We are still in the resale buying process, but wanted to post our timeline, as it seems to be taking a long time. We really wanted a small contract, but now I am wishing we would have bought from Disney. The contract comes with 2008 points which we will need to use asap.
7/31 Offered the asking price minutes after receiving resale listing email. Received contract later that night.
8/1 Had to call to get corrected contract as there were typos. Sent out contract and deposit check Fed-Ex priority overnight the same day.
8/4 Received email that contract and deposit had been received.
8/8 Received email that contract has been sent to Disney for ROFR.
8/18 Received email with closing agents info.
9/1 Received email that Disney waived ROFR.
9/17 Still had not received closing docs, sent email to closing agent.
9/18 Received email…Disney was waiting for a document from the seller before they would release estopple. Seller does not remember receiving this document.
9/24 Received our closing documents by email. Sent them out fed-ex priority overnight with payment the same day.
9/25 Closing company received our closing docs and payment. (9/25 should have been our closing date according to the contract…)
9/28 Was notified that closing company lost our documents. Faxed in copy of closing documents. Notified that we are “priority closing”.
10/8 Still had not heard anything regarding closing, called agent.
10/9 Notified that seller still has not signed papers. Seller does not remember receiving closing documents. Notified that we are “priority closing”.
Unfortunately it sounds like the seller isn't motivated. We had the same problem. In our case there was a divorce and it sounded like the parties weren't talking to each other.
Read your contract. You can probably get out of it based on the amount of time. Talk to the broker you worked with and let him/her know of your issues. Tell the broker you want out if you don't close by a certain date.
By the way, don't give up on resale...financially it is the best way to go!
Our Resale Timeline
It sounds like you are having a lot of bad luck on your resale contract purchase. It shouldn't take that long, and it shouldn't have so many things go wrong. Of course, my saying that doesn't help your current situation. What resale company and title company are you working with?
We are in the process of buying an AKV 100-point resale contract through the Timeshare Store. Our closing is being handled by Brenda Smith at Magic Vacation Title. Just to put your situation in perspective, here is our timeline so far:
02:45 PM - Called Scot at TSS and made offer on 100-point AKV at $84/point
03:26 PM - Scot called and said offer accepted
04:57 PM - Received TSS email with contract offer to sign
07:01 PM - Faxed copies of contract offer to TSS
09:45 AM - Mailed signed forms and escrow payment deposit to TSS
02:23 PM - Contract sent to Disney for ROFR
07:54 AM - Received Escrow Form from MVT
08:31 AM - Faxed Escrow Form to MVT
11:24 AM - Escrow payment deposit received by TSS
12:41 PM - Disney Waived ROFR
12:10 PM - Received Closing Documents from Magic Title
02:30 PM - Mailed Final Payment and Documents via Priority Mail
10:50 AM - Magic Title confirmed receipt of Payment & Documents
Its been 39 days since we started the process, and now we are awaiting the seller to send their closing documents to the title company. Our closing is scheduled for 10/27/09, but Scot at TSS said we might get it done sooner if the seller sends in their documents sooner. Since the seller is wanting to get paid, I know they are motivated for a quick sell.
Good luck on your closing and I hope you'll be enjoying Disney really soon!
Buying resale will usually take 45 to 60 days if everyone does their job. Unfortunately we are dealing with people so anything can happen.
We just found out that we closed today!
My closing timeline
I just closed a resale DVC membership - here was my timeline:
8/25 contacted Garden View Realty (Jaki) with DVC offer
8/26 offer accepted
8/27 received closing docs
9/22 Disney declined ROFR
10/1 received final docs
10/15 notification that transfer was completed
Just wanted to update!
We found out that we closed on 10/14. We called everyday to check, and on 10/20 we were in the Disney system. Just called this morning 10/21 to make our first reservation! So excited! 1 night at the VGC in February, and 6 nights at AKV in May.
After a long and frustrating process I am sure you are now breathing a sigh of relief that you don't have to start all over again! Now the excitement begins!! Have a wonderful time in Feb. and May!! :)
I'm glad you are finally able to use those point! Have a great time planning those vacations!!!!
We've sent in the balance on our SSR purchase today. The process was begun on 9/17 and so far, it's all going smoothly.
This is getting scary. I just FedExed my final payment and docs to Title, which they received today, 1/18/13, but I need to make a reservation for 2/23. What are my chances I'll be in the system on time?
As an example, I mailed my final payment to the resale office on 12/17, closed on 1/3, and was able to get my member number and call member services yesterday, 1/17. I got my member number before my card because my assigned "guide" called me and offered assistance. I called member services for my sign in information, and they were able to book a studio (what I wanted) at Saratoga Springs next week. I was pretty excited :dance3:
It is pretty dependent on your sellers speed. I'm not sure if my sellers were fast or not, but it worked out well for me.
This is timely, as I just came here to share the timeline on my most recent contract!
We bought 100 SSR points through Fidelity.
11/28 Offer accepted
11/29 Received documents
11/30 Returned Documents
12/3 Sent to ROFR
12/27 Passed ROFR
1/9 Rec'd closing documents
1/14 Title company received my documents & payment
1/16 Contract officially closed
1/18 Closing documents available to view on Orange County Comptroller site
1/21 Contract & Points in DVC system
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