Disappointed!!! need advice.

[osfd36]

My wife and i put in an offer for 100 points at aulani which was accepted Jan 12. It passed ROFR and estoppel, and we received our closing documents 2 weeks ago. We went to a lawyer to get the papers notarized ($58.00) and sent them to the closing company ($49) along with the remaining balanced owing. A week went by and i reached out to the broker for an update on the sellers progress. Today she sent me an email saying the seller has changed her mind and won't be proceeding, almost two months after she accepted our offer. To say we are disapointed is an understatement. We were planing our first trip and had invited my wives parents.

Has this happened to anyone else, this far into the process? do we have any other options other then to start over?

thanks

 

[BillPA]

Post who you were dealing with, broker and closing agent please.

 

[osfd36]

Post who you were dealing with, broker and closing agent please.

Fidelity and the closing agent was Timeshare closing Inc. I should add they have been easy to deal with up till now, and I'm sure they're disappointed their losing a commission as well.

 

[gskywalker]

My wife and i put in an offer for 100 points at aulani which was accepted Jan 12. It passed ROFR and estoppel, and we received our closing documents 2 weeks ago. We went to a lawyer to get the papers notarized ($58.00) and sent them to the closing company ($49) along with the remaining balanced owing. A week went by and i reached out to the broker for an update on the sellers progress. Today she sent me an email saying the seller has changed her mind and won't be proceeding, almost two months after she accepted our offer. To say we are disapointed is an understatement. We were planing our first trip and had invited my wives parents.

Has this happened to anyone else, this far into the process? do we have any other options other then to start over?

thanks

I am so sorry, that sucks. It's something I have always worried about so for our closing I have told our closing agent I won't be doing the paperwork or sending the money( paying to convert to US$ and the wire fee) until the seller has completed everything. I wish I could help on anything you could do about it. I am sure you can take them to court if nothing else then small claims for the fees but that would be more of a headache then it is worth

 

[pangyal]

I’m really sorry that this happened to you. I can only imagine how disappointed you must be!

As far as I know, your contract should explicitly spell out what happens if the seller defaults. The broker should still be paid the commission (though they will have a hard time collecting that, I imagine), but other than you getting your deposit back, I’m not sure what you would be entitled to. Does your contract have anything about seller defaults in it?

 

[princesscinderella]

Wow, so sorry this happened to you. It’s horrible that the seller waited so long into the process to change their minds.

 

[sndral]

I’m really sorry that this happened to you. I can only imagine how disappointed you must be!

As far as I know, your contract should explicitly spell out what happens if the seller defaults. The broker should still be paid the commission (though they will have a hard time collecting that, I imagine), but other than you getting your deposit back, I’m not sure what you would be entitled to. Does your contract have anything about seller defaults in it?

OP has forwarded the full amount to the title company. I agree, take a look at the contract to see what remedies it sets forth.
I would reply to the broker cc’ing the title company w/ a demand that since the seller intends to breach our contract my previously forwarded funds need to be returned to me immediately & I’d probably ask that the seller reimburse my expenses w/out any expectation that would happen.

 

[poofyo101]

just move on and find another one. Not worth the headache.

 

[Letsoflyakite]

Disgraceful

 

[BruinEd03]

Fidelity and the closing agent was Timeshare closing Inc. I should add they have been easy to deal with up till now, and I'm sure they're disappointed their losing a commission as well.

I think the seller still owes commission to the broker. I'd ask for expenses from the seller or the broker if the seller won't budge (as the broker will still get a commission). If the broker won't help out, I'd post a review on them.

 

[poofyo101]

I think the seller still owes commission to the broker. I'd ask for expenses from the seller or the broker if the seller won't budge (as the broker will still get a commission). If the broker won't help out, I'd post a review on them.

Not sure why this is the brokers fault. The broker isn't going to get the commission from them a majority of the time.

 

[LAX]

Not sure why this is the brokers fault. The broker isn't going to get the commission from them a majority of the time.

The broker isn't completely without fault, IMHO. There should be a clause in the contract that provides some protections to the buyer when something like this happens. I guess this is what happens when the broker works for both the buyer & seller. Unfortunately, it's ultimately the seller that pays the commission, so guess whose side will the broker be on when something goes wrong.

LAX

 

[HappyDisneyWife]

I’m so sorry

I can’t imagine your disappointment. I hope you are able to come to an amenable conclusion here... and maybe find an even better contract bc of this

 

[Sandisw]

I am so sorry. You do have to wonder if something changed that forced them to back out?

Maybe they owed money on it and thought they’d be able to cover shortfall which is not possible?

It does stink but it also is another reason why it’s best to always hold back payment. I never did or thought to do it until reading here on the boards...and will if I ever go resale again...which I won’t unless it’s cheap RIV points.

 

[TexasTom]

You do have to wonder if something changed that forced them to back out?

My guess is that the seller found out that 7.5% of the proceed will be withheld under HARPTA. Then they have to pay someone to claim the money.

Aulani might seem like a bargain now. Prospective buyers need to find out all the tax implications when buying and selling.

 

[Brian Noble]

do we have any other options other then to start over?

Probably not. Even though the seller agreed to the sale, trying to compel them would almost certainly take more time and money than just starting over---and that's even if it were possible, which I doubt.

 

[CraigInPA]

We went to a lawyer to get the papers notarized ($58.00) and sent them to the closing company ($49) along with the remaining balanced owing.

Sometimes people are terrible, as you found with this seller. If this was me, I'd send the broker an email with these 2 sentences:
"Since it was your client that breached, through no fault of mine, I expect them (or you) to reimburse me for my out of pocket costs for the notary and postage, which was $107. How do we make this happen?"

But, I question why you went to a lawyer to get it notarized? Isn't there a notary available where you live? My local notary did ours for $4. I later found out that my bank would have notarized it for free because I have an account there.

 

[The Jackal]

This does happen every once in a while. It sucks. You cannot blame the agent or the company for the client backing out. There are plenty of AUL contracts, out there and they are a bargain, compared to WDW resorts. Not sure if you had a subsidized dues contract, those are few and far between. I’m sorry this happened, but make another offer and you might get a better deal. Good luck. I know it’s a long way off but after 2057, there won’t be many WDW resort DVC to use these on. But that’s a long way out.

 

[foreUT]

I think for a lot of Sellers, there is some soul-searching on whether selling is your best road to take or not. But, to not have that determined prior to listing is disgraceful, IMO. Many Buyers, such as OP, have already made future plans w those points and to pull that rug out from under them is thoughtless and cruel.

 

[jimschwerk]

We have purchased several resale contracts with other brokers, Timeshare Store and DVC Resales in particular. We have 2 homes and are currently shopping for another due to "addonitis"! After hearing this I will never work with Fidelity. I find it hard to believe they would have ever allowed that to happen. We always do everything online and through docusign and wire transfers. No snail mail so it speeds up the process. 1 direct purchase, 4 resale contracts later, no issues. Just not with Fidelity.