My seller cancelled the contract

[cutakenta]

How would or could I get in touch with the seller. It seems that the seller could not come up with the money to pay the contract and now the agent (title company) still has my money. I don't want to find another contract, wait for ROFR and them wait another 6 weeks.

Maybe if I could contact the seller I might be able to help this out.

 

[RobDoc]

Something sounds a little strange. The seller would be paying off any money owed with the proceeds of the sale - they would not need to come up with anything in advance. The settlement would all be managed, by the closing company, when the contract is closed. Your only access to the seller would be thru the resale broker in this case.

Most likely your funds are being held in an escrow account by your broker and will be completely refunded to you. In addition, you may have some recourse against the seller for his failure.

I'd contact the broker and see what your options may be at this point. The seller may still need to pay a commission to the broker who already found a buyer and got an accepted offer and you may also have some recourse against the seller for his failure.


Good luck!

 

[lisah0711]

That's a bummer! And one of the reasons why I buy from Disney. You'll have your points in a matter of hours and depending on where you buy and your use year, maybe even two years worth of points.

Here's some for you that all works out for you.

 

[tjkraz]

Something sounds a little strange. The seller would be paying off any money owed with the proceeds of the sale - they would not need to come up with anything in advance. The settlement would all be managed, by the closing company, when the contract is closed. Your only access to the seller would be thru the resale broker in this case.

Perhaps the seller would have ended in a negative position after the sale.

Between reseller commission, lower prices on resales and the amount of the monthly payments that go toward principle, I bet it takes a good 3 years before someone can sell and simply break even.

 

[RobDoc]

Perhaps the seller would have ended in a negative position after the sale.

Between reseller commission, lower prices on resales and the amount of the monthly payments that go toward principle, I bet it takes a good 3 years before someone can sell and simply break even.

I'd hope someone would have recognized that prior to accepting the offer - but it's still not a defendable reason to renege on the sale and could still have legal ramifications should the buyer want to protest.

I agree, that there are likely many DVC members who are upside down for awhile after purchase.

 

[Deb & Bill]

I was just the opposite. I had two buyers back out of the same contract I was selling. The agent I was using for the sale said she had never had this happen before. I did get half their deposit on each of the two non-sales.

The bad thing for your seller, they are still obligated to pay the commission to the selling agent since a buyer was found and a contract signed.

 

[manning]

Usually if a contract was signed and you met all the conditions and the seller reneged you could sue to force performance. IE the seller must complete the sale. If it is important to you inform your broker you want the sale completed.

 

[CarolMN]

Usually if a contract was signed and you met all the conditions and the seller reneged you could sue to force performance. IE the seller must complete the sale. If it is important to you inform your broker you want the sale completed.

In which state would you bring the suit? Buyer's? Seller's? Florida?

While it may be true that the "wronged" party could sue to require performance, it will probably cost more in time and money than it's worth. Even if you win, it isn't free to enforce a court order.

I'm sure that is why nearly all just let it go and try again.

I am not a lawyer of any kind.

 

[calypso*a*go-go]

I wouldn't contact the seller...just look for another resale. There are tons of contracts available right now and it appears ROFR is moving pretty quick these days. Maybe they can just transfer the money you've already paid to another offer.

 

[mydogdrew]

What is the typical deposit held in escrow?

 

[dianeschlicht]

I would think they MUST sell to you, since you have a legitimate offer that has passed ROFR and they (resale agent) have your deposit. I'm guessing they decided to sell before they had the loan paid off, and now they find they owe more than the sale got them. It's exactly why I always feel you should pay for things like DVC up front, without a loan.

Isn't it interesting that when a buyer backs out of a sale, the seller gets part of the deposit anyway, but if the seller renigs, there is nothing for the buyer except lost time and effort!

 

[Laurabearz]

(((Hugs)))

I would contact your broker for more details and then check out all the resales that have been listed in the past month. You might end up with an even better contract.

 

[cutakenta]

The contract was great!!!! All of 07 all of 08 and 09 coming in 5 months. I am sure the commission was the problem. If I could contact the seller I could {maybe} offer to pay a little more. This was the best deal I have seen in 4 months of looking.

 

[spiceycat]

The contract was great!!!! All of 07 all of 08 and 09 coming in 5 months. I am sure the commission was the problem. If I could contact the seller I could {maybe} offer to pay a little more. This was the best deal I have seen in 4 months of looking.

sound like March is the use year.

unless 07 points were banked to 08 - they are gone.

you would need to use 08 (which might include 07) points by March 31, 2009 - not alot of time.

it is too late to bank March points - (you have to bank 6 months before hand)

 

[Deb & Bill]

What is the typical deposit held in escrow?

Usually 10%.

 

[Laurabearz]

The contract was great!!!! All of 07 all of 08 and 09 coming in 5 months. I am sure the commission was the problem. If I could contact the seller I could {maybe} offer to pay a little more. This was the best deal I have seen in 4 months of looking.

You can ask your realtor to contact the sellers for you. I am sure they would do that on your behalf.

 

[Dean]

I would think they MUST sell to you, since you have a legitimate offer that has passed ROFR and they (resale agent) have your deposit. I'm guessing they decided to sell before they had the loan paid off, and now they find they owe more than the sale got them. It's exactly why I always feel you should pay for things like DVC up front, without a loan.

Isn't it interesting that when a buyer backs out of a sale, the seller gets part of the deposit anyway, but if the seller renigs, there is nothing for the buyer except lost time and effort!

Technically and legally you could likely force the sale but it's not practical to do so.

 

[dianeschlicht]

Technically and legally you could likely force the sale but it's not practical to do so.

Oh, I totally agree with that, Dean, but I still think it's interesting that the buyer has so few options.

 

[Dean]

Oh, I totally agree with that, Dean, but I still think it's interesting that the buyer has so few options.

Something the buyer should know going in. As well as the risk that the closing company could take the money and run and you end up not getting the contract but being out the cost of it, it has happened before with timeshares.

 

[Deb & Bill]

Something the buyer should know going in. As well as the risk that the closing company could take the money and run and you end up not getting the contract but being out the cost of it, it has happened before with timeshares.

Wow, Dean, I never heard about unscrupulous closing companies like that. Just how common is that?