Can we back out now?

[3girlsfun]

I guess what I'm asking is, what happens if we back out after ROFR but before closing?

I hate to do this, but, we can't get any answers.

I've been waiting on proof that the 2010 points were banked since we submitted to ROFR on 3-16-11. I've been told three times it was requested from Disney and told they normally have the summary back within two days.

We never received an email telling us that we passed, we were just told we passed via phone. That was 4-5-11. They still haven't processed our deposit, so that leaves me wondering if we actually passed.

I'm just fed up, and feel like this is a bad deal.

Advice?

 

[bobbyg4eagle]

You can go to Orange County Comptroller website and search the records for your name and dvd for the rofr notice. It might show up if recorded already.

 

[heynowirv]

First things first, you say you were notified via phone call that you passed.Nothing has been recieved via e-mail. What company are you dealing with? I've bought from both Fidelity, and TTS and both times received emails deposits werethen cashed and closing docs. followed very soon afterwards.

It all smells fishy to me, especially since your closing docs will spell out what points remain and whats banked.

Good Luck.

 

[3girlsfun]

We are going through Fidelity.

I also remember reading a post early in the process that if points were banked after the contract was sent to ROFR that an addendum would need to be signed. Is this true? If so, we never signed anything.

Looking at the contract we signed it looks Like we would lose our deposit.

I was told by fidelity that we would receive closing documents three weeks after the contract passed ROFR.

 

[Deb & Bill]

When I had a contract for sale, two buyers actually backed out of purchasing the contract after ROFR. They lost their deposit and I got half each time (the selling agent got the other half). This was twice with the same contract.

But if the selling agent isn't doing their job or the seller isn't doing what they need to do, you may have an issue.

 

[JWG]

Another happy Fidelity customer... they weren't prepared for this rush it seems. Your closing documentation, once received, should answer all of your questions. Your 10 day right to rescind is (I believe) based on the contract signed date, not ROFR or close. However, if what you get to close on doesn't match the contract then you should have some options.

 

[3girlsfun]

Yes, very happy! Can't you tell!!!!

Finally received an email back. She had received the point summary, filed it, and never emailed me about it. I replied and asked her to email me a copy.

When I go to the orange county controller page, do I just look up the property? I've never done anything like this.

Can anyone give suggestions on how to approach this if we decide to back out?

I know we for sure will back out if the points are not banked and we have no proof.

 

[JimMIA]

I've been waiting on proof that the 2010 points were banked since we submitted to ROFR on 3-16-11.

What's your Use Year?

The points being banked or not is probably a non-issue unless you have a September UY. If it's September, the points have to be banked by 4/30/2011.

 

[3girlsfun]

Sepember use year.

 

[JimMIA]

Sepember use year.

Okay...it DOES matter then, unless you can close and be "in the system" (another 7-10 days after closing) before April 30. If you make it before then, you can bank the points yourself, but hopefully you'll find they're already banked as you requested.

 

[heynowirv]

Another happy Fidelity customer... they weren't prepared for this rush it seems. Your closing documentation, once received, should answer all of your questions. Your 10 day right to rescind is (I believe) based on the contract signed date, not ROFR or close. However, if what you get to close on doesn't match the contract then you should have some options.

Actually there are many REAL SATISFIED customers of Fidelity,I'm one of them. I've also used THE Timeshare Store in the past ,and had a rough experience due to the Closing co. they were using at the time.

I do agree that the only thing i found wrong was that they didn't remain open on Weekends in March to help get people into ROFR quicker.

 

[Sandisw]

Yes, very happy! Can't you tell!!!!

Finally received an email back. She had received the point summary, filed it, and never emailed me about it. I replied and asked her to email me a copy.

When I go to the orange county controller page, do I just look up the property? I've never done anything like this.

Can anyone give suggestions on how to approach this if we decide to back out?

I know we for sure will back out if the points are not banked and we have no proof.

Without an addendum to your contract, you are buying what is in the original contract for purchase you signed. If that one does not indicate that you will be getting banked points, then you will want that before closing.

Because you are beyond the rescind period (I think it is 10 days), I think you will lose your deposit if they won't give you an addendum and proof that the points are banked.

I would continue to work with the broker and tell them that you want the paperwork to match. Of course, when you get the final contracts to sign, you will know then for sure if the points have been banked as that needs to reflect an accurate accounting of all points.

Good luck!

 

[MFMont]

Fidelity doesnt handle the closing docs. That is Timeshares Titles and more. They are swamped right now so cross your fingers. I called them today to ask about my docs today and they assured me that i will get my docs in the order that they were recieed from DVD. At any rate, fidelity has never failed to respond to a call or email. I am dealing with Sharon and Rachel and both have been equaly attentive.

 

[heynowirv]

MFMont- Agreed Sharon was my broker but when she wasn't available i heard from Sharon. I never had to wait more than a few hrs. to hear back from one of them.

I dealt with Jane H. At TT&M and she was wonderful as well .No question was too much of a bother for her to call me back about.

 

[dbs1228]

We passed using Fidelity 3/29 and still have not received closing documents even though the e-mail said 1 - 2 weeks, called said at least another week. I did notice that they finally processed my credit card deposit 4/11 even though we sent it to them 3/4! Maybe this is a sign that I will get my closing docs! Oct UY and have to be in the system before 5/31. I know we will be closed but if dvc is backed up it can come down to the wire with the points actually being in the system!

 

[MFMont]

We passed using Fidelity 3/29 and still have not received closing documents even though the e-mail said 1 - 2 weeks, called said at least another week. I did notice that they finally processed my credit card deposit 4/11 even though we sent it to them 3/4! Maybe this is a sign that I will get my closing docs! Oct UY and have to be in the system before 5/31. I know we will be closed but if dvc is backed up it can come down to the wire with the points actually being in the system!

I also passed ROFR on 3/29 and Sharon updated me today that it may be another week at present volume. My guess is that we should have no problem being in by the end of April. My only hangup could be with the sellers as the live in England and have trouble with Notorizing things. Fingers crossed here.

 

[dis-happy]

We passed using Fidelity 3/29 and still have not received closing documents even though the e-mail said 1 - 2 weeks, called said at least another week. I did notice that they finally processed my credit card deposit 4/11 even though we sent it to them 3/4! Maybe this is a sign that I will get my closing docs! Oct UY and have to be in the system before 5/31. I know we will be closed but if dvc is backed up it can come down to the wire with the points actually being in the system!

Yikes, when did you sign your contract, the beginning of March? Is Fidelity saying it takes 3 months to guarantee closing? I thought the standard contract closing was 8 weeks.

 

[3girlsfun]

I guess I will just wait and see what happens. I guess there is really nothing more to lose than my deposit at this point, cancel now, cancel when we get the closing documents if they points are not allocated correctly for some reason.

On the point summary document I received (finally), it does show that the points were banked 2/24/11. So, I am thinking that we are good now. This means that the points were banked before the documents were sent to ROFR (way before!).

I just don't understand why it took from 2/24/11 until 4/13/11 to find this out.

I have been saying this since I first started the process of resale, just talk to me and communicate with me. I know they were busy, I know they had a lot going on, however, communication is all it takes.

I cannot wait for this to be over, and done with!!!!! I am just completely sick to my stomach knowing I have to go through this at least two more times when we add on! (Even more if we get smaller contracts!) GAG!

 

[Dean]

The back out period is 10 days assuming the contract stated that, otherwise it's 1 year. It makes no sense to back out now unless you don't want to go forward with this contract. Just wait until the final closing and see if things match up. If they do, proceed, if they don't, they should let you out with no costs.

 

[saintstickets]

Fidelity doesnt handle the closing docs. That is Timeshares Titles and more. They are swamped right now so cross your fingers. I called them today to ask about my docs today and they assured me that i will get my docs in the order that they were recieed from DVD. At any rate, fidelity has never failed to respond to a call or email. I am dealing with Sharon and Rachel and both have been equaly attentive.

We passed using Fidelity 3/29 and still have not received closing documents even though the e-mail said 1 - 2 weeks, called said at least another week. I did notice that they finally processed my credit card deposit 4/11 even though we sent it to them 3/4! Maybe this is a sign that I will get my closing docs! Oct UY and have to be in the system before 5/31. I know we will be closed but if dvc is backed up it can come down to the wire with the points actually being in the system!

We too are using Fidelity for our most recent resale purchase. We passed ROFR on 3/24 and have not received our closing documents yet. Fidelity does not process the escrow deposit until after you pass ROFR so ours was processed on 3/31. We were told it would take 15 days to receive closing documents after ROFR, 15 days to close after that and 5-7 days to have points entered into Disney's system. I think these dates are their standard times but with the volume they have experienced lately, these time frames won't hold. I contacted Sharon @ Fidelity on day 15 after passing ROFR and was told that the title company (Timeshare Title & More) was running behind due to the volume and that it would be one more week. A week went by (today, 4/14) and I contacted Sharon again. She contacted TT&M and they are still behind. There is not much you can do at this point except wait or give up your deposit and move on. The contract you signed, if like mine, said the title company has 60 days to close from the time the last person signed the original contract. It is frustrating to wait but even more so to not hear anything. This is our 3rd DVC purchase and we've had good luck and bad. The bad - We had the title company mail us the closing documents instead of email them and they sent them to an incorrect address. The good - We were in Disney's system within 3 days after closing documents were submitted. Our prior purchases took 60 & 58 days from offer to points in the system. We are on day 51 with this purchase. All we can do is hurry up and wait!