet with member number had been mailed out that day. That was last Wednesday. We still haven't received it as of yesterday's mail. Hoping it arrives either today or tomorrow. As you can see, I've already taken the liberty of adding a DVC owner banner in

Congrats! We got recorded today so hoping I will be able to make a reservation when I call in two weeks. Seems like some are getting through and some aren't.

 

[BelleLBS]

So I complained to Timeshare store today about how long *** was taking on documents and they said they were looking at other companies to use. For anyone that got their documents faster (less than 3 weeks or so after ROFR) can you tell me what closing company you used? Thanks!

 

[ustasmom]

Word has it that TT&M is struggling, too.