Question about resale with a "can't close until <insert date>" designation

Discussion in 'Purchasing DVC' started by SFlaDisneyfans, Jun 27, 2013.

  1. JimMIA

    JimMIA A little Miami humor...

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    WHAT??? :eek:

    That wasn't disclosed to you until later?

    {biting my tongue to keep from speculating on the broker!}
     
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  3. rlduvall

    rlduvall DIS Veteran

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    We sold a contract like this in 2011. We listed it in March, but had a vacation using those points at the Grand Californian in July. Of course, this was disclosed up front and listed with that caveat. We really didn't think anyone would be interested, but it sold in less than 24 hours [50 point contract]. Closing was scheduled the day we checked out from GCV. All the paperwork was signed and returned from all the parties - it was just a matter of waiting for that exact day.

    Now here is the embarrassing part:

    I had waitlisted one more night at the end of our initial stay but had forgotten about it. Naturally, the WL would not have used points from the contract I sold, but when it came through because it was linked to the first 3 nights it was considered the same reservation. I immediately called TTS when I realized what I had done and told them to tell the Buyer I was so sorry and I would cancel that last night if I needed to [we all know how hard it is to get a GCV reservation but a deal is a deal]. But, the Buyers were very nice about the whole thing and didn't have any problem closing one day later.
     
  4. sndral

    sndral DIS Veteran

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    Other than the odd 50 point contract w/ the perfect use year scenario, I don't see any advantage in having my cash tied up in a contract that can't close for several months as I may miss many attractive contracts for sale that meet my criteria while I wait for a seller to have one last vacation (or wait for those points they rented out for profit to be used.) Having watched the resale market for awhile now I've come to realize that no contract is unique, and another just like that can't close before contract will probably come along.
     
  5. tb1972

    tb1972 DIS Veteran

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    Funny!

    I've started the hunt for a new contract. This one was the perfect UY and I'd forgotten what a pain it is to find that as I sort through the listings.

    Sent from my iPad using DISBoards
     
  6. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    It's 10 days from the signing and in some cases, 1 year.
     
  7. iluvthsgam

    iluvthsgam Mouseketeer DVC Gold

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    I'm a lawyer. This is not legal advice, you must pay for that. There is no client-attorney relationship created.

    There are certainly steps that you can take if you want. Do you have the buyers info? Name/address/phone etc? There are things you can do without a lawyer that may work, but probably not - one of those things where the only thing you are spending is your own time. i.e. sending them a demand letter.

    That you had a contract signed, a deposit and full balance paid and they backed out really would annoy me - and if it were me - I would pursue them out of principle with the realization that I know its not worth my time to do so but still would do it anyways. Now it doesn't cost me anything to hire myself, but you can do things yourself with minimal knowledge and cost if you want. Most important thing though is if you have the buyers info. PM me if you feel like pursing it further and want to talk.
     
  8. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    Unless one is willing to go to the length of actually going to court, I don't see the point. The brokers have much more info, a better infrastructure and actually more to gain and they don't see the reasonableness of pursuing this. All you really could do would be to force them to sell anyway or get a judgement. If you get a judgement, you've got to go for the additional steps of enforcing it/collecting. I wonder if anyone who went this route and then the seller said "OK I'll sell" would then handle it and how the courts would perceive such a situation.
     
  9. e46m3

    e46m3 Mouseketeer

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    Only with Disney timeshares do you see a seller back out of a sale. Lol
     
  10. ace21

    ace21 Earning My Ears

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    We bought an OKW last year with a "Can't Close Until" date due to the owner wanting one last trip. I think this was the ONLY reason we passed ROFR (almost every other OKW contract was snatched by that @(#& Monkey during this time). We gave a low ball offer and it was accepted. I don't think Disney likes to deal with "messy" contracts.
     
  11. Missyrose

    Missyrose DIS Veteran

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    The interesting wrinkle to this was during the recent ROFR "frenzy." Disney ROFRed a couple of stripped contracts that were "can't close until XX" deals. Everyone figured that the late close actually brought Disney close enough to when the points would be replenished on those contracts, that they made them attractive to the Mouse.
     
  12. vicki_c

    vicki_c DIS Veteran

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    I think I would avoid those "can't close til" resales if I was buying. I could see the owners deciding they needed to sell, but they're going to take that last trip they have booked already. Get to Disney, sniff some pixie dust, oh, it's all wonderful, let's not sell. Back out. 6 months later after the pixie dust-induced euphoria wears off, I wouldn't be surprised to see the same contract back on the market.
     
  13. JimMIA

    JimMIA A little Miami humor...

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    You're probably right, but maybe not for the reason many people think.

    I would guess that most of the people who back out of a DVC sale do so because they have finally faced the financial facts of their bad decisions, and have been forced to admit that they just can't do it. Not they don't want to do it; they can't close for financial reasons.

    Many of these failures are not caused by owners going for one last trip and concluding that they just can't give this up. They are caused by the owner's willful ignorance, or by the broker keeping the numbers from them. These folks could never afford DVC, are underwater on their loans, and simply CANNOT close because they cannot pay IN to close.

    So they have to keep their DVC contract until they either work their way out...or are foreclosed.
     
  14. iluvthsgam

    iluvthsgam Mouseketeer DVC Gold

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    Dean you are right. I can't argue with any of your points. I said it myself, it probably would not even be worth my time (in fact I know it wouldn't) but I would do it anyway out of principle - but that is because it wouldn't cost me anything but my time. At the end of the day you are likely not going to get anywhere, but you never know - sometimes people get real scared when they see a legal letter from a lawyer and aren't familiar with their options. And because it really doesn't cost much to try to push it - that chance of you never know is what I would be going for. Just my .02.
     
  15. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    I guess part of my issue is I don't really see the point/principle. It's not like they reneged to sell to someone else, they decided not to sell at all. And it's not like it's an irreplaceable option, there are many other contracts out there. So lets say you do go to court on this on principle, what are your losses other than costs to pursue? basically none other than a little time as I see it. I doubt a judge would award judgement in such a situation and I can only imagine what a judge might say to a lawyer who went so far as to go to court over something like this.
     

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