Cancelling an Offer: How long to give the seller?

[PaintsWithAllTheColors]

Hi! My husband and I are purchasing a DVC for the first time and are very excited about it. However, we're feeling a little nervous about the process right now and would like some advice. We're in a position where we're considering cancelling an accepted offer a DVC. This isn't really what we would like to do but are thinking that it might be better for us to find a different contract. Here are the facts:

Wed, March 22: Offer submitted
Fri, March 24: Counteroffer accepted, buyer (we) submitted the signed contract
Mon, March 27: Emailed the broker for an update, no response
Tue, March 28: Called the broker and was promised an update that evening (not delivered)
Wed, March 29: Called the broker at the end of the day and was told the seller was communicating just fine until contract was sent on March 24 but no word from them since. Seller hadn't mentioned a trip.

So now we're a bit concerned and wondering if we should make an offer on a different contract that we like and if it's accepted, cancel the first. We just don't like being in limbo, it's frustrating. However, I'd also hate to be that buyer who pulls out of the deal... Any experience with this and/or advice on how long we should give the seller?

Thanks!

 

[Kim Gillihan]

I am thinking you have waited long enough.. I wuldn't have gone more than 2 days.. I am sure others have much more experience than me since I am also just now buying, but that seems like a long time to me.

 

[gharter]

I would email the broker and let them know that if you don't have a response from the seller in the next 24 hours, you are withdrawing your offer. If they can tell you that the seller is out of the country, on vacation, etc, then I would cut hem some slack. But short of that, I would cut the line and move on.

 

[KAT4DISNEY]

My answer might vary a bit depending on the broker you are working with although probably not considering the amount of time so far. It has been less than a week since you received a verbal agreement - actually 3-4 working days. Personally though I understand the excitement to hurry things along and waiting is definitely the hardest part once you find a contract but that time is not really excessive IMO. If you feel it is then as mentioned it would probably be appropriate to at least contact the broker and give them a certain deadline - of 24 to 48 hours for the sellers to return the paperwork or you were cancelling. That would make it 1 week from the verbal agreement between the seller and yourself.

Of course, your actual legal right is to cancel immediately should you wish.

 

[crisi]

Lots of things happen in people's lives. They could have gotten caught up in a sudden health issue, or a death in the family. I'd warn the broker that you will rescind if you find something else and they haven't returned the signed contract and start looking, but I would think that its likely life just happened.

 

[PaintsWithAllTheColors]

Thank you all for the advice! We were able to let the broker how we were feeling and what do you know, we got a signed contract almost immediately after and it's off to ROFR! I do realize it was only a few business days and that's why I was trying to figure out what a reasonable way to approach this was. Your advice worked great and talking to the broker did the trick so thank you.

 

[Kim Gillihan]

Thank you all for the advice! We were able to let the broker how we were feeling and what do you know, we got a signed contract almost immediately after and it's off to ROFR! I do realize it was only a few business days and that's why I was trying to figure out what a reasonable way to approach this was. Your advice worked great and talking to the broker did the trick so thank you.

Great! congrats!

 

[ktmo]

I think the hardest part about buying resale is that you have no control of the timeline. It is going to take time. My first resale contract took over 100 days from putting in an offer. Luckily things are moving faster now. It is hard to see others post that their contract which was submitted after yours has passed ROFR or that someone gets there member by calling but you can't have to wait for the letter. When I bought my second contract, I tried to stay out of all the ROFR/estoppel threads. I hated seeing others moving faster through the processs.

 

[gharter]

Thank you all for the advice! We were able to let the broker how we were feeling and what do you know, we got a signed contract almost immediately after and it's off to ROFR! I do realize it was only a few business days and that's why I was trying to figure out what a reasonable way to approach this was. Your advice worked great and talking to the broker did the trick so thank you.

Congrats on the first step. Hopefully the rest goes easier. It can be a little stressful waiting for ROFR. Good luck!