Need Advice - Purchase Pending

[NickBCV]

Hi all, We are owners of DVC at BCV April use year. We are taking a trip in April 2018 and used our 2018 points and some of our 2019 points.

We also have a "closing pending" loaded contract through resale for VGF that we will be using for a trip in November 2018 (already passed ROFR). The problem is that we don't expect to close and get our points until late January 2018. We would still be in our 11 month window for booking VGF and likely would book a 1 bedroom but I am not sure how quickly those rooms get booked for an early November trip.

Am I better off using the 11 month booking at BCV for a studio tomorrow and borrow the points from 2019 or wait the extra month or two and use the VGF points we are getting in the purchase contract for what we really want as a 1 BDRM at VGF. If we use the 2019 borrowed BCV points to book a studio at BCV we would then rent our points coming for the Grand Floridian contract as we would not be able to bank 100 of the points to 2019 since it was already banked.

Wait it out or book tomorrow?

#DVCPointProblems

 

[skippytx]

If you've already passed ROFR why do you think you won't get your points until Late Jan 2019? It was 2 weeks for us from ROFR being waived, and the Deed being recorded.

I would probably wait it out, but thats me. I don't think you'll have a problem getting the 1bd at VGF in the 11 month window, unless you're looking for thanksgiving week.

 

[NickBCV]

If you've already passed ROFR why do you think you won't get your points until Late Jan 2019? It was 2 weeks for us from ROFR being waived, and the Deed being recorded.

I would probably wait it out, but thats me. I don't think you'll have a problem getting the 1bd at VGF in the 11 month window, unless you're looking for thanksgiving week.

I hope you are right...I have seen some posts here lately about folks waiting 1 month or more after ROFR to get closing documents. It has already been 9 days since we passed ROFR and still no closing docs. The late January estimate was from the broker. Another concern is the sellers took a lot of time (one week after we agreed on a price) to sign the initial offer and only after I sent the broker an email threatening to withdraw my offer, so I get the feeling they are not all that motivated.

I have had a lot of luck booking a 1 BDRM at the 7 month mark for VGF in April but wasn't sure if early November was different from a demand standpoint.

We will probably wait until we get our points and hope for the best.

 

[iheartglaciers]

I hope you are right...I have seen some posts here lately about folks waiting 1 month or more after ROFR to get closing documents. It has already been 9 days since we passed ROFR and still no closing docs. The late January estimate was from the broker. Another concern is the sellers took a lot of time (one week after we agreed on a price) to sign the initial offer and only after I sent the broker an email threatening to withdraw my offer, so I get the feeling they are not all that motivated.

I have had a lot of luck booking a 1 BDRM at the 7 month mark for VGF in April but wasn't sure if early November was different from a demand standpoint.

We will probably wait until we get our points and hope for the best.

It seems really variable on when contracts close. I've been obsessively looking at everyone's timeline because I'm waiting on ROFR (tomorrow will be two weeks!) on a contract I want to use to book an October 2018 BWV trip. I got my BCV closing documents in exactly a week (that included Thanksgiving!), while others are waiting nearly a month. And then of course some sellers are much quicker to sign closing docs than others. Which title company are you using?

 

[NickBCV]

It seems really variable on when contracts close. I've been obsessively looking at everyone's timeline because I'm waiting on ROFR (tomorrow will be two weeks!) on a contract I want to use to book an October 2018 BWV trip. I got my BCV closing documents in exactly a week (that included Thanksgiving!), while others are waiting nearly a month. And then of course some sellers are much quicker to sign closing docs than others. Which title company are you using?

Completely agree....it can be frustrating. We are using Magic Vacation Title. I didn't want to be a pest and harass them to see when we will get closing docs but I also hate waiting especially since we have a need to use the points for a booking now.

 

[skippytx]

That's rough. We used *** as well and it went really quick. Seller was very responsive, I think that has more to do with it than anything. Title folk sometimes get paid per file, it's in their interest to close them as fast as possible.

My purchase moved quick. Offer accepted July 8th, ROFR waived July 31, Closing docs Aug 7th, Closed Aug 15th.

Hope it goes faster for you

 

[minorthr]

Do you mean you will close in Jan of 2018 and want to book a nov 2018 trip? Jan 2019 is a year away it definitely shouldn't take that long to close.

Unless your trying to book thanksgiving week I dont think you'll have an issue. The summer is wide open now for 1 bedrooms and thats a busy time so shouldn't be an issue.

 

[momtwoboys]

we are still waiting... we passedROFR Nov 10th

 

[MommaBerd]

we are still waiting... we passedROFR Nov 10th

YIKES!

 

[momtwoboys]

YIKES!

yep, trying to be patient but its not working out too well

 

[Debbie Jean]

That's rough. We used *** as well and it went really quick. Seller was very responsive, I think that has more to do with it than anything. Title folk sometimes get paid per file, it's in their interest to close them as fast as possible.

My purchase moved quick. Offer accepted July 8th, ROFR waived July 31, Closing docs Aug 7th, Closed Aug 15th.

Hope it goes faster for you

Yes and no.

I recently sold a contract and although I processed the paperwork as quickly as I could, there was a mistake in the notarized document that had to be redone. Took a week for the title company to inform me there was even an issue, then they had to FedEx the new paperwork, I had to get it re-notarized, etc.

My point is problems can arise no matter how cooperative your seller is. No idea what the title company told the buyer but I'm sure they would throw me under the bus before they would admit they sat on the documents for a week before they realized they needed to be redone. To make matters worse it was a Boardwalk contract and I'm sure the buyers were hoping to get in on the 11 month window for Food and Wine. Depending on when they needed to book, they may have missed it.

So even with sellers who have all the good will in the world there can be delays. It's a complicated process involving people and transactions in several states. Lots of things can and do happen.

As to OP, hopefully even with the holidays coming up this month which could be your biggest challenge, your points will be available sooner rather than later. Especially with a 1 bedroom, I think I would hold out and book VGF with your new points.

 

[Spartan86]

Skier Pete’s data suggests you should have no problem booking a 1 bedroom in your timeframe.
ETA - my error, I was looking at VGC. I don’t see data on the VGF 1 BR’s, but I think you will be fine based on what I read from owners there. Good luck with it. Nerve wracking process.

 

[NickBCV]

we are still waiting... we passedROFR Nov 10th

Ouch.....that hurts. I sent an email looking for an update to Magic Vacation Title yesterday and so far they have ignored me.

 

[NickBCV]

Skier Pete’s data suggests you should have no problem booking a 1 bedroom in your timeframe.
ETA - my error, I was looking at VGC. I don’t see data on the VGF 1 BR’s, but I think you will be fine based on what I read from owners there. Good luck with it. Nerve wracking process.

Thank you...all signs pointing to just waiting and seeing.....hopefully things will start to move and I will get to close soon. My other issue is the seller has banked 100 points from 2016to 2017 that will need to be used by March 31, 2018. I was hoping for a quick close so I have a better chance of renting these points before they expire as we cannot use them.

 

[sndral]

I closed on a VGF contract earlier this year - I switched part of our existing AKV reservation over to VGF for the first week of Dec. @ 8 months & I was able to get a 1 br. lake view, standard view had a day or 2 missing, so I went for lake view.
Have you visited this thread - it's got up to date info. from folks waiting to close/have access to their points, misery loving company and all
https://www.disboards.com/threads/closing-time.3392820/page-188#post-58541867

 

[momtwoboys]

Ouch.....that hurts. I sent an email looking for an update to Magic Vacation Title yesterday and so far they have ignored me.

ughhhhhhhhhhh

 

[NickBCV]

ughhhhhhhhhhh

I have officially become a stalker...sent a second email today reminding them that they ignored my email on Tuesday....and still no response. Not sure if this is good or bad for me but it does make me feel good when I hit the send button.

 

[NickBCV]

I have officially become a stalker...sent a second email today reminding them that they ignored my email on Tuesday....and still no response. Not sure if this is good or bad for me but it does make me feel good when I hit the send button.

Latest update from my broker as the title insurance co is not responding:

I apologize you have not received a response from the title company. Right now, the title company is stalled in sending any closing documents out because they have to wait for Disney to officially approve the 2018 dues to get an accurate amount for settlement as Disney requires them to be paid at closing. The DVC Condo Association is today when they usually approve them. *** should start emailing closing documents out again some time next week. They have contracts waived from November 10th to start, but they have pre-done a lot of contracts through end of November to send them out quickly once they get the approval.

 

[iheartglaciers]

Latest update from my broker as the title insurance co is not responding:

I apologize you have not received a response from the title company. Right now, the title company is stalled in sending any closing documents out because they have to wait for Disney to officially approve the 2018 dues to get an accurate amount for settlement as Disney requires them to be paid at closing. The DVC Condo Association is today when they usually approve them. *** should start emailing closing documents out again some time next week. They have contracts waived from November 10th to start, but they have pre-done a lot of contracts through end of November to send them out quickly once they get the approval.

I wonder how this works... I got closing docs last week for my BCV purchase where the seller is paying 2018 MF (because there were no points left in the UY), so what number did they use? The number wasn't on my closing docs, it only said the seller was responsible for paying them.

 

[momtwoboys]

I wonder how this works... I got closing docs last week for my BCV purchase where the seller is paying 2018 MF (because there were no points left in the UY), so what number did they use? The number wasn't on my closing docs, it only said the seller was responsible for paying them.

ask! This stuff is all so confusing!