Passed ROFR 3/14, still waiting for closing docs

I sold 2 contracts and purchased 3. The ROFR waivers all came within 7 days of each other. Same title company handling all 5. The first two contracts said we'd get closing paper work within 2-3 weeks, while the 3 contracts that passed last Sunday said 3-4 weeks. I wonder if the delay has anything to do with Disney taking longer to get the estoppels back to the title companies? :confused3
 
Hello everyone,

I received the happy news that we passed ROFR on 3/14. I was told it would be 1-2 weeks for disney estoppel and to receive our closing docs, and it is now 17 days later. I have tried to contact my broker twice to inquire about our closing docs, but I have yet to get a reply. This is worse than ROFR :happytv:

Thanks for letting me vent,
K

Any updates on this? We passed ROFR 3/21 and are now 2 weeks with no word. I reached out to our broker 3 times last week and got no response. I am planning on calling today pretty much until I get a satisfactory answer.

I hope you've received the closing docs by now?
 
I agree with ORD2KOA. Just bug them.
We passed ROFR on 2/28, received closing docs on 3/15, and closed on 3/29. Probably could have closed a couple of days earlier had my husband and I been more on the ball about knowing how long it would take to get money out of money market and wired to closing agent.
We hope we are in the system today........weren't as of Friday. Hoping to make a reservation by Wednesday......
 

Selling a contract. Passed ROFR on 3/14. Received closing documents via e-mail on 3/29.
 
I guess I'm going to have to call and nag, too. I passed ROFR on 3/14, received the closing documents on 3/30, and closing isn't scheduled until 4/28. Six weeks seems a bit ridiculous to close once ROFR has been received, especially knowing that it could be several weeks past that before my points are loaded into the system. I closed on my house earlier than this!
 
I was just told by Fidelity I'd be receiving my closing docs this week. I was told as soon as everything is returned by us and the sellers, we'd be closed. Obviously this isn't the case; I'm a bit confused. Does the closing date get set after the closing docs are returned? The conversation was a bit confusing, unfortunately I was in the middle of something and didn't ask the right questions...I was told the closing company is extremely busy. I have been calling b/c my wife is traveling outside the US after this week and we really want to get her signature on anything it needs to be one before she leaves.

If we are getting closing docs this week does anybody know how that works with regards to close date? From reading this thread it appears the closing date won't be "revealed" until I get the closing docs, is that right?
 
Our closing date was supposed to be on or before 4/6 and we closed on 3/29. Our seller actually had his docs back within a day of receiving them. It took us a bit longer, but we still closed before our due date. I had asked if we would close as soon as they received our money, and were told that the money had to go into their escrow account and receive the final updates from DVC......whatever that means.
Just checked today, and our info has been loaded into DVC but no points yet. I will check again tomorrow. Still pretty impressed though.........it was only 6 days after closing.
 
OP here - still now word, and I have tried contacting a couple of people. i am starting to get mildly concerned since this has been since 3/14, yesterday was 3 weeks waiting for closing docs.
 
OP - Who is the broker and title company? Have you talked to either one of them live?
 
Fidelity continues to drop the ball. Granted, a couple of the issues were not directly Fidelity's fault or issue - but recovery hasn't been great either.
 
I guess I'm going to have to call and nag, too. I passed ROFR on 3/14, received the closing documents on 3/30, and closing isn't scheduled until 4/28. Six weeks seems a bit ridiculous to close once ROFR has been received, especially knowing that it could be several weeks past that before my points are loaded into the system. I closed on my house earlier than this!

That's the crazy part, isn't it? And it isn't like they're doing this free of charge, out of the goodness of their hearts. I feel a lot better about fees when I see evidence that they're hustling to get the work done.
 
OP here - still now word, and I have tried contacting a couple of people. i am starting to get mildly concerned since this has been since 3/14, yesterday was 3 weeks waiting for closing docs.

If you were the only one then that would be the time to worry, but you are not. I still have not gotten paperwork on the 3/14 contract that I sold. Actually there were other contracts sold and I have yet to receive paperwork for any of them from the title company.

This was a huge blip in resale activity for DVC, brokers and title companies.
 
I finally spoke to Fidelity yesterday after repeated messages, calls, emails. I stressed that I had to receive the docs this week, we closed 3/21. My wife is leaving the country next week and won't be available to sign. I was told they were completely swamped, and they would have to "call in a favor" to get my docs to me this week. However, when I was notified on 3/21 that I was out of ROFR, I was told I'd be getting an update in 1-2 weeks (would have been yesterday at the latest) on the estoppels and the closing docs would be issued right after. So what was explained to me as the normal process 16 days ago is now "calling in a favor". I also asked yesterday what was the next step after the closing docs and was told as soon as we and the seller return them and our check is received we are closed and it will be sent to Disney. However, I know we need a closing date. I tried to call back yesterday, and sent a follow up email for clarification, but got no word. Rachel stressed on the phone that they are super busy, and the title company is super busy as well.

I hate to be rude, but I think this is clearly a scenario where these people are not equipped to handle this workload. I can appreciate that, perhaps there is simply more work than people can get to. But, the incapacity to even deal with multiple correspondences is inexcusable. In a few days I am going to be asked to write an $18,000 check. It should not take 5-6 attempts before I hear something, every phone call shouldn't be dumped into voicemail.

Bottom line is, this will cost fidelity business in the future. I would think somebody would care about that.
 
OP again, the broker got back to me! They told me that the title company is behind and that I should contact them with my concerns.
 
I just called Fidelity as i hadnt heard on the rofr decison submitted 3/17. i knew from the boards a lot in that time frame had gone through. they did answer my call and looked in the pile and low and behold, my approval was there.

they told me that normally closing docs would be received within 14 days, but that they are behind and it may be 3 weeks.

i agree with others. Fidelity is just not equipped / staffed to handle the workload from the 3/20 announcement. they have always returned my calls, emails, but everything has been super generic. if i wanted a specific / direct response, i had to push.
 
OP,
In the same boat as you. Passed on 3/14, was told 1-2 weeks for closing docs... still nothing. I guess if you're not in a hurry to use the points, then why rush to write that check.... :rotfl2:

Does anybody know, if we don't receive or close the deal by the date originally written on the initial paper work what happens?
 
Cleared 3/14, told 2-3 weeks. Still nothing, was told last night nothing likely to come soon:rolleyes1

Actually, really don't mind, not getting points until 12/11, and I know others will be trying to use 2009 points, so it's cool. Just wish they would've have been upfront. I don't think TSS people are having this issue.
 
So I guess if the original sale documents say closing will be within 60 days of original signed document, that means nothing???? I am torn as to what to do. We are buying a contract that has 2009 points and 2010 point. The 2010 would need to be banked by 5/31 and we are still up in the air if we are going to be able to make a ressie with 2009, 2010 points for this summer otherwise we need to bank them which I am very concerned that I will not have the points in my account until after the banking deadline even though we started this process on 3/4!!!! frustrating
 

















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