Need help understanding resale closing date

[CleoPahd]

I am purchasing SSR through resale and our contract states that the closing is to take place on or before August 18th. Well, this day has come and gone and nothing has happened. I contacted the title company to make sure the seller submitted their end of the paper work on time and to ask what's going on. The response I got was that "We are just waiting for the updates from Disney to close the seller’s account and then we will close the file." What exactly does that mean and how long should I expect this to take? What would be holding things up on Disney's end? I thought a closing date was a date pretty much set in stone on when things had to be done by...guess I was wrong.

 

[cvjw]

We just recently had the same thing happen to us. We were supposed to close on or before August 6th, but ended up closing August 11th. I know the waiting is awful! But once we closed, we had points from one contract available within 4 days, and the points from the other contract available within 7 days. We were able to call and get the reservations that we wanted with no trouble, and we were really worried about not getting them!

 

[CleoPahd]

Well, I feel better knowing we're not the only ones this has happened to. Thank you for responding to my post. Hopefully things will work out for us like they did for you.

 

[disneynutz]

My understanding is that the contract is written by the Broker. Maybe you should give them a call and ask them.

 

[Jason@dvcstore]

I am purchasing SSR through resale and our contract states that the closing is to take place on or before August 18th. Well, this day has come and gone and nothing has happened. I contacted the title company to make sure the seller submitted their end of the paper work on time and to ask what's going on. The response I got was that "We are just waiting for the updates from Disney to close the seller’s account and then we will close the file." What exactly does that mean and how long should I expect this to take? What would be holding things up on Disney's end? I thought a closing date was a date pretty much set in stone on when things had to be done by...guess I was wrong.

It sounds as if the closing company received all the necessary paperwork from buyer and seller but once they get that information they have to request final information from Disney. That typically takes anywhere from 1 hour to 48 hours to obtain and then they can close the file. Typically the closing company gets all the information from buyer and seller well before the closing date so your experience doesn't happen.

If you are dealing with The Timeshare Store, Inc.® please let us know as we had a bunch of closings today so hoping yours has closed.

Jason

 

[CleoPahd]

Thank you for all of your reassurances. I just received the email stating that we have closed. I am so relieved. This board is fabulous. You are all so helpful, it's wonderful.

 

[dis-happy]

Welcome Home!!!

 

[Jason@dvcstore]

Thank you for all of your reassurances. I just received the email stating that we have closed. I am so relieved. This board is fabulous. You are all so helpful, it's wonderful.

Congratulations and enjoy!!!!