May not close on time...

[mejones1115]

Wednesday is our set closing date for our resale contract (passed ROFR/estoppel issued on May 25) but we are not 100% sure that we will close on time. We had closing documents issued on 06/01 which we returned On 06/02 but the sellers documents were recieved on 07/06. Of course they didn't include their PAS and didn't have witnesses on their Deed and who knows what else. We have been working with the title company as well as our broker on trying to get things done on time as we were hoping we would have made it all before the 7 month window opened for our February trip. As far as we understand if we don't close on Wednesday we can decide to back out of the sale. Is it really juat that simple? If we don't close by Wednesday we are thinking we will just go and buy direct at Riviera with the incentives. But we don't want to commit to the direct purchase if we're going to have to jump through hoops to get our deposit and down payment back. Anyone have any experience with this?

 

[Sandisw]

If the contract is not closed by the date, then you can ask to cancel the sale.

But, it’s possible that the new papers are already on their way.

I’d reach out to the title company and let them know if that is what you intend to do if they can’t meet that deadline.

 

[Jimmy Geppetto]

Wednesday is our set closing date for our resale contract (passed ROFR/estoppel issued on May 25) but we are not 100% sure that we will close on time. We had closing documents issued on 06/01 which we returned On 06/02 but the sellers documents were recieved on 07/06. Of course they didn't include their PAS and didn't have witnesses on their Deed and who knows what else. We have been working with the title company as well as our broker on trying to get things done on time as we were hoping we would have made it all before the 7 month window opened for our February trip. As far as we understand if we don't close on Wednesday we can decide to back out of the sale. Is it really juat that simple? If we don't close by Wednesday we are thinking we will just go and buy direct at Riviera with the incentives. But we don't want to commit to the direct purchase if we're going to have to jump through hoops to get our deposit and down payment back. Anyone have any experience with this?

Title company should refund the deposit and any additional money you paid to you fairly quickly after the closing date has lapsed if you indicate you want to walk away. The seller will likely be liable for commissions and title fees. Sorry to hear you are experiencing this.

 

[mejones1115]

Title company should refund the deposit and any additional money you paid to you fairly quickly after the closing date has lapsed if you indicate you want to walk away. The seller will likely be liable for commissions and title fees. Sorry to hear you are experiencing this.

Thank you. Just wanted to make sure we weren't missing something and would lose out. If it's meant to be we'll close and if not we'll figure it out.

 

[RKS03]

I’m selling a contract and actually waiting for the buyers docs and payment. Title company explained it’s the later of closing end date and 45 days after estoppel, which in our case is later. So I’d be sure that you don’t have the issue. For me that adds like 10 days or so to deadline. Very frustrating.

 

[Nursemanit]

Before you do anything rash - Do you want Riviera? If so yeah that's an option. If not do you want a resort that has good 7-month availability? (OKW,SSR or AK(non value)? Also when I looked the difference between getting 150 VGF vs 150 Riv would be negated in a few years due to the maintenance fee difference. Right now direct VGF is the better SAP value by far.

 

[mejones1115]

Before you do anything rash - Do you want Riviera? If so yeah that's an option. If not do you want a resort that has good 7-month availability? (OKW,SSR or AK(non value)? Also when I looked the difference between getting 150 VGF vs 150 Riv would be negated in a few years due to the maintenance fee difference. Right now direct VGF is the better SAP value by far.

Rivieria would not be our first choice nor is VGF. We were buying at AKV which we already have a 50 point contract that we closed on 2 months ago. We did see on one of our groups how VGF would in the king run be the better deal with the MF's. Rivieria gets the leg up because they'll match our use year and we'll have the 2021 points that we can bank for our big trip.

 

[Deeleebaker]

They will match your use year no matter what. You just wont get current year points on a VGF.

 

[mejones1115]

If the contract is not closed by the date, then you can ask to cancel the sale.

But, it’s possible that the new papers are already on their way.

I’d reach out to the title company and let them know if that is what you intend to do if they can’t meet that deadline.

The title company definitely knows where we are at with the deal. We have basically been speaking to them on a daily basis at this point as well as our broker.

 

[mejones1115]

I’m selling a contract and actually waiting for the buyers docs and payment. Title company explained it’s the later of closing end date and 45 days after estoppel, which in our case is later. So I’d be sure that you don’t have the issue. For me that adds like 10 days or so to deadline. Very frustrating.

We're 7 weeks out from estoppel as of Wednesday so we are good there. I hope everything goes well with your contract and they send their documents in soon.

 

[MICKIMINI]

You can walk if closing date is not honored by seller. Just let broker and title company know in writing. There is a chance your seller needs to brings funds to the table and does not have the cash and this is a delay tactic. Regardless, it is up to you now. Good luck!

 

[cvjw]

Same thing happened to us. Seller never got their closing docs in. We cancelled and received a full refund. Found a better contract later on.

 

[RoseGold]

I've read that refunds can take a bit, longer than I would have expected, but you get the money back.

Who knows what's going on with them? Maybe they have a complicated estate? Maybe they have to bring money to the table?

 

[DonMacGregor]

I've read that refunds can take a bit, longer than I would have expected, but you get the money back.

Who knows what's going on with them? Maybe they have a complicated estate? Maybe they have to bring money to the table?

Well, OP did say:

Of course they didn't include their PAS and didn't have witnesses on their Deed and who knows what else.

And:

The title company definitely knows where we are at with the deal. We have basically been speaking to them on a daily basis at this point as well as our broker.

So they sent back a junk packet of docs, and apparently are radio silent with the broker and title agent (who you'd think would be aware of any estate issues or cash to close).

 

[mejones1115]

Funny enough as of the end of the week last week the title company didn't think we'd even remotely close on time. Once we told them our intentions of walking away from the contract if we didn't close on time things changed. We received confirmation yesterday morning that we officially closed. I am thankful that we were able to close on the resort we wanted. Now just to wait for the deed to be recorded and then for our membership to show up and points to be loaded. Then book our rooms for February.