Our Buyers are dragging this out...

[tink'smom2B]

Our closing date came and went. We are now waiting to close by the estoppel date, but the buyers are dragging this out. We signed our documents and had them back on Jan. 19, buyers sent their contracts last week but were short some of the money. Anyone ever heard of this?? I really wouldn't mind if they backed out, since I'm a little sad we sold it, but I'd really like to be kept informed by the broker and closing agent. Closing agent said the buyers have until 2/21 to get everything in to close and that buyers are showing good faith. How could they have forgotten part of the money?? This contract sold the end of November! I was thinking of buying Poly, but we'll miss out on the member discount. Really thought it would be done by now.

 

[KAT4DISNEY]

No need to miss out on the Poly. You can call your guide and place the deposit and they will send the paperwork to you. There isn't a fixed date to return those by although after a bit QA will call to see if you still want to purchase. If the buyers don't close on the sale you then don't return the poly paperwork and let your guide and QA know you changed your mind.

 

[tink'smom2B]

Buyers have until 2/21 to close. If I put a deposit on Poly, will it be refunded if I back out?

 

[JimMIA]

Kathy answered your question above, although she didn't really spell it out. Under Florida law, you have 10 days from signing the Purchase Agreement to rescind. If you just place a deposit and then don't sign the Purchase Agreement, you haven't agreed to anything and your deposit would be refunded.

On the other question, I don't understand why the buyers are not held to the "close-by" date. I would ask the closing agent what that means...?

Bottom line, tho -- don't get mad and back out of a deal that is good for you...if, in fact, it is good for you. Do what's best for you, whether that means canceling the deal or gritting your teeth for a while to save it.

 

[tink'smom2B]

Our contract stated, "close by" 2/2 or 45 days from estoppel date. I really wasn't thinking about how far in the future that was when we signed the contract at the end of November. I never thought it would go on this long. Anyway, I'll be happy either way. I'll probably put the money down on PVB and just wait to see how this plays out. Thanks for the replies

 

[LorieDisneyLover]

Maybe they wired the money and forgot to add in the fee for the wire? I think it's like $15 or $20 for most title companies to accept the wire and it does need to be added in on top of the bottom line figure the title company gives. I hope they don't have to go through wiring that small amount again and you would think the title company could move forward without it.

 

[FindingMerida]

Maybe they wired the money and forgot to add in the fee for the wire? I think it's like $15 or $20 for most title companies to accept the wire and it does need to be added in on top of the bottom line figure the title company gives. I hope they don't have to go through wiring that small amount again and you would think the title company could move forward without it.

This. I'd bet that's what's happened. Our broker made it very clear to us that this was required, but they might not have known.

 

[Minniesgal]

We had a situation when we bought that we wired the money plus the extra the company asked for but they actually didn't ask for enough so they still got less funds than they needed. I think they asked for $30 and it cost $45. In the need the broker paid it as it was their mistake. Might be something like that.

 

[tink'smom2B]

Actually I talked to the closing agent yesterday and they haven't returned any money yet. I was under the impression that part of the money hadn't reached the closing company, but the agent said they would not request the loan amount until the other buyer amounts were received. So far, no monies have been received. Buyer said they mailed it Jan. 29. I still can't understand any of this, but can't do anything about it. Buyers have until 2/21 to send in their funds. Never sign a contract without a firm close by date We signed this sales contract on 11/29. I never thought I'd be waiting so long, but three months seem to be a normal timeframe. We can't buy into PVB and tell them we won't get our funds until the end of March

 

[ngchiro]

I'm not sure. Confusing. Sorry.

 

[KAT4DISNEY]

We can't buy into PVB and tell them we won't get our funds until the end of March

As I mentioned above - yes, you really can. DVC isn't like a product that they either sell to you or someone else tomorrow and then it's gone. They have lots and lots for sale so they'll take your deposit and send the paperwork. It will take a little time to get the paperwork sent to you and then you can wait to sign until you know for certain the funds have been received on your resale. A wait of the 2-3 weeks that it appears it will take before you know if you will finish the sale is something I've done just purely from timing of traveling etc. and being gone when paperwork arrived. QA may call to find out if you still intend to buy and when you will be returning the paperwork but for the couple of weeks I'd bet they might not even do that. Then, if the contract your selling falls thru you can call QA and tell them you are not going to complete the purchase and they will refund the deposit. The key is to not sign the papework - just hold it until you know for certain one way or the other. And hopefully everything completes and all you'll be doing is returning the paperwork and paying for your Poly points.

 

[tink'smom2B]

I wondered about the deposit and if it would be returned. I need to talk to a guide before they raise the price Thanks for explaining this!

 

[tink'smom2B]

Buyers funds came through today Now, they need the lenders funds and package will be sent to Disney for something. Anyway, they paid!!

 

[gncntry]

Congratulations!

 

[KAT4DISNEY]

Good news on the payment!

I wondered about the deposit and if it would be returned. I need to talk to a guide before they raise the price Thanks for explaining this!

The 10 day right to recind starts from the time you sign the paperwork. If you just hold and don't sign until 2 weeks from now you then would have 10 days from that date to recind and get your deposit back. But if you never ever sign and call and tell them you changed your mind they also will refund because technically there never was a fully executed contract.