Closing Time!

[LadybugsMum]

Here's the line from Magic Vacation Title's DVC Resale Market's email:

**Disney is having system updates and will not be able to transfer contracts between July 8th and July 20th. If your closing falls in this timeframe, the transfer will occur after July 21st.

I was hoping that was a typo and they really mean July 18th -20th.

 

[HIRyeDVC]

Same here. I would love this to be wrong.

Well, I was going to wait this contract out and see how long it takes Disney to create the account and load points without me pestering them. But I caved and sent admin an email. We'll see what they come back to me with. I don't really need these points just yet. But I want some damn closure! I hate resale....

 

[Lorana]

Updated: Closing docs have been received, but www.****************.com and Mason Title use a lawyer to close on their HHI contracts, which has significantly dragged out this process - partly because the closing docs are now on their THIRD iteration, as the lawyer keeps finding mistakes, needs new ones, which pushes out the closing we have to schedule to do over the phone... uggggh. I don't know if my last contract skipped legal proceedings they needed to do or not, but it was certainly much faster... this process is taking longer than ROFR! As it is, a date was wrong on the last closing docs sent to the lawyer, and so I'm now waiting for the closing docs to be fixed and for the lawyer to reach out to me to reschedule the closing time.

Home: HHI
Broker: www.****************.com
Title Company: Mason
Offer made: 5/14/2021
Offer accepted: 5/15/2021 (1 day)
Sent to ROFR: 5/20/2021 (5 days)
Passed ROFR: 6/10/2021 (21 days)
Estoppel Received: 6/25/2021 ? (15 days)
Closing docs received: 6/25/2021 (15 days)
Closing docs returned: 6/26/2021
Sellers closing docs returned: 6/28/2021 (3 days from closing docs received)
Paid Final Payment: 6/28/2021
Closing: ???? Was supposed to be today (7 days from closing docs received)
Deed recorded:
Contract Showing on Membership (new member):
Points in account:

TIME TOTAL: 49 days and counting...
offer to ROFR Passing: 21 days
ROFR passing to Closing: 22 days and counting...
Closing to Points in Account:

Arrrrrgh!! Venting a little here at how ridiculous this process has been so far. So I got the closing docs, which we signed and returned, and then notification that the seller's docs and payments had been received, so we made payment. AT THAT POINT, is when we were informed we needed to close with the lawyer, so okay, we schedule a closing date. Which gets pushed back three times because of mistakes in the closing papers sent to the lawyer. So finally we have our closing with the lawyer on the phone on Friday 7/2. Where the lawyer literally goes over the documents we've already signed, and the payment we already sent. But, okay, that was 20 minutes, not a big deal. The lawyer says that they will inform the broker and title company that all is good and they will recommend we close. So that's what my $250 paid for?

... fast forward to this week. I'm checking the Beaufort County Register of Deeds on Tuesday to see if our deed was registered, since in theory we close on Friday, right? But nothing. That's fine, it's the day after a holiday weekend, I figure maybe they didn't send things over till Tuesday. On Wednesday, I keep checking all day, still nothing. So I send an email to the broker and the title company, because no one has communicated to me since I spoke to the lawyer, to find out what's up. ONLY TO FIND OUT THAT WE STILL HAVEN'T CLOSED. They claim the lawyer never communicated to them that they recommended closing proceed. So now I'm apparently waiting for the lawyer and the title company to actually talk to each other. Ahhhhh!!!

While I'm not in a SUPER hurry for these points, I AM planning a trip to HHI over Easter weekend next year, and I really want to book this before the 7 month availability hits. I know that in theory I've got plenty of time, but every day I worry that other owners are going to book things up for that weekend before I get my points! (I do have PART of the weekend held with my existing HHI points, but I need these points to complete the booking, as we want a 1BR... at 7 months, we'll try to upgrade to a 2BR with my SSR SAP points).

 

[HIRyeDVC]

UPDATE:
Received this email from DVC admin today.

“Although we are not able give you a definitive answer as to where you are in the queue. I can confirm your transfer documents were received on 6/24. Our queue is currently processing 2-3 weeks from the date of receipt. So, we should have your transfer completed by the end of next week barring any unforeseen circumstances.”

My contract closed and recorded on 6/24 and I‘m current awaiting account activation and points load. It seems member admin is still working despite the rumor of a shutdown from the 7th-20th. Perhaps they’re not currently processing any new contracts that closed after the 7th? Just wanted y’all to know. Pixie dust to everyone!

 

[Tiberella626]

UPDATE:
Received this email from DVC admin today.

“Although we are not able give you a definitive answer as to where you are in the queue. I can confirm your transfer documents were received on 6/24. Our queue is currently processing 2-3 weeks from the date of receipt. So, we should have your transfer completed by the end of next week barring any unforeseen circumstances.”

My contract closed and recorded on 6/24 and I‘m current awaiting account activation and points load. It seems member admin is still working despite the rumor of a shutdown from the 7th-20th. Perhaps they’re not currently processing any new contracts that closed after the 7th? Just wanted y’all to know. Pixie dust to everyone!

I spoke with our DVC guide today. He told me the IT update is actually an entirely new backend program they are converting to. He had received nothing official but speculated the 10 day closure of member administration was likely to clear out all the transfers currently in the queue. Our closer from Magic Vacation Title told us Disney was not accepting any new contracts effective today.

 

[Lee Matthews]

May be a case then that if the backend systems are being re-done that transfers received before the 7th will still get processed but contracts received after that date will have to wait and be loaded into the new system after the 20th

 

[M:SpilotISTC12]

Home: HHI
Broker: www.dvcbyresale.com
Title Company: Mason Title
Offer made: 6/1/21
Offer accepted: 6/1/21
Sent to ROFR: 6/2/21
Passed ROFR: 6/28/21
Estoppel Received: ?
Closing docs received: 7/6/21
Closing docs returned: 7/6/21
Sellers closing docs returned:?
Closing: 7/9/21
Deed recorded:
Contract Showing on Membership:
Points in account:

One step closer! I can't wait!

 

[Lorana]

Home: HHI
Broker: www.dvcbyresale.com
Title Company: Mason Title
Offer made: 6/1/21
Offer accepted: 6/1/21
Sent to ROFR: 6/2/21
Passed ROFR: 6/28/21
Estoppel Received: ?
Closing docs received: 7/6/21
Closing docs returned: 7/6/21
Sellers closing docs returned:?
Closing: 7/9/21
Deed recorded:
Contract Showing on Membership:
Points in account:

One step closer! I can't wait!

I’m a little jealous at how quickly your closing is going compare to mine.

 

[M:SpilotISTC12]

I’m a little jealous at how quickly your closing is going compare to mine.

To be honest I’m shocked it’s moving so fast! Thought it would take longer! Just need those points to hit my account so I can start spending them lol

 

[HIRyeDVC]

UPDATE:
Received this email from DVC admin today.

“Although we are not able give you a definitive answer as to where you are in the queue. I can confirm your transfer documents were received on 6/24. Our queue is currently processing 2-3 weeks from the date of receipt. So, we should have your transfer completed by the end of next week barring any unforeseen circumstances.”

My contract closed and recorded on 6/24 and I‘m current awaiting account activation and points load. It seems member admin is still working despite the rumor of a shutdown from the 7th-20th. Perhaps they’re not currently processing any new contracts that closed after the 7th? Just wanted y’all to know. Pixie dust to everyone!

The email said next week but my contract is now showing in my account. Member admin doesn't work over the weekend right?

 

[Lee Matthews]

Interesting. Hopefully they are still working to clear all the contracts they receive prior to the 7th

 

[LadybugsMum]

The email said next week but my contract is now showing in my account. Member admin doesn't work over the weekend right?

They do. My first resale contract had the points loaded on a Sunday morning.

 

[LadybugsMum]

Estoppel was received this afternoon by the title company and I should have my closing docs in the next 2 weeks.

Home Resort: BWV
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 6/11/2021
Offer accepted: 6/11/2021
Sent to ROFR: 6/15/2021
Passed ROFR: 7/06/2021
Estoppel received: 7/09/2021
Closing docs received:
Closing docs returned:
Closing:
Deed recorded:
Contract Showing on Membership (new member):
Points in account:

Days Total: 28 so far...

 

[HIRyeDVC]

Home Resort: BLT
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 4/9/21
Offer accepted: 4/9/21
Sent to ROFR: 4/14/21
Passed ROFR: 5/7/21
Closing docs received: 5/26
Closing docs returned: 6/21/21
Closing: 6/22/21
Deed recorded: 6/24/21
Contract Showing on Membership: 7/9/21
Points in account: 7/11/21

Days Total: 94 days

Looks like I haven’t had the best of luck in terms of total days but relieved nonetheless that it’s all over. I first emailed member admin on 7/6 to inquire about the account transfer. Contract showed up in my account 2 days later. I tried chatting with two separate CMs to get points loaded on 7/10 and failed. Called MS this morning. Waited 2 minutes and CM was able to load my points. This will probably be my last resale purchase. But I still love following all the different threads on this board. Thank you everyone for all your wisdom and insight. Wishing everyone many memories and pixie dust!

 

[Emmett2020]

Home Resort: Vero Beach
Broker:
Title Company: Mason Title
Offer made: May 14, 2021
Offer accepted: May 14, 2021
Sent to ROFR: May 18, 2021
Passed ROFR: June 11, 2021
Closing docs received: June 15, 2021
Closing docs returned: June 16, 2021
Closing: June 24, 2021
Deed recorded: June 25, 2021
Contract Showing on Membership (new member): July 10, 2021
Points in account: July 11, 2021

Days Total: 58

We are very pleased with our timeline, and couldn’t be happier with our broker and title team. Hope everyone else gets quick results!

The system wouldn’t let us post with the broker link, we purchased through Fidelity.

 

[Tiberella626]

To be honest I’m shocked it’s moving so fast! Thought it would take longer! Just need those points to hit my account so I can start spending them lol

You don't already have them spent! Lol. I know I am in the same boat!!

 

[M:SpilotISTC12]

You don't already have them spent! Lol. I know I am in the same boat!!

Haha they were but all the dates and resorts we want are all taken for January so we are hostage to availability. But we don’t care really. We love them all!

 

[jbreen2010]

UPDATE:
Received this email from DVC admin today.

“Although we are not able give you a definitive answer as to where you are in the queue. I can confirm your transfer documents were received on 6/24. Our queue is currently processing 2-3 weeks from the date of receipt. So, we should have your transfer completed by the end of next week barring any unforeseen circumstances.”

My contract closed and recorded on 6/24 and I‘m current awaiting account activation and points load. It seems member admin is still working despite the rumor of a shutdown from the 7th-20th. Perhaps they’re not currently processing any new contracts that closed after the 7th? Just wanted y’all to know. Pixie dust to everyone!

You have to hope if they are going to shut down for a week that they can get as many transfers in before the shut down. I wouldn’t want to be the test transfer running through their new system. OR maybe you will have it completed “live” during their training during the shut down for the DVC employees and would go live the day they come back. Good luck!!

 

[ajiuo]

Why are there 2 active “Closing Time” threads? There is one that says 2021 edition but it seems like a lot of people still use the other one. They should either be merged or one should be locked… IMHO

 

[masupo]

Why are there 2 active “Closing Time” threads? There is one that says 2021 edition but it seems like a lot of people still use the other one. They should either be merged or one should be locked… IMHO

I'm going through ROFR on my first resale contract and I've recently started reviewing the "Closing Time" threads. I also noticed there's two active threads and wondered which to post in when (if) I get to the closing process.