How long do you give sellers to sign?

[MTOB88]

Submitted an offer yesterday. It was accepted. We (buyers) signed "purchase agreement" yesterday. Sellers still have not signed. Broker said "they are not together". Cannot help but see red flags. This process is stressful enough. Not sure I have the patience to deal with a possible slow seller. I have not given my deposit. Do I back out now?

 

[Phatscott25]

It's only been one day. In 3 resales I've purchased, only one seller returned the docs the next day. I would give a week.

 

[Roxyfire]

Submitted an offer yesterday. It was accepted. We (buyers) signed "purchase agreement" yesterday. Sellers still have not signed. Broker said "they are not together". Cannot help but see red flags. This process is stressful enough. Not sure I have the patience to deal with a possible slow seller. I have not given my deposit. Do I back out now?

If you're worried about sellers not signing things right away this process may not be for you. People have obligations and resale takes a long time. Many people will attest that sellers do not always return documents right away. I waited at least 2 weeks for my seller to get their document notarized before closing. It was annoying but certainly worth the massive savings.

 

[MTOB88]

We were spoiled with our last one. Accepted, signed & submitted for rofr all in the same day. (I know that's not the norm) This is attempt #3 first two were taken in rofr. Just want to keep the ball rolling. Thanks for the comments!

 

[MTOB88]

If you're worried about sellers not signing things right away this process may not be for you. People have obligations and resale takes a long time. Many people will attest that sellers do not always return documents right away. I waited at least 2 weeks for my seller to get their document notarized before closing. It was annoying but certainly worth the massive savings.

It is a tough process trying to gain knowledge so I do not wait to long because I did not know any better.

 

[Roxyfire]

It is a tough process trying to gain knowledge so I do not wait to long because I did not know any better.

Patience!

 

[Bruin_mouse]

I know it's nerve wracking but Bill (@disneynutz ) has a pretty good perspective on expectation levels in these transactions. On the buyer side, we want to rush through the process so we can get to that magical moment when you log in for the first time and see your points sitting there and start making plans. On the seller side, this is just paperwork they need to do when they have some spare time in the middle of everything else going on in their lives. Especially since it sounds like these folks might be experiencing marital (or other relationship) issues, this probably isn't their number one priority right now. Like everyone else says patience and trying to imagine yourself as a seller may help. All that being said, good luck! I hope you get good news today!

 

[Rylie Grite]

.

 

[gharter]

If the seller is motivated, they usually get the documents back quickly. Sometimes, there are other things going on and it takes longer. At only one day, I would not be worried. Over a week, then I would call your broker, see what is going on and consider pulling the offer.

 

[MTOB88]

I know it's nerve wracking but Bill (@disneynutz ) has a pretty good perspective on expectation levels in these transactions. On the buyer side, we want to rush through the process so we can get to that magical moment when you log in for the first time and see your points sitting there and start making plans. On the seller side, this is just paperwork they need to do when they have some spare time in the middle of everything else going on in their lives. Especially since it sounds like these folks might be experiencing marital (or other relationship) issues, this probably isn't their number one priority right now. Like everyone else says patience and trying to imagine yourself as a seller may help. All that being said, good luck! I hope you get good news today!

Very true. This process gets the best of you!

 

[MTOB88]

I've waited 10 days. My contract had a clause that said the seller had 7 days to sign and after 7 days I was making low bids on other contracts with the idea I would cancel If one of my offers was accepted.

Interesting. I better go home and read it again just to make sure there is nothing like that. Thanks for the example!

 

[pineapplepalms]

Some contracts can take much longer - we had one involving a divorce and the sellers took about a week to send back the purchase documents before ROFR and about a month to send back the closing documents. It was not fun waiting for them, but it all eventually completed in about 2.5 months. Our other resale contracts went much more smoothly and took less than 2 months from offer to points in account. It really depends on the sellers and the resale process does take a lot of patience! (unlike direct, where the points were in our account by the time we got back to our room after the tour and purchasing)

Good luck!

 

[MTOB88]

Some contracts can take much longer - we had one involving a divorce and the sellers took about a week to send back the purchase documents before ROFR and about a month to send back the closing documents. It was not fun waiting for them, but it all eventually completed in about 2.5 months. Our other resale contracts went much more smoothly and took less than 2 months from offer to points in account. It really depends on the sellers and the resale process does take a lot of patience! (unlike direct, where the points were in our account by the time we got back to our room after the tour and purchasing)

Good luck!

Very good information. Truly appreciate it.

 

[Jason@dvcstore]

Submitted an offer yesterday. It was accepted. We (buyers) signed "purchase agreement" yesterday. Sellers still have not signed. Broker said "they are not together". Cannot help but see red flags. This process is stressful enough. Not sure I have the patience to deal with a possible slow seller. I have not given my deposit. Do I back out now?

Be advised some sellers simply don't have the sense of urgency you would think they should have. If you make an offer or even buy a property at the asking price I would suggest telling your associate you plan on returning the documents ASAP and you want the seller to return them ASAP. Of course, when each party (buyer and seller) return their documents quickly throughout the transaction it helps the process go smoothly.

 

[MTOB88]

Be advised some sellers simply don't have the sense of urgency you would think they should have. If you make an offer or even buy a property at the asking price I would suggest telling your associate you plan on returning the documents ASAP and you want the seller to return them ASAP. Of course, when each party (buyer and seller) return their documents quickly throughout the transaction it helps the process go smoothly.

Thank you for the post Jason! Luckily the sellers returned their signed docs the day after I posted this. This is attempt #3 for us (Disney kept our 1st two). I was still emotional drained from hearing the news. I regreated posting this question. But do appreciate the comments!

 

[BillPA]

If they can't reply in 3 days, move on, they are not serious about selling.

 

[iheartglaciers]

What’s funny, after all this talk about waiting for sellers to sign docs (myself included when I was in the resale process twice), I waited a week for the buyers on one of my contracts to sign the initial contract (so it could go to ROFR). I signed it on the same day!

 

[Matty B13]

I always ask the broker if the seller is an international seller and/or going through a divorce. Both types of sellers general have issues getting documents back in a timely manner. I would be very leery of a contract going through a divorce, could end up in the probate process which can take years.

I would ask what "they aren't together means"?

 

[Wanna be Ariel]

This thread has been very helpful. We are currently waiting for our seller to send back the contract. Our contract was sent back the day after we received it(April 20th) The sell has yet to send theirs back. I did call yesterday to find out what the deal is. I was told they have another contract they sold and have not yet sent that paper work back yet. I am beyond pissed with this. Any advice on what I can do? The broker did say she would reach out and find out what is going on(have not heard back) and they also were sent the closing papers again? I am just heartbroken since we were trying to get a August trip booked with these points.

 

[MTOB88]

I always ask the broker if the seller is an international seller and/or going through a divorce. Both types of sellers general have issues getting documents back in a timely manner. I would be very leery of a contract going through a divorce, could end up in the probate process which can take years.

I would ask what "they aren't together means"?

Great. I certainly hope that does not happen, we just passed rofr Tues. The broker emailed saying it is in estoppel and that could take 2 weeks. If it is a divorce I will probably not know until the closing docs are being prepared? Wondering if I need to email them to see if there see any issues that could delay this. Wonder if it would be the title co or broker that would know?