PROCEDURE

After the deposit is put down, the whole matter is presented to DVC. In the original contract that the seller signed, there is a clause concerning DVC's "First right for refusal". Any time that a sale of points is made that is not done directly by DVC, they have the right to review it. They have the option to refuse the sale and to rather buy the points directly from the seller. If they exercise their "first right of refusal", the only loser is the prospective buyer. DVC gets points at reduced price which they can then turn around and sell for full price. In addition, the seller gets the price they were asking for. The reasoning behind the "first right of refusal" is that DVC has control over who is purchasing the points and to stop someone from coming in and buying up large chunks of points.

If DVC refuses their "first right" then the sale proceeds. All of the paperwork is handled by a bonded Title Agency. A title search is then performed to insure that there are not any outstanding liens or such on the deed. (We use the word deed here because that is what is actually owned. Once you have purchased an interest in DVC, you are given a deed to a certain amount of land where the points where purchased.) If there are not any liens on the deed, the closing takes place. The balance is then forwarded to the Title Agency and then to the seller. The deed is then signed over to the buyers at which time it is then forwarded to the County Courthouse for recording. The Title Agency then receives the recorded deed and forwards it to the buyer. In addition, they also forward a copy to DVC. DVC then changes their records to reflect the new owners.

Once DVC updates their records to show the new owners, you become "Official DVC members". The whole process from first putting down the deposit to receiving the recorded deed and being "official" takes about 6 weeks. (If the purchase is done directly through DVC, it takes less time).

After DVC has received the recorded deed, they send out a "New Member Package". This package includes the "Member Benefits Guidebook" and is the package that contains all the information that is needed to understand, use and take advantage of all of the services that DVC has to offer. The permanent membership cards should arrive about 2-3 weeks later.

One of our concerns was that we would be treated differently because we had purchased through a resale rather than directly through DVC. Member Services (with whom you deal with for all transactions, reservations, info, etc.) does not know whether or not we were the original owners. Our membership has the original date of purchase (not the date that we just purchased). They will not be aware of the fact that we just purchased a resale.

We asked our agent about our concerns. He mentioned that he had several people who had purchased points initially through him (not through DVC) and had returned to him at a later date to add more points. If DVC had not treated satisfactorily, they probably would not have come back for more points. For the most part, these people were as happy as those whom had purchased directly.

Additionally, we have had the opportunity to make reservations for Old Key West for our honeymoon as well as reservations twice now for Vero Beach. Each time, the Member Services person we spoke to has been helpful, polite, efficient, personable, etc. I could not write enough superlatives to describe the treatment we have had to date. We also have had an opportunity to spend some time at Vero Beach. It far exceeded our expectations. We are now more than ever delighted with our purchase and look forward to future stays at any of the resorts.

Another service that our resale agent can assist with is the sale of points in smaller increments. Not only will he sell the 210 points and above (depending on what is available), he will also sell smaller point packages. Sales can be a little as 25-30. Coupled with the cheaper price, this represents another savings over DVC.

One down side of purchasing through the reseller is that you must pay the closing fee (about $400). When purchasing though DVC, they will pay this. Although this sounds like a lot of money, when you consider how much you can save (potentially $1-2000 depending on the deal), this really is not a lot.

As far as financing the purchase, this is available. We don't know too much about this as we did not go this route. Just speak to these folks and they will be more than happy to answer any and all of your financing questions.