First Timer

[OKWFan88]

Hi. I have put in an offer on an extended OKW listing and it was accepted yesterday. Woot!!! This is my first time with DVC so forgive me for my ignorance, I have been researching DVC for close to a year and looking at listings and finally decided to go for it. This is a small contract for 75 points. I've signed the contract and put down my deposit. I read through the whole contract and tried to understand it as much as my brain could comprehend. I did see the verbiage in the contract if the points stated are not accurate how the seller is required to pay me 20 per point... I had read some horror stories about that, so I am glad that was put in the contract. How long does it take for the broker to send the contract to Disney for the ROFR to start? I was told they would let me know once they sent it to Disney but wasn't sure the timeframe. Also, when it's time for closing, is it better for me to wait until I know the seller has signed the closing docs before I complete my part and sign the closing docs and send the remainder funds? I saw some recent threads of sellers not sending in their docs yet the buyer already sent the funds etc. Wasn't sure if it's safer to wait until you know the seller has sent in their part for the closing? Thank you for any guidance you can send my way.

 

[Ginamarie]

OK so once the seller also signs the contract, your broker should submit for ROFR within a day or so.

When it's time for closing, the buyer signs the closing docs first, and then the seller signs. Sellers always take longer because they have to get documents notorized. I didn't even need to print documents as a buyer- just e-sign and I was done in five minutes. You don't have to worry about sending in the remainder funds earlier because they'd just go into an escrow account with the title company. If anything happened the title company would return everything right away.

It's a lot of waiting game from this point forward, so just be patient and go with the flow!

 

[OKWFan88]

OK so once the seller also signs the contract, your broker should submit for ROFR within a day or so.

When it's time for closing, the buyer signs the closing docs first, and then the seller signs. Sellers always take longer because they have to get documents notorized. I didn't even need to print documents as a buyer- just e-sign and I was done in five minutes. You don't have to worry about sending in the remainder funds earlier because they'd just go into an escrow account with the title company. If anything happened the title company would return everything right away.

It's a lot of waiting game from this point forward, so just be patient and go with the flow!

Thanks for that info. I just got the email from the broker that they sent it to Disney, so fingers crossed. Ok, so if the seller never responds and doesn't send in closing docs, the title company will refund me all the money?

 

[Ginamarie]

Thanks for that info. I just got the email from the broker that they sent it to Disney, so fingers crossed. Ok, so if the seller never responds and doesn't send in closing docs, the title company will refund me all the money?

Yes, but it's really unlikely that the seller will give up on the transaction mid-stream. Sometimes it just takes a little longer for them to get the documents done than others.

On my end as purchaser, I signed my closing documents on Monday (seller hasn't signed yet to my knowledge). I have to make an appointment with my bank to get a certified check, so I won't even be able to send down the money until tomorrow at the earliest (maybe Monday since the money is showing up as "pending" in my account still so the bank won't certify it until that clears). I'm hoping we can close next week.

 

[OKWFan88]

Ahh good point. I will also be doing a certified check, and will need to make a bank appt to get that done.

 

[Stargazer65]

Your best bet now is to just forget all about it until you get an email about ROFR. There's nothing you can do in the meantime, and it makes the time go faster. OTOH, you can do like most everyone else here, and chat and obsess over it until you get points in account. Which is what I would do lol.

 

[RoseGold]

I would return the documents, but not pay before sellers return closing documents. This is because of how long it can take to get the money back! I mean, you will get it back, but it can take a while.

I would not do any kind of mail or check. I would do a wire, even if your bank charges you a few bucks. You tell the title company, who sent you the closing docs, to let you know when sellers return the documents and you will wire the funds the same day. You can even set up "standing instructions" and then the wire is ready to go, and maybe you just have to call and finish it off. You might be able to set it all up on the phone. I've used the same standing instructions for Mason multiple times. The title company understands this and will let you know when closing is returned from seller.

I have four (soon to be five) contracts, and nothing has ever gone wrong. The rare horror stories are just what gets some attention on these boards. You will be fine. Welcome home!

 

[gisele2]

You tell the title company, who sent you the closing docs, to let you know when sellers return the documents and you will wire the funds the same day.

This is a great advice.

 

[heynowirv]

Personally I wouldn't wire the funds until a few days before closing, which may not be for another 8 weeks since it has to pass ROFR first. A wire can be done over the phone now and generally takes 24 hours to arrive at the the Title company.

 

[MICKIMINI]

I'm a veteran DVC buyer and seller and I have given a seller until noon today (3 minutes from now) to get his docs notarized and shipped with proof...no emails or calls this morning.

I was notified a month ago we were going to closing! They have our $$ (three weeks now), but I've done biz with the brokers and I will get $$ back due to seller non performance. We got so frustrated we figured the seller just wasn't go to close, so we gave a deadline and we will see...I'm not betting on getting those two contracts. We have other contracts/points and 2021 vaca is on the books thankfully.

Never again will I send $$ before they have the closing docs from the seller. I can overnight funds and even if it takes two days (it's happened with USPS), I will know the seller has held up his/her end. My seller didn't do that. He sold four contracts the same day and all I can figure is he owes $$ for financed contracts and somehow can't actually sign without bringing $$ to the table.

Buyer beware and good luck!

 

[My3kids1989]

As a buyer, I had to have two docs notarized which was a pain but got it done pretty timely. I have the money already made out in cashiers checks for my current contract waiting estoppel. My last estoppel took less than a week, so I was expecting to have to mail money in quickly but that hasn’t happened yet. I made the check to the title company or me so I can mail it or redeposit. It just made me feel better knowing that I have it ready for when I get the contracts but now I’m thinking I should have waited.

ETA it’s not the exact amount I need but they can send back the difference-rose made a good point.

 

[RoseGold]

Personally I wouldn't wire the funds until a few days before closing, which may not be for another 8 weeks since it has to pass ROFR first.

You shouldn't get wire instructions + closing docs with a final amount until after both ROFR and estoppel. At least that's how it went for my five contracts with three brokers.

Once sellers return closing documents, I don't see the point in waiting. I would only wait to make sure your money isn't tied up waiting for them to do their part. That could be a long time before the actual closing date in the contract. Sometimes the closing date is very far off to make sure there's time to do all of it.