Closing Time!!

[CSLucas]

Just found out from my broker that there's an undisclosed trip on the contract that the seller didn't mention. Now we can't close until June. Already passed ROFR and she said she had the closing documents in hand. Seller is a broker/company owner. He knew. He was gambling apparently hoping it wouldn't pass quickly? I'm still moving forward, but I'm annoyed. This closing had better move quickly.

What is the closing date on your contract? Personally I would insist that it be honored. That's sounds really underhanded of the seller.

 

[cmarsh31]

What is the closing date on your contract? Personally I would insist that it be honored. That's sounds really underhanded of the seller.

Is there a way to do that? Basically my broker said I could either drop the contract with no penalty or accept the delayed closing. I asked if there was any way he could transfer the booking to another contract, or if there was some sort of compensation.

 

[CSLucas]

Is there a way to do that? Basically my broker said I could either drop the contract with no penalty or accept the delayed closing. I asked if there was any way he could transfer the booking to another contract, or if there was some sort of compensation.

I mean, if the seller chooses not to close then there is nothing you can do besides accept the delayed closing if you want the contract. The seller would still owe the full commission per the contract (I'm assuming this isn't his company you are dealing with and that he owes a commission on the sale) so I would think he would have more incentive than you would to not lose the contract since he would be out $$.

Ultimately you can't force someone to close, but I would definitely be applying a lot of pressure and make the broker think that I was willing to walk away from the deal (assuming you didn't get a crazy good deal and really need this specific contract). Just don't sign a release and push back to see how far they are willing to give. Was it a stripped contract? If it has points this year then waiting an extra 2 months to close (plus then another month for Disney to get everything switched over) would be a big deal for me.

 

[cmarsh31]

I mean, if the seller chooses not to close then there is nothing you can do besides accept the delayed closing if you want the contract. The seller would still owe the full commission per the contract (I'm assuming this isn't his company you are dealing with and that he owes a commission on the sale) so I would think he would have more incentive than you would to not lose the contract since he would be out $$.

Ultimately you can't force someone to close, but I would definitely be applying a lot of pressure and make the broker think that I was willing to walk away from the deal (assuming you didn't get a crazy good deal and really need this specific contract). Just don't sign a release and push back to see how far they are willing to give. Was it a stripped contract? If it has points this year then waiting an extra 2 months to close (plus then another month for Disney to get everything switched over) would be a big deal for me.

Not stripped, good deal, exactly what we wanted... so basically we're not walking. AKV 100pt for $110. He could turn around and relist & sell it immediately if we didn't take it. Definitely is lousy.

 

[CSLucas]

Not stripped, good deal, exactly what we wanted... so basically we're not walking. AKV 100pt for $110. He could turn around and relist & sell it immediately if we didn't take it. Definitely is lousy.

That definitely is lousy
I hope your broker can at least get you some sort of compensation like having the seller pay the closing costs, but I guess he probably knows you aren't going to walk anyways. I hate when people take advantage, but fortunately this will just be a small blip in your years of ownership!

 

[Sandisw]

Not stripped, good deal, exactly what we wanted... so basically we're not walking. AKV 100pt for $110. He could turn around and relist & sell it immediately if we didn't take it. Definitely is lousy.

I am so sorry but other than dropping the sale, you really have no recourse. The trip can not transfer ownership.

Honestly, unless It was the perfect contract, I’d walk without some level of compensation from the broker and/owner.

 

[jwmob91]

Another update today! I SAY these are the last contracts we will buy for a while, so I'm going to miss posting here.

Home: PVB
Broker: www.**********.com
Title Company: Mason
Offer made: 1/17/2021
Offer accepted: 1/17/2021
Sent to ROFR: 1/19/2021
Passed ROFR: 2/12/2021
Closing docs received: 2/17/2021
Closing docs returned: 2/18/2021
Sellers closing docs returned: ?
Closing date: 3/11/2021
Deed recorded: 3/12/2021
Contract showing on membership: 3/31/2021
Points loaded:
Total days so far: 74

Home: PVB
Broker: www.**********.com
Title Company: TRCS
Offer made: 2/21/2021
Offer accepted: 2/22/2021
Sent to ROFR: 2/22/2021
Passed ROFR: 3/12/2021
Closing docs received: 3/25/2021
Closing docs returned: 3/25/2021
Sellers closing docs returned: ?
Closing date: 3/30/2021
Deed recorded: 3/31/2021
Contract showing on membership:
Points loaded:
Total days so far: 39

 

[vicarrieous]

Quiet here today...

I was hoping we had another batch of activations. I see a bunch of ROFR passes and takes happened today.

 

[cmarsh31]

Home: AKV
Broker: https://www.fidelityrealestate.com/
Title Company: Mason Title
Offer made: 2/26/21
Offer accepted: 2/27/21
Sent to ROFR: 3/5/2021
Passed ROFR: 3/29/2021
Estoppel Received:
Closing docs received: 4/2/2021
Closing docs returned: 4/2/2021
Sellers closing docs returned:
Closing:
Deed recorded:
Contract Showing on Membership:
Points in account:

*found out 4/1 that closing will be delayed until end of May due to an undisclosed existing reservation* We were on track for a super-fast transaction!

 

[jwmob91]

Points loaded for first contract today. One down, one to go!

Home: PVB
Broker: www.**********.com
Title Company: Mason
Offer made: 1/17/2021
Offer accepted: 1/17/2021
Sent to ROFR: 1/19/2021
Passed ROFR: 2/12/2021
Closing docs received: 2/17/2021
Closing docs returned: 2/18/2021
Sellers closing docs returned: ?
Closing date: 3/11/2021
Deed recorded: 3/12/2021
Contract showing on membership: 3/31/2021
Points loaded: 4/2/2021
Total days from offer: 75 (the longest waits were for ROFR and sellers to return docs)

Home: PVB
Broker: www.**********.com
Title Company: TRCS
Offer made: 2/21/2021
Offer accepted: 2/22/2021
Sent to ROFR: 2/22/2021
Passed ROFR: 3/12/2021
Closing docs received: 3/25/2021
Closing docs returned: 3/25/2021
Sellers closing docs returned: ?
Closing date: 3/30/2021
Deed recorded: 3/31/2021
Contract showing on membership:
Points loaded:
Total days so far: 40

 

[vicarrieous]

Home: AKV
Broker: https://www.fidelityrealestate.com/
Title Company: Mason Title
Offer made: 2/26/21
Offer accepted: 2/27/21
Sent to ROFR: 3/5/2021
Passed ROFR: 3/29/2021
Estoppel Received:
Closing docs received: 4/2/2021
Closing docs returned: 4/2/2021
Sellers closing docs returned:
Closing:
Deed recorded:
Contract Showing on Membership:
Points in account:

*found out 4/1 that closing will be delayed until end of May due to an undisclosed existing reservation* We were on track for a super-fast transaction!

Bummer! That really stinks of the owner if they knew they couldnt close after trip and didnt disclose that to you.

 

[cmarsh31]

Bummer! That really stinks of the owner if they knew they couldnt close after trip and didnt disclose that to you.

Oh he knew. He was just banking on ROFR taking longer...

 

[vicarrieous]

Oh he knew. He was just banking on ROFR taking longer...

How frustrating! Its not hard to just put - can't close until XX.

How were they able to get the correct estoppel for closing documents if points were being used and contract wasnt right.

 

[cmarsh31]

How frustrating! Its not hard to just put - can't close until XX.

How were they able to get the correct estoppel for closing documents if points were being used and contract wasnt right.

Had 0/2020 points on the document so he's not using points that I thought I was purchasing, at least.

 

[vicarrieous]

Had 0/2020 points on the document so he's not using points that I thought I was purchasing, at least.

True but wouldn't the estoppel see the trip/pending points to be used? Did you find out at closing because the seller reached back out to say they have to wait until after their trip??

 

[JC1984]

Had 0/2020 points on the document so he's not using points that I thought I was purchasing, at least.

IMO I would pull out of this contract so fast. Seems shady on all involved on the selling side. I know you don’t want to have to go through the process again but why reward some one with a lot of money who has not been truthful. My two cents. Whatever you decide good luck!

 

[cmarsh31]

True but wouldn't the estoppel see the trip/pending points to be used? Did you find out at closing because the seller reached back out to say they have to wait until after their trip??

Found out at estoppel.

 

[cmarsh31]

IMO I would pull out of this contract so fast. Seems shady on all involved on the selling side. I know you don’t want to have to go through the process again but why reward some one with a lot of money who has not been truthful. My two cents. Whatever you decide good luck!

I'm not sending my check until the seller signs the closing docs. If I don't buy the contract, he'll just relist it and will sell it again and it won't matter that there's a May contract. Other than 6 weeks of my time, I'm not losing anything. We don't need the points until Jan 2022 anyway - I just wanted to borrow a few for a summer trip, because the 50% borrowing rule has us stuck.

 

[RedFive]

*Update*

There's no update. Closing agent reached out to the sellers to get a status update. No reply. Two weeks until closing deadline date.

Home: AKV
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 1/21/21
Offer accepted: 1/22/21
Sent to ROFR: 1/28/21
Passed ROFR: 2/19/21
Estoppel Received: 3/8/21
Closing docs received: 3/10/21
Closing docs returned: 3/17/21
Sellers closing docs returned: Pending - Int'l seller
Closing:
Deed recorded:
Contract Showing on Membership:
Points in account:

Total Time from Offer to Points in Account:

*Update*

Still There's no update. Closing agent and Broker now have reached out to the sellers to get a status update. No reply. Two weeks 1 week until closing deadline date. 1 years worth of points expiring May 31.

Home: AKV
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 1/21/21
Offer accepted: 1/22/21
Sent to ROFR: 1/28/21
Passed ROFR: 2/19/21
Estoppel Received: 3/8/21
Closing docs received: 3/10/21
Closing docs returned: 3/17/21
Sellers closing docs returned: Pending - Int'l seller
Closing:
Deed recorded:
Contract Showing on Membership:
Points in account:

Total Time from Offer to Points in Account: 71 days and counting

 

[tripgoerNS]

UPDATE #2:
Home: AKL
Broker: dvcstore.com
Title Company: Mason Title Co
Offer made: 2/8/2021
Offer accepted: 2/8/2021
Sent to ROFR: 2/12/2021
Passed ROFR: 3/4/2021
Closing docs received: 3/24/2021
Closing docs returned: 3/27/2021
Sellers closing docs returned: 3/30/2021
Closing: 3/31/2021
Deed recorded: 4/1/2021
Contract Showing on Membership:
Points in account:

One step closer!!

Do you have the website you check to see if the deed has been recorded?