Buyer not returning closing docs??

[momtwoboys]

I waited a long time once, 7 weeks I think. The seller actually missed the closing date. I was about to pull out, but they called up and apologized and promised them the next day.

yeah we arent waiting past the closing date. nope.

 

[Stargazer65]

yeah we arent waiting past the closing date. nope.

Well yeah, it's a little different when you're the seller vs buyer.

 

[Robbie Cottam]

Just kinda thinking out loud here,
Has the agent reached out to the buyer,
or do you have the contact info for the buyer?

if they are bailing, maybe you can get them to just cancel the deal….
then you can have the contract re listed and move on a couple weeks sooner

 

[momtwoboys]

Just kinda thinking out loud here,
Has the agent reached out to the buyer,
or do you have the contact info for the buyer?

if they are bailing, maybe you can get them to just cancel the deal….
then you can have the contract re listed and move on a couple weeks sooner

reached out to the "conceirge" at this point I want them to sh*t or get off the pot!

 

[Sandisw]

Just kinda thinking out loud here,
Has the agent reached out to the buyer,
or do you have the contact info for the buyer?

if they are bailing, maybe you can get them to just cancel the deal….
then you can have the contract re listed and move on a couple weeks sooner

My guess is that the title company won’t allow the sale to be canceled until that closing date, regardless because it keeps who would be at fault clean.

When a buyer defaults, they lose the deposit,,,when seller does, they owe commission. If I was a seller, I’d be more inclined to make sure that passes so no one could come back on me as being in default for not following through.

If the buyer did say they will bail, then I would ask them to sign an updated contract that legally changes that closing date.

 

[badeacon]

I had a buyer back out after passing ROFR last fall and the deposit was split equally with the broker and me.

 

[momtwoboys]

My guess is that the title company won’t allow the sale to be canceled until that closing date, regardless because it keeps who would be at fault clean.

When a buyer defaults, they lose the deposit,,,when seller does, they owe commission. If I was a seller, I’d be more inclined to make sure that passes so no one could come back on me as being in default for not following through.

If the buyer did say they will bail, then I would ask them to sign an updated contract that legally changes that closing date.

exactly so we wont do anything till after the closing date passes. But was wondering what happens if they bail before the date.

 

[Sandisw]

exactly so we wont do anything till after the closing date passes. But was wondering what happens if they bail before the date.

Since you have already signed and sent your documents, if it was me, like I said, I’d want something in writing, signed by the buyer that indicates it’s a buyer default…

 

[momtwoboys]

Since you have already signed and sent your documents, if it was me, like I said, I’d want something in writing, signed by the buyer that indicates it’s a buyer default…

thanks! This makes sense, lets see what closing company and concierge say. this time around has been like pulling teeth.

 

[Robbie Cottam]

Can the buyer back out prior to the closing date?

I would assume (I know) the earnest money would still be forfeited.

 

[momtwoboys]

Can the buyer back out prior to the closing date?

I would assume (I know) the earnest money would still be forfeited.

oh I have no idea, would rather they just send in their closing docs and the check and get this closed! Just have been wondering as it gets closer what happens if they just do nothing? we dont want to owe a dime towards the commission and asked the concierge earlier what happens to their deposit.

 

[Sandisw]

Can the buyer back out prior to the closing date?

I would assume (I know) the earnest money would still be forfeited.

They can certainly say they plan to breech the contract, just like a seller can. The closing date simply determines what rights either party would have if that happens.

I did threaten to breech the resale RIV I was buying in 2021 when, after three weeks, the seller had not yet returned and I wanted out before the official closing if they had changed their mind.

The was a direct incentive I would have taken advantage of had the happened and time was od the essence, So, I contracted Cammy telling her to tell the seller that if the contract was not signed, and the deal closed, I would bail, lose my deposit, and not send the remaining funds,

Contract closed quickly.

 

[Robbie Cottam]

oh I have no idea, would rather they just send in their closing docs and the check and get this closed! Just have been wondering as it gets closer what happens if they just do nothing? we dont want to owe a dime towards the commission and asked the concierge earlier what happens to their deposit.

That I totally understand,
When you say concierge, are real sales “ brokers” not actually licensed ?
And I only asking because I don’t know…

But the term concierge to me sound like the “broker” just brought the buyer and seller together and happened to have forms available, and just happened to know a title company….

As opposed to a licensed broker ….

Again, just seems weird to me to use the terms are they have separate means

 

[momtwoboys]

the closing company basically once they got my docs claim the concierge (fancy middle man at the company we used to sell) would be in contact once we close. the board sponsor site we sold thru uses magical vacatiion title and then some concierge service as a contact middle man?? not sure but this has been a pain

 

[Robbie Cottam]

Ok, thank you for explaining.
I was not sure what the concierge was

Either way, I hope the buyer comes through…

 

[momtwoboys]

Ok, thank you for explaining.
I was not sure what the concierge was

Either way, I hope the buyer comes through…

same!

 

[sndral]

Ok, thank you for explaining.
I was not sure what the concierge was

Either way, I hope the buyer comes through…

From all I’ve read, it’s the title of a position at one of the resale companies, other resale companies call them account administrators or the like. It’s basically the person who keeps buyers/sellers advised of progress on already sold but not yet closed contracts & fields their questions so the salesmen/agents don’t have to.
I always chuckle when I read about the so called concierge service, because that resale company recommends a closing company that usually takes 3 to 4 times longer than other title companies to generate closing docs after ROFR, which to me is the antithesis of a concierge experience .
OP, you might verify w/ your ‘concierge’ that the buyers know the sale can close before the closing date. Most real estate (like buying/selling a house) closes on the exact date the contract says it’ll close for tax, mortgage interest, & liability reasons, a new to DVC resale buyer may not realize that DVC isn’t like that & that the deal usually ‘closes‘ before the date set forth in the contract.

 

[DonMacGregor]

Ok, thank you for explaining.
I was not sure what the concierge was

Either way, I hope the buyer comes through…

These resale companies are churning contracts right and left. You absolutely do deal with a licensed real estate broker during the offer/counter offer process (it's the law), but once you sign on the line which is dotted, then the process moves over to a "concierge" team member, who is simply the paper pusher/facilitator of moving the process through the remaining steps. Calling them the "concierge" just makes you feel like you're getting some level of bespoke service, when it's actually just someone who would normally be referred to as an admin in most other office structures.

 

[Robbie Cottam]

That make sense
However, I can see someone trying to offer a “concierge” service to provide just the initial meeting between us but and seller, to complete our private sale.

I was hoping that was not the case !

It is because of issues such as this, and others, that I have zero use for resale

 

[momtwoboys]

From all I’ve read, it’s the title of a position at one of the resale companies, other resale companies call them account administrators or the like. It’s basically the person who keeps buyers/sellers advised of progress on already sold but not yet closed contracts & fields their questions so the salesmen/agents don’t have to.
I always chuckle when I read about the so called concierge service, because that resale company recommends a closing company that usually takes 3 to 4 times longer than other title companies to generate closing docs after ROFR, which to me is the antithesis of a concierge experience .
OP, you might verify w/ your ‘concierge’ that the buyers know the sale can close before the closing date. Most real estate (like buying/selling a house) closes on the exact date the contract says it’ll close for tax, mortgage interest, & liability reasons, a new to DVC resale buyer may not realize that DVC isn’t like that & that the deal usually ‘closes‘ before the date set forth in the contract.

yes the closing company took forever with me pushing along the way, now thw buyers dragging it along farther is making the "conceirge service " seem like a joke