Closing Time!!

[dayzee1983]

Trying not to get too bummed out. We sent our closing paperwork in overnight end from CA 3 weeks ago. Title company said last Wednesday they'd just recieved sellers and were requesting funds from our lender. It's been 8 days and no more news. I called Timeshare store and spoke with my agent who said it was funded last week Thursday and it should be closed by now but that he already sent an email to title company asking for update. Of course my hopes were lifted, I went to occ and there was nada. We cruise in 16 days... Guess no dvc mixer for us Also probably no Aulani in Jan. So bummed.

 

[RobbW]

It was sent for ROFR on 9/02 - so exactly 21 days. But the thing that's even more impressive is the recent reports of 12-15 day estoppel. I put in my offer on 9/01 knowing I'd be back around 11/01, thinking the thing had to take at least 60 days. This was at a time of estoppel taking what seemed like 40-45 days for most people.

Hey, Ray! First off, congrats on passing ROFR! Second, would you mind providing the usual details of this second contract of yours? Also, what happened with your first contract for AKV? I have it passing ROFR on 06/17/15, but then the trail runs cold after that. Have you closed? Received your member # and points? Thanks!

 

[RaymOOOnd]

Hey Robb,

Thanks! I'll be sure to put the details into the ROFR thread; forgot to do this earlier. Appreciate the advice from everyone - it looks like I can sign the documents remotely and wire the money from abroad. And this is worst case scenario; may not even be necessary unless the timing happens to be really bad. I shouldn't have started to panic.

The AKV contract is still a work in progress since it can't close until late Oct due to a pending reservation. Looking forward to that and will give the update when it finally happens

 

[jessicaerv]

Please tell me if I should be concerned -- my resale contract closed last Monday (9/14) but the deed is still not showing up on the County Recorder's website (updated through 9/22). Should it already be there? If so, who would I contact to find out what may have gone wrong?

Thanks!

 

[Luvscrappin]

Please tell me if I should be concerned -- my resale contract closed last Monday (9/14) but the deed is still not showing up on the County Recorder's website (updated through 9/22). Should it already be there? If so, who would I contact to find out what may have gone wrong?

Thanks!

I don't think there are a reason for concern. We closed on 9/8 and ours was just recorded on 9/25 and still says "processing" I think this part is taking longer than I thought it would. I was hoping to have my membership info by the end of Sept

 

[slh1977]

Finally through the estoppel process and got my closing documents on 9/25. Sent the money and documents back to the Title company today. How long is this final phase of waiting usually? I'm hoping there's a chance I can book by end of October for a May 2016 trip.

SLH1977 - $115-$21,600-180-BLT-Feb- 0/'14, 76/'15, 180/'16-sent 7/15, passed ROFR 8/14, Received Closing Papers 9/25

 

[dmontgo]

I just received my membership number in the mail today 9/28 for my BCV contract. It was recorded on 9/16, so 12 days after recording. I started the process on 7/12, so about two and a half months total.

 

[Disneycouple99]

Offer accepted on 6/27
Contract sent 6/30
Sent to ROFR on 7/1
Passed ROFR 7/27
Estopple ??? (never received any notice)
Closing docs received 8/25
Closing docs sent 8/26
Seller docs sent 9/3
Closed and sent to Disney 9/17
Contract showed up on DVC website on 9/25
Points loaded on 9/28

 

[JWG]

Still not sure why when we sent closing docs back nearly 2 weeks ago (will be two weeks this Friday), our closing isn't scheduled until 10/23. Anyone else having a 30+ day wait to close after returning docs? I get we got our closing docs unusually fast (2 weeks after ROFR), but now we're just hainv to wait on the back side instead.

 

[sticker231]

Still not sure why when we sent closing docs back nearly 2 weeks ago (will be two weeks this Friday), our closing isn't scheduled until 10/23. Anyone else having a 30+ day wait to close after returning docs? I get we got our closing docs unusually fast (2 weeks after ROFR), but now we're just hainv to wait on the back side instead.

Did your seller have a trip planned?

 

[RobbW]

Still not sure why when we sent closing docs back nearly 2 weeks ago (will be two weeks this Friday), our closing isn't scheduled until 10/23. Anyone else having a 30+ day wait to close after returning docs? I get we got our closing docs unusually fast (2 weeks after ROFR), but now we're just hainv to wait on the back side instead.

After receiving our closing docs unexpectedly fast (09/14, only 15 days after passing ROFR), we've run into this same issue. Granted, we, as the buyers, had to take a little longer returning our closing docs because we had to wait for banks to clear our transferred funds and release their pending holds before we could cut a cashier's check. We FedExed the docs and check overnight, which were verified received on 9/23. Checked with our broker and the title company, and they confirmed they had already received the sellers' closing docs. So, even though all closing documents and the final payment for the purchase have been received, the title company tells us we aren't scheduled to close until 10/18! The title company claimed they are processing a large volume of filings right now and it is causing a bit of a delay. I can understand a delay of a few days, but almost an entire MONTH?!?! What all is there to do other than type some names, dates, and info into a stock-generated deed and send it off to the county to be recorded.

Did your seller have a trip planned?

I had asked this very same question of another buyer a couple weeks ago. I thought maybe their sellers had a trip booked that they had to complete before the contract could actually be closed. However, in our case, I'm not aware of any pending reservation on the sellers' behalf. No such thing was stipulated in the original listing for our contract, and it has never been mentioned by our broker, the title company, or in the sales contract everyone signed. So, I assume that is not the case. I have no idea what is causing the delay.

 

[JWG]

Did your seller have a trip planned?

Nope.
I think it's the difference between the two major title companies.

 

[gandyeye]

Still not sure why when we sent closing docs back nearly 2 weeks ago (will be two weeks this Friday), our closing isn't scheduled until 10/23. Anyone else having a 30+ day wait to close after returning docs? I get we got our closing docs unusually fast (2 weeks after ROFR), but now we're just hainv to wait on the back side instead.

I had the same problem, but slightly different. No where in the advertisement of the contract was it mentioned that the contract could not close before 9/30/15. I didn't know of it until I got my closing documents after a 15 day estoppel period and sent them for closing. It was then that I was told by the closing agent that the contract could not close until 9/30. It was due to an undisclosed reservation by the seller. It was not disclosed because they thought the contract would never sell and process as fast as it did. Upon close reading of the contract (which I should have done before signing), I did find a sentence that stated it could not close before 9/30. The seller was even gracious enough to cancel his reservation since it was slowing down the process, but since it was stated in the contract, we cannot close until 9/30.

Well, it is 9/30/2015 and I was told that the contract is "in line for processing to be sent to the county". Who knows what that means. So we wait........some more....

 

[RobbW]

Heard back from our broker today. She said that the closing company told her that since the original sales contract stipulated that closing will occur 75 days after the signed contracts are received, that means they (the title company) have 75 days to close the purchase. The title company is experiencing a high volume of filings right now and, therefore, other contracts that have an earlier date stated on them are being put ahead of our closing. Our broker is working hard to try and get the title company to move the process along a little faster, if at all possible.

A little while later, I received an email from the title company explaining what is remaining in the closing process. She said they sent a request back to Disney to re-verify that no points have been used out of the sellers' account. Also, they have to request a final payoff for the maintenance fees since the remaining amount owed changes each month. They need to make sure they are sending the correct amount to Disney.

Literally 5 minutes ago, I received another email from our wonderful broker. She says the title company contacted her again to let her know that they have done all the steps needed to get the contract closed. She's hopeful it will be any day now.

Ears crossed for more BLT magic!!!!

 

[JWG]

Heard back from our broker today. She said that the closing company told her that since the original sales contract stipulated that closing will occur 75 days after the signed contracts are received, that means they (the title company) have 75 days to close the purchase. The title company is experiencing a high volume of filings right now and, therefore, other contracts that have an earlier date stated on them are being put ahead of our closing. Our broker is working hard to try and get the title company to move the process along a little faster, if at all possible.

A little while later, I received an email from the title company explaining what is remaining in the closing process. She said they sent a request back to Disney to re-verify that no points have been used out of the sellers' account. Also, they have to request a final payoff for the maintenance fees since the remaining amount owed changes each month. They need to make sure they are sending the correct amount to Disney.

Literally 5 minutes ago, I received another email from our wonderful broker. She says the title company contacted her again to let her know that they have done all the steps needed to get the contract closed. She's hopeful it will be any day now.

Ears crossed for more BLT magic!!!!

Good luck!

 

[Iamthequeen]

Here is my sad tale - offer made and accepted on 5/31, sent to Disney for ROFR on June 4, cleared ROFR on June 29, cleared estoppel on Aug 10. STILL waiting for sellers to return their signed documents. Thursday will be 45 days and this contract will be cancelled at that time. We feel that we have been patient long enough. We had planned to use the 2015 points for a trip in January and bank the remaining points, but that doesn't look feasible at this time. I am beyond annoyed and upset. Looks like we will be starting all over again.

So, the conclusion of this tale (well, almost concluded) is that the broker emailed me the next day, and said that the sellers documents had arrived the previous evening and asked if we wanted to rescind the cancellation. Talked it over with dh and we decided that we've waited this long and were now close to a settlement, so we rescinded the cancellation. Since the contract was beyond the 45 day time limit, each party needed to sign an addendum to extend the contract. We will close early next week. Its only been 4 months since we started this, but the end is in sight. Hopefully we will still be able to book a trip in January.

 

[gandyeye]

So, the conclusion of this tale (well, almost concluded) is that the broker emailed me the next day, and said that the sellers documents had arrived the previous evening and asked if we wanted to rescind the cancellation. Talked it over with dh and we decided that we've waited this long and were now close to a settlement, so we rescinded the cancellation. Since the contract was beyond the 45 day time limit, each party needed to sign an addendum to extend the contract. We will close early next week. Its only been 4 months since we started this, but the end is in sight. Hopefully we will still be able to book a trip in January.

Wow. My roller coaster ride has been tame compared to yours! Good luck with the closing and hope everything is smooth as Beaches and Cream sundae from this point on.

 

[gandyeye]

My BCV contract finally is showing up on the OCC site! Progress!

 

[Loveallthingsmouse]

Update for us...add on contract showed up on OCC 9/22, when I login to DVC it shows the added contract, points aren't loaded, hopefully by the end of the day! Home stretch!!!

 

[Iamthequeen]

Got an email today that our contract has been sent to the Recorders office!!! Just need to wait on Disney, again. YAHOO!!!!