Confused about the way my resale purchase is going

[Spork24]

Is this broker fidelity by any chance?

I'm going through something very similar, and just don't feel like they stay on top of things like other agents do. Our offer was accepted on 5/8.

It's just been a painfully slow process and we pretty much never get updates unless we ask for them.

 

[bobbiwoz]

Our HHI resale contract took very long.

 

[333disneymom]

I'm so sorry you are having to wait so long. On our first bid, we waited quite some time for the sellers to sign. When it came back from ROFR, it was not passed as the sellers misrepresented the points. We went back and forth with an agreeable solution, resubmitted and Disney said it wouldn't work because it involved transferred points (they transferred to make up for missing points). So, we cancelled the transaction and received our full deposit. It did waste 2 months though. When we should have been getting our points, we had to start over. Our second contract (with a different company) took 2 and a half months to close, and information was not very frequent either.

I would call and email any and everyone involved - broker, closing agent, etc. Tell them you have serious concerns and ask when they anticipate closing will be. Let them know that you will be willing to walk away if the contract is not complete by the contractual date (if that's what you want). But know, that you will be starting at ground zero again. If they can get the sellers moving, and be more forthcoming with information, it might be easier to just wait. You are really close and starting over would take a much longer time.

Often, holdups occur due to the seller taking time. In both our cases (2 different companies), we had to wait for sellers. Even if you move on to another contract, there is no guarantee that you will have a quick, smooth transaction.

Good luck! I hope it moves along faster from this point!

I'm also wondering if they are international sellers. Not sure how you screw up signing the documents. You just find a notary and sign on the line in front of them. Not rocket science.

Maybe they forgot the notary part?

 

[sunryzez]

Is this broker fidelity by any chance?

I'm going through something very similar, and just don't feel like they stay on top of things like other agents do. Our offer was accepted on 5/8.

It's just been a painfully slow process and we pretty much never get updates unless we ask for them.

Yes that is who we are using. It is so frustrating! First American is the title company too.

 

[TexasChick123]

I'm sorry this is happening to you. I've been there. It is so frustrating because you're so excited, and then it drags out for no good reason because of a seller, the one who should be the most motivated! When I dealt with a similar situation last year, I told my broker that if the contract wasn't closed by the closing date on the contract, then I would consider the seller in breach and demand my money back. Magically, we closed 1 day before the closing date. Unlike your situation, I was never given a good reason for the excessive delay. There were no liens, and the seller was a frequent seller. Who knows?!? Also, my broker with DVC Resale Market was terrible and acted like I was being unreasonable by wanting it to close by the date in the contract and asked me to be patient and consider allowing more time. Patient?!? It took 3 months for a contract to close with a seller from NY simply because he couldn't be bothered to return closing docs. Needless to say, I've never used them again. I know the broker can't control the seller, but it was the attitude that bothered me like it shouldn't be a big deal at all. BTW, I was waiting on the points to book a trip too and missed the 11 month mark because of this. Happily, I got in at the 9 month mark and was still able to book. Very frustrating. I hope yours closes soon!

 

[Spork24]

Yes that is who we are using. It is so frustrating! First American is the title company too.

I had a relative buy through them earlier this year and had a similar experience, I'm starting to think they just turn things around slowly when they receive them and blame the seller as you won't ever actually meet them. It could be some combination of the two, but who knows.

I would still probably use them again in this situation because I got a good enough price to justify the wait.

 

[Spork24]

Yes that is who we are using. It is so frustrating! First American is the title company too.

Curious, are your points at BLT?

Edited, nm, I see they are at veto beach,

I think my seller may have 2 contracts, was wondering if you were the other, but I guess not.

 

[sunryzez]

I thought about all of the advice this weekend and I just sent an email to my agent and the title company stating that if we do not close by Monday next week I want my money back and out of the contract. The price was amazing and I will be so upset if it falls through but my gut has been telling me for months this doesn't feel right. Every step of the way has been issues. The lien popping up in the start of July really worries me. As much as I would hate to lose this I am not interested in waiting months more or ending up with a contract with issues.
If this contract does not go through we will be taking a break from resale. We are already DVC owners so we will still be able to visit home! I will just know better for next time when we do decide to get back at it.
Hopefully the seller gets it together and we can close but I do not have a lot of hope based on their actions...

 

[mustinjourney]

I thought about all of the advice this weekend and I just sent an email to my agent and the title company stating that if we do not close by Monday next week I want my money back and out of the contract. The price was amazing and I will be so upset if it falls through but my gut has been telling me for months this doesn't feel right. Every step of the way has been issues. The lien popping up in the start of July really worries me. As much as I would hate to lose this I am not interested in waiting months more or ending up with a contract with issues.
If this contract does not go through we will be taking a break from resale. We are already DVC owners so we will still be able to visit home! I will just know better for next time when we do decide to get back at it.
Hopefully the seller gets it together and we can close but I do not have a lot of hope based on their actions...

keep us updated. And good luck!

 

[sunryzez]

Not surprised but TOTALLY devastated. The papers still have not been returned. Unless they magically show up tomorrow I will have to go through the process of getting out of the contract. I just want to make sure I will not be losing any money. They already have my big check for the sale and my deposit. Since I am not at fault I get all of that back without penalties, is that correct?

This has just been such a disheartening process, 3 full months of wasted time, stress, and nonsense. It took me a long time to even convince my DH to buy this additional contract so I know it will be a long while before we go looking for another. My mind already had the next few years planned in my head with those points..

 

[TexasChick123]

Not surprised but TOTALLY devastated. The papers still have not been returned. Unless they magically show up tomorrow I will have to go through the process of getting out of the contract. I just want to make sure I will not be losing any money. They already have my big check for the sale and my deposit. Since I am not at fault I get all of that back without penalties, is that correct?

This has just been such a disheartening process, 3 full months of wasted time, stress, and nonsense. It took me a long time to even convince my DH to buy this additional contract so I know it will be a long while before we go looking for another. My mind already had the next few years planned in my head with those points..

I'm so sorry. Just keep telling yourself that everything happens for a reason. This one wasn't meant to work out for some reason.

 

[Dean]

Not surprised but TOTALLY devastated. The papers still have not been returned. Unless they magically show up tomorrow I will have to go through the process of getting out of the contract. I just want to make sure I will not be losing any money. They already have my big check for the sale and my deposit. Since I am not at fault I get all of that back without penalties, is that correct?

This has just been such a disheartening process, 3 full months of wasted time, stress, and nonsense. It took me a long time to even convince my DH to buy this additional contract so I know it will be a long while before we go looking for another. My mind already had the next few years planned in my head with those points..

If you're not expecting to start looking for a new contract, why not give it a few more weeks.

 

[sunryzez]

After sending a second email this week to my agent she wrote me back and informed me the sale did in fact fall through due to a nasty divorce the sellers are going through. The wife refused to sign. So now all that is left to do is wait for the closing company to send back my check and deposit credited back which I hope does not take long. This has already been a wasted 86 day process and counting. Thank you for all the advice. This was just a terrible experience that I hope others do not have to go through.

 

[minorthr]

sorry to hear that

 

[TexasChick123]

After sending a second email this week to my agent she wrote me back and informed me the sale did in fact fall through due to a nasty divorce the sellers are going through. The wife refused to sign. So now all that is left to do is wait for the closing company to send back my check and deposit credited back which I hope does not take long. This has already been a wasted 86 day process and counting. Thank you for all the advice. This was just a terrible experience that I hope others do not have to go through.

That stinks. I'm sorry this happened to you.

 

[aokeefe]

I'm so sorry to hear- just awful.

 

[amccu18007]

I am so sorry to read this

 

[manning]

In my state when both the buyer and seller have a signed contract and the seller does not want to sell you can do a forced sale. In other words he/sh can't back out.

 

[RKS03]

In my state when both the buyer and seller have a signed contract and the seller does not want to sell you can do a forced sale. In other words he/sh can't back out.

If Disney had excercized ROFR, would/could they have forced the sale?

 

[sndral]

We really need a sticky of things to ask the broker:
Will the buyers have to bring money to the table (e.g. do they owe more for the mtge/fees than your offer will cover)?
Is it being sold due to divorce or probate?
Are they international sellers?
Do the current owners have any trips using those points scheduled?
Sorry it didn't work out, my first contract had divorcing sellers, but the broker told me that when I made the offer, so I took the risk the deal would fall apart because the price was pretty good. Hopefully you'll find a better contract and have smooth sailing next try.