Can we back out now?

[rock_doctor]

Just be patient. It is a very long and drawn out process. Imho, what happened in the other thread with Fidelity is not the norm and you should continue with the process. They had a huge number of people buying resale at the same time becasue everybody was trying to beat the 3/20 deadline. Once those contracts are done and out of the pipe purchase times will go back to normal.

 

[3girlsfun]

On a positive note, our deposit was finally taken today, so, that is a move in the right direction. I am hoping closing documents are soon to follow!

 

[Buckeye Fan]

Unfortunately, I think we're victims of circumstance regarding this 3/20 deadline. I am currently working with another broker (selling 2 contracts and purchasing 3). It took around 3 weeks to pass ROFR, and all 5 passed within 7 days of each other (3/21 - 3/28). We are still waiting on closing documents for all 5. When I asked for an update, it sounds as if 4 entities are involved in making that happen: Disney, the broker, the city (comptroller) and the title company. I think all are behind right now, and the broker told me she working on about 40+ contracts that were in front of mine. Good for her, bad for me!

Like you guys, I'm trying to be patient and hold tight, as I need to be closed and in the system to hopefully get some sort of reservation in late December. As you can imagine, the longer this drags out, the less likely I am to get a reservation. Let's hope we all get some good news this week, as even after we get the closing docs, both the sellers and buyers can hold up the process even more. Fortunately, I've been through this before, so at least I understand the process. Doesn't make the wait any easier! Hope everyone hears something really soon!

 

[JimMIA]

We're in about the same timeline as you two, although as the seller with a different broker/closing agent. We received our closing documents on 4/6, sent them back, and closed on 4/14. We should receive our check tomorrow.

The whole resale experience is tedious and nervewracking when you're the buyer, but it will be fine and you'll have many years to enjoy your DVC. The excruciating wait will be over before you know it.

Good luck, and enjoy!

 

[Buckeye Fan]

Good for you! Did you go through TTS? Seems like those contracts are closing faster.

I'd love to know when you get into Dis's system. Long story short, we purchased 3 150 point contracts. When we made the offer, we thought that it only had 2011 points. When it went off for ROFR, we had to sign an addendum, because all 3 contracts had ALL 2010 points! I'm really hoping to make a reservation for Christmas (never been down there over Christmas before) but know that as time passes, that's going to be more and more difficult to reserve (if it's even possible now).

Congrats on your purchase!

 

[JimMIA]

Good for you! Did you go through TTS? Seems like those contracts are closing faster.

Yes, TTS and Magic Vacation Title. Very easy, quick and painless, with great communication from start to finish.

We are the SELLERS, so we won't know when the buyers go into the system. But I'd expect that to be 7-10 days.

There really shouldn't be much delay on Disney's end. Unlike some other timeshare systems, Disney is pretty darn efficient.

 

[JimMIA]

When we made the offer, we thought that it only had 2011 points. When it went off for ROFR, we had to sign an addendum, because all 3 contracts had ALL 2010 points!

You know, I hate to keep harping on this point...but that is simply inexcuseable! That is a total absence of due diligence.

Yeah, it's a pleasant surprise in your particular case. But can you imagine if the situation had been reversed...AND you'd missed the 3/20 deadline because of a broker's incompetence?

I'm serious -- that is WAY below the minimal accepted professional standards in Florida.

Some aggrieved party should be on the phone to the Florida Dept of Business and Professional Regulation going after somebody's license.

 

[WDWBlue]

You know, I hate to keep harping on this point...but that is simply inexcuseable! That is a total absence of due diligence.

Yeah, it's a pleasant surprise in your particular case. But can you imagine if the situation had been reversed...AND you'd missed the 3/20 deadline because of a broker's incompetence?

I'm serious -- that is WAY below the minimal accepted professional standards in Florida.

Some aggrieved party should be on the phone to the Florida Dept of Business and Professional Regulation going after somebody's license.

Seems like a bit of an over reaction.

We bought a contract years ago and found out after closing that it had 250 points which couldn't be banked and would expire in 6 weeks. Rented them out in about 4 days on the rent/trade board in a super fire sale. Sadly, that couldn't happen today.

 

[Dean]

Good for you! Did you go through TTS? Seems like those contracts are closing faster.

I'd love to know when you get into Dis's system. Long story short, we purchased 3 150 point contracts. When we made the offer, we thought that it only had 2011 points. When it went off for ROFR, we had to sign an addendum, because all 3 contracts had ALL 2010 points! I'm really hoping to make a reservation for Christmas (never been down there over Christmas before) but know that as time passes, that's going to be more and more difficult to reserve (if it's even possible now).

Congrats on your purchase!

What UY, aka, is there a chance you ca use or bank the points?

 

[Buckeye Fan]

What UY, aka, is there a chance you ca use or bank the points?

Dec UY, so I'm still in good shape even if I can't make the Dec reservation. I have through the end of July to bank, and worst case, can use them next summer.

Jim, I'm not sure if/how the brokers get the point information on contracts or when. You're right...this was a pleasant surprise for us, but agree that I would have been really upset had it been the other way around. Even if the broker receives a point statement, a dishonest seller could change the terms anyway. Just seems as if it's a vulnerability in the system where there's no real good answer. As a seller, I knew exactly what points I had available, as I think it's important when you're negotiating a price with a buyer. I just looked on dvcmember.com and sent a copy of it when I listed with my current broker and TTS. As a buyer, I assumed others did the same, but obviously, that's not the case.

 

[dbs1228]

Yes, TTS and Magic Vacation Title. Very easy, quick and painless, with great communication from start to finish.

We are the SELLERS, so we won't know when the buyers go into the system. But I'd expect that to be 7-10 days.

There really shouldn't be much delay on Disney's end. Unlike some other timeshare systems, Disney is pretty darn efficient.

We sold a contract that closed 4/8 received funds 4/11 but the points are still sitting in my account. I thought by now they would be out of our account. Do you know if they take the points directly from my account and set up new account for new owners? I was hoping they would have access already. Just curious, I am thinking there is a bit of a back up with Disney setting up the points.

 

[JimMIA]

We sold a contract that closed 4/8 received funds 4/11 but the points are still sitting in my account. I thought by now they would be out of our account. Do you know if they take the points directly from my account and set up new account for new owners? I was hoping they would have access already. Just curious, I am thinking there is a bit of a back up with Disney setting up the points.

It takes 7-10 days, maybe a little slower due to the crush of transactions. But yeah, they are moving your points into a new account. Typically the new owner's account is set up one day and the points are put in the next.

We were a little concerned about that for our buyer too, because of having a BUNCH of 2010 points with an approaching banking deadline. But the deadline is 5/31, so I'm sure they are fine.