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

[edk35]

Just got an email from the TimeShare Store that our 100 points that SUPPOSEDLY CLOSED on Oct. 7 didn't really close because THE OWNERS have a trip in Dec. That was NO WHERE in our contract. SO now we won't close until Dec. 15th. How does stuff like this happen???? How did Disney NOT CATCH THIS in the Right of First Refusal?

 

[toocherie]

I'm not sure, but I don't think the ROFR is for that purpose. All it does at that point is either waive its rights to buy the points or not.

Your beef should be with TSS or the escrow handling the matter. There should have been an estoppel that identified whether there was an outstanding reservation or not.

Will it affect the timing of you making reservations? Or vacation plans? If so, I would probably be having a discussion with TSS.

Something similar happened to me when I bought a Marriott timeshare a couple of years ago. It turned out that the owner had used all the points for the use year we were in (which had been advertised as being available). The broker "made it good" by arranging for a week's usage for that year on one of their accounts.

 

[Breyean]

That's terrible.

We had made an offer through Fidelity last week. After it was accepted, but even before the contracts were drawn up, Fidelity told us the owners had a cruise scheduled for next April!

We pulled that offer and made another on another contract today.

I'm just saying, I don't know how the broker found out, but maybe TSS should have known this. They often post contracts for sale with delayed closing dates due to upcoming vacations booked by the sellers.

I hope it works out for you.

 

[edk35]

The TimeShare store told me that if they don't catch it...usually Disney does. It is just annoying more than anything..... I mean.... I feel like that was something the TSS should have caught.

 

[edk35]

That's terrible.

We had made an offer through Fidelity last week. After it was accepted, but even before the contracts were drawn up, Fidelity told us the owners had a cruise scheduled for next April!

We pulled that offer and made another on another contract today.

I'm just saying, I don't know how the broker found out, but maybe TSS should have known this. They often post contracts for sale with delayed closing dates due to upcoming vacations booked by the sellers.

I hope it works out for you.

It is terrible.... UGH!! It went to Disney on Sept. 7th and we were told we passed on Sept. 21st. Then we got the CONGRATS closing email on the 7th of Oct.

 

[OKW Lover]

First - Disney's ROFR has nothing to do with this.
Second - Did you get all the points you agreed to? If not, the seller owes you money. If you did, then the seller still owes you something since you can't use those points until you actually close. How much do they owe you? That's subject to negotiation.
Third - the agent should have caught this unless the seller didn't disclose that. I'd still have a chat with the agent, there may be some compensation due from them as well.

 

[DebbieB]

The TimeShare store told me that if they don't catch it...usually Disney does. It is just annoying more than anything..... I mean.... I feel like that was something the TSS should have caught.

I don't think a member's points get put on hold until the contract closes. So the sellers could have made a reservation after they put the contract up for sale.

 

[Breyean]

The way it's been explained to me by Fidelity is, once the offer is made and agreed on, they send the info to Disney to confirm the points and details of the contract. That's how they found out about the pending cruise on that contract I bid on last week.

Now, Fidelity did say the person who does the verification process at Disney doesn't do that as a full time job, so sometimes it might happen right away (if they are doing the verifications that day) or it might sit a day or so.

But either way, I agree with the pp that the TSS should have caught this. How can they be selling contracts w/o knowing the details of what's for sale? There must be a process in place to verify what sellers tell them or this sort of thing w/b happening all the time since sellers might not always know exactly what the status of their contracts and points are.

I hope you can get this worked out, but you might have to let this one go if the points you thought you were getting are being used for that vacation, in which case the contract s/b worth less.

 

[edk35]

When you sell a contract the owners have to disclose if they have a trip planned and it is in the contract. SO.....I am guessing the owners disclosed this and it was just an oversight by the TSS. The TSS told me in an email that Disney always catches it if they miss it. No wonder Disney doesn't have us in the system.

 

[edk35]

I'm not sure, but I don't think the ROFR is for that purpose. All it does at that point is either waive its rights to buy the points or not.

Your beef should be with TSS or the escrow handling the matter. There should have been an estoppel that identified whether there was an outstanding reservation or not.

Will it affect the timing of you making reservations? Or vacation plans? If so, I would probably be having a discussion with TSS.

Something similar happened to me when I bought a Marriott timeshare a couple of years ago. It turned out that the owner had used all the points for the use year we were in (which had been advertised as being available). The broker "made it good" by arranging for a week's usage for that year on one of their accounts.

I know we paid an estoppel fee. So one would think it would have been caught.

 

[edk35]

The way it's been explained to me by Fidelity is, once the offer is made and agreed on, they send the info to Disney to confirm the points and details of the contract. That's how they found out about the pending cruise on that contract I bid on last week.

Now, Fidelity did say the person who does the verification process at Disney doesn't do that as a full time job, so sometimes it might happen right away (if they are doing the verifications that day) or it might sit a day or so.

But either way, I agree with the pp that the TSS should have caught this. How can they be selling contracts w/o knowing the details of what's for sale? There must be a process in place to verify what sellers tell them or this sort of thing w/b happening all the time since sellers might not always know exactly what the status of their contracts and points are.

I hope you can get this worked out, but you might have to let this one go if the points you thought you were getting are being used for that vacation, in which case the contract s/b worth less.

We are still getting the points that we thought we were getting so really nothing is lost there. However if we wanted to book something with these points.....that is NOT happening anytime soon.

 

[BWV Dreamin]

This is awful. I thought unless agreed upon any existing reservations are cancelled once it goes thru estoppel. Obviously you didn't agree to this reservation. This is clearly TSS fault. And why is this reservation not being cancelled ?

 

[dis-happy]

Indefensible on the part of TSS. I hope they are compensating you some closing costs at least.

 

[Sandisw]

I am really surprised it wasn't caught. My only thought, though, is that maybe the owners did book the trip after the contract was signed and sent (you hate to think that) but I don't think there is anything to stop them.

I know when I just bought, I was told that when the closing documents were in by both parties, the broker sent for an up to date points accounting to ensure things had not changed and once they got it from Disney and it verified the terms of the contract, closing happened.

I wonder if this is what happened...the final points activity statement now showed the reservation and the closing was stopped.

Sorry this happened to you!

 

[bobbiwoz]

What a disappointment. Usually there's a "can't close until....." attached to the sale notice. Why wasn't this mentioned to you? If the points that you're getting is what you thought, then this was an already planned vacaton.

I always assumed (now I know not to) that the broker would ask the seller if there's any untaken vacation that would affect closing.

I do think TTS should give you a little something. This is a huge disappointment, they have such a good reputation. It shouldn't have happened. I am surprised that they say that Disney usually catches it.

 

[Deb & Bill]

...I do think TTS should give you a little something. This is a huge disappointment, they have such a good reputation. It shouldn't have happened. I am surprised that they say that Disney usually catches it.

A little something? The agent should lose the commission and give it to the OP. They need some compensation. They got screwed.

 

[DVCconvert]

A little something? The agent should lose the commission and give it to the OP. They need some compensation. They got screwed.

I think I agree with this.
The OP should also get a quart of Deb's Kool aide to boot!

 

[Deb & Bill]

I think I agree with this.
The OP should also get a quart of Deb's Kool aide to boot!

Nah, I don't have any. I sold it to David's guests.

 

[DVCconvert]

Nah, I don't have any. I sold it to David's guests.

 

[dbs1228]

I am confused, I thought you could NOT close typically if a member had a reservation in the system but you got an e-mail saying you closed on Oct 7??? Yea I would be looking for compensation along with my money back until the real closing happens, why should TSS hold the funds for a few months when you get nothing! So sorry this happened.