Anyone had this experience trying to buy resale?

[Simba's Mom]

This is very strange to us. We made an offer on a resale, the sellers made a counter-offer and we accepted it. Then the realtor sent us the contract forms, but just before we signed and returned them, she called and said that the sellers claimed they misunderstood that we had agreed to split dues and were balking, so to "hold off" on sending back the contract. That was 2 days ago, and we haven't heard anything back since. We're tempted to just forget this sale. It wasn't exactly what we wanted, anyways, but close enough. But in our previous 2 resale purchases (with different companies), everything has just gone so smoothly, we're puzzled by this. Anyone have this happen?

 

[Mama2Matthew]

We had a similar experience last year. There was a loaded 100 point contract listed for BWV. Since the contract was what we needed and loaded, we went ahead with the asking price. We completed the contract, sent our deposit money in, and waited to hear something. I didn't hear anything for several days and sent messages to ask if our contract had been submitted for ROFR. The agent wrote back that the seller didn't realize what they owed on the points and changed their mind. The agent held onto the deposit until we found something else. Our second contract got ROFRd and we ended up buying BLT when it was $92/ point. Things worked out for the best...

I wouldn't like being told to "hold off" and would probably pass on the contract. How long does someone need to make this decision?

 

[disneynutz]

When you are dealing with people anything can happen.

Sounds like they thought about it and they want a different deal. I would cancel the offer and look for another.

Several have posted that they don't understand why sellers drag their feet at the end of the transaction. Sometimes it's because they are upside down with their loan and they need to come up with money out of pocket.

Bill

 

[Simba's Mom]

Since we haven't signed anything nor sent in any money, I'm assuming that there is no contract at this point. Hopefully, all we have to do is if we hear from the realtor, we just say "No, thanks. We've changed our minds." I'm just so glad we hadn't sent the money to the company in HHI before this happened.

 

[twinklebug]

When you are dealing with people anything can happen.

Sounds like they thought about it and they want a different deal. I would cancel the offer and look for another.

Several have posted that they don't understand why sellers drag their feet at the end of the transaction. Sometimes it's because they are upside down with their loan and they need to come up with money out of pocket.

Bill

agreed.

They may also be fishing 2 lines - they have one on the hook (you) but the other line's in the water waiting to see if a better bite comes along. Two days is a long time in my opinion not to hear back. I'd call my agent and demand an answer as to whether they plan on going ahead or not by the end of today.

 

[cvjw]

If your gut feeling is to not go thru with the contract, than I wouldn't. We are in a contract to buy some BWV points. I had a bad feeling about our seller - they took really long getting back to us about accepting the offer, and then the counteroffer, and they took a week to sign their contract and return it to the broker. We really wanted the contract, so we went ahead with it. Flash forward to now - it has been 10 days since we passed ROFR, but we still don't have a final contract yet. Turns out the seller is missing some documentation that is required for the sale to go thru, and he is in no hurry to fix the situation. So we are basically stuck in limbo. I really wish now that I had listened to what my gut was telling me!

 

[manning]

Since we haven't signed anything nor sent in any money, I'm assuming that there is no contract at this point. Hopefully, all we have to do is if we hear from the realtor, we just say "No, thanks. We've changed our minds." I'm just so glad we hadn't sent the money to the company in HHI before this happened.

Are holding a contract that is signed by the seller awaiting your signature??

 

[Simba's Mom]

Are holding a contract that is signed by the seller awaiting your signature??

Nope, nothing is signed by anyone.
cvjw, I really feel sorry for you, but you've given me a lesson-unlike what Nike says, Don't do it! Thanks, now I feel more confident in our decision. The right contract will come along eventually.

 

[BWV Dreamin]

I would forget the sale. They are already having second thoughts on the terms now. Nothing to stop them from cancelling the whole deal the further into it you are. With Disney's rate at $80/pt., that is very competitve to resale, plus you will pay no closing. JMHO.

This is very strange to us. We made an offer on a resale, the sellers made a counter-offer and we accepted it. Then the realtor sent us the contract forms, but just before we signed and returned them, she called and said that the sellers claimed they misunderstood that we had agreed to split dues and were balking, so to "hold off" on sending back the contract. That was 2 days ago, and we haven't heard anything back since. We're tempted to just forget this sale. It wasn't exactly what we wanted, anyways, but close enough. But in our previous 2 resale purchases (with different companies), everything has just gone so smoothly, we're puzzled by this. Anyone have this happen?

 

[JimMIA]

We had a similar situation on our first resale attempt.

The seller is essentially trying to raise the price after you and they have agreed to the price. That's unethical and the realtor has a right to demand that they pay the real estate commission even if the sale falls through.

When we faced that situation, we canceled and almost immediately found a better contract. It's a buyers market right now -- I'd cancel and move on.

 

[NewDCLGuy]

Unless there is something special about this contract, I'd run - not walk - away.

 

[manning]

We had a similar situation on our first resale attempt.

The seller is essentially trying to raise the price after you and they have agreed to the price. That's unethical and the realtor has a right to demand that they pay the real estate commission even if the sale falls through.

When we faced that situation, we canceled and almost immediately found a better contract. It's a buyers market right now -- I'd cancel and move on.

I would walk away. The realtor has a right to the commission as he/she found a buyer thus meeting the terms of their contract.

 

[saintstickets]

OP, if you have not sent in a deposit or a signed contract, then you are under no obligation to continue...especially since the seller (and possibly the realtor) is the one holding up the contract.

 

[Deb & Bill]

From the seller's viewpoint, here is what happened to me. We had a small 50 point contract with current year points for sale. Buyer offered a price, we countered, they accepted and it was off to Disney for ROFR. Passed ROFR and the buyer backed out. So we got half of their deposit. The selling agent got the other half.

Put the same contract on the market again. Buyer offered, we countered, they accepted, contract written up and sent to Disney for ROFR. Passed ROFR and they backed out. We got half their deposit and the selling agent go the other half. We made $650 and still have our points.

The resale company said they have had people back out of a contract before, but not the same contract two times in a row. We took it off the market.

So, yes, there are some ditzy sellers out there, but also ditzy buyers as well.

 

[keishashadow]

I would walk away. The realtor has a right to the commission as he/she found a buyer thus meeting the terms of their contract.

realtor has to go after the seller to collect, good luck with that, been there

OP curious, are you dealing with one of the big TS resale companies (like TS store sponsor here who we used in the past)? They do so many transactions, even when issues arise (as we did in closing w/seller), imo they are well equipped to fix nearly any mess.

regardless, good luck whoever you choose.

 

[DVCRSheridan]

If you don't mind me asking, what company are you using? I'm about to seriously look into my 1st purchase thru resale and I'm just curious if everyone would recommend The Timeshare Store or if there is another preferred company.

 

[Simba's Mom]

Well, I won't announce on the boards who I used, but I'll be happy to tell you it wasn't the Timeshare store. We used them for a contract we bought last year and would have loved to use them again. Unfortunately, they don't have a contract we want at this time. However, we are on their Email list for contracts going up for sale, and like I said, I wouldn't hesitate to use them again if they had what we wanted. Things last year went VERY smoothly.

 

[DVCRSheridan]

Well, I won't announce on the boards who I used, but I'll be happy to tell you it wasn't the Timeshare store. We used them for a contract we bought last year and would have loved to use them again. Unfortunately, they don't have a contract we want at this time. However, we are on their Email list for contracts going up for sale, and like I said, I wouldn't hesitate to use them again if they had what we wanted. Things last year went VERY smoothly.

Thanks, I've heard good things about them but just wanna be 100% sure since like I said this will be my 1st attempt @ a resale purchase.

 

[Simba's Mom]

Well, I want to thank everyone for their very helpful and insightful comments. As a result, and after discussing it with DH, I just this minute sent an Email to the realtor cancelling the contract. I let them know that we just don't feel comfortable dealing with this seller any more. Hopefully, they'll get some reimbursement from the seller for the time the realtor put into it.
And I know a couple of you have contracts pending that you're a little leary about. Best wishes to you-I hope everything works out OK-I know it usually does.

 

[Dean]

Seller change their mind or don't fully understand an offer often, I wouldn't worry about it and look for another contract. Unless you offered full price or the seller signed the contract, the agency wouldn't be due any money. Also, it's just as possible that the agent didn't represent the offer to the seller as accurately as they could have.