About closing...

[DVCKaren]

Once financing has been secured for your DVC property, is there a reason why closing would not happen or is there anything else that would delay a closing?

 

[BobBrazeal]

I'm assuming that you are buying directly from Disney.

There is a mandatory 15 day waiting period. This starts from the date you put on all the documents that you signed. After that date, Disney starts processing the paperwork. After "a few days" (Disney's words) you will go on the closing list. They do all their closings on Wednesdays.

For example, I signed all the paperwork on an add-on at VWL on 4/28/01. Sent the papers back. Fifteen days would put me at 5/13/01, a Sunday. However, since there are "a few days" to get all the paperwork ready after the waiting period, mine won't close on Wednesday the 16th but on Wednesday the 23rd.

 

[DVCKaren]

Yes, we are buying from Disney, and I understand the process you described. But my question is more related to what can go wrong to prevent closing from happening after you are approved for financing.......maybe there really has never been a case where that has happened, but I am just wondering.

 

[prncssjas]

Hi DVCKaren. I think I know what you mean...usually, the only thing that can go wrong is if you are financing with Disney/aren't paying your points in full cash and your credit is rejected. However, I do not know of anyone who didn't get the credit approval. Once you get your letter stating that you have received credit approval, nothing that I am aware of can stop you from joining. Did this get at your question? Hope so!

 

[ronw]

Karen,

Nothing can go wrong! The closing is the official recording of the deed and mortgage and disbursment of funds to the appropriate parties. Since you are buying from Disney, the title search is not a problem, you've been approved for your loan so the money issue is settled. One of the things that can "mess up" a re-sale closing is if the seller cannot show clear title. Relax - no worries! Conratulations!

 

[DVCKaren]

Yes it did, thank you. We have already been approved, so I guess there is nothing more to worry about.

 

[Doctor P]

Closing can be delayed, however. Ours was delayed when DVC made some changes in the Public Offering Statements and they were required/wanted to give everybody a chance to read the chances and reevaluate their purchase decision. We were delayed about a month for closing because of this.

 

[BobBrazeal]

That's great. Glad it all came through.