My Deal Fell Apart

[shonadamson]

Well we passed ROFR on April 5th and were waiting for closing papers. I get a call today that their was something major wrong with the deal. The owners even after we paid them would still owe a thousand dollars and they were not willing to pay that money. Even if I paid that money(which I would not) they said Disney would not take it as a pre-3/20 deal. We submitted on 3/18. We were planning on going in August and were ready to make our first reservations. This makes me very sad. We had went a long way through the processw and now we are back at square one and I don't know if I want to go through the process again. Thank you to everyone on this board for all of the valuable information I received while I was decideing whether DVC would be for us.

 

[DenLo]

Sorry to hear the deal fell apart. That is one of the problems of resale. Things can go wrong and it takes so long to find it out.

Are you considering purchasing direct instead, or just giving up on owning right now?

 

[shonadamson]

I am going to talk to my wife and figure things out. We are going to pay in cash so we are not going to buy direct. Can't afford to buy a DVC direct and pay cash and financing is not for us. I think I am going to think about it for a week and see if we want to try the resale path again.

 

[JWG]

These are the things I can't understand happening. The sellers know what the owe on the deed and they know what the selling price will net. If that doesn't cover the cost it's not a secret.

Very sorry, how aggravating.

 

[cvjw]

We were involved in a contract where the sellers wouldn't do what was needed to close the deal and we had to cancel at the end, so I understand where you are coming from. It is very frustrating to go thru all of the anxiety of your contract passing ROFR and all of the excitement of making your first reservations to have it taken away at the end. For us, we kept on looking, and found a better contract a little while later. Don't let one bad deal spoil DVC for you. We have tried to buy 5 contracts, and 4 actually went thru. For us, there were way more good and motivated sellers than not.

 

[Presley]

Sorry to hear about that. Here's hoping you find something much better.

 

[mdsd8700]

How frustrating and aggravating, no doubt you are very disappointed. It seems from your post that you were trying to get in before 3/20 hopefully now though you will find a better contract and might be able to save yourself even more money than the first time. Pixie Dust to you and keeping my fingers crossed that in the end this will work to your advantage!

Good Luck!

 

[Mass Daddero]

I've also been exploring a resale purchase. I can imagine how frustrating it must be to have your deal fail, but I suspect there will be a silver lining on this particular cloud. It looks to me like resale prices have been falling for months, and I wouldn't be surprised if that continued. If you rent points for your August trip and buy later at lower levels, you could come out thousands ahead.

Good luck and here's hoping.

Chris

 

[Dean]

Well we passed ROFR on April 5th and were waiting for closing papers. I get a call today that their was something major wrong with the deal. The owners even after we paid them would still owe a thousand dollars and they were not willing to pay that money. Even if I paid that money(which I would not) they said Disney would not take it as a pre-3/20 deal. We submitted on 3/18. We were planning on going in August and were ready to make our first reservations. This makes me very sad. We had went a long way through the processw and now we are back at square one and I don't know if I want to go through the process again. Thank you to everyone on this board for all of the valuable information I received while I was decideing whether DVC would be for us.

Frustrating I know but you can likely get the same thing cheaper now and all your giving up is the right to overpay for cash type exchanges. It's likely a blessing in disguise. If you were truly looking at those other exchanges, simply buy less points to do what you need with DVC.

 

[Sandisw]

I am so sorry this happened to you and it is sad that the seller's didn't think about this before they put you through all of this.

I hope that after a little bit, and the shock of this wears off, you are able to become a DVC member.

 

[dwelty]

I don't know which resale company you were working with (and please do not mention them by name). But they dropped the ball. I have sold three different AKL contracts (in order to buy VGC) and I knew right up front How much would go to pay of my loan and how much I would net from the sale. There should have been no suprises for the seller if his broker had been doing their job.

 

[disneynutz]

I am so sorry this happened to you and it is sad that the seller's didn't think about this before they put you through all of this.

I hope that after a little bit, and the shock of this wears off, you are able to become a DVC member.

When you are dealing with people, anything can happen. Many don't think and/or have that ability and no matter what happens, it's never their fault.

Bill

 

[LisaS]

Do the sellers still owe the commission to the broker in this situation? Just wondering if the sellers will change their minds again if they end up owing the broker about the same amount of money as they would have had to pay Disney to complete the sale.

 

[jesschris]

Sorry to hear about your deal falling through.

 

[dbs1228]

I would think the sellers would have to pay the commission!

We put an offer in on a SSR contract pre 3/20 (for 800.00 less then asking price) and it took 3 days and me calling Fidelity to get an answer. I guess it was a divorce situation and they were arguing about who would pay the balance due for loan and would not give an answer. At that point, I said no thank you moving on. That contract is STILL listed and will not go up in value! I was happy Fidelity told me the situation up front so I could move on and the 2nd contract I made an offer on I got word of a counter offer within 15 minutes and since then have closed!

I am very sorry for your experience and like others have said, the sellers knew exactly what they would net so there should not even be an issue. I would think the sellers are in breach of contract and you could take legal action if you wanted to.

Better things will come!

 

[ORD2KOA]

Well we passed ROFR on April 5th and were waiting for closing papers. I get a call today that their was something major wrong with the deal.

Ohhhhhhhh no!! So sorry to hear this. You must be so disappointed.

 

[arthur06]

I talked to Sharon at Fidelity today about a contract. I made an offer yesterday, which I was leery of, for a more then fair price. They countered $15 pp higher then my offer, which was $10 higher then many that have been passing ROFR. I told Sharon I didn't want to counter and would rather move on, she told me she didn't get the sellers on this at all.

I know that it can be very frustrating to buy resale, but it is so much more cost efficient to do so! We want our DVC for Disney stays, and that's all! As Dean said, you will get a better deal now, and you were over paying for trades with DVC! Blessing in disguise!

 

[Dean]

I would think the sellers would have to pay the commission!

Getting blood out of a turnip is another matter. I'm not sure how this would work contractually if they were upside down in the mortgage and couldn't or wouldn't come up with the difference. I doubt any company would pursue it and they would just eat the work put in and relatively minor costs.

 

[JimMIA]

I don't know which resale company you were working with (and please do not mention them by name). But they dropped the ball. I have sold three different AKL contracts (in order to buy VGC) and I knew right up front How much would go to pay of my loan and how much I would net from the sale. There should have been no suprises for the seller if his broker had been doing their job.

Exactly. I think that anyone who has ever sold a contract shudders at sloppiness like this by brokers. Thank goodness it's really unusual, and I'd be willing to bet it's limited to one broker. There's really no excuse for the seller not to know what their net from the sale would be.

 

[MFMont]

Exactly. I think that anyone who has ever sold a contract shudders at sloppiness like this by brokers. Thank goodness it's really unusual, and I'd be willing to bet it's limited to one broker. There's really no excuse for the seller not to know what their net from the sale would be.

Jim where you there? Who is to say that the seller is not an idiot and just flat lied about what they owed? Why assume Disney held the deed? There are other finance companies on this planet.

My expirience with "another broker" (see banner above) wasnt so rosie so I doubt it is confined to the "one broker" you speak of.