Fidelity users: how long til you part with your $?

[wrighter]

There is a contract listed on Fidelity that is perfect for us, and DH just gave me the green light for an add on. The glitch is that DH would prefer that we not part with our cash until at least October 1.

IF we make an offer today, and IF the seller accepted it - what kind of timeline are we looking at? I know it can vary greatly, just thought I'd see if anyone was willing to share their info. Would really hate to lose this contract.

Also - how do we find out what dues have/have not been paid on this contract? What closing costs would be? TSS lists these things, but Fidelity does not. :-(

Fingers crossed!!! Nervous Nelly here! Never done resale before. Do I just call them up and verbally tell them what we'd like to offer?

 

[Kidanifan08]

Things move slow at Fidelity. I put in an offer in mid-April which was eventually accepted and sent to ROFR on about 4/25. ROFR was waived on about 5/23 and I finally received the closing documents around 6/8. I went and got the check that day and the closing finally happened at the end of June.

One thing you may find out is that the contract that your interested in may not even be available at this point. Fidelity does a terrible job of maintaining their listings and frequently listings are on there long after they have already been sold to someone else.

When you call Fidelity, they can give you information about the closing costs, MF's, etc. They also have a $195 administrative fee on top of those costs.

Since this is already then end of Aug, I would think you would be able to keep the money in the bank until Oct 1. If your bid is accepted today, your contract won't be sent to ROFR until the middle of next week and won't be back from ROFR until almost 30 days after that. Then it will take 1-2 weeks to hear from the closing company which will put you into October at that point.

Good luck!!

ETA: Once you get the closing paperwork, you can always sit on the documents for a few days if they come before Oct 1, but I doubt that will be needed at this point.

 

[POTCfan]

Just ask Fidelity what are all the fees that are expected to be paid by the buyer - either call or e-mail. Once you review, you can make an offer with whatever terms you would like. If the seller agrees, Fidelity will send you a contract to sign and return with a deposit (in my case it was $1000). However long this part of the process takes is dependent on everyone involved (in my case it was 2 1/2 weeks - the sellers were out of town and did not accept my offer right away). Them the contract is turned over to Disney. They have 30 days to exercise ROFR. That's where I am in the process. From what I understand, Disney takes most (if not all) of that time before passing any contract. If they take it, it might not take very long, but then you would be reimbursed your deposit. If it passes, that is when the remainder of the money is due. There is also closing documents, recording with the county, and Disney getting it into their system, but from what I understand that is after you pay. The whole process for most people (that pass) seems to take about 60 days. Good Luck!

 

[lorie13]

Fidelity does move a lot slower. Once an offer is accepted expect 5-7 days for the contract to be drawn up. When you receive the contract you have a week to sign it and get it back. On the contract it says it will close in 65 days from the effective date.

Here is my recent timeline:

6/19 Made an offer
6/20 Offer accepted
7/2 Received contract. It listed 65 days to close from 07/09. Signed contract that day and submitted deposit of $1000 via credit card.
7/3 Sent to ROFR
7/29 Passed ROFR
Fidelity's email said "At this point in time, we are waiting to receive the Estoppels from Disney, which take about 1-2 weeks to arrive. Once the Estoppels is received, the title company will send out the closing documents"
8/2 Contract received from closing company. Now full payment is due. I sent payment that day UPS 2nd Day Air, which was received on 08/06
(We had a delay in seller sending their signed contract back)
8/16 Contract recorded

On this contract, I signed the same or next day, but if I had wanted to slow it down myself there was definitely space.

Since Oct 1 is only 6 weeks away I believe you have no problem sending your money after that.

 

[blessed2BaMama]

It seems to me that you could add the the stipulation in your offer that "You will close on or after Oct. 1". So many sellers list contracts that cannot close before a certain date due to reservations that are booked, you might be able to also ...

 

[michelleiada]

We used Fidelity last year and from beginning to end was about 8 weeks. I agree that you could stipulate that you can't close until after oct 1st.

 

[networktek]

we got our closing docs very quickly after we passed ROFR but our seller took his time signing his end of the closing docs did not find an slow process with fidelity will use them again if want to add on.

 

[wrighter]

Thank you, everyone, for all of your great responses. It certainly seems like we can make an offer this week and feel fairly comfortable knowing it would likely be October before we had to kiss our dinero goodbye - even if we did nothing to slow up the process.

Now the hard part - buy "just enough" add on points to "just barely" reach the point we think we'd like to be at, or buy enough to be comfortable, knowing that each year we may have extra. Lol! Oh, that's funny. I crack myself up sometimes. Like I would ever feel like we had "enough!"

 

[Kidanifan08]

Thank you, everyone, for all of your great responses. It certainly seems like we can make an offer this week and feel fairly comfortable knowing it would likely be October before we had to kiss our dinero goodbye - even if we did nothing to slow up the process.

Now the hard part - buy "just enough" add on points to "just barely" reach the point we think we'd like to be at, or buy enough to be comfortable, knowing that each year we may have extra. Lol! Oh, that's funny. I crack myself up sometimes. Like I would ever feel like we had "enough!"

If the contract you see on Fidelity's website is the perfect contract for you, then go for it. It's not easy finding a contract that matches up with all of the variables.

The number of points you buy will affect your MF's the most, so you need to be comfortable with that expense.

One advantage to buying a single larger contract is that the closing cost per point goes down. If you really see yourself needing more than what this current contract offers right away, then it may be worth waiting and watching for that larger perfect contract.

You need to give them a call and see if that contract is really available....GO!