What other Delays can be Expected??....

Discussion in 'Purchasing DVC' started by darby888, Jan 24, 2013.

  1. darby888

    darby888 DVC Member

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    This will be my first time selling a contract. It's a VGC contract with **********. I originally purchased 160pts at $88pt before the resort opened.

    We have found that it is so difficult to get a room there, any room on short notice ( I mean 3 to 5 months notice) and we only have the one resort here in CA.

    We really enjoy our yearly trips to WDW and have put an offer on a resale 175pt contract at SSR. We will net almost 4K after closing costs and commision after the exchange:

    However, we are finding our VGC contract isn't progressing as smoothly as I would expected. Can anyone provide their experience? What else can go wrong or delay the processed? My contract says I should close on or before 2/01/2013.


    12/4 - Offer accepted & Documents emailed to buyer and seller
    12/6 - Documents Rtn'd
    12/7 - Sent to ROFR
    12/27 - Passed ROFR
    1/10 - Email recv'd from title company with copies of buyer's requested revision of Escrow Instructions. Per the title complany my copies were mailed on the 4th. but they never show up. We're both in California, so the title company emails them to me.
    1/12 - Email back my signed Escrow Instructions to title company
    1/18 - Per title company and broker, buyers paperwork have been received but they are just waiting on Disney to return Estoppel.
    1/21 - I contact Disney directly and am told that the Estoppel was emailed to title company on 1/02!! She provides me the email address to the title company that it was sent to and I verify it's accurate.
    1/22 - The title company and broker state the email fell thru the cracks and a rep from the title company is working with someone in member services to get another copy.
    1/23- I call Disney again first thing in the morning and speak to the same very nice rep at Disney's Estoppel dept & ask if she can resend the email to the title company here in CA. She even offers to call the title company when they open at 9am to confirm it's received. She even went out of her way to call me at about 9:30am to let me know that she spoke with the title company and confirmed email with the Estoppel was received by them...
    1/24 - Waiting....
     
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  3. a742246

    a742246 And, and, and I caught a fish this big!

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    Hopefully you will close within the next week. Here is some pixiedust:.

    Good luck!
     
  4. lodge

    lodge DIS Veteran

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    "Fell through the cracks" is not a good thing... there's your first delay. Is it that you are waiting for the proceeds to complete your transaction? I was told 60 days from offer accepted to DONE and that was conservative.

    Sorry it didn't work out in your home area, going across country for your Disney must not be too easy (taking time changes into account also).

    We wish you luck in others getting their Donald's in a row!
     
  5. darby888

    darby888 DVC Member

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    thanks for the well wishes....:flower3:

    my closing documents were emailed to me thurs afternoon and I had them notarized and ups'd with sig req'd ystrdy.....fingers crossed.
     
  6. ELMC

    ELMC DIS Veteran

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    Good luck with your closing. I understand that it's frustrating when things don't go according to the expected schedule, but sometimes that's the way it works with resale. I had a contract that I was buying take nearly 4 months from start to finish to the point where I almost lost the ability to use a year's worth of points. In the end, getting stressed over it isn't going to help. Just make sure you stay on top of things and move them along as best you can. Good luck. :)
     
  7. darby888

    darby888 DVC Member

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    Your right!

    This is what's frustrating....10% commission should include the broker stay on top of it. But since I need a portion of the proceeds to fund the next purchase, I will stay on top of it
     
  8. rmcildw2m

    rmcildw2m DIS Veteran

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    when buying or selling resale it always seems to take forever ,I don"t understand it either as I have done both .
     
  9. darby888

    darby888 DVC Member

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    1/24 - Closing documents recv'd via email

    1/25 - Notarized & Rtn'd

    1/31 - Escrow Co. receives buyer's final funds and documents

    2/1 - Deed sent to be Recorded....

    2/6 - Escrow Closed Today :)

    2/8 - I receive my Seller's check from Escrow Co. in the mail today. :thumbsup2


    My contract listed "close on or before 2/01/2013", so my timeline came pretty close. It could have & should have closed sooner....

    Lesson Learned - It's VERY important to keep monitoring the progress so your contract "doesn't fall thru the cracks" like mine tried to.
     
  10. Deb & Bill

    Deb & Bill DVC-Trivia Contest, Apr-2006: Honorable Mention

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    I guess I don't understand, other than getting $4K back from the original purchase. But do you think you will be able to get a resort 3-5 months out with SSR points? It is still difficult to get a resort at 3-5 months out. And they haven't built any more at DLR. I guess I am just confused why you are buying another contract.
     
  11. cel_disney

    cel_disney DIS Veteran

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    I read it as they like to go to WDW so they can sell VGC for a higher price and buy SSR for a lower price and still be in the club with ability to book at WDW for their yearly vacations with booking window privileges since that's where they expect to use it....right???
     
  12. disneynutz

    disneynutz DIS Veteran DIS Lifetime Sponsor

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    So even with the problem you closed in 62 days. The average is 60 days, it could have been worse. Good thing that you followed up.

    :earsboy: Bill
     
  13. disbound09

    disbound09 Mouseketeer DVC Gold

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    62 days not bad but could have went smoother. Congratulations!! Good luck on your purchase.
     
  14. shwn

    shwn Earning My Ears

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    Congrats! Happy all went well finally. I know all those small hold ups are frustrating when you are either waiting for your money or your points.
     
  15. darby888

    darby888 DVC Member

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    Yes, I'm good with whatever is available at 7 months, whether it be a split stay or possibly wait listing....We are quite flexible.

    This year (we just passed ROFR on the SSR contract, fingers crossed) we are planning on staying at an SSR studio for 2 nights, take a 4 night Disney Dream Bahama cruise, then return to SSR for 3 or 4 nts in a 1BD.

    We purchased the Tables in Wonderland discount last year for our Nov '12 trip and plan on taking advantage of it again before it expires. I think SSR is ideal for this. You have the only deluxe resort counter service taking it as well alot of choice restaurants in Downtown Disney for our dinners that take it as well.

    We visited SSR on our last trip and pool hopped there. It is a very nice resort with an upscale golf club house vibe. It's perfect for our style of vacationing. Sleeping in, late breakfast, a few hours at a park or the pool (we never spend more than 4 to 6 hours at any of the parks) then a nice dinner.

    Disneyland is so condensed and it's very convenient, but when we go to WDW, we devote more days since were paying the airfare to get there and the options are so abundant. We love it. We are immersed in the World and vacation mode. No driving. No outside world... it feels like an all inclusive resort. At disneyland, we don't feel like we truly let go and unwind.

    In 2014, we'd like to go back to Aulani once the construction is done. If nothing is avail, we might try our luck with a split stay between Vero Beach and WDW. Love the possibilities....:yay:

    And yes, $4,000 was plenty of reason to let go of one for another since the home advantage didn't work for us. pirate:
     

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