Can a seller back out?

[Stinkomann20x6]

all these changes got me a little spooked cause I’ve been doing research on all this for over a year lol.

But back at the end of November, I made an offer late one night on a Polynesian contract for 200 points with perfect UY for us. Passed ROFR on 12 /17 or so. Then went to estoppel. We got our documentions from magic vacation title to send in along with money order for rest of contract etc. we did all that right away and it’s been about 10 days since.

I know it can take longer than that which is fine (I think feb 10 was our deadline so I assume it’s the same). I guess I’m just worried that with changes and stuff to dvc on the 19th thag they can back out like a buyer can and then I’m stuck being affected with all the changes. And at first since their contract was posted for about 4 months, they seemed very motivated to get this all done qiuickly as possible. Does anyone know if they can back out at this point, or am I just over worrying myself since this plans to be my first and only dvc purchase lol.

 

[KAT4DISNEY]

Yes, they certainly can.

But it's very rare and I believe you are worrying for no reason. Technically they would still be responsible for the commission to the broker if they chose to so it's not without cost to them if they decided to do that. A seller has to get documents notarized. It may just be taking a bit of time to do that or the title company may be backed up.

 

[ziravan]

They can’t but what are your remedies if they do? That’s the problem with these types of transaction (handled from afar where the jurisdiction to proceed with a legal remedy isn’t convenient).

That said, I’m sure it’s fine. Given the extenuating circumstances though, I think it’s good mojo for the broker to reach out to them and inquire along with letting them know that the recent resale changes have you nervous about making sure your transaction is completed.

 

[ziravan]

Yes, they certainly can.

But it's very rare and I believe you are worrying for no reason. Technically they would still be responsible for the commission to the broker if they chose to so it's not without cost to them if they decided to do that. A seller has to get documents notarized. It may just be taking a bit of time to do that or the title company may be backed up.

We’re not disagreeing. They signed a contract that says they can’t. But really, what’s stopping them? A commission.

But they won’t most likely; they want to sell and even if they’re aware of the changes, they’d have to be worried that’d it affect values - and they already have you locked in.

 

[cvjw]

We had a signed contract that had passed ROFR and the sellers never returned their closing papers. They stopped taking the brokers calls. We had to cancel the sale.

Not sure what ramifications they faced for their actions, but yes, a seller can just not ever finish the closing process.

 

[DougEMG]

I had a seller back out after they signed all the paperwork. The broker didn't think it was a big deal, so I'm guessing it does happen occasionally.

 

[Stinkomann20x6]

We’re not disagreeing. They signed a contract that says they can’t. But really, what’s stopping them? A commission.

But they won’t most likely; they want to sell and even if they’re aware of the changes, they’d have to be worried that’d it affect values - and they already have you locked in.

Thanks. I guess I’m just worried that maybe with the changes they decide they want to keep the contract to have ability to book at future resorts etc.

 

[Stinkomann20x6]

Yes, they certainly can.

But it's very rare and I believe you are worrying for no reason. Technically they would still be responsible for the commission to the broker if they chose to so it's not without cost to them if they decided to do that. A seller has to get documents notarized. It may just be taking a bit of time to do that or the title company may be backed up.

Thanks I really hope that’s all it is lol

 

[Stinkomann20x6]

I had a seller back out after they signed all the paperwork. The broker didn't think it was a big deal, so I'm guessing it does happen occasionally.

Not the info I wanted to Read lol. It I appreciate the response lol

 

[Stinkomann20x6]

We had a signed contract that had passed ROFR and the sellers never returned their closing papers. They stopped taking the brokers calls. We had to cancel the sale.

Not sure what ramifications they faced for their actions, but yes, a seller can just not ever finish the closing process.

That would be a gut punch. Hope everything turned out better for you!

 

[Stinkomann20x6]

They can’t but what are your remedies if they do? That’s the problem with these types of transaction (handled from afar where the jurisdiction to proceed with a legal remedy isn’t convenient).

That said, I’m sure it’s fine. Given the extenuating circumstances though, I think it’s good mojo for the broker to reach out to them and inquire along with letting them know that the recent resale changes have you nervous about making sure your transaction is completed.

Also so to inquire about this I’d check with the dvc resale in this case and not the title company right?

 

[ziravan]

Also so to inquire about this I’d check with the dvc resale in this case and not the title company right?

I'd ask the broker to inquire about it. The closer is only going to be interested in closing. The broker wants your repeat business someday.

Besides, who knows if the sellers have established a relationship with the closer yet. They certainly have a relationship with the broker.

 

[Mainstreetdreams]

Did you check to see if the deed got registered with the comptroller? Mine showed up there days before I got notified. I’ve got my fingers crossed for you.

 

[Stinkomann20x6]

I'd ask the broker to inquire about it. The closer is only going to be interested in closing. The broker wants your repeat business someday.

Besides, who knows if the sellers have established a relationship with the closer yet. They certainly have a relationship with the broker.

Thanks! I think I’ll send an email tonight with the time difference maybe I’ll be pleasantly surprised tomorrow morning lol. Appreciate the advice!

 

[Stinkomann20x6]

Did you check to see if the deed got registered with the comptroller? Mine showed up there days before I got notified. I’ve got my fingers crossed for you.

I’m sorry I’m not sure what that is but if there is a place to check I definitely will. The last contact I’ve had was a courtesy email from title company saying they got all our closing documents. Thanks for fingers cross though lol

 

[ziravan]

http://or.occompt.com/recorder/eagleweb/docSearch.jsp

You'd be the grantee

 

[Stinkomann20x6]

http://or.occompt.com/recorder/eagleweb/docSearch.jsp

You'd be the grantee

Thanks much I’ll check this now!

 

[Stinkomann20x6]

Unfortunately nothing there. I’m probably just overthinking it. Thanks for the advice and info to all!

 

[KAT4DISNEY]

Did you check to see if the deed got registered with the comptroller? Mine showed up there days before I got notified. I’ve got my fingers crossed for you.

There was one resale we bought that I learned we closed when I signed on to the DVC website and the contract was loaded!

 

[Stinkomann20x6]

There was one resale we bought that I learned we closed when I signed on to the DVC website and the contract was loaded!

That’s crazy. Sorry you’ve had to go through such lack of communication. And I saw another person in the rofr thread that had some bad communication issues too. So far haven’t had any issues with dvcresalemarket and magic vacation title on that end knock on wood lol