Correct! I mean that's the way I see it happening. Either way they screwed up either by mistake or intentionally. And yeah at this point I'd like the $25pp stipulated in the contract as I'm on the hook for the dues by January 15th. And I'd be lying if I said that I think that's going to happen easily. I just DO NOT want to get involved in a legal battle.
All I can say is I’m very sorry for all this, and Good Luck. You need to read your contract and talk to the broker and title company about enforcing that stipulation. It seems to me that someone should have verified all points were there before the contract went to closing, and the title company shouldn’t have released funds from escrow until the points were in your account.
Do title companies release funds to the seller after the point are in the buyers account? I’ve never sold a contract so not sure how that process goes, but as a buyer I’ve never had a title company reach back to ask if/when points were loaded and if the points were correct.
One broker did ask me to confirm once points were loaded in my membership (dvcbyresale.com), but I don’t think that had to do with when the funds were released to the buyer - just more to check everything had gone through ok and get an idea of timescales. Generally funds are sent to seller straight after closing.
Interesting, learned something new. Had 4 resale contracts with 4 different brokers/3 diff title companies and never had one ask if points were loaded. This is always my fear buying resale, I’ve found some brokers willing to share screenshots of dashboards, others not.
I’ve not sold, only bought, but doesn’t the seller know when the points transfer occurs because the contract & points disappear from their membership/account?
In reality neither buyer nor seller need to deal with any extra waiting. The estoppel process should freeze the account and the transfer should be made much sooner than the couple of weeks it now takes. It's 2023 I think this just may be possible!
It is odd that Fidelity seem to be accepting some blame here by offering to make a booking for you, but on the other hand still think they can bill the Seller.
I believe that Fidelity is a licensed real estate brokerage. Maybe you should report them to the relevant Florida agency that oversees that license. Consider possibly reporting them to the Florida AG, maybe the BBB? What about the entity that released your funds from escrow without ensuring that you had taken possession of the property? They must be under some state oversight. You are out of some significant value in terms of dues you’ll have to pay, not to mention not having use of the points themselves.
I'm going to give Fidelity a chance to make it right. As a larger brokerage they should absolutely be paying out the penalty and going after the seller. They won't. But I'd like to see if we can come up with a more amicable solution before I start down that path. Again what did I pay Fidelity and DVC Title such large fees for if they weren't going to guarantee a smooth transition. After all these years of resale there should be some safeguards installed...I would think anyway.
What I'm wondering is if Fidelity "owns" BCV points as they said they do...why can't they transfer those points to my membership if they are willing to use those points to book me a vacation anyway? I just want the 150 points I'm out. I'll gladly pay the dues and decide what I want to do with those points at my leisure. Unless peopel here who have more experience renting can tell me if I should be booking a coveted reservation for next year and sell that instead? Which again I don't want anything except the points I legally purchased.
This is definitely rare but I'll tell you what...Cammy is on my email chain with Fidelity! Ask her when that snapshot comes in. Day before closing? Day of? A week before?
