Waiting to close - ugh!

Discussion in 'Purchasing DVC' started by cuteinnocent, Feb 21, 2013.

  1. cuteinnocent

    cuteinnocent Mouseketeer

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    1st time buyer here, for VGC. Passed ROFR on 1/7/13. They received my docs and payment on 1/29. Since then been waiting to close. I've been bugging the title company constantly for the status.
    At first they didn't receive the seller's docs. They said he had questions about the fees. Finally received his docs on 2/15. But, I guess it was under a loan so he still had to pay and didn't return payment with docs, was going to pay Disney. He paid yesterday and now the title co. is waiting for confirmation of payment. This has been so annoying, they've had my money for all this time when I should be getting interest (it's for 310 points so a lot!). Plus I plan to make DVC reservations for this year, it's probably getting late to get much now so probably can only go to WDW in December. I guess all I can do is keep waiting, or any other suggestions?
    She says after confirmation of payment she has to send in the info for Disney to record which could take a couple weeks.
    Unbelieveable things take THIS long, I recently bought a condo that closed in 10 days which was a WAY bigger transaction than this!!
     
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  3. CarolMN

    CarolMN DVC Co-Moderator Moderator

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    Sorry it's taking so long - I know that is aggravating!

    FWIW, you can't book anything at WDW until 7 months prior to your desired check-in date since you will be using VGC points. The 7 month window for December doesn't open until May. You will be able to get something for December (except possible NYE) if you book right when the window opens.

    If you want to go WDW sooner than December, I'm sure you will find something then, too. In fact, December is more difficult to get at 7 months than all of the summer months and I'm sure there are still plenty of openings for that time even now. Not every villa size or every view at a particular resort may be available, but if you have some flexibility with dates,. resort choice and/or villa size, you will find something that meets your needs.

    Hope we can officially welcome yo home very soon!
     
  4. disneynutz

    disneynutz DIS Veteran DIS Lifetime Sponsor

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    Buying resale can take 75 days if everything goes as expected. In addition to sellers not being in a hurry to part with their ownership, (my theory is that people hate to part with anything), Disney takes their time and delays the process.

    :earsboy: Bill
     
  5. Minnies Dad

    Minnies Dad Earning My Ears

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    I'm sorry to hear about your complications. I was recent first time buyer (and now I am first time owner) so I understand. Ours went through much faster though - seller must have been much more motivated.
     
  6. barrylisa

    barrylisa Earning My Ears

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    We had a similar delay. Closed on Jan. 12--Finally in the Disney system last week! Never got to the bottom of what the hold up was, but the title company wouldn't return our calls, so my husband spoke with someone at Fidelity a few times one day, and the next day we were in the system. Although our paperwork shows Jan. 12 as the closing date, Disney has the date as Feb. 18??

    My advice would be to contact the title company, and if that proves unsuccessful, then the real estate company.

    Best of luck to you! :)
     
  7. lilpooh108

    lilpooh108 DIS Veteran

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    I just sold (and sent in my docs) and had no idea that I wouldn't get my check until 21 days after the deed is recorded since Disney has to complete the transfer.

    what?!!

    I mean, the minute I signed the deed, the property passed and literally the minute the deed was recorded the public is on notice.

    I was so surprised that Title is not releasing funds until after Disney does their internal transfer/set up of the buyer's account.
     
  8. cuteinnocent

    cuteinnocent Mouseketeer

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    This all doesn't seem right, that they keep all the $ for so long and we don't get the interest? They are making their money just from that, they've already had mine for a month and it still isn't completed.
    So today I did get an email update now finally that all the seller's issues are handled and the Deed and Waiver is being sent to be recorded. Getting closer, hopefully no more hold ups! :thumbsup2
     
  9. Scotch

    Scotch DIS Veteran

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    That has never happened to me before, and I've bought a number of timeshare resales (DVC and non-DVC) over the years. In my experience the title co always send the check around closing (upon notice of recording of deed). Is this a new practice? (I haven't bought or sold in the last 3 years.). Who is your title co.?
     

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