Closing Time!

[hglenn]

I think that if one has agreed to a closing date out that far and you are in that timeline, then yeah, I’d expect it as a buyer or seller.

But, I have closed with many title companies over the years and honestly none were much better than the rest in terms of getting it closed earlier than the date.

Now, if a title company is not providing the service people want, then they will lose the business in the long run and figure out what to do.

However, if you agreed that closing could happen as long as 90 days out, then they are meeting the terms you already agreed to when you entered the deal.

Like I said, I agreed to a 5/21 timeline when I listed with the board sponsor in early March so I knew it could go that long. Certainly had hoped when Disney took it on 4/1 it would close earlier and disappointed it didn’t but can’t say I wasn’t aware that was worst case scenario.

It’s like ROfR. Some here in 3 weeks, and others don’t for 6 weeks. Not much of he can do.

In theory - this is appropriate.... just hard to accept when you see so many others moving faster than you. I'm sure there are a plethora of reasons why - many that have little to do with the title company.. I'm on day 68 and my deed still isn't recorded - however my close date was set to 5/31. Others who passed ROFR after me already have their points! This board can sometimes set some unreasonable expectations..... it can be a blessing and a curse!

 

[Sandisw]

In theory - this is appropriate.... just hard to accept when you see so many others moving faster than you. I'm sure there are a plethora of reasons why - many that have little to do with the title company.. I'm on day 68 and my deed still isn't recorded - however my close date was set to 5/31. Others who passed ROFR after me already have their points! This board can sometimes set some unreasonable expectations..... it can be a blessing and a curse!

I certainly understand that and feel for anyone waiting. Not trying to minimize the frustration. As you said, so many steps in the process that sometimes people go so much faster or slower than others!

 

[hobbes42]

I received an email from the title company today asking me to let them know when points show up in my account because they are holding the seller's funds until that happens.
First time in 8 contracts I've had that happen.
Is this a new thing? Or unique to certain title companies?

 

[hglenn]

I received an email from the title company today asking me to let them know when points show up in my account because they are holding the seller's funds until that happens.
First time in 8 contracts I've had that happen.
Is this a new thing? Or unique to certain title companies?

My broker told me the same thing. Not sure if it's new or not but consistent with the info I got.

 

[Sandisw]

I received an email from the title company today asking me to let them know when points show up in my account because they are holding the seller's funds until that happens.
First time in 8 contracts I've had that happen.
Is this a new thing? Or unique to certain title companies?

Some title companies have been doing that a while. My sellers had to wait almost 5 weeks in 2020 for their money. Last summer, it was over 2 weeks before I got my check in hopes the buyer showed the points.

 

[hglenn]

#3
Home Resort: Boardwalk
Broker: https://www.**********.com
Title Company: Hayes Title, LLC
Offer made: 3/17/2022
Offer accepted: 3/17/2022
Sent to ROFR: 3/21/2022
Passed ROFR: 4/25/2022
Closing docs received: 5/5/2022
Closing docs returned: 5/9/2022
Closing: (never told when it was closed...)
Deed recorded: 5/24/2022
Contract Showing on Membership (new member):
Points in account:

Days Total:

 

[christophles]

Final Update

Home Resort: Polynesian Villas & Bungalows
Broker: https://www.fidelityrealestate.com/
Title Company: Mason Title
Offer made: 03/30/2022
Offer accepted: 03/31/2022 (1 day)
Sent to ROFR: 04/01/2022 (1 day)
Passed ROFR: 04/27/2022 (26 days)
Closing docs received: 04/27/2022 (0 days)
Closing docs returned: 04/27/2022 (0 days)
Closing: 05/12/2022 (15 days)
Deed recorded: 05/13/2022 (1 day)
Contract Showing on Membership (existing member): 05/23/2022 (10 days)
Points in account: 05/24/2022 (1 day added via chat after 24 hours)

Days Total: 55

 

[Squirrel29]

Home: AUL 160 pts
Broker: https://www.dvcresalemarket.com/
Title: First American
Offer made: 3/18
Offer accepted: 3/18
Sent to ROFR: 3/22 (4 days)
Passed ROFR: 4/14 (24 days)
Estoppel received: 4/14 (0 days)
Closing docs received: 5/3 (19 days)
Closing docs returned: 3/16 (13 Days)
Closing: 5/24 (8 days)
Deed recorded: 5/25 (1 days)
Contract Showing on Membership:
Points in account:


part of the delay was on us. We received the closing documents the week we was going to Disney world. So we just delayed sending it back til we got back from vacation. But waiting for the closing documents was a pain. Took them 19 days to send them but I guess that is common for Aulani.

 

[DisneyaholicRaquel]

Final Update

Home Resort: Polynesian Villas & Bungalows
Broker: https://www.fidelityrealestate.com/
Title Company: Mason Title
Offer made: 03/30/2022
Offer accepted: 03/31/2022 (1 day)
Sent to ROFR: 04/01/2022 (1 day)
Passed ROFR: 04/27/2022 (26 days)
Closing docs received: 04/27/2022 (0 days)
Closing docs returned: 04/27/2022 (0 days)
Closing: 05/12/2022 (15 days)
Deed recorded: 05/13/2022 (1 day)
Contract Showing on Membership (existing member): 05/23/2022 (10 days)
Points in account: 05/24/2022 (1 day added via chat after 24 hours)

Days Total: 55

What do you mean the points were added via chat?

 

[hobbes42]

What do you mean the points were added via chat?

Once the contract shows up on your dashboard, usually you can contact member services via chat (at least 24 hours later) and your points can be added while you wait. Did it last week, and did it today.

 

[R2ism]

Home Resort: Polynesian villas and bungalows
Broker: dvc resale
Title Company: Magic vacation title
Offer made: 4/05/2022
Offer accepted: 4/06/2022
Sent to ROFR: 04/07/2022
Passed ROFR: 05/03/2022
Closing docs received: 05/24/2022
Closing docs returned: 5/25 (buyer)
Closing docs returned: 5/27 (Seller)
Closing: 6/2/2022
Deed recorded: 6/6/2022
Contract Showing on Membership (new)
Points in account:

Days Total:

 

[DisneyaholicRaquel]

Once the contract shows up on your dashboard, usually you can contact member services via chat (at least 24 hours later) and your points can be added while you wait. Did it last week, and did it today.

Thank you...wasn't aware of the resale buying process.

 

[hobbes42]

Thank you...wasn't aware of the resale buying process.

I'm not sure every CM will do this, but I have had success several times. If it doesn't, you can always try again.

 

[DisneyaholicRaquel]

I'm not sure every CM will do this, but I have had success several times. If it doesn't, you can always try again.

Awesome! I'm still waiting for my new contract to show as it was just recorded 5/18...

One more question??? The new contract I bought has a different UY & Home resort. How will this show when I log in? Will it have a different member number? Is there a way I can use all my points together with my current contracts? Sorry, I said one more question

 

[hobbes42]

One, no wait, three, more questions??? The new contract I bought has a different UY & Home resort. How will this show when I log in? Will it have a different member number? Is there a way I can use all my points together with my current contracts? Sorry, I said one more question

If I remember correctly, the new membership will show up in your dashboard above or below your current one. It will be a different number. Each use year gets a new membership. You can use all of your points together at the 7 month mark for any non-restricted resort (Riviera, most likely, unless you own there), but I think it will take a phone call to member services to either make a transfer between memberships, or have them make the reservation.
I'm sure if I am incorrect on this, someone will jump in and tell you the real answer.

 

[SpotMonkey]

I'm on Day 66 of this latest contract and we haven't even closed yet. By comparison, Day 66 is when I had my points in my account for my last purchase that closed in March. We're less than two weeks out from the closing date on the contract, so hopefully there'll be some movement soon. But wow. I really thought I was better equipped to handle this timeline the second time around. Ha, nope.

Hoping it doesn't come to this, but if we get to the actual closing date and we still haven't closed, is it as simple as telling our broker that we're backing out of the deal? I don't want to, but I'm beyond frustrated with every leg of the journey this time around. I don't want to deal with a closing that delays the process even more, especially since it puts some 2021 points in danger.

 

[DisneyaholicRaquel]

If I remember correctly, the new membership will show up in your dashboard above or below your current one. It will be a different number. Each use year gets a new membership. You can use all of your points together at the 7 month mark for any non-restricted resort (Riviera, most likely, unless you own there), but I think it will take a phone call to member services to either make a transfer between memberships, or have them make the reservation.
I'm sure if I am incorrect on this, someone will jump in and tell you the real answer.

Thank you 3 times

 

[clarker99]

Hoping it doesn't come to this, but if we get to the actual closing date and we still haven't closed, is it as simple as telling our broker that we're backing out of the deal? I don't want to, but I'm beyond frustrated with every leg of the journey this time around. I don't want to deal with a closing that delays the process even more, especially since it puts some 2021 points in danger.

I hear you! Not pleased with my 2nd resale experience either.

 

[DisWeaver]

Home Resort: BLT
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 2/8/2022
Offer accepted: 2/8/2022
Sent to ROFR: 2/13/2022
Passed ROFR: 03/09/2022 (issued estoppel also)
Closing docs received: 3/9/2022
Closing docs returned: 3/10/2022 (Buyer)
Closing: 4/13/2022
Deed recorded: 4/14/2022
Contract Showing on Membership (existing member):
Points in account:

106 days and counting.

I've called twice, chatted once, and emailed three times. The latest feedback from Members Admin was last week when they mentioned that they had received the contract transfer and once the accounting team "clears" it, they will be able to complete the transfer of ownership.

Do the DVC resale and Magic Vacation title not verify the information before closing? It's now been SIX weeks since the closing and it's still with the accounting team?

 

[clarker99]

Home Resort: BLT
Broker: www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 2/8/2022
Offer accepted: 2/8/2022
Sent to ROFR: 2/13/2022
Passed ROFR: 03/09/2022 (issued estoppel also)
Closing docs received: 3/9/2022
Closing docs returned: 3/10/2022 (Buyer)
Closing: 4/13/2022
Deed recorded: 4/14/2022
Contract Showing on Membership (existing member):
Points in account:

106 days and counting.

I've called twice, chatted once, and emailed three times. The latest feedback from Members Admin was last week when they mentioned that they had received the contract transfer and once the accounting team "clears" it, they will be able to complete the transfer of ownership.

Do the DVC resale and Magic Vacation title not verify the information before closing? It's now been SIX weeks since the closing and it's still with the accounting team?

I am considering backing out of my deal if it will be 100+ days. Dvcresale seems to be the only broker with massive delays right now. And you even got your closing docs the day of waiver. Yikes.