Closing Issues

[Belle53]

It has been over 9 weeks since Disney passed ROFR on the contract I put an offer on back in mid May. I emailed the title company a couple of weeks ago to find out why I still haven't received closing documents. The title company responded that they cannot give me an estimated time frame on when closing documents will be sent out because they are still working on clearing the title.

I wondering at this point if I should walk away or not. I am past the contract closing date. I got a great price on this loaded contract but the delay is preventing me from booking future trips. I am considering cancelling and buying direct.

Has this ever happened to anyone buying and how long did it end up taking to close?

 

[Sandisw]

I have never heard of it taking that long to clear title. Personally I’d walk away at this point.

 

[Suzabella]

I think they owe you more of an explanation than that. Exactly what is wrong with the title? If that answer isn't satisfactory, I'd walk. Especially if they can't give you any idea of how long it will be.

 

[Emmsgug]

It has been over 9 weeks since Disney passed ROFR on the contract I put an offer on back in mid May. I emailed the title company a couple of weeks ago to find out why I still haven't received closing documents. The title company responded that they cannot give me an estimated time frame on when closing documents will be sent out because they are still working on clearing the title.

I wondering at this point if I should walk away or not. I am past the contract closing date. I got a great price on this loaded contract but the delay is preventing me from booking future trips. I am considering cancelling and buying direct.

Has this ever happened to anyone buying and how long did it end up taking to close?

Estoppel for me took a month. I closed and recorded on 7/29. I am still waiting for my contract to load from Disney which seems to be right around 4 weeks after recording.
So even if you close and record, know that you’ve got at least a month of waiting to actually see your points.

 

[princesscinderella]

You can investigate a bit yourself what is maybe holding up the title work. Go to the Orange County website below and put the name of the seller in the grantee search field. Look at the deed and follow down the rabbit hole of the buyers and sellers by searching the sellers name each time. I found out one of the contracts I’m buying right now was a foreclosure and the other the has a lien on it for not paying dues. Best of luck on getting to closing!
https://or.occompt.com/recorder/eagleweb/docSearch.jsp

 

[RoseGold]

I'd pick up the phone and call the title agent. Maybe this is just some paperwork. It's not like a couple weeks matter in the big scheme of this purchase, assuming you still want it.

 

[Belle53]

I was told by Fidelity who rarely communicated with me in the past 3 months (I always had to reach out) that the sellers are very ill. I don't know if I fully believe that because I Iooked up their names on that county website and one of their contracts was transfered to a couple in the past week so if they could send in their closing documents with them then why not mine?
With the market increases, that contract can probably sell $20-25 per point more now.

 

[Emmsgug]

I was told by Fidelity who rarely communicated with me in the past 3 months (I always had to reach out) that the sellers are very ill. I don't know if I fully believe that because I Iooked up their names on that county website and one of their contracts was transfered to a couple in the past week so if they could send in their closing documents with them then why not mine?
With the market increases, that contract can probably sell $20-25 per point more now.

I was in a similar situation in both price and delay in sellers. I paid a low price per point and Disney took all of the contracts at the same price but mine. I paid 137.5 a point for a loaded contract where everywhere else they are now selling for 175-180 a point.

I too thought they were intentionally delaying to re list and get a higher price per point. But I stayed strong. The last seller turned in his paperwork on 7/9, our original closing was 6/24, we didn’t get to close until 7/29.

if it’s a contract you really want and can’t find comparable, I’d continue to gently nag and get that contract.

 

[CWTC]

I too thought they were intentionally delaying to re list and get a higher price per point.

This didn’t occur to us - this thread is of interest to us because we passed ROFR in early July, signed our paperwork and wired our money within 72 hours of getting docusign alert, and are still waiting on seller. We are supposed to close this week and have been told seller just sent documents today. We assumed their delay was age or other life stuff but at the same time didn’t understand why we they would have listed this DVC if they weren’t ready to sell. I feel like we got a great contract and price - your statement makes sense as an alternative explanation.

 

[CWTC]

crud. I thought this was a different closing thread. My bad. Ignore!

 

[Jimmy Geppetto]

If a seller doesn't end up sending in their closing documents and the closing date passes, can the buyer request the contract be voided and have their deposit refunded?

 

[Sandisw]

If a seller doesn't end up sending in their closing documents and the closing date passes, can the buyer request the contract be voided and have their deposit refunded?

Yes.

 

[jbreen2010]

It has been over 9 weeks since Disney passed ROFR on the contract I put an offer on back in mid May. I emailed the title company a couple of weeks ago to find out why I still haven't received closing documents. The title company responded that they cannot give me an estimated time frame on when closing documents will be sent out because they are still working on clearing the title.

I wondering at this point if I should walk away or not. I am past the contract closing date. I got a great price on this loaded contract but the delay is preventing me from booking future trips. I am considering cancelling and buying direct.

Has this ever happened to anyone buying and how long did it end up taking to close?

If you’re past the contract closing date you have no obligation to proceed with the sale…I guess what’s more confusing though is if seller wants to see why can’t title find out what their deal is…just sign the papers and get your money.

 

[Suzabella]

Any updates?

 

[Marionnette]

Any updates?

Looks like the OP backed out of the sale and the seller re-listed the contract.

https://www.disboards.com/threads/r...formatting-tool.3843478/page-75#post-63314748

 

[Suzabella]

Thanks!