Closing on a resale question

[Wislodgers]

Can Dean or anyone out there help me? We have a resale contract through Lee Reid that is being closed by the agency Voigt & Voigt. The closing date on the final papers was the 13th of May. That day came and we called to see if the contract was closed. The closing agency asked us to call back at the end of the week. Called Friday of that week, left voice mail and no call was returned. We called on the following Monday(20th) and was told the contract would close that day. We were told papers would be in the mail. After no papers as of today(1 week later) we called once again. Now we were told they are waiting for information from Disney and would update us tomorrow. I am getting very frustrated and just want to finish this! Just for time reference, our offer was accepted on April 1 and Disney returned on ROFR on April 19. When Disney returned so quick, we thought it would close quick as the agency said this is generally where the hold up occurs. Anyone with any resale experiences, did your contracts close by the stated closing date, or am I just being impatient?

 

[robinb]

Gee ... I really hate to see a fellow Wisconsinite go through so much trouble!

I wouldn't be surprised if the tie-up with the title company and Disney was related to the problems you had earlier with the number of points available. My guess is that Disney OK'd your purchase back in early April as it was in early April. Then, there was a change to the contract between the OK for sale and your closing, so they are having a second look at it.

I would be very annoyed, especially since the title company has had your final pament for over a month! While 2 months to close is not unheard of (I'm at 30 days myself and just starting to get antsy), I would expect to close shortly after the title company took my final payment. I think you need to call the title company and Lee out on the carpet and find out exactly what's going on. It's inexcusable that they have not communicated properly with you. I would really be worried .

I really hope things work out OK with you! I just stayed at VWL last week and had a great time! What a lovely and relaxing resort. Kinda like OKW, but closer to the MK. It was sometimes hard to believe that the MK was soooo close. Our resale is at BWV so we can stay there over NYE.

So ... I don't think you're being impatient, but I'm a B+ Personality type . Patience is not my strong suit, but I learn more every day while parenting a 2 year old!

 

[Wislodgers]

I don't think the hold up is over the question on points available. I spoke with a very helpful CM at DVD Administration and she is the one who actually informed me on the amount of points available. At administration they simply notify the agent that the points available are different than stated on the contract. It is up to the agent to then send an addendum to correct it. It was an oversight on the agents part, but he did rectify it. This was done on the day the final contract was sent back, with the check!. I think that the closing company is the one dragging their feet. Hopefully tomorrow we will actually have some information!!!

 

[Dean]

We used the same closing agency out of Sarasota. I found them fine. While they didn't call and volunteer any info and were slack about returning calls, they were straightforward when we did call and talk with someone. We actually closed a day or 2 earlier than predicted but as of the end of last week were not in the system for that contract a full week after it was received by DVC. I would wonder if there is a mortgage through Disney and this is the holdup. Also if you had to amend the contract, I suspect DVC would have to review it all over again and that also could be a hold up.

 

[crisi]

We had similar issues. Took 30 days for Disney to waive ROFR. Then took two more weeks for the title company to get the paperwork to us for closing. We turned ours around, the seller turned their's around - but she forgot to get something notarized....so it went back to her. She returned it promptly, but it was still about 10 weeks from the offer being made and accepted to us being in the Disney system.

We were a month past the contracted closing date.

I was getting a little impatient at the end - Mostly because the closing company had my money for about a month and I wasn't seeing any movement. But it did happen in the end. I even got my membership card yesterday.

Different title company. And I worked through Jaki. And I'm a definate type B - and kept telling Jaki no rush. Plenty of folks out there that NEED to get into the system to make ressies - I'm not making any until fall.

 

[robinb]

I just got a call from Pat over at The Timeshare Store where I bought both my resales. Our most recent contract has cleared Disney's ROFR and they have verified that all the dues have been paid and there are no late fees (there's a word for that, but I have forgotten it ... one of those contract-y legal latin words ). Our title company is sending us our final documents and we will send in our final payment as soon as we get it. Given that our title company did not request payment until all the "ducks were in a row", I'm surprised that yours did. Maybe your seller is getting cold feet .

 

[Wislodgers]

Our final payment was sent in with the closing papers. We had everything notarized and sent back at the end of April. They did give a 2 week grace period to get all documents back, and the seller returned papers at the end of that time frame. We did hear from the closing agent yesterday that there is a hold up, it is something involving the seller's final payment on the mortgage to Disney. I am glad at least we heard something. Oh, I really hope the sellers isn't getting cold feet! Well, if they do I guess it is back to the resale boards!!!

 

[crisi]

We also wired our final payment when we sent off the closing documents. But it still took a number of weeks after that for the stars to align. Since you never get all the parties together in a room to sign, notarize, and exchange checks, closing via the mail has, by necessity, a fuzzier timeline.