Closing Time!!

[MonkeyKnifeFight]

In what way?
I'm not financing. How does that impact the timeline??

The buyer needs things notarized and the lender needs to send money. However I found out those had little to do with our delays. For us the only real slow down I was aware of was the seller missing the open escrow letter and estoppel took at least a week maybe longer. Another thing I didn't realize is if there is a loan outstanding that could cause it to take a couple days longer. The previous leinholder needs to send the closing compnay the payoff amount and they have 48 hour to do it. Closing was fast compared to all the other steps, but not everyone is as quick as people on disboards. Some people take a week or two to send closing documents back.

 

[badeacon]

I think it depends on if the deal is financed or paid by cash.

It does not in any way depend on financing. I am paying cash. I have bought several resales over past year and financed one for a short time and closed much faster than the 2 in which First American has been closing company. It all depends on the closing company.

 

[E2ME2]

It does not in any way depend on financing. I am paying cash. I have bought several resales over past year and financed one for a short time and closed much faster than the 2 in which First American has been closing company. It all depends on the closing company.

I'm curious; Does 1st American have a larger volume than others?
Are there other reasons that they are typically slower than others??

 

[Matty B13]

I'm curious; Does 1st American have a larger volume than others?
Are there other reasons that they are typically slower than others??

I believe that they are a large closing company that takes care of house sales as well, so the DVC resale closings are not worth a lot to them.

 

[badeacon]

I finally heard back from Fidelity this AM. They said closing documents were approved yesterday and should receive in a day or 2. I really do not understand why it takes over 3 weeks to "approve' closing documents.

 

[E2ME2]

I finally heard back from Fidelity this AM. They said closing documents were approved yesterday and should receive in a day or 2. I really do not understand why it takes over 3 weeks to "approve' closing documents.

I'm glad you finally heard something. I have not, but hope to soon, since we both passed ROFR on the same day.
ET

 

[fixerupper]

I think it depends on if the deal is financed or paid by cash.

I guess I wasn't clear. I meant between ROFR and getting closing documents. That's where I am now. Just waiting. and some deals do this in a couple days and some take weeks. How I am paying shouldn't have any impact on that.

 

[CmdrThor]

Took a while but I’m sure they are going as fast as they can.
....
Deed recorded: 03/05/2020
Member Numbers: (we’re existing members)
Account showing new contract: 3/14/2020
Points in my account: 3/30/2020

Wow, that was a pretty long time, but given what is happening I am just glad that they are still processing these. Our deed was recorded a week ago and was thinking the contract might show on our account any day now, but I will adjust my expectations. If the points arrive in about 3 weeks from now I'll at least be able to book at 11 months for a March 2021 trip we are planning.

 

[MonkeyKnifeFight]

Updated

Home: BLT
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 01/23/2020
Offer accepted: 01/23/2020
Sent to ROFR: 01/27/2020
Passed ROFR: 02/13/2020
Closing docs received: 3/5/2020
Closing docs returned:3/6/2020
Seller returned closing docs: 3/17/2020
Closing:3/20/2020
Deed recorded:3/23/2020
Member Numbers: 04/02/2020
Account showing new contract: 04/02/2020
Points in account:

 

[E2ME2]

Home: Saratoga Springs Resort
Title Company: First American (Listed through Fidelity)
Offer made: 02/09/2020
Offer accepted: 02/11/2020
Sent to ROFR: 02/20/2020
Passed ROFR: 03/06/2020
Closing docs received: STILL WAITING - 4 Weeks as of today !?
Closing docs returned:
Seller returned closing docs:
Closing:
Deed recorded:
Member Numbers: (Already Members - SSR - Same Use Year)
Account showing new contract:
Points in my account:

 

[badeacon]

Home: Saratoga Springs Resort
Title Company: First American (Listed through Fidelity)
Offer made: 02/09/2020
Offer accepted: 02/11/2020
Sent to ROFR: 02/20/2020
Passed ROFR: 03/06/2020
Closing docs received: STILL WAITING - 4 Weeks as of today !?
Closing docs returned:
Seller returned closing docs:
Closing:
Deed recorded:
Member Numbers: (Already Members - SSR - Same Use Year)
Account showing new contract:
Points in my account:

Same here. Passed ROFR 3/6. Still waiting on closing documents from First American. I was told Tuesday would receive in 1-2 days. Still have not received and no response to my email today.

 

[E2ME2]

Same here. Passed ROFR 3/6. Still waiting on closing documents from First American. I was told Tuesday would receive in 1-2 days. Still have not received and no response to my email today.

badeacon - once we get through this, we need to celebrate together in Disney!
I'll buy the 1st Coffee
ET

 

[badeacon]

badeacon - once we get through this, we need to celebrate together in Disney!
I'll buy the 1st Coffee
ET

Sounds like a good idea.
I was not in a hurry at first because thought I would have points by April since 2/7 was offer accepted date, but now will probably be sometime in May. Have banked points in contract which have to be used by Feb.1 and with all the cancellations , fall and January will be harder than ever to book.

 

[E2ME2]

Sounds like a good idea.
I was not in a hurry at first because thought I would have points by April since 2/7 was offer accepted date, but now will probably be sometime in May. Have banked points in contract which have to be used by Feb.1 and with all the cancellations , fall and January will be harder than ever to book.

Thinking exactly the same thing - I already have 2 weeks in Jan. booked, but wanted these points in time to book 2 more weeks. I asked last Friday, and Fidelity was "checking on the contract", but I have not heard back, and left another message today. Seriously; if we're both there in January, we should meet up for coffee or lunch to commiserate over this process
ET

 

[jekinisa]

Final Update:

#1:
Home: Animal Kingdom Villas (AKV)
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 01/30/2020
Offer accepted: 01/30/2020
Sent to ROFR: 02/03/2020
Passed ROFR: 02/19/2020
Closing docs received: 02/26/2020
Closing docs returned: 03/03/2020
Seller returned closing doc: 03/03/2020
Closing: 03/09/2020
Deed recorded: 03/11/2020
Member Numbers: (we’re existing members)
Account showing new contract: 03/24/2020
Points in my account: 04/04/2020 (called MS and asked them to load points)


#2:
Home: Bay Lake Tower (BLT)
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 01/31/2020
Offer accepted: 01/31/2020
Sent to ROFR: 02/04/2020
Passed ROFR: 02/19/2020
Closing docs received: 02/26/2020
Closing docs returned: 03/03/2020
Seller returned closing doc: 03/02/2020
Closing: 03/09/2020
Deed recorded: 03/11/2020
Member Numbers: (we’re existing members)
Account showing new contract: 03/24/2020
Points in my account: 04/04/2020 (called MS and asked them to load points)

 

[E2ME2]

Final Update:

#1:
Home: Animal Kingdom Villas (AKV)
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 01/30/2020
Offer accepted: 01/30/2020
Sent to ROFR: 02/03/2020
Passed ROFR: 02/19/2020
Closing docs received: 02/26/2020
Closing docs returned: 03/03/2020
Seller returned closing doc: 03/03/2020
Closing: 03/09/2020
Deed recorded: 03/11/2020
Member Numbers: (we’re existing members)
Account showing new contract: 03/24/2020
Points in my account: 04/04/2020 (called MS and asked them to load points)


#2:
Home: Bay Lake Tower (BLT)
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 01/31/2020
Offer accepted: 01/31/2020
Sent to ROFR: 02/04/2020
Passed ROFR: 02/19/2020
Closing docs received: 02/26/2020
Closing docs returned: 03/03/2020
Seller returned closing doc: 03/02/2020
Closing: 03/09/2020
Deed recorded: 03/11/2020
Member Numbers: (we’re existing members)
Account showing new contract: 03/24/2020
Points in my account: 04/04/2020 (called MS and asked them to load points)

Kudos on both!
I'm jealous that you went from ROFR to closing in 1 week. I'm at week 4, still waiting on closing documents!
ET

 

[badeacon]

Thinking exactly the same thing - I already have 2 weeks in Jan. booked, but wanted these points in time to book 2 more weeks. I asked last Friday, and Fidelity was "checking on the contract", but I have not heard back, and left another message today. Seriously; if we're both there in January, we should meet up for coffee or lunch to commiserate over this process
ET

Well I finally received closing documents today from First American via email for docusign. The email has print date of 3/30 on the documents, so in typical First American style, they have let documents sit around until today to send. Already signed and wired money. now hopefully seller wants money and sends in documents promptly. Also hope First American doesn't wait until 4/17 to close which I noticed in the documents as feel will be at least a month after closing before points show up in account now.
Have you heard anything about your closing ?

 

[Lorana]

I just received my closing documents from ***, and I saw that they entered a settlement date of 5/11. I'm really hoping they don't wait till then to close as well. Does anyone know if it's common to have a settlement date a month out? I've asked them as well and am waiting for a response.

 

[E2ME2]

Well I finally received closing documents today from First American via email for docusign. The email has print date of 3/30 on the documents, so in typical First American style, they have let documents sit around until today to send. Already signed and wired money. now hopefully seller wants money and sends in documents promptly. Also hope First American doesn't wait until 4/17 to close which I noticed in the documents as feel will be at least a month after closing before points show up in account now.
Have you heard anything about your closing ?

Hi badeacon; we continue along parallel paths.
I also received my closing docs via docusign, around 11:23 this morning (Same 3/30 Print Date)
I spent my lunch hour getting a cashier's check and dropping it at FedEx.
Cashier's checks are free for me, & Fedex was prepaid - so I was too cheap to pay for the wire transfer.
My estimated closing date, however, is further out than yours (5/11/2020) !!
It may put me in a spot where I can't get exactly what I want for next January ?
Now I'm wondering if the seller had requested May because they had an outstanding reservation ??
Oh Boy ! - I don't even want to think about how complicated that could make things at this point......
Good Luck - and let's continue to keep each other updated.
ET

 

[badeacon]

Hi badeacon; we continue along parallel paths.
I also received my closing docs via docusign, around 11:23 this morning (Same 3/30 Print Date)
I spent my lunch hour getting a cashier's check and dropping it at FedEx.
Cashier's checks are free for me, & Fedex was prepaid - so I was too cheap to pay for the wire transfer.
My estimated closing date, however, is further out than yours (5/11/2020) !!
It may put me in a spot where I can't get exactly what I want for next January ?
Now I'm wondering if the seller had requested May because they had an outstanding reservation ??
Oh Boy ! - I don't even want to think about how complicated that could make things at this point......
Good Luck - and let's continue to keep each other updated.
ET

If the seller had requested delayed closing , then that is suppose to be stated at start of process. I am really surprised at that May date because wasn't your contract signed in early February?