Concerned about closing

[Kadorto]

Just curious to know if anyone else has had a delay with closing. We bought a VWL contract through TTS. According to our sales contract, closing was to be on or before August 9th. Called last week and left a message. Due to the hurricane my call wasn't returned until Monday when I was told that they are waiting on the documents from the seller.

I realize that everyone down there is trying to recover from the hurricane and I'm very understanding and sympathetic. However the contract was to close well before anyone even knew that charley was heading their way. I had to contact TTS to find out why there was a delay..IMO it should have been the other way around. But more importantly I'm curious to know how binding the sales agreement is. I know that if I pull out I could lose a lot of money...but what about the seller? If this takes much longer I plan on consulting with my attorney but would like to know if this type of delay has commonly occurred with other DVC’ers

 

[Mike]

I'm not sure when our closing date was supposed to be. I do know that all documents were due back to the closing agent by 7/29. We sent our docs and payment in on time but the seller's docs didn't arrive until 8/9. I too was beginning to think that they were having second thoughts due to the recent DVC price increase on the sold out resorts. But I am pretty sure that they would still have to pay the commission to the broker since a deal was reached plus they would have to reimburse for closing costs. As it turned out, they just took their time getting everything back to the closing agency. The one document that they needed to get notarized was done so on 8/3 - a full 2 weeks after they recieved the paperwork. I guess some people are not motivated by the prospects of a $16,000 check waiting for them.

I'm sure things will work out. Good luck and keep us posted.

 

[tamu91]

I wouldn't involve an attorney unless you think you'll end up losing your deposit somehow due to the actions of the seller.

Our closing went very smoothly and we also used TTS and the Timeshare Closing Services. The only minor hitch was when the seller took 10 days to return the documents instead of 7 as noted in the closing documents but that only delayed the closing by 2 days.
There isn't a whole lot you have to fill out as the buyer other than writing out that BIG check but the seller has to get their documents notorized that might be taking longer than expected. When did you receive your closing documents? If it's been more than 2 weeks, I'd call TTS and see if they can contact the seller.

 

[rchristiansen]

We actually had to wait a VERY long time (about 2-3 weeks longer) because our resale purchase was from an estate sale where the title paperwork was not done completely. So all the heirs to the estate had to sign off on it. Everything came in fine and we closed the day the paperwork came in. I kept in contact with the realtor and title company and they kept me updated as to what was going on.

Also, because it took so long, I asked the title company to rush things through to Disney. She said she would and lo and behond the NEXT BUSINESS DAY we were in the DVC system! So that made up for it!

 

[jmatias]

I do think Charley has delayed things a bit.

We closed our BCV resale on 8/4. As of today, we are still not in the Disney system.

I was told Disney does closings on Wednesdays and to try calling again tomorrow.

HTH

 

[crzy4dals]

I to had this issue. Close on or before August 5. We got the docs on July 29 and they received them on August 2. My sellers also took their sweet time. It is not that difficult to get items notarized. Go to your bank where you are about to deposit my $13,000 check and get the doc notarized NO PROBLEM. Atleast I know my bank does not even charge a fee for this service and what it may take 10 minutes. I had issues with my closing agent also. Not responsive at all.....

I also was told that well due to Charley... I know it was devestating to the area but I should have closed a week before.

There should be some compensation for the buyer. We front the money, do our part getting docs back in a timely manner and the seller is not bound by the timeline!?!?!?!?!

Very anxious to make my reservations.

I must say NO ISSUES WITH TSS AND PAT SPELL. She was absolutely great. TCS needs better quality employees on their side to make the whole transaction a quality one. Well, I will adjust that to say one closer needs a lot of corrective action on her skills and performance.

Now the AM I IN THE SYSTEM YET game begins.....

 

[RobDoc]

Originally posted by Kadorto
<SNIP>
But more importantly I'm curious to know how binding the sales agreement is. I know that if I pull out I could lose a lot of money...but what about the seller? If this takes much longer I plan on consulting with my attorney but would like to know if this type of delay has commonly occurred with other DVC’ers

The contract is as binding as you wish to make it. If the delay is of enough concern, I'm certain you can void the whole deal and get your deposit back.

I had the same thing happen a few years ago on a resale where the seller was late getting the documents returned to the closing agent and the closing date had passed. When I called and expressed my concerns, the option I was given was to wait until the seller forwarded the proper documents or cancel the contract and walk. I opted to keep the contract (and the closing took place 2 days later).

I understand your frustration, but keep the big picture in mind before acting. If the contract meets your needs and is still satisfactory to you, a few more days will likely be worth the wait. If you want out, with the return of your deposit, I'm sure you will be obliged.

Good luck!

 

[Kadorto]

Thanks for all of the replies...I feel a little better knowing that it’s happened to others. Getting out of the deal was never even a thought and I don't mind waiting. I'm merely concerned that since the contract did not close as stated in the sales contract and feared that the whole deal was in jeopardy...With all of the communication tools available the TCS really needs to do a better gob passing on information and explaining delays.

jmatias, Charley was not an issue because the contract was supposed to have closed when he was just a low pressure area somewhere in the Atlantic.

Doc, I respectfully disagree with you. I doubt very seriously that I could cancel the contract at this point without any losing any money. (if I wanted to) I'm 1,000 miles away and TCS has my money. For me to get my money back it would be dependent upon their interpretation of the contract. They may not be holding all of the cards but they have a few aces. Maybe it can be done but I don't think it would be as easy as a phone call and a check mailed out to me the next day.

In light of the recent hurricane I'll patiently wait...but I have a suspicion that by the end of next week I'll still be waiting. That’s ok too.....Just wish TCS would give me a courtesy call with an update.

 

[Mike]

Originally posted by Kadorto

Just wish TCS would give me a courtesy call with an update.

I'll agree with you here. I got no updates from them. I had to call or email for updates. I will say that they provided me with a prompt detailed update each time I called and provided my file #. But no one ever made an effort to contact me to say that the closing was delayed.

 

[RobDoc]

Originally posted by Kadorto

Doc, I respectfully disagree with you. I doubt very seriously that I could cancel the contract at this point without any losing any money. (if I wanted to) I'm 1,000 miles away and TCS has my money. For me to get my money back it would be dependent upon their interpretation of the contract. They may not be holding all of the cards but they have a few aces. Maybe it can be done but I don't think it would be as easy as a phone call and a check mailed out to me the next day.

Feel free to disagree. I was just sharing my experience with a similar situation. When I asked TCS what my options were when the closing date has passed I was told that since the sellers had failed to uphold their obligations, I could cancel and get my deposit back. You are welcome to assess your situation however you wish. I was just responding to your initial question. Sorry my answer wasn't satisfactory.

 

[dis-happy]

Yes, doc is right.

As in all real estate contracts, when the dates specified are not met (in this case, closing) you are free to walk away--they have voided the contract The agent could sue them for the commission. Or you could sue them to complete the transaction as promised (probably not worth it in this case if they were changing their minds, you'd just buy different points).

Anyway, hopefully it's all academic, and some pixie dust gets tossed your way!!!

 

[PamOKW]

Do you know where the seller is located? If they live in the area effected by Charley the paperwork could be further delayed.

 

[CRobin]

Doc is indeed correct - you are not on the hook if the seller fails to abide by the terms of the agreement.

Not that TTS would be happy to do this, as they are also out their commission and the time they have invested, but they have no legal right to keep your money without some consideration (value) back to you due to no fault from your side.

Good Luck!

 

[Mike]

Originally posted by CRobin
Doc is indeed correct - you are not on the hook if the seller fails to abide by the terms of the agreement.

Not that TTS would be happy to do this, as they are also out their commission and the time they have invested, but they have no legal right to keep your money without some consideration (value) back to you due to no fault from your side.

Good Luck!

Wouldn't the seller still be on the hook for the commission since they failed to meet the rquirements of the contract to execute the sale? I honestly don't know but I would think the broker would have some recourse.

 

[CRobin]

Originally posted by Mike
Wouldn't the seller still be on the hook for the commission since they failed to meet the rquirements of the contract to execute the sale? I honestly don't know but I would think the broker would have some recourse.

Good question, Mike....

Never having sold DVC, I'm not sure what is written into the contract between the seller and the broker. One would certainly think that the broker is entitled to something for his trouble when a seller walks away.

Of course, collecting would be an issue......

 

[Kadorto]

Ok...first...I value everyone’s opinion including yours Doc. Otherwise I wouldn't have posted in the first place. Heck...I just spent nearly $15,000 and your opinion and others on this board had a lot to do with it. When I inquired about the delay I was not given the option of canceling the sale. While you may be right about me being able to "legally" pull out of the contract, I believe that TTS would be very reluctant to return my money and cancel the contract. What recourse would I have? Very little unless I went to Florida and filed suit. They are a thousand miles away and are holding my money...When and if they decide to return the money would be at their discretion. At this point I can't put a stop payment on the check.

To answer another question the sellers were not in Florida and the point was that the sale was to have closed well before the Hurricane was even a hurricane. So. the hurricane should not have been an issue.

Lastly, this whole conversation has been for naught as I received a letter today formally informing me that we have officially closed. (whewwwww!) However, one of my original points still stands as TTS could have had a very happy customer if they would just improve their communication. I’m still happy with them..just not very happy.

Thank you to all who have commented....Now if my user name hasn't been deleted from the DIS boards yet, can I please get an "official" welcome home from someone :thewave:

 

[SoCalKDG]

Lastly, this whole conversation has been for naught as I received a letter today formally informing me that we have officially closed. (whewwwww!) However, one of my original points still stands as TTS could have had a very happy customer if they would just improve their communication. I’m still happy with them..just not very happy.

Congrats.

I just got my final paperwork to sign, and will be sending in my final check. It should be noted that all this goes to Timeshare Closing Services, not TTS. Any delay I have will see me calling TCS, not TTS. If I get a run around from TCS, then I'll call TTS ASAP(just love initials)

Had you called TCS?

 

[AFMom]

I'm so glad it all worked out for you. Welcome Home!!!!
For anyone else reading this who may be getting ready to close - I talked to Nancy K at TCS and she was always very helpful - contacting the seller, et cetera, and none of my paperwork has been delayed by the weather. I think you have to be exceptiionally pro-active with the offices! I was never called, and when I felt the paperwork wasn't moving as fast as it could - I called and had it checked, and then called back for results. Time consuming, but it kept the ball rolling. As far as getting the money back - I don't think TTS would give anyone a hassell - they are the ones sponsoring this board! They know how much we compare notes and chat! If they didn't live up to a contract - well - it would be bad business sense for them, and it the grand scheme of things - one contract lost isn't worth the loss of their reputation.

 

[Mike]

Congrats and Welcome Home!!

 

[poohnpiglet3]

Welcome home!!!

I just closed this Weds. and today I was in the Disney system. I had a very motivated seller, so that helped a TON!

As for communication, it is a two way street. I was on the phone with TCS often to check on things, maybe that would have helped if you would have called in?

Just a thought...

did I say Welcome Home???

Sherri