So when am I supposed to get this executed contract? (from fidelity)

Discussion in 'Purchasing DVC' started by kkolbusz1, Mar 26, 2013.

  1. kkolbusz1

    kkolbusz1 Mouseketeer

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    I got an email friday that was somewhat 'formal' that stated the 4 steps and that the signed contracts were in, the contract went to disney for rofr, attached I would find the executed contract for my records & what the next steps were bla bla bla. I emailed Sharon back & told her there was nothing attached & she said it would be coming. Okay, well I didn't get it friday or yesterday so I just sent her a quick email & she said, "not yet." Okay? Can I get somewhat more of a response? It said the signed executed contract was for my records. Does this not mean that either way I get a copy? Does it mean that I don't get a copy unless disney waives rofr? Does it mean that someone in the contracts dept is behind & just hasn't sent it out yet? Sure would be a little more helpful than, "not yet." Anyone else working with fidelity help me out?
     
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  3. PCMama

    PCMama Mouseketeer

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    I got a copy of the signed executed contract when they sent it for rofr after the sellers signed. Do you know if they signed? I found calling fidelity results in a much better response vice email.
     
  4. kkolbusz1

    kkolbusz1 Mouseketeer

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    They said it was signed & sent to rofr on the 20th
     
  5. PCMama

    PCMama Mouseketeer

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    You should have gotten a copy of the contract. I would call the contacts person and ask her or call Sharon on the phone. Mine went out that week and I got a copy of the contract.
     
  6. Illini Al

    Illini Al Mouseketeer

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    Ditto for me about 3 weeks ago. I got that same e-mail the OP got, but my contract was attached. Just waiting for the ROFR decision. Should be soon.
     
  7. kkolbusz1

    kkolbusz1 Mouseketeer

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    Apparently 1 of the contract coordinators is out & theres no one else that can send it. Huh
     
  8. PCMama

    PCMama Mouseketeer

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    Oh how weird. I know the one that sent it to me just got back from sick leave. That's so strange that no one else can send it.
     
  9. kkolbusz1

    kkolbusz1 Mouseketeer

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    I know. It all sounds a bit fishy to me...
     
  10. PCMama

    PCMama Mouseketeer

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    You.could threaten to rescind if you're still in the 10 day period for the contract.
     
  11. Missyrose

    Missyrose DIS Veteran

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    It's not fishy, they aren't trying to pull one over on you. Evy sends all of Fidelity's contracts and if she was out, she may just be try to catch up. Call Sharon and see what the status of your contract is.
     
  12. kkolbusz1

    kkolbusz1 Mouseketeer

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    I just don't see why someone can't send it. I don't know why there's only ONE person that handles everything contracts. I'm not throwing a fit or anything I just don't get why it wasn't attached with that email like it was supposed to. I'm assuming whomever sent that email was supposed to attach it with that. Everything still went thru to disney & it's in process to ROFR now.
     
  13. Thumper4me

    Thumper4me Planning my next trip

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    At least yours went to ROFR in a reasonable time frame. I made an offer on March 13th and it was accepted. I was told there were short staffed so I didn't get the contracts until March 19th. As of this morning, March 27th, I was still waiting to find out if I had been sent to Disney for ROFR.

    I found out after e-mailing Sharon that the seller still hadn't signed their paperwork! :eek: I e-mailed that I was going to cancel the contract if the seller doesn't execute by today - as it was written in the contract - today was the last day for the contract to be executed. Miraculously, the seller's paperwork showed up. :rolleyes2

    So, finally two weeks later I have finally been submitted to Disney for ROFR. I hope the rest of this sale goes more smoothly.

    I do realize it is not Sharon's fault but I wonder if I had not e-mailed if things would have gotten done.
     
  14. kkolbusz1

    kkolbusz1 Mouseketeer

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    they can't send anything to rofr until the seller gets everything in, I was waiting on that too, wondering, hello! why aren't they sending it in, we sent ours back w/in hours. hopefully we'll both get good news & hopefully they'll be quick to get final documents in! crossing my fingers for both of us!
     
  15. Thumper4me

    Thumper4me Planning my next trip

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    kkolbusz1,

    I hope you are right and everything goes well from here on out. Good luck getting through ROFR. ::yes::

    Kelly
     
  16. fmer55

    fmer55 DIS Veteran

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    Everybody relax, and I would say take back half of your Fidelity bashing, not all,just half. Sellers are a fickled bunch, some people are selling because of hardship and do not want to let go of their DVC. Some people are upside down on a contract and are going to have to pay money also just to get rid of something they do not want. There are many reasons for sellers to drag their feet. They are not looking forward to having points and planning vacations like buyers are.

    My contract passed ROFR on Feb 26th, closing docs received by myself and seller on Friday March 8th. I needed 2 days to deal with banking so my contracts were in title company's hands on March 13th. When I perused the closing documents I noticed that seller is in arrears on dues and owes money to Disney finance. He has still not sent his contracts back in and is claiming to be out of town until April 4th and then contracts will be executed. Who knows if this will happen, but it certainly is not Fidelity's fault.
     
  17. JimMIA

    JimMIA A little Miami humor...

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    Actually I would argue that you should have been notified of the legal and financial status of the account before you made an offer. Brokers are supposed to conduct due diligence, and they should have known. And if they knew, they should have told you so you could make an informed decision about whether this was someone you wanted to do business with.

    It is possible the seller could have withheld that information from Fidelity, but given their well-established record of administrative excellence I think it's far more likely they didn't bother to ask any questions. To add insult to injury, they're going to charge you $195 for not doing what every other broker does well for nothing.

    Good luck with your contract.

    If you have any further problems, remember that none of this is your fault and you have every right to get your money back and move on.
     
  18. fmer55

    fmer55 DIS Veteran

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    Jim, you are an ardent Fidelity basher. I would argue that exactly what you described is called Estoppels. The other problem, again, is the seller. I am sure he did not call up and say, hey, I am a deadbeat and I need to sell.

    I do agree that Fidelity is not without fault, but Fidelity is a different animal in that distressed contracts are pushed their way by Disney. Which, of course, is going to create a whole new set of potential problems.

    And, I fully understand none of it is my fault, I understand whose money it is, and I understand why I have a contract for $75 pp. I knew all of this going in and am hoping for the best. Thanks for the input.:thumbsup2
     
  19. JimMIA

    JimMIA A little Miami humor...

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    If pointing out incompetence (this situation, and possibly yours) and objecting to unethical conduct (withholding legitimate offers on co-brokered deals to try to get the full commission -- to the detriment of their customer, the seller) is bashing, I plead guilty.
    Estoppel is very late in the process -- part of the closing preparation. Other brokers ask all of those questions up front.

    I don't know if you have SOLD a DVC contract, but I have and I can tell you that other brokers send you a form that asks specifically about those questions...as well as estate, divorce, bankruptcy, and litigation. Obviously a seller could lie, as I mentioned above, but the fact remains that Fidelity constantly gets surprised by this stuff and nobody else does. It's like every transaction is their first.

    I don't know the terms of Fidelity's agreement with Disney. I doubt they are forced to take distressed contracts, but I guess it is possible. Honestly I don't think it matters whether they are taking the listings because they think they can make a buck or they have to.

    The fact is, they do have some distressed contracts, and yes, distressed contracts often present special problems. But the question is not what they are working with. The question is how they handle their responsibilities.

    If I had a business which was composed partly of selling distressed goods which presented special problems -- AND I repeatedly had serious issues dealing with those problems -- I'd ask myself how I could do better.

    If I saw other brokers sending their sellers a form asking questions about legal and financial impediments to a neat, clean transaction...I just might try that myself.

    If I repeatedly had customers complaining about things slipping through the cracks, lack of responsiveness, etc, etc...I might consider staying open at least one day on the weekends...or hiring more personnel...or hiring better personnel.

    If I had the problems that Fidelity has had since the start (when they were GMAC), I would fix some of the problems instead of saying "Oh well, we're shorthanded." When you CHOOSE to be shorthanded, that's a lame excuse.
     
  20. dbs1228

    dbs1228 DIS Veteran

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    I have to agree with JimMIA all of the above. I have worked with Fidelity and TSS on several resale contracts and trust me there is no comparison. I am surprised at this point Fidelity has not hired another agent - they seem to have a problems getting back to people, agents always have too much on their plates. I am not saying I will not work with Fidelity, unfortunately they seem to have the better contracts, but I know what to expect. As a seller... well my business will always go with TSS.
     
  21. fmer55

    fmer55 DIS Veteran

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    I would think all of the major companies use a form similar to this?

    http://www.fidelityresales.com/dvc-listing-kit.pdf.

    Not looking for a debate and certainly not looking to prop up Fidelity, I just think your posts are not fair to people looking to purchase. I was told by an agent when I made an offer from one of the big 4 that I should call back when I wanted to make a serious offer. I was in contract a week later at the same price they would not present.

    My whole point is I think you are doing buyers on this forum a disservice by giving them reservations about the company that I personally think is most willing to present any offer. As well as having as much, if not more, inventory as any other company. By discounting them all together you are selling yourself short as a buyer.

    Any further discussion should take place at WDW at a pool bar of your choice:drinking1
     

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