Getting nervous

[JandT'smom]

We made are already to close on our points , in fact we returned everything a couple weeks ago for closing. I called yesterday to find out why we had not heard anything and seller had not returned any paperwork yet. How long would you wait before trying for another contract ?? do not want to miss the deadline in march.

 

[Dumbo_Husband]

Don't sweat it.

 

[Sandisw]

You only have to get a contract to Disney for ROFR by the 20th of March so you still have plenty of time.

If you are already into the closing stages (ie: passed ROFR), its not as easy to back out. I would give them a bit more time to get the paperwork back. But, in the meantime, I might contact the broker and see how long they have or how long you have to wait before you can legally back out.

 

[JimMIA]

We made are already to close on our points , in fact we returned everything a couple weeks ago for closing. I called yesterday to find out why we had not heard anything and seller had not returned any paperwork yet. How long would you wait before trying for another contract ?? do not want to miss the deadline in march.

I think the key question here is, "Have you cleared ROFR, or not?"

If you are still waiting for ROFR, you can't close. I wouldn't be too concerned...yet.

However, if you have cleared ROFR, submitted your closing forms and payment...and the owner has not responded, that's a different story. If that's the case, I'd be looking for a new contract. With the recent resale restrictions after March 20, you might find a more reasonably-priced contract.

I would not panic at this point, but neither would I ignore my own interests.

You don't owe the seller or the broker anything -- take care of your family.

 

[JandT'smom]

We have cleared ROFR and all final paper work and full payment has been sent.
You would think they would want to get their money. I will contact closing agent again tomorrow and see if the paper work from seller has arrived and if not what are my options

 

[JimMIA]

We have cleared ROFR and all final paper work and full payment has been sent.
You would think they would want to get their money. I will contact closing agent again tomorrow and see if the paper work from seller has arrived and if not what are my options

I don't know what broker you are using, but there have been some situations lately where a purchaser has become concerned about a slow response from the seller, only to learn that there was some sort of legal tieup that was either slowing closing down or making it impossible. I've seen both divorce and bankruptacy situations cause this.

We recently listed a contract for sale with two brokers -- The Timeshare Store and another well-regarded broker. The Timeshare Store wanted to know whether there was any kind of issue that might impact closing (divorce, litigation and bankruptacy were expressly mentioned, if I recall correctly). The other broker asked nothing.

The fact that a broker asked the question, of course, does not guarantee that the seller told the truth...but at least TTS makes the effort.

If you have passed ROFR and the seller is not responding, I'd at least prepare to move on. I would start looking for other contracts.

You should have no problem getting your deposit/payment back. If you do, I'd contact the Timeshare Division of the Florida Department of Business and Professional Regulation, which regulates the real estate industry in Florida and seek their help.

 

[rillsung]

It took us a month to close from when we passed the ROFR. I called my contact at the TSS frequently until things were resolved... There were problems, like the post office tried to deliver the seller's paperwork on a Saturday and then didn't try again, among other things. The TSS tracked it down for us. Call and verify that they got your stuff and ask about the seller's stuff. I seriously called every couple days.

 

[disneykidatheart]

We made are already to close on our points , in fact we returned everything a couple weeks ago for closing. I called yesterday to find out why we had not heard anything and seller had not returned any paperwork yet. How long would you wait before trying for another contract ?? do not want to miss the deadline in march.

Maybe a call to your broker is in order to give the closing company a nudge. I needed to do that for two of my contracts. In your mind you are the only customer. To the closing company you are one of many. That's the nature of the business. I nudged my broker. He gave a casual call to the sellers and things moved quickly after that.

In each of those cases, the contract was being sold from an estate and the contract was in a family trust. In each case the trust had co-trustees living in different states. Sometimes it just isn't as pressing to them as it is to us.

From experience, I was an out of state trustee for the estates of both parents who passed away within three years of each other. I was so sick of the family dynamics, paperwork, and lawyer and accountant issues that I am guilty of letting something lay on my desk a week longer than it should have done. The weight of the world was lifted from my shoulders when all was settled.

For another of our contracts I called the contact person at the closing company. She told me my closing papers had a note attached that I had not sent the check. I assured her that I most certainly had sent a cashier's check along with my papers. I got a call a little later with an "Oops, here it is--your closing will take place tomorrow." In each case it had been at least two and probably more like three weeks before I called.

Give your broker a call and ask for advice. He/she should be able to get to the bottom of it pretty quickly. Good luck!

 

[JandT'smom]

Thank you for all the helpful advice ,I will call the TSS tomorrow and advise my broker of what is going on. I have my fingers crossed.

 

[laura-k]

Good Luck !
Let us know what happens

 

[cvjw]

We had a very similar situation, and we cancelled the contract after passing ROFR. I had a bad feeling about our seller when it took him over a week to sign the first contract. In our case, I wish I had followed my instincts and cancelled earlier. I bugged my agent almost daily, but as they told me - they had no way of making the seller in New Jersey do what he needed to do. Good luck with your decision - it is a hard one since there is a deadline fast approaching!