Closing Time!!

[mustinjourney]

THANK YOU!!!!

The last time we were in this situation, the broker was actually told by Disney that there was nothing they could do after it had passed ROFR, but I just called our broker for this current contract and she said they have gotten more lenient as the process has gotten so long overall...and she is going to ask the sellers to bank. That is a HUGE relief and I would not have thought it possible if it were not for your post- thank you SO much !

Won't this gum things up during the estoppel portion of the wait? My understanding was the whole point of the estoppel was to verify that the points actually did match the contract. Is this incorrect?

 

[pangyal]

Won't this gum things up during the estoppel portion of the wait? My understanding was the whole point of the estoppel was to verify that the points actually did match the contract. Is this incorrect?

I raised this same question. My broker explained that this would not be the case. At worst, the seller might have to sign an addendum stating that the points are now banked. The sellers have full access to their points until the transfer happens, from what she said...which is interesting, because I'd always assumed they would put some sort of "freeze" on there to prevent sellers using their points after ROFR/ estoppel. That being said, perhaps they have just enough access to bank points if need be?

 

[Deb123]

I raised this same question. My broker explained that this would not be the case. At worst, the seller might have to sign an addendum stating that the points are now banked. The sellers have full access to their points until the transfer happens, from what she said...which is interesting, because I'd always assumed they would put some sort of "freeze" on there to prevent sellers using their points after ROFR/ estoppel. That being said, perhaps they have just enough access to bank points if need be?

I always assumed the same thing...that the seller's points would "freeze." After what happened with our last contract we tried to buy, I now don't think this is the case. We passed ROFR in April, had a closing date of 7/16. All funds and docs sent in from us, the buyers. The sellers then went MIA, no word, nothing. From what I now understand, the sellers still have full access to their points to do what they want. Right up until the closing docs are signed and the contract closes.

 

[pangyal]

I always assumed the same thing...that the seller's points would "freeze." After what happened with our last contract we tried to buy, I now don't think this is the case. We passed ROFR in April, had a closing date of 7/16. All funds and docs sent in from us, the buyers. The sellers then went MIA, no word, nothing. From what I now understand, the sellers still have full access to their points to do what they want. Right up until the closing docs are signed and the contract closes.

Yes, this is what the broker said as well. They only lose access to the points once the transfer is completed. She said they sign a document saying they won't use their points, and I guess most sellers wouldn't be dumb enough to use any points and risk not being paid by the broker for the sale once it's complete.

 

[ScubaCat]

Have the seller transfer them into my membership and I'll bank them for you. Problem solved. #happytohelpasalways

 

[pangyal]

Have the seller transfer them into my membership and I'll bank them for you. Problem solved. #happytohelpasalways

#goldstarforeffort

 

[eman6880]

A commute home that normally takes 12-15mins took 45 today only to find our member number letter in the mail and when I called the office to setup our account I missed them by 15mins! Not a huge deal but the anticipation has been killing my wife!

Our timeline
Offer Submitted / Accepted - June 5th
Entered ROFR - June 8th
Passed ROFR - July 1st
Received Closing Docs - july 15th
Closed - July 20th
Deed Recorded - July 21st
Member number letter received - Aug 8th (dated 8/2)

61 Days start to finish, is that some kind of record!?

So I guess we can't complain too much as the entire process was very quick for us. Jodi at the DVC Resale Market was terrific, as was Marie at Magic Vacation Title.

 

[ScubaCat]

Marie at Magic Vacation Title.

Definitely! She handled one of our contracts and was excellent.

 

[NormaG]

We finally got our member number but, unfortunately, we couldn't get our reservations at our home resort. I'm kind of sad that our first stay as DVC members won't be at our home resort, AKV, since it's our favorite but I'm excited to stay at Saratoga Springs! We will at WDW from December 29-January 11. We are wait listed for January 5-7 but all other days are at SS, so I hope those 3 nights open up there. I'm running the Dopey Challenge and these are, of course, nights after races. I'm just really excited that we are officially done and DVC members!

 

[Perelandra]

Perelandra---$79-$24345-300-SSR-Dec-0/14, 0/15, 0/16, 300/17-2 150 pt contracts- sent 6/17--Passed 7/11--received closing docs 7/29-closed 08/09. Waiting on member ID.

 

[mustinjourney]

A commute home that normally takes 12-15mins took 45 today only to find our member number letter in the mail and when I called the office to setup our account I missed them by 15mins! Not a huge deal but the anticipation has been killing my wife!

Our timeline
Offer Submitted / Accepted - June 5th
Entered ROFR - June 8th
Passed ROFR - July 1st
Received Closing Docs - july 15th
Closed - July 20th
Deed Recorded - July 21st
Member number letter received - Aug 8th (dated 8/2)

61 Days start to finish, is that some kind of record!?

So I guess we can't complain too much as the entire process was very quick for us. Jodi at the DVC Resale Market was terrific, as was Marie at Magic Vacation Title.

My 2nd contract was only 4 days behind you and I'm still waiting to close b/c the international sellers didn't schedule their appointment with US embassy until they got my signed documents in hand. They're "supposed" to sign tomorrow...hopefully nothing goes wrong.

 

[ML_LovesDisney]

ML_LovesDisney---$111-$36101-300-BCV-Mar-271/15, 300/16, 300/17- sent 6/27, passed 7/22. Received closing docs 8/8 and sent back via FedEx 8/9 (seller did as well, we have their FexEx Tracking info also). How long do you guys think from here, until points are in account?

 

[mustinjourney]

Probably around 3 to 5 weeks.

 

[ML_LovesDisney]

Probably around 3 to 5 weeks.

Thanks!

 

[cdnjason]

Offer made/accepted: 6/17
Documents signed and sent: 6/17
Passed ROFR: 7/11 (24 days to pass)
Estoppel/Closing docs received: 7/25
Closing docs returned with funds: 7/25
Closed: 7/28
Deed recorded: 7/29

Just waiting for points to show up in account.

Points in account yesterday. So, from offer to points in account took 53 days.

 

[mustinjourney]

Points in account yesterday. So, from offer to points in account took 53 days.

That's got to be a record!

 

[gr8tdame]

Gr8tdame---$95-$17756-170-BWV-Feb-2/15, 170/16, 170/17- sent 6/3- passed 7/15!closing doc sent 8/5
Deed recorded 8/10

 

[Perelandra]

Points in account yesterday. So, from offer to points in account took 53 days.

Man, your's was lightning fast! We had offers accepted the same day and passed ROFR the same but mine just closed yesterday. Oh well in comparison to yours mine is slow, but compared to others I've seen, I have nothing to complain about.

 

[Perelandra]

Good fo

Gr8tdame---$95-$17756-170-BWV-Feb-2/15, 170/16, 170/17- sent 6/3- passed 7/15!closing doc sent 8/5
Deed recorded 8/10

Good for you!!!! Long time coming.

 

[cdnjason]

Man, your's was lightning fast! We had offers accepted the same day and passed ROFR the same but mine just closed yesterday. Oh well in comparison to yours mine is slow, but compared to others I've seen, I have nothing to complain about.

Congrats on closing! In the end, all that matters is having those points in time to book your next trip!