Closing on Resale Did Not Happen today... what now?

[hulagirl]

Hi everyone,

It's been quite awhile since I've posted in the DVC forums but my husband and I are dealing with a situation here and wanted to reach out for your thoughts. We started a small resale purchase 6 months ago and agreed to wait until the sellers wanted to close, which was today, November 2, 2018. We assumed they had an October vacation booked that they wanted to clear. We made a large deposit in April and two weeks ago, sent our final payment and thought we were good to go. My husband checked in with the closing company earlier this week and we were told all was well, but up to that point, we had had literally NO communication from this company whatsoever, which I thought was really odd. We hadn't heard from anyone. Not the reseller, not the closing company. No one. We've been around the block a few times so didn't need any handholding but I still thought it was weird that we were the ones doing all the communicating. I kept saying.. something seems off about this, but all companies involved are reputable and well known (including here) so I just put aside my concerns and assumed everyone was busy.

At 3:30 today, we had had enough. My husband called the closing company and was told that one agent was out on vacation and the other one was not in the office today. Still no explanation whatsoever and no communication from the closing company - not even to let us know they wouldn't be closing on our contract today. We then get on the phone with the reseller and were told that the guy we usually deal with is also not in the office today. Today is his day off.

I'm baffled by it all, frankly. It seems incredibly unprofessional and after buying two very small contracts from Disney with nothing but the red carpet rolled out, we will likely only go that route going forward. As far as we can see, there is nothing that covers what happens to us if the parties involved don't do their job. It covers the sellers, it covers the resellers and the closing company... but I don't see anything that covers us, in the event that we do not close on the contract as specified, by this date.

At this point, we really feel like pulling out. Is that even an option? We can call Disney in the morning and simply add on with them. It's disappointing at best, and downright maddening at worst. Has anyone else experienced anything similar? I'd really appreciate your thoughts. We still have no idea when we actually will close. I imagine the sellers are even more peeved. They are waiting on the funds from this transaction.

 

[zavandor]

You have waited 6 months. Do you want to cancel the deal for one day delay?
Some closing company are better then others, so I would just avoid to deal with the same in the future, but I would stillwait for this contract.
Also, have a look at current pricing, if you pull out you'd have to purchase a new contract in the current market, which has increased much in the last 6 months.

 

[hulagirl]

You have waited 6 months. Do you want to cancel the deal for one day delay?

Thank you for responding @zavandor

Waiting isn't the issue. If it was, we never would have chosen this contract in the first place. But service, which includes timely communication, should really matter. It does matter. Here we are, a day after we should have closed on a real estate transaction involving both a contract, and thousands of dollars... and not a soul, other than the poor girl at the desk who didn't really seem to know what to say, has spoken to us about it. No email, no response to emails, not a word. If we hadn't called both offices yesterday, we still wouldn't even know we weren't closing or when we will be.

We still don't.

 

[The Jackal]

Yes it is much easier to buy from DVC directly. I am pretty sure if you cancel you will lose your deposit. I would not use the same closing company again if you buy more resale. Some are better and faster than others even when they can close right away.

 

[hulagirl]

I've been reading the boards a little bit since I posted and I did notice that some are better than others. We just went with the closing company the reseller uses and didn't question it. When we sold a contract, we had no issues.

It feels wrong somehow, that the companies who are handling the contracts and the money have all these protections built into the contract and buyers are kind of just left at their mercy. If we had received a phone call that said, "We're sorry but the closing will be delayed a short amount of time longer", I would never have even written this post.

These are frontline companies that both Dis-ers and long time DVC owners have been using forever, including me. Things are different.

We won't be using them again. Service really matters to us, and we are happy to pay for that peace of mind.

 

[Lakegirl]

Please let us know when you get your resolution. I am so sorry that this is happening. When you spend that kind of money you expect companies to do what they are expected to.

 

[CarolMN]

So sorry this is happening. But don't pull out. If you do, you may lose your deposit - they already have your money and at a minimum, it could be a hassle to get it back. When its all over, you can leave a few reviews re your experience.

Just keep bugging them and bugging them.

Hope to hear good news from you soon.

 

[hulagirl]

Thank you... I will. I really do appreciate your responses. I have a feeling it will work out just fine, but they've lost a customer for future transactions because of their lack of communication and accountability.

 

[CarolMN]

Might be a good idea to bug your broker, too. After all, they chose the closing company. Ask them to call the closing company on your behalf. There's probably a lot of business that's directed to the closing company from your broker, and the closing company might be a little more motivated to do their job if the broker is calling, too. Good luck!

 

[sndral]

When does your contract say you must close by?
When my first resale purchase started to drag on, I reminded the broker of that date and said if we missed it I intended to back out & start over, I was nice, but firm, and it got the deal done.
Of course that wasn’t during a time of escalating resale prices such as we’ve seen lately - so I’m not so sure I’d use that approach these days

 

[disneynutz]

Don't give up now! Yes they should have done a better job, just don't use them again and let the broker know that you are dissatisfied with their customer service and their choice of closing company. Also let them know that you have reached out on the DIS and will be posting your experience with them.

Bill

 

[limace]

We had huge issues at closing-mainly due to the lending company being a disaster to work with. We dealt with our broker over the closing, not the title company directly (similar to buying other real estate, I guess). It absolutely sucked-but I got GCV for $141 a point last year vs $235 direct now. It’s like childbirth. Process sucks but once it’s over you can happily move on and put it in the past. Hang in there.

 

[Matty B13]

We are still waiting on our Closing documents from *** and we closed in early September. I would suggest calling early Monday morning and keep calling until you get an answer.

 

[hulagirl]

@sndral Our closing date was yesterday. Still no word on when we actually will close. @disneynutz Thanks, Bill. My goodness, I remember you from when I was a regular around here more than 10 years ago. Still a positive force in the universe, I see.;-) I will share my whole experience here when the transaction is complete. Good, bad and ugly. I've found so much help over the years on this forum and am pretty well versed in Disney vacations because of folks like you. @limace That got a laugh out of me. I have three sons (all grown now) but I can still relate to your childbirth comment. Thanks for the smiles. Sorry to hear you had issues too, but glad you picked up that contract for a good price. Good to keep perspective, isn't it? @Matty B13 Well... the good news there is that you closed... right?;-) I sure hope you get your paperwork soon.

Awfully good to know that communication here is as strong and helpful as it ever was. Thanks all! I surely do appreciate your thoughts.

 

[Sleepy425]

@sndral Our closing date was yesterday. Still no word on when we actually will close. @disneynutz Thanks, Bill. My goodness, I remember you from when I was a regular around here more than 10 years ago. Still a positive force in the universe, I see.;-) I will share my whole experience here when the transaction is complete. Good, bad and ugly. I've found so much help over the years on this forum and am pretty well versed in Disney vacations because of folks like you. @limace That got a laugh out of me. I have three sons (all grown now) but I can still relate to your childbirth comment. Thanks for the smiles. Sorry to hear you had issues too, but glad you picked up that contract for a good price. Good to keep perspective, isn't it? @Matty B13 Well... the good news there is that you closed... right?;-) I sure hope you get your paperwork soon.

Awfully good to know that communication here is as strong and helpful as it ever was. Thanks all! I surely do appreciate your thoughts.

Did you close?

 

[hulagirl]

We did close this week. I'll have an update on the entire process when we have our final documents and points are in our account. Would like to share the whole experience, once it's complete.

 

[bobbiwoz]

We did close this week. I'll have an update on the entire process when we have our final documents and points are in our account. Would like to share the whole experience, once it's complete.

Good that you did close!