Come on Estoppel!!!!

[Minniesgal]

Seems like Disney has found another way to delay resales. Not very mouse like!

Bill

Yep this is definitly new when I bought resale only a couple of years ago we didn't have to wait for Estoppel. We closed very quickly after ROFr the first time. The second time it took ages because the sellers didn't return paperwork but thats another issue. Closing paperwork was sent out within 24 hours of ROFR.

I do know DVC are manic busy just now as we have added on 40 points at VGF and dealing with my guide and with Member administration has been painful. In fact I have had the points for a month and them the cash but the sale still hasn't closed. They really seem overwhelmed by Poly sales which i strange because they knew they were coming.

 

[Minniesgal]

That is our exact plan too! Our sellers responded to our offer in less than 1 hour so I am hoping they are equally as motivated with closing documents. Our contract was sent for ROFR the day after they accepted our offer, so I am assuming they were very quick with signing too.

Remember your sellers have to get there documents notorised so it isn't really worth overnighting them the same day it always takes sellers a little longer than it takes buyers. Our resale agent told us it wasn't worth paying for overnight for this reason.

 

[disneynutz]

Yep this is definitly new when I bought resale only a couple of years ago we didn't have to wait for Estoppel. We closed very quickly after ROFr the first time. The second time it took ages because the sellers didn't return paperwork but thats another issue. Closing paperwork was sent out within 24 hours of ROFR.

I do know DVC are manic busy just now as we have added on 40 points at VGF and dealing with my guide and with Member administration has been painful. In fact I have had the points for a month and them the cash but the sale still hasn't closed. They really seem overwhelmed by Poly sales which i strange because they knew they were coming.

From Disney's perspective they make more money processing their direct sales so resales take a back seat. They also seem to have reduced staff.

The money that they are paid with our dues to manage the DVC is the same no matter how many employees they have, how long they leave calls on hold or how long it takes for them to return emails. Reducing staff puts more money in their pocket.

Bill

 

[ziravan]

The money that they are paid with our dues to manage the DVC is the same no matter how many employees they have, how long they leave calls on hold or how long it takes for them to return emails. Reducing staff puts more money in their pocket.

Bill

Bill,

I don't think that's correct. They charge dues based on expenses and they have to justify the expenses. They can't just pocket the extra dues if they hire fewer people.

If DVC had a massive layoff, it would affect expenses and they'd have to lower dues. Lower dues aren't going to happen and so, most likely, neither is a push to be frugal with employees.

If anything, it's easier to spend other people's money. I would think any staffing problem would be the opposite: easier to keep more people on staff than lay them off. After all, their salaries are being paid...

 

[disneynutz]

Bill,

I don't think that's correct. They charge dues based on expenses and they have to justify the expenses. They can't just pocket the extra dues if they hire fewer people.

If DVC had a massive layoff, it would affect expenses and they'd have to lower dues. Lower dues aren't going to happen and so, most likely, neither is a push to be frugal with employees.

If anything, it's easier to spend other people's money. I would think any staffing problem would be the opposite: easier to keep more people on staff than lay them off. After all, their salaries are being paid...

You are correct on the budgeted line items, It's the management fee that I was thinking of. I did some rough numbers and I'm coming up with around 30 million per year in management fees.

Bill

 

[madhavok]

Hoping it comes on Monday for your birthday present!!

Happy early birthday!!! Fingers and Toes are crossed.

Thank you!

 

[gatorgirl72]

Adding my name to the list of folks waiting for estoppel paperwork. We passed ROFR on 2/16, and still nothing My seller didn't bank the 2014 points and my agent assured me we would be closing by 3/6 so we could decide wether or not to bank them once we closed....now I'm upset because of this delay which seems to have no end in sight.

 

[disneynutz]

Adding my name to the list of folks waiting for estoppel paperwork. We passed ROFR on 2/16, and still nothing My seller didn't bank the 2014 points and my agent assured me we would be closing by 3/6 so we could decide wether or not to bank them once we closed....now I'm upset because of this delay which seems to have no end in sight.

MS will often allow a 1 time late banking exemption especially for new members.

Bill

 

[madhavok]

I hope someone can report they have received estoppel from DVC. This is torture.

 

[disneynutz]

I hope someone can report they have received estoppel from DVC. This is torture.

You have to ask yourself, if Disney doesn't care about DVC owners enough to process accounts in a timely fashion, what's next?

Bill

 

[Buzzalot]

I hope someone can report they have received estoppel from DVC. This is torture.

Estoppel was received by my title company last week. I received closing documents today!!!! I passed ROFR on 2/9. It's tough to be patient but well worth it.

 

[sgrap]

Estoppel was received by my title company last week. I received closing documents today!!!! I passed ROFR on 2/9. It's tough to be patient but well worth it.

So glad to know that something is actually coming through, even though that is a long time! Thank you and congratulations!

 

[CMNJ]

MS will often allow a 1 time late banking exemption especially for new members.

Bill

Agree with Bill-we just closed on a contract last month and seller never banked 2014 points. Even though we have an April use year they let us bank the points in late Feb since we were new members

 

[tino0120]

Sent ROFR 1/5...waited exactly 30 days, Passed ROFR 2/5, Recieved my closing document on 2/19 (exactly 2 weeks), send it back 2/23.....still waiting for the actual closing and deed to be recorded. The Realtor told me that Disney has been real backed up, but my closing/settlement date on my contract is tomorrow 3/10. What's gonna happen if they still not able to close tomorrow?

 

[gatorgirl72]

MS will often allow a 1 time late banking exemption especially for new members.

Bill

Thanks Bill!! Good to know!

I called the title agency yesterday and was told my estoppel was received 3/7 in their office and that they would process it & get the docs to me this week. Patience with this transactions definitely not my strong suit

 

[bellapecas]

Sent ROFR 1/5...waited exactly 30 days, Passed ROFR 2/5, Recieved my closing document on 2/19 (exactly 2 weeks), send it back 2/23.....still waiting for the actual closing and deed to be recorded. The Realtor told me that Disney has been real backed up, but my closing/settlement date on my contract is tomorrow 3/10. What's gonna happen if they still not able to close tomorrow?

Disney is not the one who processes the closing documents, the title company does. Disney doesn't officially "Know" you're a new owner until they receive a copy of the deed from the title company. Your broker is pointing fingers in the wrong direction.

 

[Buzzalot]

Disney is not the one who processes the closing documents, the title company does. Disney doesn't officially "Know" you're a new owner until they receive a copy of the deed from the title company. Your broker is pointing fingers in the wrong direction.

I agree. It's the title company's task to close the sale and send the deed to be recorded.

 

[DWorldOrBust]

Thanks Bill!! Good to know!

I called the title agency yesterday and was told my estoppel was received 3/7 in their office and that they would process it & get the docs to me this week. Patience with this transactions definitely not my strong suit

Congratulations!!!

Mine passed on 2/16 also and I haven't heard from the title company (Magic Vacation Title). I've sent another e-mail, hopefully I hear something.

 

[CMNJ]

Sent ROFR 1/5...waited exactly 30 days, Passed ROFR 2/5, Recieved my closing document on 2/19 (exactly 2 weeks), send it back 2/23.....still waiting for the actual closing and deed to be recorded. The Realtor told me that Disney has been real backed up, but my closing/settlement date on my contract is tomorrow 3/10. What's gonna happen if they still not able to close tomorrow?

That is weird-they can blame a delay in getting you the closing documents due to Disney (estoppel being behind) but not finishing the closing work/recording the deed as they have nothing to do with that-unless the broker really meant because Disney had been so slow on estoppels that the closing company had gotten behind on their work? That is what happened in late Dec/early Jan when the last estoppel slow down occurred. We had our documents in way before our listed closing date (as did our sellers) but our contract did not get recorded until Mon 2/9 despite date on documents listing Fri 2/6 as closing date (original contract from broker in Dec listed a closing date of 2/4. When I had called to check on the status I was told it was due to contracts with closings ahead of mine that had to be completed first (due to playing catch up from last estoppel slowdown)

 

[karatstravels]

sney is not the one who processes the closing documents, the title company does. Disney doesn't officially "Know" you're a new owner until they receive a copy of the deed from the title company. Your broker is pointing fingers in the wrong direction

Funny the title company told me the same thing for our closing. They have everything, funds, docs etc and said they were just waiting for a Disney update to proceed with closing? We have banked points expiring at the end of Aug we need to use to book an end of Aug trip and it is driving me crazy all this waiting!! Oh well, I guess the price we pay to save some money.