International Seller Issue -- What Would You Do?

[mustinjourney]

So I've been dealing with some international sellers on my 2nd resale contract. Anytime the ball is in their court, things take forever. They originally took 4 or 5 days to get the original agreement signed, and after getting the closing documents back on July 20th -- they delayed in setting up an appointment with the US consulate and the soonest they could get in was August 10th.

I was a tad worried that they would screw this part up, so I sent the broker all the requirements they would need, which included providing their own witnesses (I sent this over 2 weeks ago). Needless to say, I found out today that the sellers forgot to lockdown witnesses and didn't even bother going to the consulate. They have now scheduled to go there August 17th.

Quite frankly -- I'm a little sick of this and do not want to wait around another week, just for them to screw up again. The purchase contract (signed way back on June 9th) did state that closing was to be completed by August 10th -- so I do have an out and can get all of my escrow money back.

I'm tempted to just back out now and find a domestic seller. I don't need the points immediately, so there isn't a time issue right now. The only downside is I got a hell of a good deal ($128 pp for VGF with full current points and seller is paying 2016 MFs).

Would you let it float another week or just cut bait and move on? I did throw out an offer to keep going if they provide me a refund of $1000 USD for the month long delay they have already caused. Don't think they're going to go for that though.

 

[mustinjourney]

Also -- there appears to be a loophole with having to use a notary at the US consulate. Virginia allows notaries to use webcams and then everything can be electronically signed. I believe Florida just requires that the notary be legal in the home state of the notary, although I haven't been able to confirm this. Based on this, I think all I need is for them to use a VA notary via webcam session. There's actually a website that seems to specialize in this service.

https://www.notarycam.com/?gclid=CInX3r_8t84CFQiTaQod0rMCgA#how-it-works

Has anyone encountered this situation before and done it this way?

 

[starry_solo]

It would seem that it would be the law of the state where the documents are to be recorded, so whatever FL law requires.

 

[mustinjourney]

It would seem that it would be the law of the state where the documents are to be recorded, so whatever FL law requires.

From what I can tell, just requires a notary and two witnesses, and the notary does not have to be from Florida.

 

[LAX]

It really depends on how much you want the contract. It sounds like a pretty good deal and the sellers know it. It appears they are in no hurry to get this deal done. Perhaps they are having "seller's remorse" on agreeing to such a good deal?! When I was waiting for my own resale purchase to finalize, I didn't really mind waiting after I had passed ROFR because I knew I was going to get it although my sellers did return everything promptly (aside from a minor hiccup that likely were their fault). Hence, I would give them a bit more time until you see another contract to you liking. Then, cut this one loose and go after the other one.

LAX

 

[KAT4DISNEY]

I'd just be waiting the one week.

 

[Cyberc1978]

Or you could keep the contract you have for now - but still be looking for a new one.

If you find a contract that you like, then make an offer and if the new sellers agrees, then you can let the first one go.

This way ofc you need to go through rofr again and you don't know if the new contract will get taken or not.

If it was me, I might keep the current contract since it has already passed rofr. I would however let the broker know that his buyers are on thin ice and if they scew up anything else you might be inclined to drop the deal. I would also be looking for a new contract, just as a plan B.

 

[Minniesgal]

I'd also wait the week and close on this contract. Seems like any other way you are worse off because it will take longer

 

[rothesay]

I'm new to DVC or Timeshare ownership so I'm not sure whether they differ from regular real estate transactions.

I have sold a couple of property in Florida, and I was able to get a regular Canadian lawyer to notarize the closing documents, and the title companies in the US never raised an issue with this. Thus, is it absolutely required for international timeshare sellers to go to the US consulate or having an US notary to notarized the closing package?

 

[CarolMN]

I'd wait. You're almost there. Don't "cut off your nose to spite your face".

 

[Disney Dad ADL]

So I've been dealing with some international sellers on my 2nd resale contract. Anytime the ball is in their court, things take forever. They originally took 4 or 5 days to get the original agreement signed, and after getting the closing documents back on July 20th -- they delayed in setting up an appointment with the US consulate and the soonest they could get in was August 10th.

I was a tad worried that they would screw this part up, so I sent the broker all the requirements they would need, which included providing their own witnesses (I sent this over 2 weeks ago). Needless to say, I found out today that the sellers forgot to lockdown witnesses and didn't even bother going to the consulate. They have now scheduled to go there August 17th.

Quite frankly -- I'm a little sick of this and do not want to wait around another week, just for them to screw up again. The purchase contract (signed way back on June 9th) did state that closing was to be completed by August 10th -- so I do have an out and can get all of my escrow money back.

I'm tempted to just back out now and find a domestic seller. I don't need the points immediately, so there isn't a time issue right now. The only downside is I got a hell of a good deal ($128 pp for VGF with full current points and seller is paying 2016 MFs).

Would you let it float another week or just cut bait and move on? I did throw out an offer to keep going if they provide me a refund of $1000 USD for the month long delay they have already caused. Don't think they're going to go for that though.

If they conceded the $1000, would it have to go back through ROFR again? Just something to consider. I'm guessing so, Otherwise seems like a pretty easy way to bypass ROFR. Buy for $150 pp, then refund $20 pp afterwards.

 

[KAT4DISNEY]

If they conceded the $1000, would it have to go back through ROFR again? Just something to consider. I'm guessing so, Otherwise seems like a pretty easy way to bypass ROFR. Buy for $150 pp, then refund $20 pp afterwards.

It would be a change of terms and I don't see how it wouldn't have to go back to ROFR.

 

[mustinjourney]

It would be a change of terms and I don't see how it wouldn't have to go back to ROFR.

Interesting way to look at it. I'd just look at it as a breach and then a cure.

 

[mustinjourney]

Looks like I'm going to give them another week. Hopefully that will be enough.

 

[KAT4DISNEY]

Interesting way to look at it. I'd just look at it as a breach and then a cure.

ROFR is right of first refusal for DVC and they will base that on the deal. In buying a house what you said makes sense but it's very very rare there's a ROFR you are dealing with there. If you are paying less for the contract, which you would be if you got a credit, that is a completely different deal and Disney would have to sign off on it.

 

[Dean]

Interesting way to look at it. I'd just look at it as a breach and then a cure.

Unless it's done under the table (illegal), it's a change in price and should have to go back through ROFR.

Maybe I missed it scanning through but what does the contract say. Does the language give you the right to cancel at this point. Did you miss hard coded closing dates? IF not, you might be in violation if you cancel and lose your deposit.

 

[mustinjourney]

Unless it's done under the table (illegal), it's a change in price and should have to go back through ROFR.

Maybe I missed it scanning through but what does the contract say. Does the language give you the right to cancel at this point. Did you miss hard coded closing dates? IF not, you might be in violation if you cancel and lose your deposit.

Contract was supposed to be closed by August 10th. So I have the option to cancel and get escrow money back.

 

[mab2012]

I'm tempted to just back out now and find a domestic seller. I don't need the points immediately, so there isn't a time issue right now. The only downside is I got a hell of a good deal ($128 pp for VGF with full current points and seller is paying 2016 MFs).

Why on earth would you assume that a domestic seller would be any faster? Maybe they would - or maybe you'd get one who's just not in any hurry, and similarly drags their heels. It happens all the time. Notwithstanding the short "close by" timeframe in your purchase agreement, two months from signed purchase agreement to closing is not at all unusual. Probably on the short side, actually.

IMO the only person you're hurting if you back out now is yourself.

 

[cvjw]

Just because you get a domestic seller does not automatically mean smooth sailing. We had to cancel a great bwv contract with a seller in Pennsylvania because they would not get their closing documents in or take phone calls from the broker.

On the flip,side, we have purchased 2 great contracts for British sellers who had their acts together. One was only six weeks from offer to points in our account.

I think your problem is the sellers themselves, not the fact that they are international.

My vote is to wait it out and get a great contract!