Thoughts on resale via Fidelity?

[bdrex28]

I’m 8 days since having an offer accepted and still not gone to ROFR! Appreciate it may just be the sellers being slow to sign the contract but if they don’t intend to sign I would like to know so I can ask for the deposit to be sent back!

To me this is the biggest issue; Sellers

If a seller is going to sell then they need to be johnny on the spot in regards to signing contracts and doing it all from their end. I mean, after all, they know it's Disney because they are/were owners! Meaning, the buyers want their points asap and if they are sitting on their hands, then that's unfortunate for the buyers.

 

[ClaraOswald]

What kind of errors does Fidelity make? Just wondering, if I ever use them, what types of things I should be looking for and at what stage of the process?

Also, I see mention of international sellers. How do you know if the contract is with an international seller??

 

[heynowirv]

We've bought at least 2 contracts previously from Fidelity, not an issue to report on those, and have 1 now in ROFR. Shawn is our broker and we went with Cammy Smith for our Title co. Everything is running smooth as it went to Disney within 5 days and the Title Company said she'll have her end wrapped up in a week from when it passes.

 

[Chili327]

We've bought at least 2 contracts previously from Fidelity, not an issue to report on those, and have 1 now in ROFR. Shawn is our broker and we went with Cammy Smith for our Title co. Everything is running smooth as it went to Disney within 5 days and the Title Company said she'll have her end wrapped up in a week from when it passes.

Yep, bought 2 and sold one with Fidelity. No issues so far.

 

[AnnaKristoff2013]

Fidelity may have it’s flaws, but I’ll tell you one thing they’ve never done as far as I’m aware: They’ve never accidentally transferred and recorded a deed without getting the payment from the buyer first.

 

[Jimmy Geppetto]

Fidelity may have it’s flaws, but I’ll tell you one thing they’ve never done as far as I’m aware: They’ve never accidentally transferred and recorded a deed without getting the payment from the buyer first.

I’m not a Fidelity fan whatsoever but I can’t argue with you on this point.

Just wow.

 

[TinkAgainU]

Also, I see mention of international sellers. How do you know if the contract is with an international seller??

If not disclosed upfront, you'll usually see the city and country of the Seller in your Purchase Contract. I have one thru ww.DVCbyresale.com which was not disclosed upfront. I'm going forward but it will likely add a couple weeks or more to the Closing. The extra tax forms would bother me a lot more on a larger $$$ Contract. The escrow is holding back the taxes, but you are providing your Social Security # since technically the Buyer can be liable for IRS taxes with an International Seller.

 

[TinkAgainU]

Here is my perspective:

Pros - they have some of the best prices and sellers seem to be closer to reality on what the market will bear than other brokers. Sometimes you can find a seller who has quite low expectations.

Pro 2 - they let you use any title company and don’t force Magic Vacation Title on you like DVCRM does.

Cons - they are very prone to errors. While I agree with others that it could happen with any broker, it appears to happen quite more frequently with Fidelity. I’ve bought 4 contracts through them. Two major errors. That’s a 50% error rate with me. You can search them in disboards and see the other errors they’ve made with folks.

2nd Con - they don’t communicate well and don’t work around the clock like others. You can go days without hearing from them about an offer.

3rd con - they charge an admin fee. It’s currently $225 but you can negotiate the seller pay it.

If you can get over these cons and get comfortable with them there are some great deals to be had.

As for me… they messed up on selling me an OKW Extended 2057 contract that wasn’t actually extended. It expired in 2042. Luckily Disney caught it in ROFR. I haven’t used them since. But when I did the pricing was unbeatable.

Good luck!

I would also add this...

Con: in Fidelity's contract I believe it states if Buyer cancels after 10 days the Buyer loses their deposit AND owes Sellers Commission to Fidelity. Seems a weird add-on penalty.

 

[KAT4DISNEY]

I would also add this...

Con: in Fidelity's contract I believe it states if Buyer cancels after 10 days the Buyer loses their deposit AND owes Sellers Commission to Fidelity. Seems a weird add-on penalty.

In what way? If a buyer backs out past the 10 day period to rescind there should be a stiff penalty as it's been tying up the contract for a time and also required work by the broker and title company. Losing the deposit has historically been more the norm but they may have experienced a number of buyers backing out and decided they needed a stiffer penalty. It's going to be difficult to collect though. Are you sure that's what it says?

 

[Jimmy Geppetto]

In what way? If a buyer backs out past the 10 day period to rescind there should be a stiff penalty as it's been tying up the contract for a time and also required work by the broker and title company. Losing the deposit has historically been more the norm but they may have experienced a number of buyers backing out and decided they needed a stiffer penalty. It's going to be difficult to collect though. Are you sure that's what it says?

Yes their contract does stipulate exactly that. Full commission is owed if buyer defaults or cancels (same as a default) after the recission period. This is in addition to losing the deposit

 

[TheDailyMoo]

We've bought at least 2 contracts previously from Fidelity, not an issue to report on those, and have 1 now in ROFR. Shawn is our broker and we went with Cammy Smith for our Title co. Everything is running smooth as it went to Disney within 5 days and the Title Company said she'll have her end wrapped up in a week from when it passes.

I've had my share of annoyances from Fidelity but Shawn and Bonnie K. have both been great when I dealt with them and always responded to my calls...especially Bonnie. If I were to buy another contract with Fidelity I would really hope it was one of those two.

 

[JoeDisney247365]

I've bought 3 contracts with them and never had any serious issues. They can be slow to respond but never had any of the errors described here. I think the point made to pay attention to the details would apply with any company for these types of transactions.

 

[CVG]

I've had my share of annoyances from Fidelity but Shawn and Bonnie K. have both been great when I dealt with them and always responded to my calls...especially Bonnie. If I were to buy another contract with Fidelity I would really hope it was one of those two.

I got a great deal through Shawn when 70-80 for OKW was great. No problems whatsoever. I'm now looking for a sub-65 loaded contract and will go with anyone willing to support me.

 

[TheDailyMoo]

I got a great deal through Shawn when 70-80 for OKW was great. No problems whatsoever. I'm now looking for a sub-65 loaded contract and will go with anyone willing to support me.

Listen you gotta go with whoever gets you the best deal...and although Fidelity really screwed the pooch on my last contract (they did to their credit make it right), I'd probably work with them again because they do have the best prices. The PTSD would be real though until the points were properly loaded in my dashboard!

 

[5kidsmommy]

Our experience is limited since we only own one contract but they were great. The whole process was seamless and quicker than we expected plus the pricing was good.I'm not sure if their fees are higher than other brokers but the cost per point was way lower than other brokers. We will buy with them again if the price is right.

 

[MsChristy12]

I just closed my 3rd contract with Fidelity last week, had no issues with any of them. I worked with 2 different agents and they are very different. One responds very fast every time and will text/email me to keep me posted on things, and the other is a slower and only emails. So I personally feel like your experience really depends on the agent that you work with.

 

[ClaraOswald]

I just closed my 3rd contract with Fidelity last week, had no issues with any of them. I worked with 2 different agents and they are very different. One responds very fast every time and will text/email me to keep me posted on things, and the other is a slower and only emails. So I personally feel like your experience really depends on the agent that you work with.

Which agents did you have?

 

[ClaraOswald]

Well, last week I contacted an agent over there to ask some questions/put in an offer on a contract and they were responsive that day but it's been crickets ever since. I mean, I assume that means my offer wasn't accepted but an email letting me know would be nice. Because then I could put in a new/higher offer if I wanted.

I haven't put in many offers since I started my DVC journey about a year ago so I don't have many comparisons. I think I've dealt with just 3 other companies before. But Fidelity is first company that I've dealt with that wasn't fairly quick with responses/offers.

 

[MsChristy12]

Which agents did you have?

I worked with Eric and Javier on my contracts. But I've also worked with Shawn before too when I made offers.

 

[CarolynFH]

Well, last week I contacted an agent over there to ask some questions/put in an offer on a contract and they were responsive that day but it's been crickets ever since. I mean, I assume that means my offer wasn't accepted but an email letting me know would be nice.

I’ve read that when you submit an offer you can put a time limit on it, like 24/48/72 hours, etc., something that gives the agent sufficient time to contact the seller and get an answer, taking weekends or holidays into account. So if you don’t hear back within that time, you know for certain the offer wasn’t accepted and can move on.