Closing Time!!
- Thread starter Buzzalot
- Start date
Michal Holm
Earning My Ears
- Joined
- Apr 21, 2015
Hi everyone
I have been reading some, not all, of the posts regarding some of the frustrations buying from an international seller.
Maybe I don't have all the facts, but I my self is a international buyer (not seller). When I have bought real estate interests in the US, I never had to snail mail my documents I always received them by email and had to print, sign, scan email back. This took in most cases 5min, maybe 10min if the printer was causing problems.
I also never ever had to have the documents notarized, I did however had to provide the closing company a scan of my photo ID.
Should I at some point decide to sell my timeshare(s), then the buyer would need to withhold 15% of the transaction total and transfer those funds to the IRS. I would need to request a refund of the 15%(assuming I didn't make a profit of the sale, only of the profit would I need to pay the 15%)
The closing companies should be able to transfer the money to the IRS on your behalf.
In my book being international from Europe and buying real estate in the us, is pretty straight forward.
I still have my first Dvc real estate to look forward to, but I'm getting there - I would not expect the process to by any different than from HGVC.
Edit:
Just looked though my old mails and found an old one from a closing company which said they could notarize the documents for me(because they had the copy of my photo Id) but they needed the ones with the original signature, which I had to snail mail back afterwards( took 14 days from I send it till I got a confirmation of it being received)This was for a deed back( closing company transferred me the wrong TS), so this would be the same as a sale I guess.
I could have shipped the documents back faster but with the regular mail I had to pay 40$ should I arrive faster it would have been even more expensive.
Don't get me wrong but I don't think 14 days is not long extra wait, as long as you know on beforehand.
If it is a big deal, just put it into the contract that the seller needs to return the documents with fedex 2nd day or similar.
Regards.
I have been reading some, not all, of the posts regarding some of the frustrations buying from an international seller.
Maybe I don't have all the facts, but I my self is a international buyer (not seller). When I have bought real estate interests in the US, I never had to snail mail my documents I always received them by email and had to print, sign, scan email back. This took in most cases 5min, maybe 10min if the printer was causing problems.
I also never ever had to have the documents notarized, I did however had to provide the closing company a scan of my photo ID.
Should I at some point decide to sell my timeshare(s), then the buyer would need to withhold 15% of the transaction total and transfer those funds to the IRS. I would need to request a refund of the 15%(assuming I didn't make a profit of the sale, only of the profit would I need to pay the 15%)
The closing companies should be able to transfer the money to the IRS on your behalf.
In my book being international from Europe and buying real estate in the us, is pretty straight forward.
I still have my first Dvc real estate to look forward to, but I'm getting there - I would not expect the process to by any different than from HGVC.
Edit:
Just looked though my old mails and found an old one from a closing company which said they could notarize the documents for me(because they had the copy of my photo Id) but they needed the ones with the original signature, which I had to snail mail back afterwards( took 14 days from I send it till I got a confirmation of it being received)This was for a deed back( closing company transferred me the wrong TS), so this would be the same as a sale I guess.
I could have shipped the documents back faster but with the regular mail I had to pay 40$ should I arrive faster it would have been even more expensive.
Don't get me wrong but I don't think 14 days is not long extra wait, as long as you know on beforehand.
If it is a big deal, just put it into the contract that the seller needs to return the documents with fedex 2nd day or similar.
Regards.
Last edited:
JESSketeer
Mouseketeer
- Joined
- Nov 8, 2011
Thank you!! Hope you get it this week. Fingers crossed!
ruthma
WISH I WAS TINK
- Joined
- Aug 7, 2006
recorded today.
Matty B13
DIS Veteran
- Joined
- Jun 13, 2016
Were you able to book the resort you wanted for September? Just wondering about how short a reservation window is for DVC, last minute trip planning.
Deb123
Mouseketeer
- Joined
- Aug 5, 2010
I actually am sending an email to cancel and refund my money today. In looking at my contract, it has the closing date listed as June 6th. I received closing docs on June 13th and I returned my docs and money (in full) on June 16th. In talking yesterday with the company, they said it was unlikely we would hear from the seller's since they've been pretty much ignoring them. No sense in hanging on to this situation. I just want to recover from this and start over. When we started this process in April, I thought we'd have plenty of time to be able to book for 2017 F&W festival at the 11mth mark. Now with having to start all over, we won't have the 11 mth advantage with a new contract. I do think the company I am using have been trying multiple times to reach them. It's not the company's fault, they have been done wrong as well. It's just been very discouraging and I feel like it's been a such a waste of our time. I really hope this doesn't happen to anyone else out there.
Matty B13
DIS Veteran
- Joined
- Jun 13, 2016
Sorry to hear that Deb, hope the next one goes smoothly.
JESSketeer
Mouseketeer
- Joined
- Nov 8, 2011
We were able to piece together our whole 11 night trip doing some split stays. We're staying at AKV/SSR/OKW, with our longest consecutive stay being 6 nights at SSR, then we're pretty much bouncing around from resort to resort. We'll keep looking to see if anymore consecutive nights open up for the end of our trip so we're not moving around so much, but we're just glad we were able to get something!
I second this. Best of luck finding the next, hopefully better contract.
Just checked and the contract showed up this morning. Points aren't loaded yet but we are sooo close.
I was starting to think they lost it.
And we have points!! 24 hours after the contract showed up in the account and we are complete.
71 days from start to finish. Not the fastest but certainly not the slowest. Not bad at all.
pepperandchips
[melinda]
- Joined
- Mar 16, 2014
Closed today! Passed ROFR 6/3/16, got estoppel on 6/30/16, got closing docs same day (6/30/16) and closed 7/12/16. Now comes the waiting for the member number. ARGH!
luvdisneyland
Mouseketeer
- Joined
- Jan 6, 2015
Hi, so sorry about that- that must be so frustrating! I used dvcresalemarket.com for both a purchase and a sale and they were awesome!
Matty B13
DIS Veteran
- Joined
- Jun 13, 2016
We used https://www.**********.com and I think they were very professional and answered all our questions very quickly.
Matty B13
DIS Veteran
- Joined
- Jun 13, 2016
I guess they are blocked or something. "**********"
firerunner1965
Earning My Ears
- Joined
- May 22, 2016
I used dvcresalemaket and extremely happy July 18 will be two full months, we closed june 27 so now waiting on Disney. I am hoping that we get our member number by the end of next week. If so that would put us just a little over 60 days start to finish.
as a side note I think my mailman will be happy when we get our # also so I can quit stalking him *grin*
- Joined
- Jun 23, 2016
Bought vgc $141 pp 160 points sept it loaded (157 2015 160 2016) we paid closing and 2016 manitenance fees. I didn't see these threads till after papers were signed and in ROFR. Hopefully we didn't pay too much? We got an email saying there was a mistake on our papers while they were drafting closing papers. So back to waiting. 
Hopefully it doesn't take too long.
Sent 5/27
Passed ROFR 6/17
Email from title co 7/12
Hopefully it doesn't take too long.Sent 5/27
Passed ROFR 6/17
Email from title co 7/12
I called Disney member services today to see if the contract had been transferred yet, the lady I got seemed rude to me. I explained we closed on 6/30 and it was recorded same day. Told her our contract had 2015 points that were not banked by the sellers and we know they need to be banked by 7/31 or we lose them, she attempted to pull us up and said it wasn't transferred and couldn't answer any questions we have. I apologized and tried to ask if she thought we would have our member number in time to bank, only for her to reiterate she "could not answer any questions!" Only thing she could tell me is that it can take 4-6 weeks to transfer! I'm going to lose it if we lose those points! It was one of the reasons we offered what we did! 
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