Closing Time!!

[Bruin_mouse]

Home: VGC
Title Company: First American Title
Offer made: 4/26
Offer accepted: 4/26
Sent to ROFR: 4/26
Passed ROFR: 5/23
Closing docs received: 6/14
Closing docs returned: 6/15
Closing:
Deed recorded:
Points in my account:

 

[disneyeveryyear]

UPDATE

Home: SSR
Title Company: Jeffrey Sweet
Offer made: 4/25
Offer accepted: 4/25
Sent to ROFR: 4/27
Passed ROFR: 5/23
Closing docs received: 6/6/18
Closing docs returned: 6/7/18
Confirmation of doc received: 6/11/18
Seller returned closing docs: ?
Closing: 6/15/18
Deed recorded: 6/15/18
Points in my account:

 

[edgeney]

I'm probably being a bit impatient but we received our closing docs on Friday, 6/8, and sent them in the mail the same date.

However, the seller still has not sent their closing docs, and the broker and has not heard back after contacting them. Does this usually happen?

Is there a deadline for the seller to return the docs?

We're purchasing a Feb UY AKV contract. So we were hoping to use the points in January to meet the 8 month window, but that seems unlikely now :/

 

[TexasChick123]

I'm probably being a bit impatient but we received our closing docs on Friday, 6/8, and sent them in the mail the same date.

However, the seller still has not sent their closing docs, and the broker and has not heard back after contacting them. Does this usually happen?

Is there a deadline for the seller to return the docs?

We're purchasing a Feb UY AKV contract. So we were hoping to use the points in January to meet the 8 month window, but that seems unlikely now :/

I’m right there with you. We got our closing docs on 6/7 for our BLT purchase, and sellers still haven’t returned anything. I’m just waiting at this point. I never send money until the sellers return their docs. I’ll just walk away if sellers never return docs. That’s pretty rare though, so I’m sure it’ll close.

 

[edgeney]

I’m right there with you. We got our closing docs on 6/7 for our BLT purchase, and sellers still haven’t returned anything. I’m just waiting at this point. I never send money until the sellers return their docs. I’ll just walk away if sellers never return docs. That’s pretty rare though, so I’m sure it’ll close.

Dang, that's really frustrating, I hope both mine and yours goes through soon!

Do you know if the seller doesn't return the docs, is it easy to get the money back or will it be a whole process?

 

[sndral]

I'm probably being a bit impatient but we received our closing docs on Friday, 6/8, and sent them in the mail the same date.

However, the seller still has not sent their closing docs, and the broker and has not heard back after contacting them. Does this usually happen?

Is there a deadline for the seller to return the docs?

We're purchasing a Feb UY AKV contract. So we were hoping to use the points in January to meet the 8 month window, but that seems unlikely now :/

I’ve returned mine the day I received them along w/ my $$$ as well. Both times the sellers took longer, which is so frustrating when you want to use those points & it feels like your money is in never never land. My first contract took around 3 weeks or more for sellers to get their doc.s back. My second took 2 weeks or so (International sellers.)
Sellers have to get their doc.s notorized which seems to delay some. International sellers take longer because of the problem w/ finding a notary & slower mail. Some sellers need to bring money to the table as well. Some sellers are just flakes.
Look at your documents, they should have a must close by date - the seller’s documents need to be there in time to meet that deadline. I’d keep in contact w/ your agent by phone & confirming email and ask them to reach out to the sellers again, after all the agent doesn’t get paid until the deal closes.

 

[Mumof4mice]

I'm probably being a bit impatient but we received our closing docs on Friday, 6/8, and sent them in the mail the same date.

However, the seller still has not sent their closing docs, and the broker and has not heard back after contacting them. Does this usually happen?

Is there a deadline for the seller to return the docs?

We're purchasing a Feb UY AKV contract. So we were hoping to use the points in January to meet the 8 month window, but that seems unlikely now :/

I’m right there with you. We got our closing docs on 6/7 for our BLT purchase, and sellers still haven’t returned anything. I’m just waiting at this point. I never send money until the sellers return their docs. I’ll just walk away if sellers never return docs. That’s pretty rare though, so I’m sure it’ll close.

Make that the three of us! I returned documents on 6/6. Seller told the broker they were sending documents a week ago. Still nothing. I'm not sending the balance until they've returned documents. But they have my deposit, so that money is stuck in limbo anyway.

I have flights booked for January 2019 already (conference). We entered the 7 month window yesterday. I know - first world problems, right? Doesn't stop it from feeling frustrating though.

 

[edgeney]

Glad to hear I'm not the only in this boat!

So I was actually re-reading my contract and saw this -

"This contract shall be closed on or before September 04, 2018 or within two weeks of the title company's receipt of estoppel unless extended by the closing agent with good cause or other provisions of the contract."

Does that mean the seller needs to return the docs before Sep 4 or would it be within 2 weeks of estoppel? Trying to figure out which one comes first.

 

[TexasChick123]

Dang, that's really frustrating, I hope both mine and yours goes through soon!

Do you know if the seller doesn't return the docs, is it easy to get the money back or will it be a whole process?

If you make it clear that you will be exercising your right to cancel the contract should the contract fail to close by the closing date because of the sellers, then the title company will refund your money. I wouldn't bring this up for maybe another week or two. That's why it is held in escrow and not dispersed before the contract closes. As long as you are using a reputable title company, I cannot imagine it would be that hard to get your money back. With my first contract, the sellers sat on the docs for over a month. I was threatening to cancel if not closed by the date in the contract, and they still just took their time and returned docs before the date as not to be in breach of contract. The broker, title company, and I never got a clear answer on what was going on there. We were given about 100 different excuses. It remains a mystery.

 

[TexasChick123]

Glad to hear I'm not the only in this boat!

So I was actually re-reading my contract and saw this -

"This contract shall be closed on or before September 04, 2018 or within two weeks of the title company's receipt of estoppel unless extended by the closing agent with good cause or other provisions of the contract."

Does that mean the seller needs to return the docs before Sep 4 or would it be within 2 weeks of estoppel? Trying to figure out which one comes first.

That's an extremely far out closing date. Are you certain the owners didn't have a clause in there about "cannot close before ___ date"? I've never seen one so far out from the beginning. They're usually 60-90 days from the day the contract is drafted.

 

[edgeney]

That's an extremely far out closing date. Are you certain the owners didn't have a clause in there about "cannot close before ___ date"? I've never seen one so far out from the beginning. They're usually 60-90 days from the day the contract is drafted.

Hmm I don't see anything like that in my contract. Did yours have the part where the contract must close within two weeks as well?

 

[Mumof4mice]

Arrrgh… our contract only requires the seller to return closing documents 10 days before the closing date (7/27, which is 3 months from the contract date). I hope she doesn't intended to sit on it for that long!

I googled Seller's name and address from the contract - she's a young professional who should be very mobile and switched on. Like TexasChick said, it's just a mystery why people decide to behave the way they do.

 

[TexasChick123]

Hmm I don't see anything like that in my contract. Did yours have the part where the contract must close within two weeks as well?

Mine says "This contract shall be closed on or before JULY 13, 2018 or within thirty days of the title company’s receipt of estoppel if later than the on or before close date." I copied and pasted that from my contract. With this, it means that it must close by the closing date if the receipt of estoppel was more than 30 days before the closing date, which it was in my case.

 

[Mumof4mice]

Have a feeling that my seller may be backing out of the sale. After extremely timely responses initially (acceptance of offer in 25 minutes, returning of contract within hours), it's been almost two weeks and no closing documents. Last time the broker was able to reach her was last Monday. Neither the broker or the closing agent has been able to contact her since.

As buyers, our word is backed by the deposit. But realistically, what does the seller have to lose if they have a change of heart? The resale brokers charge no upfront fee, but the engagement agreement may provide some compensation for their time spent. I think the buyer is completely out of luck though.

 

[DaveNan]

Have a feeling that my seller may be backing out of the sale. After extremely timely responses initially (acceptance of offer in 25 minutes, returning of contract within hours), it's been almost two weeks and no closing documents. Last time the broker was able to reach her was last Monday. Neither the broker or the closing agent has been able to contact her since.

As buyers, our word is backed by the deposit. But realistically, what does the seller have to lose if they have a change of heart? The resale brokers charge no upfront fee, but the engagement agreement may provide some compensation for their time spent. I think the buyer is completely out of luck though.

I hope this does not happen to you. It make no sense but sometimes sellers just are not in a hurry to to close the process. For whatever reason, divorce, family death, emotional attachment, graduation, international seller, marriage, or life’s priorities, sometimes the sellers are very slow. I recently had one that took two months from documents received to closing. This entire process teaches us patience.

If the seller does back out, that is wrong and I am very sorry for you or anyone that experiences that.

 

[TexasChick123]

Have a feeling that my seller may be backing out of the sale. After extremely timely responses initially (acceptance of offer in 25 minutes, returning of contract within hours), it's been almost two weeks and no closing documents. Last time the broker was able to reach her was last Monday. Neither the broker or the closing agent has been able to contact her since.

As buyers, our word is backed by the deposit. But realistically, what does the seller have to lose if they have a change of heart? The resale brokers charge no upfront fee, but the engagement agreement may provide some compensation for their time spent. I think the buyer is completely out of luck though.

I hope this is not the case for you. Just remember, I had a seller take over a month (almost 2) to return docs. We never got the reason, but it did close by the closing date. I think a lot of times you’ve got Type B people who are “in charge of selling it” versus their Type A spouse because Type B wanted it in the first place. That means that they’ll eventually get around to sending it all in, but there’s no rush for him/her. It’s not always the case, but it is more often than we think.

We received our closing docs 11 days ago, and the seller still hasn’t returned them. It’ll be 2 weeks on Thursday. Oh well. It is what it is. Sad part is that I saw some 100 pt fully loaded June UY BLT contracts come and go in a day that would’ve been perfect. Too bad. Time to just keep waiting...

 

[Mumof4mice]

Update, I spoke with the the broker and the closing agent today and it's not looking good. Seller is claiming she had no idea that the sale proceeds would not fully discharge her loan and refusing to put up any money to allow the contract to be released. Her education and profession makes the claim of ignorance ludicrous and impossible.

The broker did confirm that Seller is obliged to pay commission and fees regardless of the outcome of the sale. They've emphatically reminded Seller of this and asked her to return documents with the required funds immediately. Hopefully it works. They didn't tell me how much the Seller owed, but both were of the opinion that Seller could pay if she chose to. But, is somehow trying to wriggle out of the deal... Grrrrr, so mad!

 

[TexasChick123]

Update, I spoke with the the broker and the closing agent today and it's not looking good. Seller is claiming she had no idea that the sale proceeds would not fully discharge her loan and refusing to put up any money to allow the contract to be released. Her education and profession makes the claim of ignorance ludicrous and impossible.

The broker did confirm that Seller is obliged to pay commission and fees regardless of the outcome of the sale. They've emphatically reminded Seller of this and asked her to return documents with the required funds immediately. Hopefully it works. They didn't tell me how much the Seller owed, but both were of the opinion that Seller could pay if she chose to. But, is somehow trying to wriggle out of the deal... Grrrrr, so mad!

I’m sorry. That’s just not fair for her to do to you.

 

[NewbieMom]

Update, I spoke with the the broker and the closing agent today and it's not looking good. Seller is claiming she had no idea that the sale proceeds would not fully discharge her loan and refusing to put up any money to allow the contract to be released. Her education and profession makes the claim of ignorance ludicrous and impossible.

The broker did confirm that Seller is obliged to pay commission and fees regardless of the outcome of the sale. They've emphatically reminded Seller of this and asked her to return documents with the required funds immediately. Hopefully it works. They didn't tell me how much the Seller owed, but both were of the opinion that Seller could pay if she chose to. But, is somehow trying to wriggle out of the deal... Grrrrr, so mad!

Wow, that is so unfair to you and such a waste of your time! I'm really sorry!

 

[TexasChick123]

Update, I spoke with the the broker and the closing agent today and it's not looking good. Seller is claiming she had no idea that the sale proceeds would not fully discharge her loan and refusing to put up any money to allow the contract to be released. Her education and profession makes the claim of ignorance ludicrous and impossible.

The broker did confirm that Seller is obliged to pay commission and fees regardless of the outcome of the sale. They've emphatically reminded Seller of this and asked her to return documents with the required funds immediately. Hopefully it works. They didn't tell me how much the Seller owed, but both were of the opinion that Seller could pay if she chose to. But, is somehow trying to wriggle out of the deal... Grrrrr, so mad!

I think a lot of times sellers get so caught up in the fact that they want more money that they fail to see the impact it has on the buyers. You were looking forward to these points, have paid a deposit, and she clearly wants more for them now.

The reverse is true for sellers when buyers back out. As you said before, at least the sellers get some compensation if buyers back out because buyers have to pay a deposit. It’s not right at all.