Advice needed

[brinkley07]

We have an accepted contract, but I'm really worried. We signed 1/23 then we were contacted 3 days later because the contract needed to be rewritten and resigned due to an issue with the sellers trust. Then we were notified on 2/16, when I called to check on ROFR status, that after it was sent to ROFR it was flagged on 2/7 for issues due to ownership and trust. The company has been great about informing me what is going on and working with the sellers to rectify issues, but mentioned a sister contract was sold 2 years ago and may have issues based on what this round has uncovered. Although it seems that Disney will move it into ROFR we currently have no idea if it can truly close yet. Also, I'm worried that we could have issues down the road if it does. I'm beyond grateful for the hours spent by the company to try to rectify everything and speed the process along, but I'm honestly losing sleep at this point. Any thoughts/experiences appreciated. I need to sleep...lol

 

[AstroBlasters]

We have an accepted contract, but I'm really worried. We signed 1/23 then we were contacted 3 days later because the contract needed to be rewritten and resigned due to an issue with the sellers trust. Then we were notified on 2/16, when I called to check on ROFR status, that after it was sent to ROFR it was flagged on 2/7 for issues due to ownership and trust. The company has been great about informing me what is going on and working with the sellers to rectify issues, but mentioned a sister contract was sold 2 years ago and may have issues based on what this round has uncovered. Although it seems that Disney will move it into ROFR we currently have no idea if it can truly close yet. Also, I'm worried that we could have issues down the road if it does. I'm beyond grateful for the hours spent by the company to try to rectify everything and speed the process along, but I'm honestly losing sleep at this point. Any thoughts/experiences appreciated. I need to sleep...lol

If you are loosing sleep over this then it sounds like the resale process in general might be too stressful for you.

I’m not sure what can be done, if everything so far is within contract guidelines, that won’t involve you loosing your initial deposit.

At this point you are probably best off by letting everything play out and just accepting that the ultimate outcome is beyond your control. The seller and the broker both have a vested financial interest in getting everything worked out.

 

[pianomanzano]

You can't really do anything at this point except wait out the ROFR decision (and perhaps even until after the agreed upon closing date in your contract if it passes ROFR) if you want your deposit back. If there are issues pertaining to the ownership/trust such that they can't meet closing, that may be the only way you'll get your deposit back (again assuming it passes ROFR). Otherwise you'd just be forfeiting that deposit if you walk away now.

 

[brinkley07]

If you are loosing sleep over this then it sounds like the resale process in general might be too stressful for you.

I’m not sure what can be done, if everything so far is within contract guidelines, that won’t involve you loosing your initial deposit.

At this point you are probably best off by letting everything play out and just accepting that the ultimate outcome is beyond your control. The seller and the broker both have a vested financial interest in getting everything worked out.

We own resale already, so the resale process isn't the issue. The issue is a seller who has a problem with the trust and clear ownership of the contract. The company has already stated we can walk without penalty as this issue is not anything they've seen before and not a ROFR issue. My concern is getting clear and clean ownership with all the issues found already.

 

[brinkley07]

You can't really do anything at this point except wait out the ROFR decision (and perhaps even until after the agreed upon closing date in your contract if it passes ROFR) if you want your deposit back. If there are issues pertaining to the ownership/trust such that they can't meet closing, that may be the only way you'll get your deposit back (again assuming it passes ROFR). Otherwise you'd just be forfeiting that deposit if you walk away now.

The company has already stated we can walk at any time without penalty. The person I'm working with who handles contracts stated she's never seen anything like this in her lengthy career. Although the she and the company are amazing, we don't know if we can get clear title at this point. So even if we can finally get through ROFR we may have further title issues and never close.

 

[tom1944]

The company has already stated we can walk at any time without penalty. The person I'm working with who handles contracts stated she's never seen anything like this in her lengthy career. Although the she and the company are amazing, we don't know if we can get clear title at this point. So even if we can finally get through ROFR we may have further title issues and never close.

I would walk.

 

[_19disnA]

The company has already stated we can walk without penalty as this issue is not anything they've seen before and not a ROFR issue.

I would walk and try to buy a different unit that doesn't have issues. It's not like buying a house where that might be the only one you like on the market.

 

[CarolMN]

The company has been great about informing me what is going on and working with the sellers to rectify issues, but mentioned a sister contract was sold 2 years ago and may have issues based on what this round has uncovered. Although it seems that Disney will move it into ROFR we currently have no idea if it can truly close yet. Also, I'm worried that we could have issues down the road if it does.

If you decide to go ahead with this contract, be sure to purchase title insurance. If you do have issues, the title insurance company would be on the hook to resolve them, not you.

 

[pianomanzano]

The company has already stated we can walk at any time without penalty. The person I'm working with who handles contracts stated she's never seen anything like this in her lengthy career. Although the she and the company are amazing, we don't know if we can get clear title at this point. So even if we can finally get through ROFR we may have further title issues and never close.

Oh that changes things. I’d walk. It’s a complete buyers market right now, I’m sure you’ll be able to get a better deal.

 

[cvjw]

I would walk. No question. And find a different contract. Prices are falling so fast, you will likely find a better contract now. So many contracts for sale now - no reason to hold onto a challenging one.

I tried to purchase a resale contract that was part of an estate. Nothing but headaches from the start. Eventually had to pull out of the contract after ROFR when the sellers wouldn’t sign the closing documents. Wasted so much time. Found a better contract though.

 

[Robbie Cottam]

I would not walk away, I would run!

the delay has only given you a better market to search in…..

it is stories like this why I don’t even look at resale listings anymore…..

im sure issues like this make up a small percentage of the total sales… but when there is an issue it’s huge….

luckily it sound like you are working with a good broker if they will let you out.

 

[RoseGold]

The company has already stated we can walk at any time without penalty. The person I'm working with who handles contracts stated she's never seen anything like this in her lengthy career.

Come on, that means walk away.

Plenty of other contracts.

 

[tom1944]

The company saying you can walk away anytime without penalty tells me they don't even want to deal with the contract until the issue gets resolved.

 

[Sandisw]

Honestly, unless it is the perfect contract, I would cancel it out and get your deposit back.

 

[heynowirv]

As others have said...Don't walk RUN from this contract. When something quacks like a duck it's a duck.

 

[intamin]

Honestly, unless it is the perfect contract, I would cancel it out and get your deposit back.

Agreed. Especially with the way the resale market is going you'll likely get a better deal right now, unless it's a rare contract like AUL sub or something you're likely better off just starting over.

 

[Cfabar1]

Get out while you still can….

 

[brinkley07]

Thank you everyone for taking the time, and I appreciate the input!

 

[JPKanks]

We have an accepted contract, but I'm really worried. We signed 1/23 then we were contacted 3 days later because the contract needed to be rewritten and resigned due to an issue with the sellers trust. Then we were notified on 2/16, when I called to check on ROFR status, that after it was sent to ROFR it was flagged on 2/7 for issues due to ownership and trust. The company has been great about informing me what is going on and working with the sellers to rectify issues, but mentioned a sister contract was sold 2 years ago and may have issues based on what this round has uncovered. Although it seems that Disney will move it into ROFR we currently have no idea if it can truly close yet. Also, I'm worried that we could have issues down the road if it does. I'm beyond grateful for the hours spent by the company to try to rectify everything and speed the process along, but I'm honestly losing sleep at this point. Any thoughts/experiences appreciated. I need to sleep...lol

Let this one go and turn your time and attention to looking for new deals.