OH NO problem AFTER resale closing - see update - it's ok

[cbjl]

update - I'm not sure if I'm updating this right - but wanted to be sure to post that things turned out ok - longer update is lower in the thread - thanks for the help & support (and patience while I learn how how things work here with posting)
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Ugh - I've made a couple of posts lately about our resale closing & how I was getting concerned that we still aren't in Disney's system.


Just found out that we have a BIG problem
The closing agent just told me that they released our funds in escrow to the seller, but Disney is not releasing the points to us b/c they (DVC) made a mortgage charge to the seller *after* giving the payoff amount to the closing agent, and the seller's account came back with insufficient funds.
So, now they are holding the points, but our money was released to the seller & we don't have anything but a mess right now.

The closing agent said that she spoke with the seller & that they thought it was straightened out with Disney yesterday & told me to call Disney again to check on it. But, I told her that I wanted her to call to straighten it out - it was the responsibility of the closing agent to be sure that the account was in good standing before releasing the funds, wasn't it?
I hope that I've explained this clearly - I am so upset right now. Hopefully it will get straightened out quickly without some sort of legal mess. I think I might call our resale agent office to tell them about what happened so that they can evaluate whether they want to use this closing agency again.

Has anyone been through something like this? Did it get resolved without too much of a mess???

 

[CarolMN]

Posting just to say that I hope everything works out for you quickly! And I think you are exactly right to insist that the closing agent do the work to fix it. If it isn't resolved quickly, absolutely call the resale agent and complain.

Best wishes -

 

[lllovell]

*hug* I am sure you will get it worked out and you are yelling at EXACTLY the right people!

*sending positive vibes your way* Hang in here hun

 

[brandip22]

I would let the resale agency know ASAP, though. A little pressure from them would probably make a huge difference in how the closing agency works with you.

 

[TLinden16]

Wow. Hope it goes all right for you.

Karen

 

[DebbieB]

My brother sold his house well over a year ago and just happened to find out that the deed was never filed with the county and they were looking for him to pay this year's taxes! He had to keep after the closing agent to finally get it settled.

 

[dianeschlicht]

I would be contacting the closing agent, and the resale agent ASAP! Sounds like the seller needed the money a bit too much!

 

[OneMoreTry]

But, I told her that I wanted her to call to straighten it out - it was the responsibility of the closing agent to be sure that the account was in good standing before releasing the funds, wasn't it?

I would think they are legally liable. For the money plus interest plus any costs you incur.

 

[cbjl]

Well - many many many phone calls later & I think we've got this resolved.

The seller has said that they called member accounting today with a credit card # to pay off the balance due. I have a list of names of everyone involved in the resolution - the closing agent said that I should wait until morning to verify with Disney so that their computers can get updated with the paid off info.

I am extremely disappointed in the closing agency, because they NEVER took responsibility for the problem & didn't let me know that there even was a problem until I called today. (They knew yesterday.) They couldn't seem to understand why I was concerned!

In my mind, a closing company has 1 responsibility - to hold funds until everything is in order & accounts/contracts are in good standing. They had disbursed all of the money before they found out that there was a problem (NSF) on the contract. Their excuse was that the NSF (insufficient funds) occured on the 15th, we closed on the 16th, so no one knew about the NSF until after closing and after the funds were disbursed. It seems to me that they should either not schedule closings close to an auto-withdrawl date if that could be an issue, or prepare something with Disney in advance (such as adding the payment to the balance due Disney & subtracting from seller proceeds). When I asked what would happen if the seller didn't pay Disney the amount due (since they had been paid, there was little/no incentive for them to do so), they said that it really wasn't their problem & that they did their job.

I'm also not too thrilled with the resale agent. When I called to explain that things appear to be resolved, their immediate response was "but you understand what happened here, it wasn't the closing agent's fault."

On the other hand, Disney was great. When I was working with member accounting to verify that everything I had been told was true (turns out that things didn't happen exactly the way I was told), they were great. Really helpful & understanding.

I gave another quick call to Disney this afternoon just to be SURE that someone did call today to settle things & just verified that the payment was made, although it won't reflect until the morning.

This whole process has been draining & frustrating, but it looks like everything has turned out just fine. Adding on direct through DVC sure looks like a much easier idea to me now...
Thanks for the support.

 

[CarolMN]

Thanks for letting us know how it turned out - and since everything now is looking A OK ----

CONGRATULATIONS AND WELCOME HOME!!!!!

 

[spiceycat]

Oh I am so sorry!

I would complaint to the BB where the closing agency is located. and any other places that the closing agency is licensed through.

 

[greenban]

I'm am so glad it worked out, and I agree with you this was the closing company's fault, and you should not have been the one to fix it!

That being said, if you hadn't taken the initiative, it would probably have gotten worse, and harder to fix up.

Finally! Welcome Home!

-Tony

 

[Doctor P]

Glad it worked out. Welcome home!

 

[TLinden16]

Glad that it has been settled!

Welcome home!

Karen

 

[WithDisneySpirit]

Welcome Home!!!!!!

Glad everything worked out okay

Lisa

 

[Laurabearz]

((((Hugs))))) Welcome home sorry the road home was a rough one!

 

[Tomskatt]

You took the long way Home, but WELCOME!!! Congratulations! Now start planning.... that' s sometimes the most fun part!

 

[disworldnum1]

Whatever happened to the customer is always right? The resale agent's answer was no better then the closing agent.I would'nt be impressed or do bussiness with them again anytime soon.They are also lucky that you did'nt mention them by name bcause I'm sure they would lose some bussiness over this incident. Congratulations and welcome home.It will be worth the hassle

 

[Cinderpals]

Why hasn't the closing company offered to refund part of the closing costs to you? They are an escrow company, aren't they? I'm in process of closing on a resale, and my papers say that they will not release funds to the sellers until everything is clear and up to date on their account.

I hope that you get your fee back at least for your trouble and lack of service that you've received!

 

[Alexander]

I am so glad that everything worked out! When we've had issues before, I always end the call by saying "my lawyer will be in touch with you". It's amazing how quickly the party in the wrong fixes things!