Disney Purgatory

[Adopted By Disney]

So everything was going pretty smooth with my first resale contract. Offer accepted same day, sent to Disney ROFR next day, 21 days later all good. Received and signed closing docs on 3/26 a week ago. Since then we’ve been waiting on the seller to sign the docs but they haven’t. Title company is saying they haven’t scheduled the mobile notary and have until 5/2 to close if they want. Am I stuck here? If and when we finally close how long does it usually take to get the points in the account? Was feeling good but starting to get annoyed.

Do I have any possibility of backing out at this point with keeping my deposit? Obviously the tariffs were just implemented and while no one knows if it’ll work (I’m on the no side) my portfolio is certainly taking a major hit.

Thanks

 

[Sandisw]

You can only ask to be let out of the contract if the seller fails to return documents and you don’t close by the date in the contract.

So, you will have to wait until then if you don’t want to risk the deposit.

Typically, once closed, it’s 2 to 3 weeks before you have your account and points.

While frustrating, it’s just been a little over a week for the seller. While they offer online, some do like to do in person or need to coordinate schedules.

Hopefully, they won’t take much longer.

 

[sndral]

For info. on the current timeline w/ how long DVC is taking to create memberships & load points follow this thread https://www.disboards.com/threads/closing-time.3836891/page-374
If the contract doesn’t close on or before 5/2, then you can walk away w/ no penalty, if you pull out before then you’ll be out whatever damages are set forth in the contract - likely your deposit.
A week isn’t that long, my first resale went all the way to the closing date. For some reason some sellers aren’t in a rush. Sometimes they may need to bring money to the table to close, sometimes the circumstances that caused them to sell like divorce, financial pressure, illness, etc. slows things down, sometimes the sellers may just be busy or on vacation.

 

[MerlinandtheMouse]

Unfortunately, no, you’ll lose your deposit if you back out now. Sellers legally have until the written closing date (5/2) in the contract to close. It’s very annoying when the sellers are unmotivated. We were in this position last year where 11mo priority was very important to why we bought the contract when we did and the seller took pretty much the whole time (nearly 2mos) to close, pretty much ruining our chance at getting CCV for the holidays. We were able to figure it out after but painstakingly. But anyway, it’s all fine now but the it really does taint the whole resale process a bit. Good luck and hang in there, it is worth it ultimately.

 

[AstroBlasters]

So everything was going pretty smooth with my first resale contract. Offer accepted same day, sent to Disney ROFR next day, 21 days later all good. Received and signed closing docs on 3/26 a week ago. Since then we’ve been waiting on the seller to sign the docs but they haven’t. Title company is saying they haven’t scheduled the mobile notary and have until 5/2 to close if they want. Am I stuck here? If and when we finally close how long does it usually take to get the points in the account? Was feeling good but starting to get annoyed.

Do I have any possibility of backing out at this point with keeping my deposit? Obviously the tariffs were just implemented and while no one knows if it’ll work (I’m on the no side) my portfolio is certainly taking a major hit.

Thanks

Just part of buying resale.

 

[CVG]

I'm selling. I got all my docs on Monday. It took me 3 days to read them (joking, but stupid number of docs for foreign sellers). I'm in a backwater so it took me a while to find a Notary. What's with the insistence of using a blue pen (bizarre)? Making the trip into the nearest city today to do that. Had a look at how to send them back to US. DHL site is useless and seems to not currently offer international delivery from UK. Fedex seems to be focused on parcels and wanted to charge around $100. I'll go for a UK company instead. In short, selling 'aint easy. Exercise a little patience.

Meanwhile something hideous must be happening in the economy as the USD has tumbled (I don't need suggestions!) and taken my GBP sale value with it. However, if it keeps going at the current rate then I might have to consider backing the truck up and loading it up with resale contracts!

 

[Sprinkles&Sprints]

OP, as others have said - I’m sorry you’re going through this. My BWV contract took forever last year - I came to find out later that the sellers opted to have their lawyers review all the contacts and it just sat with them for weeks. It’s beyond frustrating…hang in there! Once you enjoy your points this will hopefully be a distant memory!!

 

[Adopted By Disney]

Glad this is normal at least. I guess we’ll just have to wait it out.

 

[Sandisw]

I'm selling. I got all my docs on Monday. It took me 3 days to read them (joking, but stupid number of docs for foreign sellers). I'm in a backwater so it took me a while to find a Notary. What's with the insistence of using a blue pen (bizarre)? Making the trip into the nearest city today to do that. Had a look at how to send them back to US. DHL site is useless and seems to not currently offer international delivery from UK. Fedex seems to be focused on parcels and wanted to charge around $100. I'll go for a UK company instead. In short, selling 'aint easy. Exercise a little patience.

Meanwhile something hideous must be happening in the economy as the USD has tumbled (I don't need suggestions!) and taken my GBP sale value with it. However, if it keeps going at the current rate then I might have to consider backing the truck up and loading it up with resale contracts!

As a notary, we have people use the blue pen to ensure it wasn’t photocopied…though, now with color printers?

But that is why.

 

[kristenrice]

If the sellers have a vacation (or points being used for a vacation) that doesn't conclude until 5/1, they cannot close until 5/2 so perhaps that is the reason for the delay. The waiting is the worst part of resale, but the savings are worth it in the end.

 

[Jimmy Geppetto]

So everything was going pretty smooth with my first resale contract. Offer accepted same day, sent to Disney ROFR next day, 21 days later all good. Received and signed closing docs on 3/26 a week ago. Since then we’ve been waiting on the seller to sign the docs but they haven’t. Title company is saying they haven’t scheduled the mobile notary and have until 5/2 to close if they want. Am I stuck here? If and when we finally close how long does it usually take to get the points in the account? Was feeling good but starting to get annoyed.

Do I have any possibility of backing out at this point with keeping my deposit? Obviously the tariffs were just implemented and while no one knows if it’ll work (I’m on the no side) my portfolio is certainly taking a major hit.

Thanks

It's been brought to my attention that Title companies are now charging buyers AND SELLERS to use their e-notary services. This used to be free in the past. Makes it complicated for contracts which stipulate "buyer to pay all closing costs".

This is likely pushing more people to find their own notary when in the past this process moved fairly quickly.

It also puts Mason Title in the #1 position for me when buying. They've leaped over DVC Closings. Mason offers up to $7500 charge on CC with no fee... free e-notary for sellers and they guarantee to close within 48 hours of receiving all docs. Their turn around times are impressive.

 

[CVG]

As a notary, we have people use the blue pen to ensure it wasn’t photocopied…though, now with color printers?

But that is why.

Ah. That makes some sense. My notary was quite bemused. Black is the usual ink colour used in the UK. We guessed that it would be a US/Florida quirk. Given all the seals being used, ink colour would have been the least of the worries.

It did make us think that it feels like a make-work scheme. I traded something like 3 times the value of DVC contract while having my coffee this morning. It makes you realise how efficient the stock market is now.

 

[sndral]

Ah. That makes some sense. My notary was quite bemused. Black is the usual ink colour used in the UK. We guessed that it would be a US/Florida quirk. Given all the seals being used, ink colour would have been the least of the worries.

It did make us think that it feels like a make-work scheme. I traded something like 3 times the value of DVC contract while having my coffee this morning. It makes you realise how efficient the stock market is now.

To be fair, trading (stocks/bonds/futures I assume) is not the same as purchasing a deeded real property interest which is what a DVC ‘contract’ is. The timeline reflects title searches, document signing, escrow arrangements - including FIRPTA for foreign sellers, etc..
It takes an average 30-60 days to close a real property sale/purchase in the U.S. compared to the average 4-6 months for a real property sale/purchase in the U.K.
Indeed, when I’ve watched programs of folks buying property in the UK, I’ve been shocked at how long the completion/exchange/etc. stuff seems to take & wondered if the lengthy & complicated property selling/buying process in the UK is a make work scheme for solicitors . Most states in the U.S. don’t require that lawyers be involved in real property transactions.

 

[CVG]

To be fair, trading (stocks/bonds/futures I assume) is not the same as purchasing a deeded real property interest which is what a DVC ‘contract’ is. The timeline reflects title searches, document signing, escrow arrangements - including FIRPTA for foreign sellers, etc..
It takes an average 30-60 days to close a real property sale/purchase in the U.S. compared to the average 4-6 months for a real property sale/purchase in the U.K.
Indeed, when I’ve watched programs of folks buying property in the UK, I’ve been shocked at how long the completion/exchange/etc. stuff seems to take & wondered if the lengthy & complicated property selling/buying process in the UK is a make work scheme for solicitors . Most states in the U.S. don’t require that lawyers be involved in real property transactions.

You're right, of course, but the value being traded really doesn't warrant the same level of due diligence. For example (and I'm sure that I'll be told that there is a legal reason for it), I had to get three documents notarised including one witnessed separately. Just shove it all in one document for goodness sake. Or, set up an Indemnity Insurance for the odd case that goes bad. But lawyers have got to justify their fees haven't they, and they won't do anything to reduce their workload. Now, perhaps if we could redirect someone to look at this instead ........

 

[VGCgroupie]

Sounds like you are having buyers remorse not necessarily just worried about how long this is going take.

The sellers have until the date on the contract to sign or yes they have the ability keep your deposit.

 

[Adopted By Disney]

Sounds like you are having buyers remorse not necessarily just worried about how long this is going take.

The sellers have until the date on the contract to sign or yes they have the ability keep your deposit.

Maybe I am a bit with the whole uncertainty of everything going on right now and it is a significant purchase at the time where I’m wondering if I have better use for the cash on hand.

 

[AstroBlasters]

Maybe I am a bit with the whole uncertainty of everything going on right now and it is a significant purchase at the time where I’m wondering if I have better use for the cash on hand.

Well…. Your cost to walk away is the deposit and title fees.

 

[Adopted By Disney]

Well…. Your cost to walk away is the deposit and title fees.

Hate losing money for no reason too ha. We’re in it, just hoped for a quicker close

 

[VGCgroupie]

Hate losing money for no reason too ha. We’re in it, just hoped for a quicker close

Hopefully they will get it scheduled soon. Still a decent wait after that but all worth it in the end even if financially it's not the best decision.

 

[Girlstar30]

I second Mason as being the best title company. The notary was the obstacle on my resale contract that made it take a month to close. I ended up getting pissed at Magic title saying they need to offer online notary services and they responded that they've tried but weren't approved.

Doesn't seem credible as Mason can do it just fine. With Mason, you don't have to print out anything except one form and that's IF you finance. The rest is literally 3 minutes of signing on docusign. No blue pen either like Magic required.

The more docs you have to fedex, the more room for error, which is highly unlikely to happen with one document being fed exed with Mason. Next day online notary services with Mason and don't need your own witnesses as they provide them, with Magic we had to find two witnesses as well it truly was a pita that could have been avoided with better services and Mason was FREE.

We closed so quickly and then received a refund check of nearly $300 after the already low costs. I will never use a different title company for DVC again than Mason.