Getting worried that sellers aren't returning docs

[discorsner]

So we found a contract, made an offer, accepted a counter offer that was close. We endured the forever long RoFr wait and we passed, sent in all our stuff same day we got our closing docs.

Now it's 2 weeks later and the sellers haven't returned their stuff. Our original closing date is listed as by 1/6 on the paper work. I know that means we still have a little time but I'm still nervous that the sellers aren't returning their stuff.

Can they just cancel on us at this point? If they do, would we be entitled to anything other than our money back?

I really just want this contract to close so I can be a dvc member and make my ressies for my 2012 june and november trips.

Anyone have a seller go MIA at the end of a sale?

 

[JimMIA]

We had a similar problem on our first purchase attempt, although it didn't go this far. We ended up withdrawing our offer prior to ROFR.

There could be legitimate reasons for a delay. It's possible that the sellers are just on vacation.

But I'd sure call your broker and ask them what's going on.

Yes, the sellers could cancel at this point. They would owe the broker their commission, but noone would owe you anything but your money back.

Your money is in an escrow account and you'll have no difficulty getting it back.

The most likely explanation is the sellers just got bogged down in the holidays, vacation, etc and didn't get the paperwork done as quickly as you'd like.

 

[lovin'fl]

Or it could be a divorce situation where 1 party is dragging their feet. We had that with a house we bought several years back and it delayed our closing...very frustrating. I hope it is just hectic holiday issues and that they will send in the documents soon and your closing will go off w/out a hitch.

 

[magicaldisney]

Lately I have noticed a good number of posts indicating that sellers are taking a long time to get documents turned in, not just after ROFR but before as well. I'm starting to wonder if it is a particular broker that is a problem or is this happening across the board with the various brokers.

 

[Brian Noble]

It could just be that we're in the midst of the holidays, and folks are pre-occupied.

 

[DenLo]

I vote for the preoccupied or traveling due to the holidays. I'd call your resale agent and ask what is going on? Have they heard from the seller? And did the seller say why there is a delay?

 

[MSUmom]

I am trying not to get nervous. I have one purchase for 150 points SSR in ROFR and another 25 point AK waiting to go to ROFR. I am hoping to make reservations for 1st week in March and 3rd week in May. Am I hoping for too much?

 

[discorsner]

Heard today from our agent that the couple has been traveling and says they will get it notorized the first few days in January. I was just glad to hear something.

Our agent has been great so I don't think it's anything to do with them. At least we know now that they are still reachable and say they are continuing with the sale.

I wonder if maybe they also wanted to have the sale close in 2012 instead of 2011 for tax purposes? I don't know much about these things but wouldn't they have to claim the sale as income? Just speculating though as I'm
not sure that has anything to do with it!

 

[OhioDVC]

I don't think it is for tax purposes. I'm sure they are selling for less than they paid so there shouldn't be any income to consider for taxes

 

[Sandisw]

Heard today from our agent that the couple has been traveling and says they will get it notorized the first few days in January. I was just glad to hear something.

Our agent has been great so I don't think it's anything to do with them. At least we know now that they are still reachable and say they are continuing with the sale.

I wonder if maybe they also wanted to have the sale close in 2012 instead of 2011 for tax purposes? I don't know much about these things but wouldn't they have to claim the sale as income? Just speculating though as I'm
not sure that has anything to do with it!

If the owners are selling for more than they paid, then yes, there would be a benefit for tax as they wouldn't have to worry about it until the 2012 taxes.

But, with the holidays, etc. and having to find the time to go to a notary, it may have just been easier to schedule it in after the 1st of the year.

Good luck and congratulations!!!

 

[discorsner]

Very frustrated right now. Title company still has not received sellers docs. The closing date was to be by tomorrow. They have had my money and docs since the 12/17. Supposedly the sellers have sent them yesterday by 2 day air and if title company gets them early enough tomorrow they will close it.

Why the (insert inappropriate word of choice here) would they have not overnighted it?

Luckily because the estoppels were received a little late we have 30 days from that to close and that is buying us a few extra days I guess.

Anyone have any experience with this close of a date?

Grrr. Lol.

 

[disneynutz]

Very frustrated right now. Title company still has not received sellers docs. The closing date was to be by tomorrow. They have had my money and docs since the 12/17. Supposedly the sellers have sent them yesterday by 2 day air and if title company gets them early enough tomorrow they will close it.

Why the (insert inappropriate word of choice here) would they have not overnighted it?

Luckily because the estoppels were received a little late we have 30 days from that to close and that is buying us a few extra days I guess.

Anyone have any experience with this close of a date?

Grrr. Lol.

Buyers are always more excited than sellers.

Bill

 

[msvlg]

Very frustrated right now. Title company still has not received sellers docs. The closing date was to be by tomorrow. They have had my money and docs since the 12/17. Supposedly the sellers have sent them yesterday by 2 day air and if title company gets them early enough tomorrow they will close it.

Why the (insert inappropriate word of choice here) would they have not overnighted it?

Luckily because the estoppels were received a little late we have 30 days from that to close and that is buying us a few extra days I guess.

Anyone have any experience with this close of a date?

Grrr. Lol.

I am in the same boat. Our contract closing date was today. We sent money and paperwork overnight on December 12th. Sellers have not yet returned their documents. Supposedly they are in the mail. Estoppels info received Dec 7th. I was told that the sellers have 30 days from that day. I calculated this date as tomorrow, January 6th, but was told date would be January 7th and since this is a Saturday the date would be Monday the 9th. What happens if documents are not revceived by this date? Iam alsovery frustrated. Any feedback would be greatly appreciated. Thanks.

 

[discorsner]

I am in the same boat. Our contract closing date was today. We sent money and paperwork overnight on December 12th. Sellers have not yet returned their documents. Supposedly they are in the mail. Estoppels info received Dec 7th. I was told that the sellers have 30 days from that day. I calculated this date as tomorrow, January 6th, but was told date would be January 7th and since this is a Saturday the date would be Monday the 9th. What happens if documents are not revceived by this date? Iam alsovery frustrated. Any feedback would be greatly appreciated. Thanks.

Well I am feeling a little better about mine because I talked to our broker and she said it can continue on after the date as long as the parties want to go ahead with it. Our estoppels were received the 14th I guess so I figured we had til the 13th and it would probably be done as long as they actually sent the stuff 2 day air like they said they did yesterday.

From my understanding the ending date is that the contact is up and the only problem you would have is if either you or them don't want to continue on. I could be misunderstanding though!

I also hear that this happens quite a bit where it is the last minute so I'm trying to be patient.