Disappointed!!! need advice.

[CmdrThor]

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.

We have purchased twice with Fidelity and all of the paperwork has been online. All of our homes have been in Florida and I think the only time the buyer needs to get anything notarized is if you are financing. I don't know what the requirements in Hawaii are, but that wouldn't be on the broker. We chose our own closing attorney and mailed the deposit check, but I'm sure we could have wired that if we wanted to but wouldn't have wanted to pay the wire fee for a deposit.

I think the buyer has a right here to sue for the property. The seller is in breach of contract and a judge could force the sale through. The only problem is the costs involved could be very high compared to the value of the property, it's not like this is a home that is being bought. But it stands to reason that the buyer's legal fees could be deducted from the amount due to the seller for the property.

 

[RoseGold]

I'm not Fidelity's #1 fan, but I don't know see why this is the broker's fault. This could happen at any broker. The contract should be clear about what happens, usually they still owe commissions. None of that has anything to do with you as a buyer, you get your money back.

This isn't very common, just keep going! Plenty more contracts in the sea.

And I wouldn't buy in Hawaii at all for many reasons. Its crazy paperwork seems to be one of the many problems here.

 

[Brian Noble]

After hearing this I will never work with Fidelity. I find it hard to believe they would have ever allowed that to happen.

How can Fidelity be responsible for the fact that the seller wouldn't complete the last step? Were they supposed to get a pinky-swear from them or something?

I think the buyer has a right here to sue for the property.

Sure they do. But that will take a long time---almost certainly longer than it would take to just find another contract that they can come to an agreement on.

From where I sit, the only reason to do this would be to make life miserable for the recalcitrant seller, but you'd be taking on plenty of misery yourself in the process. I don't know about anyone else, but my life is too short to spend my serenity on something like that. As my Sponsor sometimes asks me: "Would you rather be right, or would you rather be happy?"

And I wouldn't buy in Hawaii at all for many reasons. Its crazy paperwork seems to be one of the many problems here.

When we bought our oceanfront KBV weeks, the resort required the use of a particular (independent) transfer agent based in Hawaii. That made the process much much simpler, because they knew what they were doing.

 

[Lumpy1106]

How much is it to buy Aulani direct? It could be worth the difference since you'd get the points right away and save your trip. If the trip is still a ways off, agree with others, find another contract and move on. Your broker may be owed something but I doubt you will see anything. Sorry.

 

[Matty B13]

How much is it to buy Aulani direct? It could be worth the difference since you'd get the points right away and save your trip.

Direct = $201 compared to $100 resale.

 

[Lumpy1106]

Direct = $201 compared to $100 resale.

Ohh!! That's a lot. Sorry, I could have looked that up myself. Option 3 - stay somewhere else and save Aulani for another trip. My parents used to regularly go to the Kaanapali side of Maui and there are a ton of great places to stay for far les than Aulani. I get that Aulani is a special experience but if you are buying DVC, you'll be back.

 

[808blessing]

I would add in your strongly worded letter that you had your attorney notarize it.
Yes Hawaii has that tax if you are not a Hawaii resident. I think it is withheld and then given back but I am not sure.

I recently bought Aulani resales and I was nail biting right around the time I was waiting on the sellers. I think brokers need to be upfront and explicit when they tell/share info/ AND explain to non-Hawaii Aulani sellers before they get into negotiation going forward. Not at the final hour.
Also reading my contract, looked like there was no recourse. My title(or maybe it was broker?) covered postage but then took it out of my closing fees.
And you do need a physical notary for Aulani. I think you might be stuck with those fees since you chose where to get it notarized.

 

[JC1984]

I had a dream the other night this exact situation happened to my Aulani contract. I woke up pissed off. I would ask the seller to pay your notary and shipping fees. It’s the least they could do. Also you could go to small claims court it costs $75 and you would surely get your money and court costs covered. If they don’t show up you will probably automatically get a settlement.

 

[Deb & Bill]

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.

They didn't lose their commission. The seller still needs to pay them their commission since they carried all the way through. Buyers don't get anything but their money back

 

[supersnoop]

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.

In the future, go to your bank to get any papers notarized for free and mail the check with a forever stamp. You should only be out 55 cents. no need to overnight buyers paperwork.

 

[poofyo101]

They didn't lose their commission. The seller still needs to pay them their commission since they carried all the way through. Buyers don't get anything but their money back

I would venture to say 90% of sellers who back out of a deal aren't going to pay the commission to the broker. Just a total guess.

 

[BruinEd03]

I'm not Fidelity's #1 fan, but I don't know see why this is the broker's fault. This could happen at any broker. The contract should be clear about what happens, usually they still owe commissions. None of that has anything to do with you as a buyer, you get your money back.

This isn't very common, just keep going! Plenty more contracts in the sea.

And I wouldn't buy in Hawaii at all for many reasons. Its crazy paperwork seems to be one of the many problems here.

The broker is still owed commission by the seller. Technically the seller may still be required to sell the property to the buyer, however, enacting on that point is most likely cost-prohibitive. As the broker represents the buyer and the seller, the broker can at least compensate the buyer for costs incurred as part of its windfall, and still come out ahead.

 

[RoseGold]

In the future, go to your bank to get any papers notarized for free and mail the check with a forever stamp. You should only be out 55 cents. no need to overnight buyers paperwork.

Yea, this whole thread doesn’t make any sense. Who pays a lawyer as a notary, and why would you be overnighting documents when a seller isn’t even done yet?

And this is the stage of the transaction that is the title company anyway. I did a deal before it was all electronic, and the title company sent me a prepaid FedEx. Seems like this would be on the title company, which the buyer can choose.