Have you had a seller back out?

[Ashlotte]

On Saturday we put in a full priced offer for a contract that had been listed the day before. We had our papers and deposit sent in within an hour of talking to the resale company. I hadn't heard anything back as of yesterday, so emailed to ask if the contract had been sent to Disney for ROFR yet, and they said they would do it as soon as the sellers submitted their form. Six days later, I can't understand what the delay is about, unless they have a family emergency. The paperwork says the contract is void after ten days if the sellers don't do their part. Are they just running out the clock to cancel and relist for higher? I don't understand why there would be a delay this long if they still intend to go through with the sale. I am getting very discouraged. This would be our first contract and I was so excited. I know there will be other contracts in the future, but I was holding out for a subsidized one, and was so excited to snag one. Has anyone else been through this? How did it turn out for you?

 

[Sandisw]

You just never know why there is a delay. Because they didn't sign the papers yet, they can just tell the broker they do not want to sell it. But, they will then owe them the commission so canceling a sale can have consequences for them. It is possible they are now away, are having trouble getting access?

For the contract that I sold, it took about 4 days to get the documents after we agreed on a deal and I was headed to WDW. Fortunately, I had my iPad with me to sign them electronically. However, had I not brought that, my buyer would have been waiting another 4 days for us to sign.

The only thing to potentially think about is if they are slow at this stage, you could find yourself waiting longer to close because seller's need to have things notarized.

 

[wnielsen1]

If you like the contract, give them more time. As Sandi has stated, they owe the broker the commission if they cancel.

 

[Ashlotte]

You just never know why there is a delay. Because they didn't sign the papers yet, they can just tell the broker they do not want to sell it. But, they will then owe them the commission so canceling a sale can have consequences for them. It is possible they are now away, are having trouble getting access?

For the contract that I sold, it took about 4 days to get the documents after we agreed on a deal and I was headed to WDW. Fortunately, I had my iPad with me to sign them electronically. However, had I not brought that, my buyer would have been waiting another 4 days for us to sign.

The only thing to potentially think about is if they are slow at this stage, you could find yourself waiting longer to close because seller's need to have things notarized.

Good point... they could be on vacation. Is it possible for them to come back and try to negotiate more money? Even on a full priced offer? Bidding wars aren't a thing with DVC resale, right?

 

[Ashlotte]

If you like the contract, give them more time. As Sandi has stated, they owe the broker the commission if they cancel.

I'm for sure not going anywhere, I'm just getting a little panicky at the delay. Knowing that they will owe a commission either way helps ease my fears. Thanks for that reminder.

 

[Sandisw]

Good point... they could be on vacation. Is it possible for them to come back and try to negotiate more money? Even on a full priced offer? Bidding wars aren't a thing with DVC resale, right?

You have a signed contract with them and typically, a full price offer requires commission to the broker. That is what has happened several times for ones I have sold. Now, could they cancel the sale and ask for more? Anything is possible but I would be surprised if a broker would do that.

Bidding wars with DVC contracts usually happen prior to an owner accept. I have never heard of anyone who had a seller back out for reasons other than personal.

 

[Ashlotte]

You have a signed contract with them and typically, a full price offer requires commission to the broker. That is what has happened several times for ones I have sold. Now, could they cancel the sale and ask for more? Anything is possible but I would be surprised if a broker would do that.

Bidding wars with DVC contracts usually happen prior to an owner accept. I have never heard of anyone who had a seller back out for reasons other than personal.

The problem is, they haven't signed the contract with us yet. If they haven't signed the offer, is it considered "accepted," or is there already something in their contract with the resale company that if given a full price offer it is accepted? The company pulled it from their listings right away as sale pending, which I appreciate. I know other companies leave them up as "sale pending" for weeks.

 

[wnielsen1]

The problem is, they haven't signed the contract with us yet. If they haven't signed the offer, is it considered "accepted," or is there already something in their contract with the resale company that if given a full price offer it is accepted? The company pulled it from their listings right away as sale pending, which I appreciate. I know other companies leave them up as "sale pending" for weeks.

If you gave a full price offer, they owe a commission, accepted or not.

 

[Ashlotte]

If you gave a full price offer, they owe a commission, accepted or not.

Thank you. This is my first time going through this process, so wasn't sure how it all works. I guess I'll go back to being patient (or trying to) and hope they sign soon, so then I can start the clock all over again with ROFR. Hoping to join the DVC family soon!

 

[bwvBound]

To your subject question: Yes, twice ... once in 2003 and again in early 2004.
Eventually we gave up trying and purchased direct from Disney.

 

[Ashlotte]

To your subject question: Yes, twice ... once in 2003 and again in early 2004.
Eventually we gave up trying and purchased direct from Disney.

Oh, bummer. That stinks. Hopefully all ended up okay and you were happy with your purchase.

 

[bwvBound]

Oh, bummer. That stinks. Hopefully all ended up okay and you were happy with your purchase.

Thank you!

Happy? Ultimately ... but not immediately.

Long story:
We had our hearts set on BWV as it offered the shortest walk to the Dolphin Conference Center. We took the tour in 1998 but didn't purchase at that time. Instead, we booked our annual conference stay at BWV trading in against other timeshare. By 2003, we had studied DVC's system and knew exactly what we wanted: 200 pts, BWV, DEC Use Year (UY).

We shopped the resale market, bid on contracts here and there ... and, as mentioned above, had two offers accepted that each later fell apart on the seller side. Early 2004, while at WDW, we met with a guide, handed over our credit card and said, "Put us on the waitlist for BWV, 200 points, Dec UY." It all seemed so clear, so easy!

Soon after returning home we got a call, "Your points are in!" Yippie -- send the paperwork!
Oh, wait ... DVC wasn't licensed to sell in our home state. The guide coached us on routing the delivery through a friend's address in Oregon. The big box of paperwork was sent to the friend and then forwarded to us. When it finally arrived you can imagine our excitement ... but on reading something was wrong. The contract was for SSR in a spring UY. No - this wouldn't do. We sent the big box back to Disney unsigned.

Again, the guide called us, "Your points are in!" Big box of paperwork arrived (routed through Oregon) ... again, SSR but now with an Oct UY. "Dude, what is wrong? We said: BWV, 200 points, Dec UY." Had a long phone conversation with the guide. He tells us:

• SSR is a new DVC property that will open later that year (Oct 2004)
• SSR has 12 extra years beyond BWV. (Oh, hmm. That sounds kinda cool.)
• SSR's dues are lower than BWV's. (Oh, hmm. That also sounds kinda cool.)
• SSR points can be used at BWV. (True and gladly I've had no trouble booking what we want/need at the 7-mos window.)
• But I want DEC not OCT! The guide counters: "You want DEC right now because you travel in January each year. Oct will work for your January travel ... and someday you'll want to visit during F&W or over Christmas and New Years. The Oct is a better UY for you ... trust me."

OK, alright ... the guide wore us down and we signed a contract for SSR, Oct UY but only 150 pts. (Gotta make our own mark somewhere, right?) Later we did a planned add-on of 25 points ... and in fall 2007 we signed on an unexpected 160 point add-on.

Our first visit to SSR was in Dec 2009 in the newly added Treehouse Villas. Love those units!

TL;DR: Yes, we are 'happy.' We use our DVC points effectively across the system. We've been quite fortunate with the Grand Cal this past year ... I think we've had 5 stays in this current UY? What is not to love about that, hmm?

Best wishes on your research, your offers, the ROFR process and all. I hope the tool serves you very well ... even if the entry path is bumpy. Here is to a long, smooth future ahead for you!

 

[Ashlotte]

Thank you!

Happy? Ultimately ... but not immediately.

Long story:
We had our hearts set on BWV as it offered the shortest walk to the Dolphin Conference Center. We took the tour in 1998 but didn't purchase at that time. Instead, we booked our annual conference stay at BWV trading in against other timeshare. By 2003, we had studied DVC's system and knew exactly what we wanted: 200 pts, BWV, DEC Use Year (UY).

We shopped the resale market, bid on contracts here and there ... and, as mentioned above, had two offers accepted that each later fell apart on the seller side. Early 2004, while at WDW, we met with a guide, handed over our credit card and said, "Put us on the waitlist for BWV, 200 points, Dec UY." It all seemed so clear, so easy!

Soon after returning home we got a call, "Your points are in!" Yippie -- send the paperwork!
Oh, wait ... DVC wasn't licensed to sell in our home state. The guide coached us on routing the delivery through a friend's address in Oregon. The big box of paperwork was sent to the friend and then forwarded to us. When it finally arrived you can imagine our excitement ... but on reading something was wrong. The contract was for SSR in a spring UY. No - this wouldn't do. We sent the big box back to Disney unsigned.

Again, the guide called us, "Your points are in!" Big box of paperwork arrived (routed through Oregon) ... again, SSR but now with an Oct UY. "Dude, what is wrong? We said: BWV, 200 points, Dec UY." Had a long phone conversation with the guide. He tells us:

• SSR is a new DVC property that will open later that year (Oct 2004)
• SSR has 12 extra years beyond BWV. (Oh, hmm. That sounds kinda cool.)
• SSR's dues are lower than BWV's. (Oh, hmm. That also sounds kinda cool.)
• SSR points can be used at BWV. (True and gladly I've had no trouble booking what we want/need at the 7-mos window.)
• But I want DEC not OCT! The guide counters: "You want DEC right now because you travel in January each year. Oct will work for your January travel ... and someday you'll want to visit during F&W or over Christmas and New Years. The Oct is a better UY for you ... trust me."

OK, alright ... the guide wore us down and we signed a contract for SSR, Oct UY but only 150 pts. (Gotta make our own mark somewhere, right?) Later we did a planned add-on of 25 points ... and in fall 2007 we signed on an unexpected 160 point add-on.

Our first visit to SSR was in Dec 2009 in the newly added Treehouse Villas. Love those units!

TL;DR: Yes, we are 'happy.' We use our DVC points effectively across the system. We've been quite fortunate with the Grand Cal this past year ... I think we've had 5 stays in this current UY? What is not to love about that, hmm?

Best wishes on your research, your offers, the ROFR process and all. I hope the tool serves you very well ... even if the entry path is bumpy. Here is to a long, smooth future ahead for you!

Wow!! What a journey! I am going to remind myself of your story as we go through this process. We will get to the goal eventually, which is a DVC membership, and ultimately, a DVC vacation. Thanks for sharing your story! It's good to put this small delay (hopefully) into perspective.

 

[Ashlotte]

Thank you!

Happy? Ultimately ... but not immediately.

Long story:
We had our hearts set on BWV as it offered the shortest walk to the Dolphin Conference Center. We took the tour in 1998 but didn't purchase at that time. Instead, we booked our annual conference stay at BWV trading in against other timeshare. By 2003, we had studied DVC's system and knew exactly what we wanted: 200 pts, BWV, DEC Use Year (UY).

We shopped the resale market, bid on contracts here and there ... and, as mentioned above, had two offers accepted that each later fell apart on the seller side. Early 2004, while at WDW, we met with a guide, handed over our credit card and said, "Put us on the waitlist for BWV, 200 points, Dec UY." It all seemed so clear, so easy!

Soon after returning home we got a call, "Your points are in!" Yippie -- send the paperwork!
Oh, wait ... DVC wasn't licensed to sell in our home state. The guide coached us on routing the delivery through a friend's address in Oregon. The big box of paperwork was sent to the friend and then forwarded to us. When it finally arrived you can imagine our excitement ... but on reading something was wrong. The contract was for SSR in a spring UY. No - this wouldn't do. We sent the big box back to Disney unsigned.

Again, the guide called us, "Your points are in!" Big box of paperwork arrived (routed through Oregon) ... again, SSR but now with an Oct UY. "Dude, what is wrong? We said: BWV, 200 points, Dec UY." Had a long phone conversation with the guide. He tells us:

• SSR is a new DVC property that will open later that year (Oct 2004)
• SSR has 12 extra years beyond BWV. (Oh, hmm. That sounds kinda cool.)
• SSR's dues are lower than BWV's. (Oh, hmm. That also sounds kinda cool.)
• SSR points can be used at BWV. (True and gladly I've had no trouble booking what we want/need at the 7-mos window.)
• But I want DEC not OCT! The guide counters: "You want DEC right now because you travel in January each year. Oct will work for your January travel ... and someday you'll want to visit during F&W or over Christmas and New Years. The Oct is a better UY for you ... trust me."

OK, alright ... the guide wore us down and we signed a contract for SSR, Oct UY but only 150 pts. (Gotta make our own mark somewhere, right?) Later we did a planned add-on of 25 points ... and in fall 2007 we signed on an unexpected 160 point add-on.

Our first visit to SSR was in Dec 2009 in the newly added Treehouse Villas. Love those units!

TL;DR: Yes, we are 'happy.' We use our DVC points effectively across the system. We've been quite fortunate with the Grand Cal this past year ... I think we've had 5 stays in this current UY? What is not to love about that, hmm?

Best wishes on your research, your offers, the ROFR process and all. I hope the tool serves you very well ... even if the entry path is bumpy. Here is to a long, smooth future ahead for you!

Btw, I clicked on your profile info to see your travel info... we are WorldMark owners, too. We've had WM for 15 years and have loved it, especially when we've snagged DVC trades. Happy travels!

 

[MICKIMINI]

We had a buyer back out at closing yesterday! We had all our documents notarized and sent back to the closing company. The buyer will lose their deposit which was $500 and $150 will go to the title company and remainder split between the broker and us. It was a 30 point contract. In the future I will insist the buyer put $1000 down. You never you... Don't give up quite yet!

 

[Ashlotte]

We had a buyer back out at closing yesterday! We had all our documents notarized and sent back to the closing company. The buyer will lose their deposit which was $500 and $150 will go to the title company and remainder split between the broker and us. It was a 30 point contract. In the future I will insist the buyer put $1000 down. You never you... Don't give up quite yet!

Wow! That's crazy! How much was the contract for? I can't imagine just walking away from $500.

 

[MICKIMINI]

Wow! That's crazy! How much was the contract for? I can't imagine just walking away from $500.

I think it was about $4300? all in without digging up the paperwork. We were a bit shocked to say the least. They were slow with the deposit as well, so they could have pulled the plug. We were on the fence about selling anyway as our retirement plans changed from January trips to October trips and the 30 HHI points just won't go as far. We really just need one or two nights on the way down so we'll make it work!

 

[Ashlotte]

I think it was about $4300? all in without digging up the paperwork. We were a bit shocked to say the least. They were slow with the deposit as well, so they could have pulled the plug. We were on the fence about selling anyway as our retirement plans changed from January trips to October trips and the 30 HHI points just won't go as far. We really just need one or two nights on the way down so we'll make it work!

So you are keeping the account now? And you got some of the deposit money? Score!

 

[MICKIMINI]

So you are keeping the account now? And you got some of the deposit money? Score!

I think it is less than $200. We love HHI bought only bought 30 points based on a few nights in a studio in January (5 nights @ 6 points)...now we've decided to continue our October trips and points are higher (2 nights @ 14 points). Our first retirement trip is (hopefully) 2024, so we'll bank 2023 and live it up!

 

[Ashlotte]

I think it is less than $200. We love HHI bought only bought 30 points based on a few nights in a studio in January (5 nights @ 6 points)...now we've decided to continue our October trips and points are higher (2 nights @ 14 points). Our first retirement trip is (hopefully) 2024, so we'll bank 2023 and live it up!

Wow... I didn't realize there were any rooms anywhere in DVC for 6 points. That is amazing! Yes, good thing banking is an option. Enjoy your retirement trip!