How does a delayed closing work as a buyer?

[Jlo85]

I'm interested in a delayed closing contract towards the end of this year, but I was wondering how this works?

1. I'm assuming only my deposit would be due now, and then the remainder would be due when we close?
2. Does ROFR happen now, or at closing?
3. I'm assuming I'm kind of locking in my price now, and whether prices rise or drop wouldn't really impact me?
4. Do these delayed closing contracts tend to hold or fall through? Just worried that it's more time for things to fall apart.

 

[Matty B13]

Unless the delayed closing happens in the next month or two (April or May) don't bother with the contract, another one will come up that probably is just as good. Also, since prices seem to be dropping, you might lock in at a higher price than the price at closing.

Also, the seller could walk away at any moment before closing (even with a signed contract) and leave you with nothing. Yes you will get your deposit back, but you will have lost all that time.

 

[Sandisw]

I have bought and sold a few. The ROFR process happens now and your deposit is it, you will then pay like normal…at closing time. Documents usually come about two weeks prior to the close date.

The plus is that if you see something you want and need the extra time to save up the funds. You lock in and are set. The minus is that if prices drop, you may be paying more than a potential contract later on.

We have not had more reports of issues of delayed closing than others…lately, we have seen some delayed closings not having been disclosed and owners fighting that.

 

[Jlo85]

I have bought and sold a few. The ROFR process happens now and your deposit is it, you will then pay like normal…at closing time. Documents usually come about two weeks prior to the close date.

The plus is that if you see something you want and need the extra time to save up the funds. You lock in and are set. The minus is that if prices drop, you may be paying more than a potential contract later on.

We have not had more reports of issues of delayed closing than others…lately, we have seen some delayed closings not having been disclosed and owners fighting that.

Thank you! This was my thought - take advantage of the sleeping ROFR monster and still have lead time to save up money.

 

[AnnaKristoff2013]

Thank you! This was my thought - take advantage of the sleeping ROFR monster and still have lead time to save up money.

I suspect the ROFR monster isn’t waking up anytime soon.

 

[Cfabar1]

Hulu is an expensive meal to devour…. I think the monster is busy….

 

[DonMacGregor]

For me, a delayed closing didn't work. I had a super great deal on a semi-loaded 200 point contract at SSR back in early May of 2021. Closing had to be after 10/21, due to an existing reservation. Right around the end of June, I lost patience, cancelled the deal, and bought 150 points direct from Disney (most of which I banked into 2022). Yes, I lost my $1,200 deposit, but by the time 10/21 rolled around, I already had two trips to WDW booked, and had snuck in on a 2-day stay in a studio at VGC (dumb luck and I'm local).