Closing Time!

[rundisney79]

Home Resort: Bay Lake
Broker: dvcstore.com (The Timeshare Store)
Title Company: Mason Title
Offer made: 3/25/2022
Offer accepted: 3/26/2022
Sent to ROFR: 3/27/2022
Passed ROFR: 4/22/2022
Closing docs received: 4/27/2022
Closing docs returned: 4/29/2022
Closing: 5/10/2022
Deed recorded: 5/11/2022
Contract Showing on Membership (existing member): 5/20/2022
Points in account: 5/22/2022 (Called Member Services to get them loaded)

Days Total: 59

 

[soundofmusic13]

I noticed that the majority of people on the site got their closing docs on the same day that they passed ROFR. We passed on Wednesday and still haven’t gotten closing docs. Is this a title company issue or a broker issue?

It seems to be a title company issue. We didn't receive our closing docs from the title company until 23 days after passing ROFR.

 

[hglenn]

Home Resort: Bay Lake
Broker: dvcstore.com (The Timeshare Store)
Title Company: Mason Title
Offer made: 3/25/2022
Offer accepted: 3/26/2022
Sent to ROFR: 3/27/2022
Passed ROFR: 4/22/2022
Closing docs received: 4/27/2022
Closing docs returned: 4/29/2022
Closing: 5/10/2022
Deed recorded: 5/11/2022
Contract Showing on Membership (existing member): 5/20/2022
Points in account: 5/22/2022 (Called Member Services to get them loaded)

Days Total: 59

Jesh! I’m on day 66 and my feed is still not showing recorded. Congrats!!!

 

[clarker99]

I noticed that the majority of people on the site got their closing docs on the same day that they passed ROFR. We passed on Wednesday and still haven’t gotten closing docs. Is this a title company issue or a broker issue?

I am frustrated. Seems that Dvc resale and Magic vacation title are the only combo that do this. My email said we could be waiting 21 business days! Completely unreasonable.

 

[mejones1115]

Home Resort: AKV
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 03/24/2022
Offer accepted: 03/25/2022
Sent to ROFR: 03/28/2022
Passed ROFR: 04/22/2022
Closing docs received: 05/02/2022
Closing docs returned: 05/09/2022 (buyers)
Closing: 05/18/2022
Deed recorded: 05/23/2022
Contract Showing on Membership (new member):
Points in account:

Days Total

Will update once we get more info. Really looking do forward to getting our hands on our 2020 points for our September trip for MNSSHP.

Juat checked and saw that our deed was recorded today. Now to wait for our membership # and points. 56 total days and counting. Resale is not for the faint of heart haha

 

[mejones1115]

I am frustrated. Seems that Dvc resale and Magic vacation title are the only combo that do this. My email said we could be waiting 21 business days! Completely unreasonable.

We just went through our first resale with them and I opted to email them once we got the pass from ROFR. They told me that they were about 2 weeks out but would try and get to us sooner. I quickly realized that our closing agent was on vacation but the day she got back we recieved our closing docs which was a little over a week from passing. Can't hurt to try and reach out. However it is very frustrating that you see other companies that get the docs out the same day or next day. This is already a long and drawn out process it would be nice to move it along a little quicker wherever possible.

 

[hglenn]

My closing was sent to the comptrollers office around 10:00 am on 5/19 and still isn't showing on the site. From what I'm seeing others post, it seems they generally happen within 24 hours. Has anyone else experienced it taking several days to post?

 

[hglenn]

I am frustrated. Seems that Dvc resale and Magic vacation title are the only combo that do this. My email said we could be waiting 21 business days! Completely unreasonable.

I agree... I believe if I ever were to do resale again that I will make a solid attempt to use both of them...

 

[clarker99]

I agree... I believe if I ever were to do resale again that I will make a solid attempt to use both of them...

Def will avoid them. Generally more expensive listings and higher estimated closing costs. 2-4 wks longer than other companies. I sound like a broken record but it is completely unacceptable.

 

[Huskerpaul]

Def will avoid them. Generally more expensive listings and higher estimated closing costs. 2-4 wks longer than other companies. I sound like a broken record but it is completely unacceptable.

I don't like all the vertical integration with the board's sponsor. Owning the real estate company and title company is a conflict of interest I will avoid.

 

[clarker99]

I don't like all the vertical integration with the board's sponsor. Owning the real estate company and title company is a conflict of interest I will avoid.

Vertical integration should give them the ability to be MORE efficient than the competition. It should not cost you more time and more money if you own every part of the process except ROFR.

 

[dlam32]

We are selling a contract that passed ROFR May 2. Our paperwork was completed and received by May 5. It is now May 24 and title company has not received funds from the buyers. Closing date on the contract is May 30 or 45 days from estoppel. The contract not contingent on buyer obtaining financing. Is this a bad sign??

 

[hglenn]

I asked this before but didn't get any responses - the title company is telling me they sent my title to the comptrollers office on 5/19 but my deed still is not recorded. It seems that almost every post I've seen indicates deeds get posted the next business day. Anyone have similar experience where it took several days to post on the site?

 

[dlam32]

I asked this before but didn't get any responses - the title company is telling me they sent my title to the comptrollers office on 5/19 but my deed still is not recorded. It seems that almost every post I've seen indicates deeds get posted the next business day. Anyone have similar experience where it took several days to post on the site?

I had a deed that was sent May 2 and didn't get recorded until May 10. I don't know if this is typical or not.

 

[Sandisw]

We are selling a contract that passed ROFR May 2. Our paperwork was completed and received by May 5. It is now May 24 and title company has not received funds from the buyers. Closing date on the contract is May 30 or 45 days from estoppel. The contract not contingent on buyer obtaining financing. Is this a bad sign??

I might be a little concerned at this point. I’d reach out again and find out if they have talked to buyers to find out what is going on.

 

[clarker99]

We just went through our first resale with them and I opted to email them once we got the pass from ROFR. They told me that they were about 2 weeks out but would try and get to us sooner. I quickly realized that our closing agent was on vacation but the day she got back we recieved our closing docs which was a little over a week from passing. Can't hurt to try and reach out. However it is very frustrating that you see other companies that get the docs out the same day or next day. This is already a long and drawn out process it would be nice to move it along a little quicker wherever possible.

FYI, I emailed them and here is the response:

Hello,
Thanks for checking in with us. Yes, the title company is trending along those lines due to volume and staff shortages. It is very likely that other agencies are not doing the amount of volume as Magic Vacation Title, but please rest assured that they are diligently working each and every day to provide clients with their closing documents. There is much effort and care that goes into this in order to produce a quality and accurate set of documents.
We appreciate your continued patience and understanding.
Thank you.

21 business days (4 weeks from estoppel) is apparently okay bc they are busy.

I am going to reply asking for a discount on closing costs (lol) and my options for backing out. I am looking at a 90 day process assuming the buyer signs and returns the documents immediately. Brutal. Am I wrong for be so perturbed?

 

[Sandisw]

FYI, I emailed them and here is the response:


21 business days (4 weeks from estoppel) is apparently okay bc they are busy.

I am going to reply asking for a discount on closing costs (lol) and my options for backing out. I am looking at a 90 day process assuming the buyer signs and returns the documents immediately. Brutal. Am I wrong for be so perturbed?

I think it depends on what your closing documents say and what original timeline was given.

While it can be disappointing not to closer before the official date, I think one should always expect that.

I had my contract taken via Disney and they took almost 7 weeks to get me closing documents.

 

[clarker99]

I think it depends on what your closing documents say and what original timeline was given.

While it can be disappointing not to closer before the official date, I think one should always expect that.

I had my contract taken via Disney and they took almost 7 weeks to get me closing documents.

So, you think that 90+ days is okay when other brokers/title companies are finalizing in 60 days?

Anyway, cannot believe the downgrade in service/experience from my previous resale purchase.

 

[Huskerpaul]

Vertical integration should give them the ability to be MORE efficient than the competition. It should not cost you more time and more money if you own every part of the process except ROFR.

In theory yes. But if Magic Vacation Title is owned by the DIS sponsor and and they run all their resale contracts through them to maximize profits regardless of the title company's current workload, any efficiency disappears. I also don't like that the people I'm paying to perfect my deed are owned by the people that are motivated for the sale to close regardless in order to generate commissions. I'm sure it is a non-issue, just gives the appearance of conflict of interest.

 

[Sandisw]

So, you think that 90+ days is okay when other brokers/title companies are finalizing in 60 days?

Anyway, cannot believe the downgrade in service/experience from my previous resale purchase.

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.