Do resale brokers keep buyers regularly updated during the waiting process?

[ammo]

What kind of communications do buyers receive from brokers/title companies once documents have been returned? In other words, do they keep you updated on what is happening behind the scenes while you wait? I imagine this could vary from broker to broker (and maybe even by agent within any given broker).

 

[Chrisizzle]

Mine gave me an outline of the process and estimated wait times whenever we came to a point like ROFR or registering the deed. There isn’t much to update when everyone is waiting for Disney or the county to take care of some red tape. I had a good experience where my waits were always shorter than their estimates.

My DVC unit in particular had a delayed closing. So, there were weeks of downtime in addition to the waits common to everyone.

Anyways... as you say, it will depend on the broker... and some extent the buyer and seller too. I’ve read on forums here where buyers were super excited and contacting the broker almost daily. Patience will be required if you are buying.

 

[Marionnette]

What kind of communications do buyers receive from brokers/title companies once documents have been returned? In other words, do they keep you updated on what is happening behind the scenes while you wait? I imagine this could vary from broker to broker (and maybe even by agent within any given broker).

Kind of.

I knew when the contract was sent to ROFR and when it passed. I heard from the title company when they received my payments and signed documents. I did not hear from them with regards to the seller and when their paperwork was received. I was emailed by both the title company and the broker when the contract closed but the title company was about 2 days behind the broker.

 

[ammo]

Mine gave me an outline of the process and estimated wait times whenever we came to a point like ROFR or registering the deed. There isn’t much to update when everyone is waiting for Disney or the county to take care of some red tape. I had a good experience where my waits were always shorter than their estimates.

My DVC unit in particular had a delayed closing. So, there were weeks of downtime in addition to the waits common to everyone.

Anyways... as you say, it will depend on the broker... and some extent the buyer and seller too. I’ve read on forums here where buyers were super excited and contacting the broker almost daily. Patience will be required if you are buying.

Thanks. That makes sense and sounds like good advice.

 

[ammo]

Kind of.

I knew when the contract was sent to ROFR and when it passed. I heard from the title company when they received my payments and signed documents. I did not hear from them with regards to the seller and when their paperwork was received. I was emailed by both the title company and the broker when the contract closed but the title company was about 2 days behind the broker.

So basically the big milestones are when you can expect to hear something. Probably if there is an unexpected delay as well.

 

[denecarter]

I was lucky in that my Aulani contract I completed a couple of months ago had a title company with a website so I could go see the current status and updates. I don’t know if that title company does all DVC or just Aulani, but I loved it.

 

[Marionnette]

So basically the big milestones are when you can expect to hear something. Probably if there is an unexpected delay as well.

Mostly. I’ve purchased a number of resale contracts, so I’m comfortable with the process. I don’t need a lot of handholding. New buyers are understandably more nervous and anxious to be updated regularly.

 

[Chrisizzle]

A little bit of a tangent, but I’ll say I was glad my seller was equally motivated as myself. Our contracts were always returned the same day as the broker sent them.

No one can control the speed of Disney or the legal processes. However, I would be annoyed if the other private party was dragging their feet along the way. For example, if the seller doesn’t check their email regularly, or was having second thoughts and hesitating to sign paperwork.

I imagine that becomes a delicate situation for the broker on how to keep the process moving.

 

[Rush]

A little bit of a tangent, but I’ll say I was glad my seller was equally motivated as myself. Our contracts were always returned the same day as the broker sent them.

No one can control the speed of Disney or the legal processes. However, I would be annoyed if the other private party was dragging their feet along the way. For example, if the seller doesn’t check their email regularly, or was having second thoughts and hesitating to sign paperwork.

I imagine that becomes a delicate situation for the broker on how to keep the process moving.

Count yourself lucky on that! I’ve bought two resales, and both sellers were slow to return their documents, the most recent excruciatingly slow. The first seller delayed saying they didn’t have a Fedex location near them. Come on? And the second was several weeks waiting, almost to the tune of being within days of me being able to get out of the contract because of their delay. We didn’t want that, but I was fearful I was getting played with. In both cases Mason Title was happy to take my emails and provide updates, on the second one, they started sending updates unprovoked, and were calling the seller periodically to prod them along.

What was most annoying, the last one had banked points that needed used, if we didn’t already have a reservation that we will replace with those banked points it would be difficult to now use them before Jan 31st. It was just very inconsiderate of the seller knowing the use timeline was dwindling away for those banked points with each day they delayed closing.

Based on our experience in both purchases I’m kind of glad we are done buying for a while.

 

[skier_pete]

Goind through it for my third time. My experience with DVCstore is that they contact you whenever there is a change in the process. They aren't going to calll an impatient buyer every 3 days to tell them "you haven't yet passed ROFR", but will contact you when need to - in other words:

- Will contact you to tell you the buyer has accepted your offer.
- Send you the documents to sign at the start.
- The company holding your deposit will let you know that they have your deposit.
- Contact you when contract is sent to ROFR.
-Contact you when passes ROFR.
-COntact you for final payment and any final documentation.
-Contact you when final documents have been submitted to DVC.

Beyond that, they do NOT let you know when your contract has loaded on the DVC site, that will be up to you to follow up with. I also did not deal with financing, so i don't know how the financing companies integrate with the store.