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

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

  1. nkosiek

    nkosiek Mouseketeer

    Joined:
    Mar 11, 2013
    Messages:
    296
    As someone who is looking to buy my first contract, I've encountered a lot of the negatives that Jim listed in terms of people who don't get back to you, are lax in communication, and generally seem to take a devil-may-care approach. You're right in that they do seem to have more/better contracts on offer but seriously, how long does it take to get an answer from a seller as to whether or not they like an offer? I waited 6 days on one offer and am waiting two so far on another. I know when I've sold things in the past, I want to know about offers ASAP and I get back to agents/buyers as soon as possible. I'm not sure how much of the problems I've been encountering have been sellers/Fidelity/both, but I do believe Fidelity has to do a better job of getting info to/from sellers at a faster pace.
     
  2. Avatar

    DIS Sponsor The Official Ticket Center is Orlando’s #1 discount attraction ticket agency, selling millions of Walt Disney tickets around the world.



    to hide this adverts.
  3. fmer55

    fmer55 DIS Veteran

    Joined:
    Mar 14, 2012
    Messages:
    523
    You are looking for your first contract and have a bad taste in your mouth. Move on to another company/call your agent every morning/submit offers that are only good for 24-48 hours, in writing. If I were on my first contract and not hearing back I would move on. I have done 3 contracts with them and made at least 30 offers with them. This is my first problem and I have been dealing with them on and off for just about a year.

    But in all seriousness, if you find them lacking professionalism are you really comfortable with them handling a 10-20 thousand dollar transaction? My advice is move on.
     
  4. JimMIA

    JimMIA A little Miami humor...

    Joined:
    Feb 16, 2005
    Messages:
    11,544
    Yes, similar, although the ones I've seen were more detailed about the information in section IV on Fidelity's listing application. At least they are asking some of the right questions, and that's a good thing.

    Having said that, Fidelity really seems to struggle with those issues. It's nice that they collect some of the information, but their track record makes me wonder whether they read any of it.

    Having problematic listings is one thing. Failing on a pretty consistent basis with problematic listings is another. Any time there is a thread about a seller unable to close, most of us don't even have to think about which broker is involved. We know.


    Don't know what to say about that. I don't think much of that attitude because I think a broker has an obligation to present all legitimate offers, regardless of whether they think the offer will be successful.

    OTOH, they may have known full well that that particular seller would not even consider the offer, nor consider the person tendering the offer a serious buyer. They may have been trying to do you a favor with a reality check on that particular contract/seller.

    I've been there, done that, as a seller -- telling the broker not to give any response at all to a lowball offer because I didn't think the prospective buyer was serious. The buyer came back with an offer $1 lower than my asking price (about $10 higher than their original offer) and I told the broker to move on. Sold it to someone else who I thought would be a better buyer.

    That's your personal opinion. I'm sure there are many who agree with you, and many who agree with me. That's what discussion boards are all about.
     
  5. kkolbusz1

    kkolbusz1 Mouseketeer

    Joined:
    Mar 10, 2013
    Messages:
    194
    Well glad we got all that straightened out. All i was askin for was my attachment. Didnt think it would start a whole debate ;-]
     
  6. ELMC

    ELMC DIS Veteran

    Joined:
    Jul 4, 2011
    Messages:
    1,981
    I agree with the point here. I enjoyed reading the respectful debate between the two of you.


    I think you need to be careful here Jim. What makes a "legitimate" offer is subjective. I have successfully bought contracts at prices significantly below asking price. So while you may not have thought my offers were legitimate, the sellers did, because they accepted. Brokers have a responsibility to present all offers, without being the arbiter of what makes a legitimate offer.

    That's understandable, because you're new here. This is what happens in just about every thread. Consider it a kind of conversation evolution.
     
  7. JimMIA

    JimMIA A little Miami humor...

    Joined:
    Feb 16, 2005
    Messages:
    11,544
    Right. I didn't phrase that well -- I meant the offer was legitimate from the prospective purchaser's point of view...not the broker's.

    It's NOT the place of the broker to decide which offers merit presentation. I think the broker has an obligation to tell the prospective buyer they don't think an offer is realistic, but they shouldn't tell them "Call me back when you're serious."

    By the same token, the broker should not delay presentation of co-brokered offers in the hope of increasing their commission. Not only does the listing broker have an obligation to the other broker and prospective buyer, they are not being fair to their own listing customer when they pick and choose which offers they present when.

    The idea of presenting all offers as expeditiously as possible is not just sound business sense. It's also specifically mandated by the national real estate code of ethics.

    Sellers can, and do, make judgements on the legitimacy of offers every day...and that is the seller's prerogative. Buyers do the same thing. Nobody wants to waste their time with someone who is not serious, who really can't go through with a sale, or who is going to be high maintenance and problematic. "Ain't nobody got time for that!"
     
  8. JimMIA

    JimMIA A little Miami humor...

    Joined:
    Feb 16, 2005
    Messages:
    11,544
    I think this is very sound advice.

    The problems of doing business with Fidelity are pretty well known here, and even Fidelity fans will admit that you have to be willing to accept some things. I think most folks do business with Fidelity a) in the hope of getting a lower buy-in price, and/or b) Fidelity has a specific contract that fits their needs perfectly that they can't find elsewhere.

    It should surprise noone that you have to be more patient, and you have to work a little harder doing business with this broker. That extra effort/patience is worth it to many for the possibility of getting a lower price.

    I also think many prospective buyers could save themselves a lot of hassles by doing more of their own due diligence. It is not hard to find out what an owner paid, and what their original mortgage was on a DVC contract. If they are in arrears in either dues or payments, there might be a lien on file that would tip that off. If a contract is mired in some legal entanglement, that might be disclosed by public records checks. If there are potential problems evident, move on to another contract that doesn't have those risks.

    The buyer could also question Fidelity specifically about issues like divorce, probate, bankruptcy, owing more than the sales proceeds will yield, etc, etc. Sure, the seller could have lied to Fidelity, but if you don't bother to ask the questions, whose bad is that?

    Those extra steps take time and effort, but if you're buying from a pool where many contracts are distressed, doing some of your own work to try to identify potential problems is probably a sensible precaution.

    I don't have any reservations about Fidelity's ability to handle transactions successfully, but I personally would not go through all the work above to buy a timeshare. A dream house, certainly -- but not a timeshare.
     
  9. Thumper4me

    Thumper4me Planning my next trip

    Joined:
    Mar 1, 2007
    Messages:
    507
    I am not bashing Fidelity in my above post. I did mention that it was not Sharon's fault that the seller did not return the paperwork. I did check the comptroller's site to see if there were problems with the contract since they had not returned the paperwork. It was fine. I am hoping the rest will go smoothly but I now know that I need to stay "on top" of the transaction. I have never had to do that with TTS.

    However, I have to say I am not impressed with Fidelity. Here is my example why: I placed an offer on a contract. It was accepted but then the seller changed their mind about some issues, then there were not as many points in the contract as originally listed - which prompted more negotiation. In the end, I withdrew my offer. The contract is back up on Fidelity's site - with the WRONG amount of points still listed. To me that is just sloppy.
     
  10. quinnc19

    quinnc19 DIS Veteran

    Joined:
    Feb 18, 2008
    Messages:
    765
    I was expecting to get a better price from them in my recent Vero contract negotiations but that did not turn out to be the case. In addition they charge higher closing costs than TSS plus the 195 admin fee.
     

Share This Page