Closing Time!!

[kandlsutton]

Update (getting a little closer):

Home: PVB
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 4/15/22
Offer accepted: 4/15/22
Sent to ROFR: 4/16/21
Passed ROFR: 5/10/21
Estoppel Received: 6/02/21?
Closing docs received: 6/02/21
Closing docs returned:
Sellers closing docs returned:
Closing:
Deed recorded:
Contract Showing on Membership:
Points in account:

Total time: 49 days (so far)

 

[sugliac]

update: my title company said that they reached out to the buyer and they haven't started their docs... it has been over a week and a half now. Crazy that they are not interested in getting this process done and over wish. I think it's fair to say they aren't on the boards! Lol

 

[vicarrieous]

Has anyone else experienced this? *** put the closing date onthe documents as July 5th. We were able to close last Tuesday, the 24th of May. The sellers seem, according to the resale company, 'confused'. When I email the title company, I am told the seller have until the 4th of July to sign the docs and send them. ARE YOU $%^# KIDDING ME??? They have 14 THOUSAND DOLLARS OF MINE and all I have is a day out of work and an afternoon running around to various banks and to make the last pickup for FedEx.

It sucks waiting, but from my understanding they also date those so that the title company doesn't have a bunch all closing at the same time. Once estoppel was back you probably could have requested an earlier closing if possible which with your expiring points I would have pushed for. If you close July 5th, you will be hard press to use them. Who is your broker/title agent again? I am sure you have probably talked to them, but it doesn't hurt reaching out consistently and encouraging if possible to move that up so you potentially don't lose those points. They are just trying to do their job, but as my dad always say, "treat these situations firmly but fairly".

 

[vicarrieous]

update: my title company said that they reached out to the buyer and they haven't started their docs... it has been over a week and a half now. Crazy that they are not interested in getting this process done and over wish. I think it's fair to say they aren't on the boards! Lol

Yea, I would say we are the minority! If companies/brokers want to improve on their timelines, this would be one area that could be addressed. There are plenty of both buyers and sellers that take weeks to finished up paperwork and sometimes that is necessary, but other times it is simply because a lack of follow up or hand holding.

I will have to say with our recent purchase, I was concerned about our timeline as our contract had expiring points and we wanted to book a trip for January before the 7 month window hit. We gave ourselves 75 days from offer to points in account as our **hopeful** expectation which is actually pretty fast. We hit one bump in the road with ROFR and some additional email/paperwork snafu, but after that our broker really stayed on top of things to keep it rolling as did our title agent. We had additional concerns that closing may take awhile as our seller was an 80 year old widow with limited computer access (wouldn't be able to print documents etc.) and trouble with locating a notary with the pandemic. I was astonished that within a week she had paperwork back and I think a lot of this was due to the guidance of the broker. They really came through as our total timeline was 64 days and we were able to find a reservation in July to use our expiring 150 points and get our January trip scheduled at Beach Club.

Looking back, things lined up, but I believe some of this was due to the broker/title company who really seemed on top of the process. I will definitely default to them when we look for more points (pending they have a contract listed for what we are looking for). I have also noticed that the title company we used (Mason) seems to be on the faster end for many of these closing timelines lately.

 

[sugliac]

Yea, I would say we are the minority! If companies/brokers want to improve on their timelines, this would be one area that could be addressed. There are plenty of both buyers and sellers that take weeks to finished up paperwork and sometimes that is necessary, but other times it is simply because a lack of follow up or hand holding.

I will have to say with our recent purchase, I was concerned about our timeline as our contract had expiring points and we wanted to book a trip for January before the 7 month window hit. We gave ourselves 75 days from offer to points in account as our **hopeful** expectation which is actually pretty fast. We hit one bump in the road with ROFR and some additional email/paperwork snafu, but after that our broker really stayed on top of things to keep it rolling as did our title agent. We had additional concerns that closing may take awhile as our seller was an 80 year old widow with limited computer access (wouldn't be able to print documents etc.) and trouble with locating a notary with the pandemic. I was astonished that within a week she had paperwork back and I think a lot of this was due to the guidance of the broker. They really came through as our total timeline was 64 days and we were able to find a reservation in July to use our expiring 150 points and get our January trip scheduled at Beach Club.

Looking back, things lined up, but I believe some of this was due to the broker/title company who really seemed on top of the process. I will definitely default to them when we look for more points (pending they have a contract listed for what we are looking for). I have also noticed that the title company we used (Mason) seems to be on the faster end for many of these closing timelines lately.

I agree. It is super disheartening, but I guess some are just overworked. I assume that they would benefit from people chasing their clients on a daily (or every other day) basis.

 

[vicarrieous]

I agree. It is super disheartening, but I guess some are just overworked. I assume that they would benefit from people chasing their clients on a daily (or every other day) basis.

I am guessing they set closing dates to space out the amount they close on as well as to try to mitigate the workload. I would also imagine that chasing people down would actually waste a lot of their time especially if they have a stack to process and prepare and they are still weeks out from the closing date. On the other hand, I think both sellers and buyers assume it is the job of the broker to "oversee" the process and keep it moving along which I am not sure is completely the case with DVC which seems to steadily bring in buyers and sellers with little effort right now. I know when we passed ROFR things went FAST afterwards, but people who passed at the same time as us were about 2 weeks behind. That being said, I had also waited about an extra week to two weeks to pass ROFR so even though we passed ROFR at the same time, my offer was much earlier. I think some of the closing dates are autogenerated when you sign your agreement and those calculations are probably set by the title company as well. (just fyi, we closed 3 days after our listed closing date)

 

[sugliac]

Yeah true. Not sure how long things are taking on Disney's end, but my assumption is still slower than Pre Covid. We'll see though!

 

[vicarrieous]

Yeah true. Not sure how long things are taking on Disney's end, but my assumption is still slower than Pre Covid. We'll see though!

Despite all that, it doesn't make the wait any easier! lol.

 

[sugliac]

Despite all that, it doesn't make the wait any easier! lol.

Literally so true. I have been on both ends but it never gets easier!

 

[ILoveMyDVC]

It sucks waiting, but from my understanding they also date those so that the title company doesn't have a bunch all closing at the same time. Once estoppel was back you probably could have requested an earlier closing if possible which with your expiring points I would have pushed for. If you close July 5th, you will be hard press to use them. Who is your broker/title agent again? I am sure you have probably talked to them, but it doesn't hurt reaching out consistently and encouraging if possible to move that up so you potentially don't lose those points. They are just trying to do their job, but as my dad always say, "treat these situations firmly but fairly".

The seller is struggling with their piece - lost the email, had a notary come to the house but didn't understand they needed two witnesses (and couldn't fathom asking a neighbor) and on it drags...I shudder to think about the FedEx piece.

 

[ILoveMyDVC]

update: my title company said that they reached out to the buyer and they haven't started their docs... it has been over a week and a half now. Crazy that they are not interested in getting this process done and over wish. I think it's fair to say they aren't on the boards! Lol

Likely don't have the funds on hand. Sorry, I know the pain.

 

[ILoveMyDVC]

It sucks waiting, but from my understanding they also date those so that the title company doesn't have a bunch all closing at the same time. Once estoppel was back you probably could have requested an earlier closing if possible which with your expiring points I would have pushed for. If you close July 5th, you will be hard press to use them. Who is your broker/title agent again? I am sure you have probably talked to them, but it doesn't hurt reaching out consistently and encouraging if possible to move that up so you potentially don't lose those points. They are just trying to do their job, but as my dad always say, "treat these situations firmly but fairly".

It's https://magicvacationtitle.com/(never, would I use them again. They are unresponsive and surly) and they have had a rush on it since day 1. The resale agent is the one hand holding the seller and pushing it along. https://magicvacationtitle.com/, the title agent's response is, "they have until July 5th."

 

[ILoveMyDVC]

Three weeks since closing on contract one still nothing from Disney. Going to lose my High school reunion plans for 2022 if that doesn't come through soon. Any thoughts?

 

[sugliac]

Likely don't have the funds on hand. Sorry, I know the pain.

The buyer doesn't? Then why are they buying DVC.....

 

[ILoveMyDVC]

The buyer doesn't? Then why are they buying DVC.....

I can't imagine - waiting for a paycheck, tax refund, stimulus check, bonus check, birthday check

 

[sugliac]

I can't imagine - waiting for a paycheck, tax refund, stimulus check, bonus check, birthday check

I really hope for their sake that is not the case. I know sometimes people sell DVC when they're in that position but still.

 

[stwaldman]

I really hope for their sake that is not the case. I know sometimes people sell DVC when they're in that position but still.

i know this was all speculation on the funds, but if they did non traditional financing in order to "pay cash" (loan against credit card, line of credit, etc.), then they may need the loan to fully process before they can do their documentation. No guarantees either way, but perhaps not a sign of any hardship

 

[tlm345]

Update:
Home Resort: SSR
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 4/11/2021
Offer accepted: 4/11/2021
Sent to ROFR: 4/14/2021
Passed ROFR: 5/07/2021
Estoppel received: 5/25/2021
Closing docs received: 5/26/2021
Closing docs returned: 5/28/2021
Seller closing docs returned: ?
Closing Date: 6/3
Deed recorded:
Contract Showing on Membership:
Points on Account:

 

[sugliac]

i know this was all speculation on the funds, but if they did non traditional financing in order to "pay cash" (loan against credit card, line of credit, etc.), then they may need the loan to fully process before they can do their documentation. No guarantees either way, but perhaps not a sign of any hardship

Good point! Could be the case.

 

[MissPixieDreamer]

Update!

Home Resort: BCV
Broker: dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 4/14/2021
Offer accepted: 4/14/2021
Sent to ROFR: 4/16/2021
Passed ROFR: 5/10/2021
Estoppel Received: 6/02/2021
Closing docs received:
Closing docs returned:
Sellers closing docs returned:
Closing:
Deed recorded:
Contract Showing on Membership:
Points in account:

Update (getting a little closer):

Home: PVB
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 4/15/22
Offer accepted: 4/15/22
Sent to ROFR: 4/16/21
Passed ROFR: 5/10/21
Estoppel Received: 6/02/21?
Closing docs received: 6/02/21
Closing docs returned:
Sellers closing docs returned:
Closing:
Deed recorded:
Contract Showing on Membership:
Points in account:

Total time: 49 days (so far)

I was following your posts because we have the same timeline.
Heard from them only today because I e-mailed... estoppel received, but closing docs only next week... Were you in contact with broker/title company or just waiting? I have a trip to book and I've seen availability diminishing for March next year...