Closing Time!

[boba_balla]

Let us know how you like Hayes. I’m using First American. They aren’t super speedy but at least Julie is super nice.

How long did you to wait to receive the closing documents after passing ROFR? It's been 2 days for me so far and not a peep from First American, so just trying to temper my expectations.

 

[VGCgroupie]

How long did you to wait to receive the closing documents after passing ROFR? It's been 2 days for me so far and not a peep from First American, so just trying to temper my expectations.

7 days. Not super fast but way way faster than I got them on my VGC contract. I did go into the Aulani buying process knowing that an Aulani transaction typically takes longer than any of the other resorts.

 

[RuntheMouse]

How long did you to wait to receive the closing documents after passing ROFR? It's been 2 days for me so far and not a peep from First American, so just trying to temper my expectations.

Our latest was 7 days to receive docs.

 

[darkconz]

After closing doc it's another 2 weeks before membership is updated and loaded right?

 

[VGCgroupie]

After closing doc it's another 2 weeks before membership is updated and loaded right?

Yes at least, likely longer.

 

[darkconz]

Yes at least, likely longer.

I submitted my first accepted offer today! Very excited, but I guess there are a bunch of wait time even before the ROFR stage...

 

[VGCgroupie]

I submitted my first accepted offer today! Very excited, but I guess there are a bunch of wait time even before the ROFR stage...

Congrats! It's a slow process, but it's all worth it in the end.

 

[E2ME2]

Updated - 6 Weeks Total = PDF (Pretty Darn Fast)

Home Resort: Beach Club Villas
Broker: https://www.fidelityrealestate.com/
Title Company: https://www.dvcclosings.com/
Offer made: 7/19/24
Offer accepted: 7/19/24
Sent to ROFR: 7/22/24
Passed ROFR: 8/19/24
Closing docs received:7/26/24
Closing docs returned: buyer ??? seller 7/31/24
Closing: 8/30/24
Deed recorded: ????
Contract showing ????
Points in account: ????
"Show Me The Money" - 8/30/24 (Wire Transfer received by Seller)
42 DAYS for Seller, and was only listed for 2 days prior to the offer, buyer paid asking price.

Had to modify my signature line to remove BCV

Interesting observation as a Seller:
I received my wire transfer, as detailed above, on 8/30, but that contract and the associated points are still available on my dashboard. I'm wondering how long they will be visible there before they show up in the buyer's account. ???
It adds a new fear to the process as a buyer, thinking that a seller could cause an issue with their points after they've received payment. I always assumed that the timing was simultaneous, or that the points were actually moved prior to the funds being sent.
WOW!!

 

[Sandisw]

Interesting observation as a Seller:
I received my wire transfer, as detailed above, on 8/30, but that contract and the associated points are still available on my dashboard. I'm wondering how long they will be visible there before they show up in the buyer's account. ???
It adds a new fear to the process as a buyer, thinking that a seller could cause an issue with their points after they've received payment. I always assumed that the timing was simultaneous, or that the points were actually moved prior to the funds being sent.
WOW!!

It will remain there until they process the transfer.

DVD has to dissolve your contract and create the new one to add it to the new owner so it’s all done at the same time.

That is why it doesn’t happen until then. I know it’s crazy but might be why a lot of contracts about sellers needing to reimburse if points go missing.

 

[E2ME2]

It will remain there until they process the transfer.

DVD has to dissolve your contract and create the new one to add it to the new owner so it’s all done at the same time.

That is why it doesn’t happen until then. I know it’s crazy but might be why a lot of contracts about sellers needing to reimburse if points go missing.

Thanks for the details. This does add an element of risk to buying resale that I had not considered before.
Actually, it makes me reconsider those "stripped" contracts, as there would be no points "at risk".
Thanks @Sandisw !

 

[TinkAgainU]

Thanks for the details. This does add an element of risk to buying resale that I had not considered before.
Actually, it makes me reconsider those "stripped" contracts, as there would be no points "at risk".
Thanks @Sandisw !

True. Although with the stripped contracts, I always feel if I can wait until 2026, I can probably wait a few weeks to see if a better contract turns up.

 

[Cybertruck]

I never thought about this before. I trust all those term and conditions we sign cover us but I never review in detail. Addonitis is real and I need my next fix. I would be disappointed if the points I thought I was getting did not appear on my account. But as @Sandisw indicated we will get reimbursed which is nice but may put me in borrowing hole if I was counting on those points.

 

[zumfelde]

How long does Disney take to close when they do a buyback? Is it about the same as a normal sale? I was notified 8/29/2024 Disney was going to buyback my contract have not heard anything from them.

 

[TinkAgainU]

I never thought about this before. I trust all those term and conditions we sign cover us but I never review in detail. Addonitis is real and I need my next fix. I would be disappointed if the points I thought I was getting did not appear on my account. But as @Sandisw indicated we will get reimbursed which is nice but may put me in borrowing hole if I was counting on those points.

Each Resale Broker has their own purchase contract which they had written, often to cover themselves more than sellers or buyers. Some contracts might say nothing about missing points, some say the seller will owe you for them (but seller, as you noted, already got their money - so collecting would be a nightmare), some may say the broker will cover missing points - although in each case you'll want to read the terms carefully.

Sadly, Brokers (probably correctly) presume we are mostly looking at the obvious costs, and overlooking things like the fine print, extra service fees, or differences in what the escrow/title companies are charging (some owned or otherwise affiliated with the brokers).

If it makes you feel better, in my personal opinion, buying Direct from Disney was a rather scary contract too

Reading Any contract whether real estate, or a car, is not for the faint of heart.

 

[Sandisw]

How long does Disney take to close when they do a buyback? Is it about the same as a normal sale? I was notified 8/29/2024 Disney was going to buyback my contract have not heard anything from them.

In 2022, they didn’t contact me to close until shortly before the date in the contract, which was about 6 weeks after they took it.

They were not in a rush.

 

[zumfelde]

In 2022, they didn’t contact me to close until shortly before the date in the contract, which was about 6 weeks after they took it.

They were not in a rush.

Thanks

 

[zachatak]

Home Resort: Copper Creek Villas
Broker: https://fidelityrealestate.com
Title Company: DVC Title and Escrow
Offer made: 08/01/24
Offer accepted: 08/01/24
Sent to ROFR: 08/02/24
Closing docs received:8/28/24
Closing docs returned: buyer 9/03/24, seller 09/03/24
Closing: 09/05/24
Deed recorded: 09/06/24
Contract showing (existing member): 09/26/24
Points in account:
Days so far: 57

 

[ehh]

Update #2

Home Resort: AUL
Broker: https://www.*******.com
Title Company: Hayes Title (no website)
Offer made: 8/5
Offer accepted: 8/5
Sent to ROFR: 8/6
Passed ROFR: 8/30
Holiday weekend
Closing docs received: 9/4
Closing docs returned, buyer: 9/4
Closing docs returned, seller: 9/9
Closing: 9/12
Deed recorded:
Contract Showing on Membership (existing member):
Points in account:

Days Total (so far): 38

 

[VGCgroupie]

Update #2

Home Resort: AUL
Broker: https://www.*******.com
Title Company: Hayes Title (no website)
Offer made: 8/5
Offer accepted: 8/5
Sent to ROFR: 8/6
Passed ROFR: 8/30
Holiday weekend
Closing docs received: 9/4
Closing docs returned, buyer: 9/4
Closing docs returned, seller: ¯\_(ツ)_/¯
Closing: 9/12
Deed recorded:
Contract Showing on Membership (existing member):
Points in account:

Days Total (so far): 38

Nice timeframe! I’m at around 60 days for Aulani and haven’t closed yet. So glad I had them bank the points for this year or I’d be sweating it!

 

[Lucky Wall-E]

Home Resort: Bay Lake Tower
Broker: https://fidelityrealestate.com
Title Company: Mason Title
Offer made: 8/20
Offer accepted: 8/21
Sent to ROFR: 8/27
Passed ROFR: 9/24
Closing docs received: 9/24
Closing docs returned:9/27
Wired Funds: 9/30
Sellers Closing docs returned:10/16
Closing:10/24
Deed recorded:10/24
Contract Showing on Membership (existing member):11/10 (about 2 1/2 weeks for Disney to load)
Points in account:11/11 chatted with member services.

Days Total: 82 days

*Escrow Agent was on vacation 10/7 to 10/14.
This process was extremely long and had me concerned while I was waiting for the seller docs. But once those were in everything else took the time everyone was reporting in. But now our family has the contract we always wanted and are starting to plan our next vacation.