How common is it for buyers to back out of DVC Resale?

[rsimon]

We are selling off several small contracts for BLT and 3 different times now we have offers for full price, and the buyer backs out (twice on the same 50 point contract!!).

I wanted to know how common this was because it is really irritating that the contract is put in pending status, sits there for in some cases several days, and the buyer just backs out. If they don't want it or are not sure, don't make the offer! I wish they would be fair to the seller and other potential buyers by not holding up the contract while they ho-hum about it and decide they don't want it.

Anyone else go through this?

 

[suebeelin]

Where is it listed? I've had experienced with brokers whom I feel tries to convince me to up my offers so that I'm uncomfortable with the price.... Sorry this is happening!

 

[rsimon]

Listing with The Timeshare store. I know many here use them. I would say though, each of these offers has been at listed price. If a buyer is uncomfortable, then don't make the offer.

 

[CarolMN]

Are you able to put a criteria in your acceptance of the offer such as deposit must be received within 48 hours (or whatever you deem reasonable)? If so, that might help to get your contract back out there quickly if the buyer backs out and might also discourage offers from buyers that aren't really serious.

 

[OKW Lover]

Where is it listed? I've had experienced with brokers whom I feel tries to convince me to up my offers so that I'm uncomfortable with the price.... Sorry this is happening!

Remember that the broker works for the seller, not the buyer.

 

[suebeelin]

I had thought brokers in a dvc resale situation was a neutral party (does not advocate for seller or buyer). Perhaps I'm wrong.

I've had a broker once insist I raise my offer to or near asking price bc of the market (and to avoid rofr). Instead of saying ok, I declined and went with another broker. Perhaps that's what happened?

I'm sure you're frustrated. I don't think many people back out of accepted offers often.... Hopefully the next offer and acceptance goes smoothly for you!!

 

[JimMIA]

Remember that the broker works for the seller, not the buyer.

That's incorrect. All DVC resale brokers are "transaction brokers," meaning they work for both parties.

 

[supersnoop]

We are selling off several small contracts for BLT and 3 different times now we have offers for full price, and the buyer backs out (twice on the same 50 point contract!!).

I'm curious what you mean by "backs out." Did they make an offer, you accepted, and then they didn't sign the contract? Or did they sign and then change their mind? The brokers I've worked with won't pull down a listing until they receive the signed contract and deposit. I always scan a copy of my deposit check to return with the contract so they know I'm serious and it's in the mail. If they back out after sending the deposit, then you get to keep the deposit.

Remember that the broker works for the seller, not the buyer.

Brokers work for the broker. They don't represent either party. They only facilitate the transaction and take their commission.

 

[rsimon]

I had thought brokers in a dvc resale situation was a neutral party (does not advocate for seller or buyer). Perhaps I'm wrong.

I've had a broker once insist I raise my offer to or near asking price bc of the market (and to avoid rofr). Instead of saying ok, I declined and went with another broker. Perhaps that's what happened?

I'm sure you're frustrated. I don't think many people back out of accepted offers often.... Hopefully the next offer and acceptance goes smoothly for you!!

I'm curious what you mean by "backs out." Did they make an offer, you accepted, and then they didn't sign the contract? Or did they sign and then change their mind? The brokers I've worked with won't pull down a listing until they receive the signed contract and deposit. I always scan a copy of my deposit check to return with the contract so they know I'm serious and it's in the mail. If they back out after sending the deposit, then you get to keep the deposit.


Brokers work for the broker. They don't represent either party. They only facilitate the transaction and take their commission.

Actually I am getting a call, they say they have a full offer, I am sent the paperwork (contract and net agreement), I fill them out and send them back, the buyer does not return their contract and of course the deposit. After a week or so, I get a call saying the buyer has backed out. That's the problem, I have gone through all the work on my side to fill out the paper work and have waited a week to find out they decided to not go forward.

The broker marks the listing as "Sale Pending" and although technically others could make offers on the contract while in pending status, it isn't like that is happening. However, once we "Re-List" the contract, which we do, and then within a day we get another offer. If offers were coming in while it was in Sale Pending status, then they would be able to go down the list of people waiting. I suspect (as I would do) if it says sale pending, they move on to something else.

The fact it is in "Sale Pending" status bothers me I guess. I wish they would keep it open until a contract and deposit are returned.

 

[LorieDisneyLover]

It could be buyers not looking closely enough at the points available and making the offer too quickly. (I see one listed at 50 points but no points until 2016). Of course, they **should** be more careful before making an offer.

 

[supersnoop]

The fact it is in "Sale Pending" status bothers me I guess. I wish they would keep it open until a contract and deposit are returned.

As a buyer, I'm not going to make an offer on a "sale pending" contract because I'm not going to leave my offer open long enough for your deal to fall through. I'm moving on to the next one.

 

[rsimon]

As a buyer, I'm not going to make an offer on a "sale pending" contract because I'm not going to leave my offer open long enough for your deal to fall through. I'm moving on to the next one.

That's my point, buyers that put an offer in, turn away other potential buyers while they decide.

Anyhow, I'm getting through it with all contracts that currently have offers at a Dis ey now for ROFR. Just have 3 more contracts to sell so it is about time to list another one.

 

[Deb & Bill]

We had a smaller 50 point contract that we had for sale several years ago. We had an offer, paperwork signed, off to ROFR, Disney declined ROFR and the buyer backed out. We got half their deposit with the other half going to the agent. On the market again. And the same thing happened. We took it off the market and still have the points and got several hundred dollars between the two non-buyers. Ours was not with the Timeshare Store.

 

[CarolMN]

We had a smaller 50 point contract that we had for sale several years ago. We had an offer, paperwork signed, off to ROFR, Disney declined ROFR and the buyer backed out. We got half their deposit with the other half going to the agent. On the market again. And the same thing happened. We took it off the market and still have the points and got several hundred dollars between the two non-buyers. Ours was not with the Timeshare Store.

I thought buyers could back out within a certain period of time without penalty. Do you know when the (I think it's 10 days) rescission period begins? If you got part of the deposit, then it must start when they agree to buy and send a deposit? Is that right? I've been "assuming" it starts at closing, but since you rec'd part of the deposit.........

 

[CMNJ]

It is 10 days from the date the initial contract is signed. If the buyer backs out beyond 10 days then the seller/broker get to split the deposit (usually 50/50) after the escrow/closing company gets paid for any work they have done.

 

[Dean]

Also, some buyers offer on multiple contracts often with several resale companies then pick one to proceed at some point. This is unethical but it does happen and it's also unethical of the broker to support or condone the behavior but that happens as well.

 

[CarolMN]

It is 10 days from the date the initial contract is signed. If the buyer backs out beyond 10 days then the seller/broker get to split the deposit (usually 50/50) after the escrow/closing company gets paid for any work they have done.

Thank you.