Buyer flaked out!!!!

[RavenRob]

Thought I had my 170 AKL Contract sold within 3 days of my listing with DVC Resale Market but while the potential buyer executed the sales contract, they did not send in the escrow deposit to the Title Company. I have re-listed the contract today. Very frustrated with this!!!!!

 

[KAT4DISNEY]

It happens. It’s no fun but it happens.

 

[LAX]

Thought I had my 170 AKL Contract sold within 3 days of my listing with DVC Resale Market but while the potential buyer executed the sales contract, they did not send in the escrow deposit to the Title Company. I have re-listed the contract today. Very frustrated with this!!!!!

I have heard sellers pulling back contracts, too. It can happen at either end. I am surprised there isn't a penalty to minimize the chance people wasting time/energy in the process.

LAX

 

[KAT4DISNEY]

I have heard sellers pulling back contracts, too. It can happen at either end. I am surprised there isn't a penalty to minimize the chance people wasting time/energy in the process.

LAX

There’s the 10 day rescission period anyway even with resale.

 

[crvetter]

There’s the 10 day rescission period anyway even with resale.

Yep Florida law, though I wonder if a buyer rescinds would the listing agencies start to “flag” them in any way.

 

[LAX]

There’s the 10 day rescission period anyway even with resale.

Why? It's not like the sellers or resale brokers put on a jazzy presentation to lure unsuspected buyers. I can understand a 3-day cooling off period, but 10 days?

LAX

 

[crvetter]

Why? It's not like the sellers or resale brokers put on a jazzy presentation to lure unsuspected buyers. I can understand a 3-day cooling off period, but 10 days?

LAX

I would assume that resales for other timeshares are quite more problematic than those at DVC. Overall DVC resale is a safe purchase, in that the value is high and maintains itself, but other timeshares are miserable and even resale buyers can be enticed by the near 0 prices only to learn of the restrictions post purchase. Where DVC is a substantial investment on resale so buyers think about it more before pulling. So it doesn’t seem as important for DVC resale agree.

So the law was created to protect all buyers likely. Hard to craft a law that isn’t equally applied.

 

[LAX]

I would assume that resales for other timeshares are quite more problematic than those at DVC. Overall DVC resale is a safe purchase, in that the value is high and maintains itself, but other timeshares are miserable and even resale buyers can be enticed by the near 0 prices only to learn of the restrictions post purchase. Where DVC is a substantial investment on resale so buyers think about it more before pulling. So it doesn’t seem as important for DVC resale agree.

So the law was created to protect all buyers likely. Hard to craft a law that isn’t equally applied.

OK. That makes sense. I guess it's a good thing now since all post-Jan 2019 DVC buyers will need such protection as a result of the latest resale restriction put in place!

LAX

 

[crvetter]

OK. That makes sense. I guess it's a good thing now since all post-Jan 2019 DVC buyers will need such protection as a result of the latest resale restriction put in place!

LAX

Correct and the resale agents are very clear about this as they should be. DVC resale agents are much more up and up than others.

 

[Deb & Bill]

We had a small 50 point contract we tried to sell twice. Each time we had a buyer and went all the way through ROFR and then the buyer backed out. Luckily, we got half the deposit when they backed out. After it happening twice with one contract, we pocketed the money and took it off the market.

 

[RamblinWreck]

We had a small 50 point contract we tried to sell twice. Each time we had a buyer and went all the way through ROFR and then the buyer backed out. Luckily, we got half the deposit when they backed out. After it happening twice with one contract, we pocketed the money and took it off the market.

At least you made some money for your troubles!

It seems insane to give up your deposit on a 50 point contract. You’d probably lose less by just going through with the transaction and then trying to resell it yourself.

 

[Bobb_o]

At least it would appear an 170 AKV contract can sell. I think it's a real possibility they found a better contract and wanted that. I'm thinking you'd be able to find a buyer so while annoying it's not like you sold a 300 point contract that might take longer.

 

[RavenRob]

Good news!!! Had another offer made this morning. It's from an existing DVC owner paying cash. My fingers are crossed that it will go through this time. Say your prayers.

 

[gharter]

Bummer. I have seen sellers change their mond and not sell. I guess not surprised to see buyers do the same.
It still sucks.
Good luck with the next buyer.

 

[RavenRob]

Well thought the second offer was good but they potential buyer needed more points than the 170 on mine so that fell through. Got someone else to make an offer on Tuesday at a lower price per point but it is reasonable offer to my liking. I signed contract yesterday and hope buyer submits contract and deposit very soon.

 

[KAT4DISNEY]

Well thought the second offer was good but they potential buyer needed more points than the 170 on mine so that fell through. Got someone else to make an offer on Tuesday at a lower price per point but it is reasonable offer to my liking. I signed contract yesterday and hope buyer submits contract and deposit very soon.

I actually had one contact that I got an offer on and then they backed out during the 10 day rescission. On to these next buyer where things started but then they wanted to change from holding it personally to a trust. Had to submit the new changes, ROFR finally passed and then they had something come up so couldn't close then. Did a short extension. Then just before that date something else came up and they wanted to delay again. I still own that contract. Maybe 3rd time would have been the charm - hopefully it is for you! I've sold a couple other contacts with no issues at all.

 

[Frederic Civish]

It is true that resales of DVC contracts can fall into various problems, where one side or the other changes their mind or fails to perform. But this is the way with many types of sales, including real estate sales such as a house or commercial building. Usually, things work out, but if they don't then keep trying. Sometimes you may need to adjust your asking price or accept an offer that isn't quite as good as what you wanted. That is just the market correcting itself, and keeping prices in line with demand.

But the point is, the DVC Resales market is vast, and vigorous. If you list your points at a competitive price, there is a very good chance that they will sell, and, depending on how competitive, that they will sell relatively quickly. This is wonderful, and it is FAR different than almost every other timeshare resales market out there. I don't know of a single other timeshare resales market where timeshare contracts hold even a fraction of their value, compared to what DVC holds. And NOBODY goes out to buy them, except very rarely. I have had timeshare brokers, for other timeshares, come to me more than once and offered to GIVE ME various timeshare contracts, if I would just take over the last few years of payments, or just take over the property and pay the backlog of unpaid membership fees.

Be happy that it is DVC that you own and that you are trying to sell. Keep up on current prices and demand, and hang in there. You WILL be able to sell it, and at a decent price.

 

[suemom2kay]

Happened to me twice but early in the process.

 

[RavenRob]

Good news!!! Had another offer made this morning. It's from an existing DVC owner paying cash. My fingers are crossed that it will go through this time. Say your prayers.

The deposit was received on Friday and 10 day recission period is over today. Just hoping that it passes ROFR very soon. I am hoping for a smooth process going forward.

 

[rg35]

The deposit was received on Friday and 10 day recission period is over today. Just hoping that it passes ROFR very soon. I am hoping for a smooth process going forward.

At this point, as a seller it doesn't really matter to you if it "passes" ROFR. If Disney were to exercise ROFR you still get paid, just from Disney instead of the buyer.