Advice needed- resale contract

[DianaMB333]

Hi

I need your advice please on how to manage a resale contract with Fidelity (and First American Title).

Dates:
- Offer made: April 27th
- Sent to Disney -RoFR: May 5th
- Disney waived ROFR: June 18th
- Closing docs received: yesterday, Aug 12th (55days!)

The contract signed with Fidelity says that the contract should be closed within 90 days (end of July)

In between of the dates I have sent several emails following up on the closing docs and the answer was that Title company was behind schedule due to a massive influx of closings.

last week I spoke to them asking for the deposit back as I didn't receive the closing docs because of the Title company lack of operational capacity, they said that I would receive more information on such request; and also offered some waive of the fees.

however I haven't heard anything else from them; and yesterday I received the closing docs with the original fees included but they haven’t answer the follow up questions from the conversation etc

Questions:
- Due to the delay between ROFR and getting closing docs, do I have the right to ask for the deposit back?
- Now that the closing docs are with me, am I obliged to continue and paying?
- At this point, what rights do I have as buyer?

It is a good price but I dont like how Fidelity has managed communication appropriatedly (or the lack of), I have the feeling that they are not answering my questions only to let time to pass by and put a penalty on me .. somehow It just doesn't feel right

what would you do?

Thanks!

 

[poofyo101]

Everything is being delayed right now. Likely not singling you out but just behind. If you like the contract I would just proceed and be done with it. Was your title company First American? They take longer than Mason.

 

[davidl81]

If its a good contract and you have the closing docs I would just buy it. If you start the process over again it will likely take you over 2 months to get to the point you are at now assuming it passes ROFR. It sucks that it got slowed down, but (and maybe I am soft hearted) this COVID thing has effected companies a lot differently so tend to give people a slide on extended delays at least right now.

 

[Sandisw]

If the contract has not closed by the closing date, it should state your options, Most of the ones that I have done allowed me, as the buyer, to cancel and get my contract back.

Read it over to see what the original agreement says. Then you have to decide if you are willing to still Buy it and close, or back out and start again.

My newest contract closed a week late and I knew that when it took 2 weeks to get closing documents...no where near your 55...but went through anyway because I wanted it and it was a great one.

 

[dvc lover 1970]

First of all everything I have read had pointed out that all resales are running behind. Also with resale you have no guarantee to time frame. I had one resale that took close to 8 months to go through rofr for various reasons another that went through in under 30 days.
I have had contracts where the seller backed out after going through and passing rofr. You never know. If you as the buyer want to back out now I think you can but you may loose your deposit. If it is a good price I would keep the contract especially since rofr has kicked back up again.

 

[EM Lawrence]

Disney is running behind in resale, but I am using Mason Title for a Fidelity contract and they have been johnny on the spot. I got my closing documents 48 hours after Disney waived ROFR. I think this is a problem with the title agency, and not with Fidelity. I believe you do have an out since the contract did not close by the date specified. But if it was me, I would close and just never use that title agency again. Don’t cut off your nose to spite your face.

 

[RoseGold]

Also with resale you have no guarantee to time frame.

This is not true at all. It's why the contracts have timeframes and closing dates. OP needs to decide if they still want this contract and read it carefully for their options.

If the seller didn't return the closing docs by the closing date (which it sounds like they did not), OP might be able to get the deposit back. OP needs to READ their contract.

 

[DianaMB333]

This is not true at all. It's why the contracts have timeframes and closing dates. OP needs to decide if they still want this contract and read it carefully for their options.

If the seller didn't return the closing docs by the closing date (which it sounds like they did not), OP might be able to get the deposit back. OP needs to READ their contract.

The contract stated closing date by end of July but I have been calling and writing to ask the deposit back but no answer so far... reading the closing docs it says that I have 14 days to answer or lose the deposit... so it sounds like they want the time passing by on my end to claim that it was me...

The deal is good but I dont really need it but mostly I don't like being played at

 

[poofyo101]

The contract stated closing date by end of July but I have been calling and writing to ask the deposit back but no answer so far... reading the closing docs it says that I have 14 days to answer or lose the deposit... so it sounds like they want the time passing by on my end to claim that it was me...

The deal is good but I dont really need it but mostly I don't like being played at

If you want the contract just get it done.

I would not think so much emotionally in it. Somethings happen sometimes, especially now with all the crazy delays, but if you want the deal just proceed with it. Thats my .02

 

[sethschroeder]

They are all licensed real estate agents right? In that case I would outline if you don't hear by X then I would go to whatever agency regulates them (you would have to look it up).

No response via email or phone is unacceptable.

Now I would only take that action if you don't want to bug through them in the future, want out of the contract, and have tried contacting them via email and phone multiple times already.

 

[kniquy]

At this point, what rights do I have as buyer?

Honestly we all need a little more understanding these days. The whole process is frustrating during good times and these days the process is taking much longer. If you were asking for your deposit back - to me that is saying you don't want to continue with the contract purchase. In that case, you would actually forfeit your deposit and walk away. Seeing you are this far in the process just finish it up and soon it will be done and in the past. You won't have to deal with that company again in the future.

 

[RoseGold]

If you were asking for your deposit back - to me that is saying you don't want to continue with the contract purchase. In that case, you would actually forfeit your deposit and walk away.

WHAT???? That isn't what the contract they signed said. It said closing was in July, which didn't happen, and wasn't OP's fault. She was promised a closing weeks ago. As a buyer, OP deserves the deposit back, because that's what the contract said. You can bet that if she hadn't crossed her t or dotted her i, they'd expect her to follow the contract.

 

[Sandisw]

The contract stated closing date by end of July but I have been calling and writing to ask the deposit back but no answer so far... reading the closing docs it says that I have 14 days to answer or lose the deposit... so it sounds like they want the time passing by on my end to claim that it was me...

The deal is good but I dont really need it but mostly I don't like being played at

I think 55 days to receive closing documents is pretty long...my timeline was almost identical for offer and ROFR and we closed 7/7 and I would send an overnight, letter requesting the deposit so you are still within the 14 days, and continue to call the contract was not fulfilled as stated.

 

[ForWhomTheMouseTolls]

That’s ridiculous. These title companies sound absurdly bad.