Delayed closing now what to do

[broncoblue399]

Signed the contract 7/27/2011.
Sent in to Disney 8/3/2011.
Passed ROFR 8/15/2011.
Contacted title company 8/24/2011 to see what's the hold up, was told they were still waiting on documents from TTS.
Contacted TTS 8/26/2011 to see what's going on, we were informed that the sellers are in Taiwan and will not be back till 9/26/2011.
The contract says to close by 9/21/2011 so they will not even be back by the close date. TTS wanted to know if it was ok with us to close later.

The Issue we have is we wanted to book a trip in November using the 2011 Feb UY points (228 points available) and bank whatever is left and or barrow from 2012 points if needed depending on where we could get a reservation. We know that it was going to be close to the banking date by the time we were in the system, but figured it would work.

Now we cannot back out of the contract until the contracted closing date 9/21/2011 has passed. So we not only wasted the last two months but we also will lose our vacation. If we have the seller bank the points we may not have enough 2012 points to cover the trip once we do close some time in October. What can we do? What should we do? We are so upset we cannot think straight!

 

[cvjw]

Had almost the same thing happen with a contract that we tried to purchase thru the TSS. The contract was part of an estate, and the sellers were a brother and sister. We got to the close by date, and didn't even have closing papers - the brother wouldn't get a document that was needed for the sale. We weren't told up front either that there were extraordinary circumstances with this contract, and had a hard time getting any info out of the TSS. We ended up cancelling the sale the day of the close by date. We also wasted several weeks. FYI, we had previously purchased a contract from another DVC reseller, and were told up front that the seller was European, and it would take a little longer for the process to close. So sorry this happened, I totally know what you are feeling.

 

[DenLo]

What a disappointment. I thought it was painful waiting an extra 2 weeks for our sellers to return the documents.

Why not have the owner bank the points? Then you could borrow 2012 points for a November reservation if you close by then and a reservation is available.

Looks like a little is needed.

 

[Kidanifan08]

If it is just an issue of signatures, it seems like documents could be sent by e-mail, fax or snail mail to finish the close. If the sellers need to bring money to the table, that may not work. Needing to have documents notarized could be another roadblock.

I have only been on the buying end, so I don't know all of the sellers requirements. So sorry that you have to go through this.

 

[disneynutz]

I don't know for certain but if the contract is modified, it many need to go back to Disney for ROFR again. You better check with your broker.

Good luck.

Bill

 

[broncoblue399]

The issue is the sellers paper work has to be notarized in english.

 

[Kidanifan08]

The issue is the sellers paper work has to be notarized in english.

Thought that might be an issue. Bummer.

If this is a contract that you really want for the long haul, then I would probably have the sellers bank the Feb '11 points. That could probably be done now, if the sellers are motivated enough to call DVC from Taiwan. Given the size of the contract, the threat of the deal falling through may motivate them. If they do bank the points, the contract would probably have to be re-submitted to DVC, since the terms of the contract would change. That may take a few days to get back from DVC.

If you do end up closing in October as the contract stands currently, you will be passed your banking deadline, but you would still be able to use the points for a Nov '11 trip, if there is availability. You would not be able to bank any leftover points, unless MS is kind enough to grant you the storied one time exception for missing your banking deadline.

What has the broker suggested? I did both of my resales with TTS, and they always had very insightful ideas.

Ugh. . .

 

[lulu71]

I don't understand why it took phone calls after a hold up to let you know that the sellers were out of the country until late September. Didn't TTS know this and shouldn't they have told you sooner? It doesn't make sense that the sellers would up and leave and not tell the broker that the sale might be delayed. I would be very annoyed and would be complaining!

 

[debbieandroo]

Ugh, I was in a similar situation as yours -- just bought points with a Feb use year and was waiting anxiously to close....one of the sellers had an issue with his notary so it took much longer than expected and I had been planning to use those points for a November trip as well.

Thankfully, the closing went through and I was able to [mostly] book my trip - still on a couple of waitlists.

However, if I was in your shoes, I'd be really stressed out!

When I was not-so-patiently waiting, another DVC member had a suggestion that might work for you --- I do know that TTS has their own DVC points. Since this has been an error on their part, you could ask [strongly suggest] if they could book the vacation for you in November. Then, when you get your own points, you could have your points transferred back to them.

I actually couldn't do this because my broker doesn't have any dvc points. One thing my broker did do was to ask the Title Company and Disney to expedite my transaction because I had this trip coming up in November. Disney got me into their system in only 4 business days [was told it could take 7-10].

All the best to you and keep us posted!

 

[paults]

you mean the sellers didn't know they would be out of the country at closing, BULL!

If you want the contract I would offer a lower price to keep it in place for all the problems they started.
Let Disney review it and continue, otherwise I would drop it at closing.

 

[rock_doctor]

I would demand the closing to be the date that it was set for. There is no excuse to hold it up. I find it (extremely) hard to believe they can't find an English bank in Taiwan, they just don't want to be inconvenienced. I remember seeing HSBC and ING banks are though-out the world even in the more obscure cities... Any large hotels will have notaries... find one based in the US, England, Australia, New Zealand and they should have notaries in English.... I doubt there are no Hiltons in Taiwan... Are the sellers on vacation????

 

[dis-happy]

I'd have a long talk with TTS. If it is clear that the sellers aren't going to make the contract date, TTS should let you cancel the contract now, with no penalties, if that's what you want to do.

Really, it's quite indefensible that you have been left hanging in the dark like this, but it happens with regularity with TTS and their closing unit.

Good luck with everything.

 

[TisBit]

I think you have to step back from this and remember it is a long time purchase. Sometimes you can cut off your nose to spite your face. Closings often get pushed up and if you cancel on this contract you still can't make the reservations or have the points, etc. I just don't see what you are accomplishing by canceling, other than out of some kind of "principal" to the sellers....which they probably didn't realize the contract would close while they were out of the country or it would hold it up, etc.

If the contract is a good deal, just go ahead with it...in 5 years this one small problem will not be a factor in your life.

 

[dis-happy]

I think you have to step back from this and remember it is a long time purchase. Sometimes you can cut off your nose to spite your face. Closings often get pushed up and if you cancel on this contract you still can't make the reservations or have the points, etc. I just don't see what you are accomplishing by canceling, other than out of some kind of "principal" to the sellers....which they probably didn't realize the contract would close while they were out of the country or it would hold it up, etc.

If the contract is a good deal, just go ahead with it...in 5 years this one small problem will not be a factor in your life.

The thing is, there are several other contracts for sale out there that are fairly similar (no banked points but lower price per point, pretty much evens out). Sometimes it's better to cut your loss (in this case, loss of time) and move on.

 

[KAT4DISNEY]

So sorry to hear about the unexpected delay - I can understand how frustrating it is!

I know this has put you in a situation that differs from your plan but things may still work out fine. Unfortunately I don't think you can have the sellers bank any points b/c that changes the terms of the contract but TTS would be best able to answer that. However it sounds like you were thinking that the Nov trip might use all the 2011 points anyway so you wouldn't have to worry if you end up a few days past the banking date. And there are times that MS will bank past the deadline for a new (even resale) contract that is being bought.

Maybe TTS will also be able to help out with some sort of rental exchange. Perhaps they find points for you to rent for Nov and then agree to rent your points out without charging a fee to you or something like that.

One of the sticking points no matter how things went in closing could be when you want to go in Nov. This fall seems to be a popular one with many rooms already sold out. It's a long term contract that you are buying and I wouldn't jump to a quick decision based on the possibility that one trip might not work out exactly as planned, especially since it was always going to be a last minute booking.

 

[Brian Noble]

it happens with regularity with TTS and their closing unit.

I'm not sure what TTS (or any reseller) is supposed to do about a seller who can't or won't execute the documents...

 

[castleri]

Agree with PP who said there are probably many notaries there that can do it in English. Sounds like the sellers just aren't that motivated. Seems like the documents could be emailed, signed and notarized and sent back by fedex or something. Unfortunately even if you can cancel this one today you are still looking at a closing date on a new contract that will be later than this one by the time all the steps are taken. Good luck and hope you are able to make things work so you can have your November trip. You never know what may be available. I just made reservations yesterday for 2 nights the 6th and 7th of Sept and had my choice of several resorts. Nov is harder but maybe not impossible if you are willing to do a split stay between two resorts.

 

[TisBit]

The thing is, there are several other contracts for sale out there that are fairly similar (no banked points but lower price per point, pretty much evens out). Sometimes it's better to cut your loss (in this case, loss of time) and move on.

Yeah, but you are losing more time by canceling. The problem is the OP had a timeline in her head of how they wanted this to go down...it will be delayed by 5 days (remember, the owners had until the 21st of Sept anyway, so even though the purchaser had an agenda, the seller could have dragged their feet anyway).

We don't know the deal they got on this contract and again, so what if you can get a different contract...what are you accomplishing by walking away. The next one could be worse with sending in documents or not reporting points correctly, etc.

Agree with PP who said there are probably many notaries there that can do it in English. Sounds like the sellers just aren't that motivated. Seems like the documents could be emailed, signed and notarized and sent back by fedex or something. Unfortunately even if you can cancel this one today you are still looking at a closing date on a new contract that will be later than this one by the time all the steps are taken. Good luck and hope you are able to make things work so you can have your November trip. You never know what may be available. I just made reservations yesterday for 2 nights the 6th and 7th of Sept and had my choice of several resorts. Nov is harder but maybe not impossible if you are willing to do a split stay between two resorts.

I don't know if the seller is motivated, but if I were out of the country for a month, I wouldn't be jumping through hoops or incurring lots of expenses and taking time to get some paperwork back. This is a one sided story and the seller might have told TTS that they would be out of town and it just didn't get to the OP...or they didn't realize that there was a contract date of Sept 21st for closing. It is not unusual for contracts to go beyond the closing date and is only an issue if one of the parties is done with it and wants to walk away....which they have the option to do. Sometimes it is the sellers fault, sometimes the buyers and sometimes a third party (settlement companies, inpsectors, or in DVC's case Disney not processing the ROFR quickly).

Again, this isn't a huge deal and while the OP has the right to be upset and disappointed that it won't happen as quickly as she wanted, I don't see what canceling will do for them in the long run, unless they were paying a premium to try to get it done "RIGHT NOW".

 

[Bonnie151]

It might not be straightforward finding a Notary public in Taiwan. It's often not a common position in countries outside the US. I'm in the UK and here you need to find a solicitor who is also registered as an NP. They can also be *very* expensive. I needed one a few months ago to act for my mother and the prices ranged from approx $50-$150 to notarise a one page document. it might be just as difficult and expensive in Taiwan!

I do feel for the OP. If the seller hasn't informed TTS that they would be out of the country round about the expected closing, that's quite inconsiderate.

 

[dis-happy]

Yeah, but you are losing more time by canceling. The problem is the OP had a timeline in her head of how they wanted this to go down...it will be delayed by 5 days (remember, the owners had until the 21st of Sept anyway, so even though the purchaser had an agenda, the seller could have dragged their feet anyway).

We don't know the deal they got on this contract and again, so what if you can get a different contract...what are you accomplishing by walking away. The next one could be worse with sending in documents or not reporting points correctly, etc.

I don't know if the seller is motivated, but if I were out of the country for a month, I wouldn't be jumping through hoops or incurring lots of expenses and taking time to get some paperwork back. This is a one sided story and the seller might have told TTS that they would be out of town and it just didn't get to the OP...or they didn't realize that there was a contract date of Sept 21st for closing. It is not unusual for contracts to go beyond the closing date and is only an issue if one of the parties is done with it and wants to walk away....which they have the option to do. Sometimes it is the sellers fault, sometimes the buyers and sometimes a third party (settlement companies, inpsectors, or in DVC's case Disney not processing the ROFR quickly).

Again, this isn't a huge deal and while the OP has the right to be upset and disappointed that it won't happen as quickly as she wanted, I don't see what canceling will do for them in the long run, unless they were paying a premium to try to get it done "RIGHT NOW".

Keep in mind, the Sept. 26th date is just when the seller returns from Taiwan. The OP is looking at approx. 2-3 weeks minimun of closing to take place after the sellers return from overseas...and that is supposing that the seller jumps off an international flight and heads to the notary to get the paperwork done and sent straight off to the closing agent. Sounds like the OP has to get her final money in too. Then everything has to go to Disney. And it has to be recorded by the state. And then MS has to get the new contract added into the system.

I'd be leary that these sellers aren't terribly motivated (based on what has already taken place) and given the current timeline, a new contract could be had with no loss and possibly less risk. My experience is that most contracts close within 6 weeks, and the typical contract pads that time with an 8 week closing date.