Losing my mind

Disneychica18 · Jun 15, 2015

we started our resale purchase on 4/2 with an offer on a BLT contract. Our offer was accepted by the sellers and sent to RoFr on 4/6.On 5/5, we found out that the 2014 points that were supposed to be banked, actually were not. Disney allowed the sellers a one time exception to bank them since they were passed the banking deadline. We were told that it wouldn't start our process over, but we didn't get work about passing RoFr until 5/26. We were then told they received the estoppel basically the next day and would be getting closing documents by the end of week since one of our sellers was going out of town.on the evening of 5/28 we received our documents, rushed to get them notarized due to my hubby's work schedule and sent them back in. Title company received our documents on 6/1 and the sellers documents on 6/3. They sent everything back to disney for a final verification on 6/5. We were told it could take up to a week to get that back. Finally the end of last week all that was received and they requested funds from Monera on 6/11 and received them yesterday 6/12. Now I'm told that since the seller had an outstanding loan with Disney, we have to wait til that is satisfied. I get that has to be taken care of but does anybody know how long that could take and if one of the sellers being out of town could effect that. Sorry this is so long. I feel like every time we get close there is another curve ball. Thanks for the great support from this thread, I have learned so much.

sndral · Jun 15, 2015

My sellers had a loan that had to be paid off and I don't think it added any time. BUT what I was paying was enough to pay off their loan and I paid cash. Will your sellers still owe money on top of what you've paid? In my case I offered enough to cover what they owed on their loan and the sales commission, but if your sellers will have to make up any shortfall they may need to send in funds and maybe that's the delay?

Disneychica18 · Jun 16, 2015

The price we paid should more than pay it off. I just looked it up on the comptrollers sight. The sellers only had 5 yrs left on their contract.

KAT4DISNEY · Jun 16, 2015

I would think that the title company is the one responsible for getting the payment sent to pay off the loan. They would not send funds to the seller and hope they would pay it off. I would not expect that to take more than a day at the most.

Disneychica18 · Jun 16, 2015

I think the title company is the issue. Like I said before everyday it's something else. I get this is a process, but I feel like they are prolonging it more than it needs to be

sndral · Jun 16, 2015

KAT4DISNEY said:
I would think that the title company is the one responsible for getting the payment sent to pay off the loan. They would not send funds to the seller and hope they would pay it off. I would not expect that to take more than a day at the most.

I wasn't clear - the title company might have been waiting for the seller to send funds to them to disburse funds (including paying off the previous mortgage) and then close and record the deed.
But in OP's case that doesn't appear to be the issue. In my case I remember no one called to tell me we'd closed - I happened to look it up on the OC site and saw my deed recorded, so knew I'd closed. It still took awhile after that for DVC to set up the membership and a call to admin. to get access to my account. Those last few details seemed to take forever!

KAT4DISNEY · Jun 16, 2015

sndral said:
I wasn't clear - the title company might have been waiting for the seller to send funds to them to disburse funds (including paying off the previous mortgage) and then close and record the deed.
But in OP's case that doesn't appear to be the issue. In my case I remember no one called to tell me we'd closed - I happened to look it up on the OC site and saw my deed recorded, so knew I'd closed. It still took awhile after that for DVC to set up the membership and a call to admin. to get access to my account. Those last few details seemed to take forever!

Once I learned I had closed on a contract when the points showed up in my account!

Disneychica18 · Jun 18, 2015

Our deed finally showed up today. It says processing, so we are one step closer

maquayla · Jun 22, 2015

Disneychica18 said:
I think the title company is the issue. Like I said before everyday it's something else. I get this is a process, but I feel like they are prolonging it more than it needs to be

We are in same boat, our ROFR came back 5/2. Estoppel 6/1 we received closing docs and both parties sent them in. It has now been over 1 1/2 weeks and still not closed. Spoke to title company and they finally requested funds from monera Friday. When I asked what was taking so long , beacause I have always seen closing take place within a few days Of receipt of documents I was informed that it also depends on staffing at their office and what else they are doing. I will not use this title company again. When I placed my offer I knew ROFR would take a month, estoppel a month and disney to load points 2 to 3 weeks. I didn't count on closing taking 2 weeks also.

Disneychica18 · Jun 22, 2015

My closing took 3 weeks. They supposedly send it back to disney for a final list check and for payoff info. Now just waiting to get member number and login on info

abbysmama · Jul 5, 2015

maquayla said:
We are in same boat, our ROFR came back 5/2. Estoppel 6/1 we received closing docs and both parties sent them in. It has now been over 1 1/2 weeks and still not closed. Spoke to title company and they finally requested funds from monera Friday. When I asked what was taking so long , beacause I have always seen closing take place within a few days Of receipt of documents I was informed that it also depends on staffing at their office and what else they are doing. I will not use this title company again. When I placed my offer I knew ROFR would take a month, estoppel a month and disney to load points 2 to 3 weeks. I didn't count on closing taking 2 weeks also.

We are also in the same boat. They have had our papers and money (not financing) since 6/15 and sellers since 6/23. Still no closing scheduled and our process is already at 3 months. I figure another 1-2 months to get completed and points in an account.

bakerworld · Jul 6, 2015

An absolute purchase with minimum fuss is a direct purchase. Decision: save $$$ or stress?

that's nice · Jul 6, 2015

bakerworld said:
An absolute purchase with minimum fuss is a direct purchase. Decision: save $$$ or stress?

For a minimum add-on, going direct is easier... In our case buying our 250pt contract resale saved us $18,000. I'll deal with a little stress for 18K.

If you are purchasing now with an idea that you need to have something booked in 2 months will only add to the stress.

bakerworld · Jul 6, 2015

that's nice said:
For a minimum add-on, going direct is easier... In our case buying our 250pt contract resale saved us $18,000. I'll deal with a little stress for 18K.

If you are purchasing now with an idea that you need to have something booked in 2 months will only add to the stress.

Good decision

KAT4DISNEY · Jul 6, 2015

bakerworld said:
An absolute purchase with minimum fuss is a direct purchase. Decision: save $$$ or stress?

On a larger contract knowingly overpaying would cause immediate and lasting stress for me. A few months wait for something I was potentially going to own for 30 or more years - not stressful at all.

bakerworld · Jul 7, 2015

KAT4DISNEY said:
On a larger contract knowingly overpaying would cause immediate and lasting stress for me. A few months wait for something I was potentially going to own for 30 or more years - not stressful at all.

For those with patience and time the resale market has worth. The frustration of those who knew going in that resale takes a good bit of time seems paradoxical; after all, the title companies nor Disney have any incentive to perform faster as the only entity that seems to make $$ is the broker - the rest are just showing up for work.

bakerworld · Jul 7, 2015

Disneychica18 said:
My closing took 3 weeks. They supposedly send it back to disney for a final list check and for payoff info. Now just waiting to get member number and login on info

So your good now

Congratulation and enjoy

Losing my mind

Disneychica18

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sndral

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Disneychica18

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KAT4DISNEY

Glad to be a test subject

Disneychica18

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sndral

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KAT4DISNEY

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Disneychica18

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maquayla

Earning My Ears

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abbysmama

Earning My Ears

bakerworld

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that's nice

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KAT4DISNEY

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