Absolutely with your plans it works. I don’t think I am the only DVC owner that will never look at their points the same way after the last 18 months. Life seems to look at my great plans, and laugh.
You bought 120 points that you were able to extend to 2024, but you are moving 60 of them to an earlier year. It is a short term loss of flexibility but to me it a restriction you should be compensated for.
60 points could be 4 nights in a BW studio!
In early 2020 I would not feel this way but the ability to bank points, far out, has value.
Agreed! I’m glad it mostly worked out and tbh I’d take it too but “never look at their points the same way” nails it. We’ve been able to rent some of our points that we couldn’t use over the past year+ but not all of them.
Resurrecting this thread to share that I have just read about an eerily similar occurrence of an “oops” with points being noticed by the purchaser after close. It sounds a lot like what happened to @ryan1
I have asked if the buyer will share her broker and title company names. It is striking the similarity and more than a little scary to see this twice in not much more than a month when I had never heard of it happening before.
I have been following the thread that @OBNurseNH referenced and it seems like the owner transferred points from the contract to themself sometime after RofR. I think it is different.
In my case, I asked for either the value of those points in what I would pay to rent them (I said $20/point), OR to be transferred points that matched what I was missing and needed. But without it explicitly written out in the contract, I was basically at the mercy of the reseller. (Fortunately, the reseller has been quite stellar in their handling of it so far.)
I’m not sure how long the title company takes to issue payment to the seller from the escrow account, but in our case it APPEARS as though they had been paid before the point in time when I found out what Disney actually transferred into our account…which makes the holding the funds in escrow somewhat pointless! It seems like the money needs to be held in escrow until the transfer of points is confirmed.
I just checked her posts. They returned closing docs on August 26th. The seller said they transferred the points “last month”. She used First Reliable Transfers as her Title Company. She posted she was waiting for her points on September 12th.
There needs to be a safeguard in place to hard-stop those points, IMO, from the time an offer is accepted until they have been safely transferred to the purchaser
She could take legal action, though, if it comes to it. That’s definitely theft.
There is also a point where Disney is enabling (?) this by not having a system in place to prevent the use/transfer of points for an account that they already went through ROFR and estoppel. How hard would it be [for any company other than Disney] to have a way to mark an account as ineligible for activity until they have completed the transfer of points?
Maybe this happens so infrequently it hasn’t been worth Disney’s time to put such safeguards in place? But it should be straightforward to do.
This is probably an example of the disdain that they have for the resale process. They are probably happy to get rumors started that it’s “miserable” to buy a resale contract.
I’m thinking more about this and I think this is probably the more important piece here. The escrow funds are what keeps home sellers from taking all the fixtures and copper pipes or trashing the place before they leave! There should be some sort of buyer “inspection/approval” process before the sellers get funds. I don’t believe that Disney is really going to be matching contracts with a fine tooth comb.
