Buying resale- being “ghosted”

[Hawkeyegirls]

I don’t know if I’m having bad luck or is this just how it is?!
I found one contract, made offer, offer accepted, signed contract, silence...then email that buyer didn’t sign and wanted more $. I didn’t want to pay the extra.

Second contract I found, offer accepted, signed papers and no follow up. I emailed this morning and no response. Is it that hard to do a simple email like we got it, working on it, waiting on blah blah. Maybe I’m just nervous they are backing out too, but I kind of want to know.

is this what buying resale is like?

 

[RoseGold]

My experience with Fidelity was not great on follow up, but everything came together in the end. Resale required you to pack your patience, as they say.

 

[KAT4DISNEY]

If you have a question you want answered quickly with resale it's always best to call no matter who the company is.

 

[ohmyminnie]

I currently have 3 resale contracts in ROFR, with 2 different companies. Has been a very efficient process so far. I and the sellers signed the day I made the offer, went into ROFR the next day. I did find that making an offer using the website links may or may not get you a response, it is best to call in the offer.

 

[CastAStone]

I have made one offer so far. The seller countered, I accepted. Then total silence and the listing eventually disappeared.

At least I still have all my money.

 

[justadreamaway77]

I have two resale contracts and my sellers were prompt. Maybe it is the situation right now. I could see some sellers selling right now for two reasons.....cost, they could be laid off and need the money or fear of going due to the virus. With being laid off, they are probably trying to get every penny possible. Right now I think the prices being shown are super inflated because the prices that are showing up on the ROFR waiting thread are much lower. So maybe they agree on a price but then look at current offerings and think "I can get more money". With the second reason I can see a lot of uncertainty on whether they should really go through with the sale.

 

[ohmyminnie]

So sorry to hear this. What does the broker say?

 

[ohmyminnie]

I have made one offer so far. The seller countered, I accepted. Then total silence and the listing eventually disappeared.

At least I still have all my money.

So sorry to hear this. What does the broker say?

 

[CastAStone]

So sorry to hear this. What does the broker say?

Was a timeshare advertising agency, not a broker. Hence they were no help whatsoever.

 

[Hawkeyegirls]

I currently have 3 resale contracts in ROFR, with 2 different companies. Has been a very efficient process so far. I and the sellers signed the day I made the offer, went into ROFR the next day. I did find that making an offer using the website links may or may not get you a response, it is best to call in the offer.

Good to hear. I had no problem getting a response to my offer but now

I don’t know if I’m having bad luck or is this just how it is?!
I found one contract, made offer, offer accepted, signed contract, silence...then email that buyer didn’t sign and wanted more $. I didn’t want to pay the extra.

Second contract I found, offer accepted, signed papers and no follow up. I emailed this morning and no response. Is it that hard to do a simple email like we got it, working on it, waiting on blah blah. Maybe I’m just nervous they are backing out too, but I kind of want to know.

is this what buying resale is like?

I just thought with businesses following up should be a given, especially after I wrote to them inquiring. It’s not that hard and customer service is part of their job.

 

[cmrdgrs]

I don’t know if I’m having bad luck or is this just how it is?!
I found one contract, made offer, offer accepted, signed contract, silence...then email that buyer didn’t sign and wanted more $. I didn’t want to pay the extra.

Second contract I found, offer accepted, signed papers and no follow up. I emailed this morning and no response. Is it that hard to do a simple email like we got it, working on it, waiting on blah blah. Maybe I’m just nervous they are backing out too, but I kind of want to know.

is this what buying resale is like?

I've heard a lot of different perspectives from both buyers and sellers.

Once I was a seller and I came to terms with a buyer. I immediately signed my documents and returned them. Several days passed, and the buyer did not sign the documents. During the time while I was waiting on the buyer.... I got another offer on the same contract with a different broker for more money. I followed up with the original broker and my buyer after 10 days STILL had not signed the paperwork. At that point I pulled the contract off the table with the broker and moved on to another buyer.

The scenario above can work the opposite way too. Buyer signs the paperwork and seller drags their feet hoping to get a better back up offer.

My advice is to be sure that there is short window for paperwork to be returned once a deal is struck. In my case the buyers didn't "violate" the terms of their agreement because my broker gave them 14 business days to return the paperwork. I didn't know this until it was too late, and boy was I angry with the broker that they gave the buyer so long. 14 days is ridiculous -- no need IMO to have that long to move the sale forward.

Good luck with your purchase. The frustration of resale sometimes drives people to just buy direct.

 

[Deb & Bill]

Sometimes an inexperience seller finds out once they pay the commission on the sale, they haven't gotten enough money to pay off their loan and will need to come up with funds to complete the sale, they back out at the last minute. The bad thing for them is that they may be required to still pay the commission even though they didn't complete the sale.

 

[dvc lover 1970]

I don’t know if I’m having bad luck or is this just how it is?!
I found one contract, made offer, offer accepted, signed contract, silence...then email that buyer didn’t sign and wanted more $. I didn’t want to pay the extra.

Second contract I found, offer accepted, signed papers and no follow up. I emailed this morning and no response. Is it that hard to do a simple email like we got it, working on it, waiting on blah blah. Maybe I’m just nervous they are backing out too, but I kind of want to know.

is this what buying resale is like?

I have many resale contracts and all were different. Some closed quickly and some took months. Hang in there. If the price is right wait it out but follow up with broker.

 

[Frederic Civish]

I don’t know if I’m having bad luck or is this just how it is?!
I found one contract, made offer, offer accepted, signed contract, silence...then email that buyer didn’t sign and wanted more $. I didn’t want to pay the extra.

Second contract I found, offer accepted, signed papers and no follow up. I emailed this morning and no response. Is it that hard to do a simple email like we got it, working on it, waiting on blah blah. Maybe I’m just nervous they are backing out too, but I kind of want to know.

is this what buying resale is like?

I have bought 5 contracts on resale and never had much problem with them. One of them took a while because the owners were getting divorced and they both had to appear together at the Notary. Apparently they didn't want to do it, but in the end, money from the sale apparently motivated them. I had another one where they literally took the maximum amount of time allowed by the offer contract (I don't remember if it was 2 months or three months) before they returned the contract. I kept calling the broker who kept telling me they were sending reminders and call the the sellers. In the end it worked out.

With all the contracts that will probably hit the market by around the end of the year, particularly once Membership Dues are announced again, I would expect that there will be MANY MOTIVATED SELLERS, and some very LOADED CONTRACTS available. I wouldn't be in a big hurry, unless you really want your points sooner. If you can wait, December or January might be better.

This is a bit different from what I expected just a month or two ago. There are SO MANY people who ARE NOT using their points this year, that I think many of them will be reevaluating the whole ownership thing. Add to that the ripples in the economy that are going to continue for a while, and I think more sellers will pop up and prices might drop a bit and contracts will be more loaded.

As an aside, one reason, apparently, that there haven't been a lot of loaded contracts for sale recently is because 'investors' have been buying loaded contracts, stripping the points to rent out, and them dumping them again onto the market. That is probably coming to a screeching halt, since there is a very significant price drop going on for points in the Rental Market. So, this will be beneficial to people who want to actually purchase and use the points.