Estoppels taking 2 weeks?!?! Seriously?!?

Discussion in 'Purchasing DVC' started by Song of the South, Mar 14, 2012.

  1. Song of the South

    Song of the South Mouseketeer

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    Okay, I have been completely unimpressed with Fidelity with regard to this second contract we are purchasing. It took over a week to get from the signed offer with deposit to going to ROFR. I was informed this morning that we passed ROFR. Now I'm being told that estoppels will take 1-2 weeks and then closing will be 1-2 following that. That seems fairly ridiculous to me but we had such excellent service and turn around time with our first contract through the ***** that maybe I'm spoiled...

    Thoughts? Am I being a Disney princess :-)rotfl:)or is this ridiculous?

    Thanks!
    SotS
     
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  3. DizBub

    DizBub Totally Addicted

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    I feel your pain. :) We are in the same boat.

    We were told the same thing late last week and I thought ,"Really??"

    I've read other reports where they were told the same timeframe and things go through quicker. I think it has something to do with the title company Fidelity uses. Makes it hard to live a regular life, hanging around for things to happen. I am currently out of state with a previous commitment and I'm living in fear that documents are going to sit and wait for me to get home.
     
  4. disneynutz

    disneynutz DIS Veteran DIS Lifetime Sponsor

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    Expect 60 days from start to finish.

    IMO Disney uses the delay tactics to cause impatient buyers to buy direct.

    :earsboy: Bill
     
  5. KAT4DISNEY

    KAT4DISNEY Glad to be a test subject

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    I've been told similar by other closing agents also. They give you what they believe will be the worst case scenario.
     
  6. Caren

    Caren Yo ho, yo ho...

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    We're way over 60 days. Hoping for closing any day now, though.
     
  7. Caren90

    Caren90 DIS Veteran

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    I believe it is the title company and timeshare reseller giving themselves enough time to get everything completed. There are many factors that can affect the timeline of a contract: offer, counters, agreed price, documents to be signed (Divorce, overseas owner, probate...?) , ROFR (10 days or 40 days?), Estoppels (3 days - 2 weeks), Closing documents signed and returned (owner must get it notarized), sent to Disney for closing, points loaded into contract...

    I don't believe that Disney is as sinister as trying to get in the way of this process but I do believe they have no reason to rush it along.

    Ultimately, I think most people are patient enough to wait 60 days in order to save 50%.

    Stephen
     
  8. Song of the South

    Song of the South Mouseketeer

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    Thanks for the reality reminder! :) We will be at about 60 days if the timeline presented holds and that was what I was expecting. We just got *so* spoiled the first time around I think we were 6 weeks between first offer and booking! I know it was totally outside of the normal timeframe but it was AWESOME. I still need to book 2 more January nights and am anxious to see the points in my account! :wizard:

    Thanks!!!
    SotS
     
  9. Chase'n'Ciera

    Chase'n'Ciera Earning My Ears

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    We Just closed on a contract from Fidelity. We were told the same thing but it moved much quicker than that.
     
  10. cc_nike

    cc_nike Earning My Ears

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    I was told 1 to 2 weeks as well today.
     
  11. Missyrose

    Missyrose DIS Veteran

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    Not to be a complete downer, but mine did take two weeks. I passed ROFR on Feb. 8 and received my closing documents on Feb. 22. So hope for the best, but prepare for the worst.
     
  12. Crazy4Disney06

    Crazy4Disney06 DIS Veteran

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    I just closed with Fidelity as well, but I have been very happy with them and would use them again (which I plan to do near the end of the year) and recommend them to anyone! No matter who you use you should expect about 60 days from start to finish. I felt like I had wonderful service with Fidelity and the title company. We closed on Feb. 29th and everything was said and done and in the Disney system by the following Tuesday.
     
  13. disneynutz

    disneynutz DIS Veteran DIS Lifetime Sponsor

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    I wouldn't call it sinister, I would call it business. ROFR could take 5 days but Disney deliberately takes 30 days no matter how many contracts need to be processed. They know if they are going to buy a contract back and lately with a 99.99% ROFR pass rate, they could process at least 100 contracts per day but they still take 30 days.

    They are very open to the fact that they don't like resale and that they consider it as taking money out of their pockets. That's why they changed the resale rules and restricted where our points can be used.

    :earsboy: Bill
     
  14. Caren90

    Caren90 DIS Veteran

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    That makes sense. Therefore, buying direct is the "Fastpass" line for purchasing a DVC contract.;)

    Stephen
     
  15. cc_nike

    cc_nike Earning My Ears

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    No it's more like the soon to be coming x pass. You have to pay out the nose to get that benefit! (only buying direct will be a ton more expensive)
     
  16. kstorms27

    kstorms27 Mouseketeer

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    I hate to be a another downer but I passed ROFR on Feb. 29th and was told the same thing. 1-2 weeks. Well, here we are on day 16 and still nothing. I emailed Rachel at Fidelity 3 days ago to find out if she had heard anything and she told me she would contact the Broker and get back to me. 3 days later and 2 more emails, to which I havent gotten any reply, and I dont have any idea when I will close. Frustrating!! Not a good way to to do buiness!! Communication is a good thing!
     
  17. pchivvy

    pchivvy Earning My Ears

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    I had two contracts through fidelity and both took 2 weeks for estoppels. The good news is that once it finally closed, it only took another week before I could book with Disney.
     
  18. DizBub

    DizBub Totally Addicted

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    I know what you mean. I feel a certain lack of communication too. I'm one of those old-fashioned sorts that would like to talk to a real person on the phone. But at least you have your e-mails and can avoid some he said, she said types of misunderstandings.

    Now THIS is good news. Thanks for the input.
     

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