Just found out that WE DIDN'T REALLY CLOSE on Oct. 7th...

[DebbieB]

Someone posted about a similiar situation a couple of weeks ago. The seller had multiple contracts and they thought the points for their upcoming reservation were from another contract. They were able to reallocate their reservation and were then able to close.

 

[JimMIA]

What a mess. Makes you wonder what your $400. or so in closing costs is actually getting you. Attention to detail?

YES! That is precisely what she's getting!

It's the closing company who discovered the problem -- by their due diligence, when everyone else in the transaction (seller, broker, and Disney) failed.

And it's the closing company who is protecting OP by not disbursing the funds from the transaction until every single detail is completed perfectly.

In threads like this, the details dribble out, and obviously the devil is in the details. People get upset and they post, readers get upset and we reply -- and often none of us actually know what really happened.

The more I learn about this particular transaction, the more I'm inclined to think DVC MS are the ones who messed this up from the start. It sounds to me like the points for the reservation were taken from the wrong account, and the seller didn't know and therefore didn't tell TTS. If that's the case, this should not be a difficult issue to resolve.

TTS still should have caught the mistake with their due diligence, and there's no excusing that slipup.

But the closing company has done their job well up to this point. Hopefully, this will be resolved quickly.

 

[KAT4DISNEY]

When we sold a contract I was told by TTS that Disney does NOT cancel reservations. I had always read that here and we had a contract that I noted an existing reservation on the listing agreement and stated that we would cancel it if the contract sold. Well, it did but since we were still in the 10 day recind period I left it - no problem I figured since Disney cancels. Well, it went off to ROFR right away and I got a call that said I had not told TTS the proper number of points in the contract and that I needed to straighten it out. (Wasn't too thrilled with the tone b/c I had listed it out on the sheet but they hadn't even looked at that). Anyway, when I mentioned that I thought the reservation would cancel at closing I was told no - that I had to do it.

 

[dis-happy]

YES! That is precisely what she's getting!

It's the closing company who discovered the problem -- by their due diligence, when everyone else in the transaction (seller, broker, and Disney) failed.

And it's the closing company who is protecting OP by not disbursing the funds from the transaction until every single detail is completed perfectly.

In threads like this, the details dribble out, and obviously the devil is in the details. People get upset and they post, readers get upset and we reply -- and often none of us actually know what really happened.

The more I learn about this particular transaction, the more I'm inclined to think DVC MS are the ones who messed this up from the start. It sounds to me like the points for the reservation were taken from the wrong account, and the seller didn't know and therefore didn't tell TTS. If that's the case, this should not be a difficult issue to resolve.

TTS still should have caught the mistake with their due diligence, and there's no excusing that slipup.

But the closing company has done their job well up to this point. Hopefully, this will be resolved quickly.

Maybe you know more about it, but aren't TSS and it's closing company (formerly TCS turned Magic) basically two branches of the same tree? And if it's the closing company that handles the estoppel (which to my knowledge they do) it should have been caught a much earlier in the process.....not nearly 2+ weeks after the client sent in their final funds and was told closing had taken place.

If the reservation was made with the wrong points Disney should reallocate, which it sounds like they are not doing. It will be interesting to see what happens there. They are good at correcting their errors but if they say "you have to wait" then maybe it's not their error. And they have no incentive to bend over backwards to help a resale contract.

I would never close on a house and rent back to the sellers (too much liability) but that is what is happening to the purchaser here.

 

[csmommy]

Someone posted about a similiar situation a couple of weeks ago. The seller had multiple contracts and they thought the points for their upcoming reservation were from another contract. They were able to reallocate their reservation and were then able to close.

That was me & we STILL have not closed. We got the points part taken care of, but the seller hasn't sent the signed, notarized documents in & will not be doing that until next Tuesday. We told Fildelity that we will not close unless they fax me an updated points summery at that time. Honestly, the entire thing is making me nervous. The seller has until 11/1 according to our contracts so I cannot do anything until then, but if I could I would cancel right now.

 

[JimMIA]

Maybe you know more about it, but aren't TSS and it's closing company (formerly TCS turned Magic) basically two branches of the same tree?

I don't think so, and I have a nagging thought in the back of my head that the real estate law prohibits that. I think the closing agent/escrow agent is supposed to be an independant third party. Perhaps one of the realtors here can clear that up for us.

And if it's the closing company that handles the estoppel (which to my knowledge they do) it should have been caught a much earlier in the process.....not nearly 2+ weeks after the client sent in their final funds and was told closing had taken place.

I'm not sure the exact sequence, responsibility, and timing of all of that -- and I don't want to speculate.

I know the broker does some research before listing to ensure that what they are offering is correct. Some do more, some do less. I remember in at least one case someone made an offer on a contract only to find that the "seller" didn't own it! (a family member did) That was back when what is now Fidelity was GMAC. There have been some other odd cases where one person wanted to sell but their spouse either didn't know or wouldn't agree.

I am not positive who handles the estoppel letter. When I sold my contracts through TTS, it was TTS who specified the estoppel letter fee to me in the listing and closing disclosures, but I'm not sure who actually handled that or who that fee was paid to.

If the reservation was made with the wrong points Disney should reallocate, which it sounds like they are not doing.

Well, I think Denise just learned that could be a possibility today in talking to the closing company. So I don't think she's had time to find out one way or the other whether a) that's the problem, or b) whether DVC will correct it.

It will be interesting to see what happens there. They are good at correcting their errors but if they say "you have to wait" then maybe it's not their error. And they have no incentive to bend over backwards to help a resale contract.

Yes, DVC is good about straightening things out. Even if it's not their mistake, I think they'll swap the points if they can. Points is points to them. The only issues I would anticipate would be with borrowed or banked points, or if the ressie was made in the 11 month window. In that case, they might have to cancel and rebook (which might not be possible, considering the timing of the ressie).

 

[edk35]

I got an email from TTS that the sellers have moved the reservation out of this contract number so Disney should be able to transfer this file ASAP. He is letting me know if this will indeed happen ASAP or if something else is needed.

Apparently the seller has now straightened everything out with Disney's Member Services so there is no longer a pending reservation with that contract #. NOW we are getting 20 extra points that were used for that pending reservation. Sounds like banked points.... that we will probably not be able to use. We have already booked a trip with our our other contracts different UY. Unless I decide to book another trip but we have three pending now since our daughter is starting the college program in Jan. This was a PERFECT TRANSACTION until yesterday....when it all went down from there.

 

[csmommy]

I got an email from TTS that the sellers have moved the reservation out of this contract number so Disney should be able to transfer this file ASAP. He is letting me know if this will indeed happen ASAP or if something else is needed.

Apparently the seller has now straightened everything out with Disney's Member Services so there is no longer a pending reservation with that contract #. Apparently NOW we are getting 20 extra points that were used for that pending reservation. Sounds like banked points.... that we will probably not be able to use. We have already booked a trip with our our other contracts different UY. Unless I decide to book another trip but we have three pending now since our daughter is starting the college program in Jan. This was a PERFECT TRANSACTION until yesterday....when it all went down from there.

Just to CYA & make sure this all has happened the way it should I suggest you ask TTS for a Disney Points Summary showing all is well & as it should be. When you receive it check the date on it.......................just saying.....

 

[edk35]

Just to CYA & make sure this all has happened the way it should I suggest you ask TTS for a Disney Points Summary showing all is well & as it should be. When you receive it check the date on it.......................just saying.....

OH yeah.....good idea. THANKS

 

[JimMIA]

I got an email from TTS that the sellers have moved the reservation out of this contract number so Disney should be able to transfer this file ASAP. He is letting me know if this will indeed happen ASAP or if something else is needed.

Apparently the seller has now straightened everything out with Disney's Member Services so there is no longer a pending reservation with that contract #. NOW we are getting 20 extra points that were used for that pending reservation. Sounds like banked points.... that we will probably not be able to use. We have already booked a trip with our our other contracts different UY. Unless I decide to book another trip but we have three pending now since our daughter is starting the college program in Jan. This was a PERFECT TRANSACTION until yesterday....when it all went down from there.

Good news. Hopefully the transaction will be perfect again in a few days!

 

[edk35]

Good news. Hopefully the transaction will be perfect again in a few days!

LET'S HOPE SO!!!!!

 

[dis-happy]

Sounds like things are looking up! Wishing you the best on a speedy re-closing!




Jim, I ran across this link that says there's a connection between the two, fwiw. It is dated over a year ago.

http://www.timeshareforums.com/forums/disney/102969-dvc-magic-vacation-title.html

 

[bobbiwoz]

I hope it's the end of your ordeal, and the beginning of your ownership of those points!

 

[JimMIA]

Sounds like things are looking up! Wishing you the best on a speedy re-closing!




Jim, I ran across this link that says there's a connection between the two, fwiw. It is dated over a year ago.

http://www.timeshareforums.com/forums/disney/102969-dvc-magic-vacation-title.html

Yes, of course there's a business relationship there. But I think they're separate companies, and I think TTS also uses other closing agents. I know they have in previous years because they used a different closing agent when we originally bought.