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Old 12-30-2011, 03:11 PM   #1
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Join Date: Oct 2008
Location: Wash DC Metro Area
Posts: 1,375

Buying Resale: Small Broker or Professional Company?

Now that the points are mine and I've made my first reservation, I feel comfortable sharing my thoughts on how my resale purchase went with a small sales broker.

Sales Broker
Bottom line is is was extremely underwhelmed by my sales broker, who is a sole proprietor. Having gone through the purchase of one home and the sale of another in the last 18 months, I guess I expected too much from my broker given my recent experience with real estate agents. It took way too long for her to respond to my questions. And when the deal was looking like it might head south, she apparently wasn't available.

My real estate agent for my other transactions was available 24/7 and did all the necessary shepherding and hand-holding to get the deal done. The broker I used for my DVC purchase sometime took 48 hours to respond to emails (I didn't have that many questions). She let the title agent deal with way too many of my questions. And she was not on top of the sellers to get their docs in.
Title Company
There was one thing I do not like about how the title company handled things, and that has to do with money. As soon as I got my closing documents, I spoke with the title agent and clearly indicated that I was going to be wiring funds - I went to my bank that day and did so. Well, it took more than two weeks from that point for the sellers to get their docs in, and all-the-while the title company had my money. The title company should advise buyers who are wiring the funds to wait until closing is imminent to do the actual transfer. Its one thing for closing to take awhile....it's another when they have all the cash and you're waiting.
So my advice is to go with a more professional sales broker with multiple staff members if you're looking to buy resale...I'm assuming they are more responsive than my sole-proprietor broker. Anybody have a similar experience? Would a professional business with more staff been more responsive?

And here's a detailed time-line of the events:
- Day 0: Receive closing docs from title agent (passed DVC ROFR several days ago).

- Day 0: Call title agent and ask questions about wiring funds. Tell title agent that I will be wiring that day, and I do so.

- Day 1: neither title agent nor sales broker automatically verify that funds and documents were received....it took an email from me to find out.

- Day 1-2: have a question about timeline for closing and sales broker takes nearly 24 hours to respond. And the response is general and non-specific to my transaction.

- Day 3: I email title agent to ask same timeline question. Responds quickly, but just with general information (title company now has had my money for three days).

- Day 4: I email sales broker to have broker check-in with sellers. Learn at this point that, according to the title agent, sellers have been 'out-of-town' and will not be getting sales document notarized until Day 8. Note that the broker did not respond to this question.

- Day 8: At 1 PM email both title agent and sales broker to find out if sellers have sent documents. It took 24 hours and a second email from me to get a response (response is that sellers had mailed documents earlier that week). Another non-response from my broker

- Day 14: Email broker and title agent asking if sellers documents had been received. Learn from title agent at that sellers documents were received December 16, but were not done properly and had to be re-done. Sales broker does not respond to any of the day's emails until well after business hours.

- Day 16: Email broker to get a status update...before she responds get an email from title agent that I've closed an the transaction is complete.

Day 17 was the latest closing date I agreed to in my contract.
80s: Poly X 2, LBR X 3;
CBR 3/00
YC 10/02, 9/06
Dolphin 10/04
DL - Grand Californian 3/06
Disneyland Paris 9/07
Swan 9/08, 6/10
BLT 9/09, 12/10 - Father-Daughter Trip, 10/11, 10/12, 10/13, 10/14

Disney-Like: Atlantis - Paradise Island 3/01, 3/02, 9/03, 9/05, 3/07, 4/08, 3/09, 4/10, 3/11, 4/12, 3/13, 4/14, 4/15

Last edited by GrnMtnMan; 12-30-2011 at 03:15 PM. Reason: typo
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