Problem with resale company?

GOOFY D

DIS Veteran
Joined
Aug 22, 1999
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1,077
I am curious as to whether anyone has had problems with the resale company coming back for a higher price after they already informed you that the seller had accepted your offer and took all of your information to begin putting together the contract.

I am frustrated that we were told the seller accepted and the company took all info and did the comfirmation with Disney regarding the points on the contract. The agent did tell me that he/she thought my offer was a few dollars per point lower than what he/she considered to be a "safe number." Later I was informed that the seller must have misunderstood the offer and wanted $XX per point instead (which coincidentally was the exact price per point that the agent gave me as the "safe number").

Has anyone else had this experience?
 
Ouch!! I haven't had that happen but I know that it has happened to a few people here. So sorry. Did you call the deal off and move on?
 
I have had a buyer back out after a few days when they decided they didn't want to pay the price they verbally agreed to and almost thought I might have a seller do the same last year because he accepted my offer for one of his contracts and then got a higher offer on the 2nd contract he was selling and I figured he was going to come back and cancel out our deal, but he didn't.

Unfortunately, until those contracts are written up and signed, everyone can back out--even though, buyers and sellers have like 10 days from signing to back out but it is disappointing to think you have a deal and then it falls through.
 
I am curious as to whether anyone has had problems with the resale company coming back for a higher price after they already informed you that the seller had accepted your offer and took all of your information to begin putting together the contract.

I am frustrated that we were told the seller accepted and the company took all info and did the comfirmation with Disney regarding the points on the contract. The agent did tell me that he/she thought my offer was a few dollars per point lower than what he/she considered to be a "safe number." Later I was informed that the seller must have misunderstood the offer and wanted $XX per point instead (which coincidentally was the exact price per point that the agent gave me as the "safe number").

Has anyone else had this experience?
Yes, it happens, but that's a seller I would not do business with...period. I'd walk.
 

I would walk away too.

It shouldn't be this complicated this early in the deal. Just imagine how wishy washy they may be with returning contracts, getting their info in on time, etc.

It could be they didn't really know the entire pay off of the loan they owed Disney and after finding out wanted to get more per point from you. Either way there are tons of contracts out there, and other brokers too.
 
I would walk away too.

It shouldn't be this complicated this early in the deal. Just imagine how wishy washy they may be with returning contracts, getting their info in on time, etc.

It could be they didn't really know the entire pay off of the loan they owed Disney and after finding out wanted to get more per point from you. Either way there are tons of contracts out there, and other brokers too.

Exactly what I told the broker.
 
I am curious as to whether anyone has had problems with the resale company coming back for a higher price after they already informed you that the seller had accepted your offer and took all of your information to begin putting together the contract.

I am frustrated that we were told the seller accepted and the company took all info and did the comfirmation with Disney regarding the points on the contract. The agent did tell me that he/she thought my offer was a few dollars per point lower than what he/she considered to be a "safe number." Later I was informed that the seller must have misunderstood the offer and wanted $XX per point instead (which coincidentally was the exact price per point that the agent gave me as the "safe number").

Has anyone else had this experience?

I've had this happen numerous times. I've even had it happen after the contract was signed and the deposit taken. Sellers are always changing their minds and there is basically nothing you can do about it.
 
/
It's a bad seller. The Broker has a legal responsibility to pass the info on to you.

:earsboy: Bill
 
Obviously I'm not familiar with the details of your particular deal, but I would like to offer a suggestion about what may have happened. The real estate brokers we are dealing with when buying DVC timeshares do not represent the buyer or the seller, they represent the transaction. This basically means that they have certain fiduciary responsibilities that they need to adhere to when brokering a transaction. One of those responsibilities is an obligation to present all offers. What I'm guessing might have happened in your situation is that in between the time you and the seller agreed upon a price, another offer came in for a higher amount. Given the fact that the broker was probably already working on your contract, they probably allowed you to match that price. Again, I'm not sure that's what happened in your case, but it is a plausible explanation.

Regardless, you need to decide if it is more important for you to take a stand and end up without the contract, or pay a little extra to get what you want. Either way, it's frustrating and I'm sorry that it happened to you. :)
 
I've had this happen numerous times. I've even had it happen after the contract was signed and the deposit taken. Sellers are always changing their minds and there is basically nothing you can do about it.

...or this. :)
 
Obviously I'm not familiar with the details of your particular deal, but I would like to offer a suggestion about what may have happened. The real estate brokers we are dealing with when buying DVC timeshares do not represent the buyer or the seller, they represent the transaction. This basically means that they have certain fiduciary responsibilities that they need to adhere to when brokering a transaction. One of those responsibilities is an obligation to present all offers. What I'm guessing might have happened in your situation is that in between the time you and the seller agreed upon a price, another offer came in for a higher amount. Given the fact that the broker was probably already working on your contract, they probably allowed you to match that price. Again, I'm not sure that's what happened in your case, but it is a plausible explanation.

Regardless, you need to decide if it is more important for you to take a stand and end up without the contract, or pay a little extra to get what you want. Either way, it's frustrating and I'm sorry that it happened to you. :)

That may be a plausible explanation in some cases, but that was not the case here. I was told they "misunderstood" the offer. The explanation sounded more like a disagreement between spouses (speculation on my part based on info shared) and therefore a change of mind.
 
I am curious as to whether anyone has had problems with the resale company coming back for a higher price after they already informed you that the seller had accepted your offer and took all of your information to begin putting together the contract.

I am frustrated that we were told the seller accepted and the company took all info and did the comfirmation with Disney regarding the points on the contract. The agent did tell me that he/she thought my offer was a few dollars per point lower than what he/she considered to be a "safe number." Later I was informed that the seller must have misunderstood the offer and wanted $XX per point instead (which coincidentally was the exact price per point that the agent gave me as the "safe number").

Has anyone else had this experience?
It does happen but also makes you wonder if the company suggested it as they get more commission at a higher price.
 
It does happen but also makes you wonder if the company suggested it as they get more commission at a higher price.

I seriously doubt that any broker would risk losing a sale by encouraging the seller to change their mind after they have a deal. There just is not enough money in it to make it worth while.
 
I seriously doubt that any broker would risk losing a sale by encouraging the seller to change their mind after they have a deal. There just is not enough money in it to make it worth while.
Given that most buyers are going to buy once that get to that level, I don't think there's much risk to the broker, whether it happened in this case we'll likely never know. From my point of view, even the fact that the broker is willing to come back to the buyer with a new offer, rather than telling the seller that they made a commitment, is a problem and tantamount to the same thing anyway Regardless, if a broker continues to work with an unscrupulous seller (such as you yourself have described), I believe they assume some of the blame as well.
 
Given that most buyers are going to buy once that get to that level, I don't think there's much risk to the broker, whether it happened in this case we'll likely never know. From my point of view, even the fact that the broker is willing to come back to the buyer with a new offer, rather than telling the seller that they made a commitment, is a problem and tantamount to the same thing anyway Regardless, if a broker continues to work with an unscrupulous seller (such as you yourself have described), I believe they assume some of the blame as well.
Yeah, I would question the Broker too at this point. I would never use that Broker again and I would let them know this.
 
If a seller changes their mind, what is the broker supposed to do? Just pretend everything is fine and have everything blow up at closing?

I'm pretty sure the broker has a legal obligation to submit anything a seller or buyer proposes to the other party. I don't think they can pick and choose which information they transmit.

I would not criticize the broker without evidence of misconduct -- and if you get that, you owe it to all of us to report the broker to the Florida Department of Business and Professional Regulation.

That said, when this happened to me years ago, my broker told me flat out they would NOT pay the increased amount (and of course, I didn't).

In addition, that broker (The Timeshare Store) refused to relist the contract because they did not feel the seller was acting in good faith. To me, that's ethical, professional conduct on the part of the broker.
 
Given that most buyers are going to buy once that get to that level, I don't think there's much risk to the broker, whether it happened in this case we'll likely never know. From my point of view, even the fact that the broker is willing to come back to the buyer with a new offer, rather than telling the seller that they made a commitment, is a problem and tantamount to the same thing anyway Regardless, if a broker continues to work with an unscrupulous seller (such as you yourself have described), I believe they assume some of the blame as well.

I see what you are saying, and believe me, I'm not here to defend sellers who make a deal and then go back asking for more money. But I don't see how this is any different than a seller backing out during the 10 day cooling off period. I think where we differ is our opinion of what point we think the binding commitment has been made. From your comment above, it seems that you feel that it is upon the verbal acceptance of an offer. But legally speaking, sellers have much more time past this point to change their mind.

As for the broker, personally I would cut them some slack. Their job is to make sure the deal happens and the seller is putting them in a difficult position. If the seller wants more money, they've got to go ask the buyer for more money. Would you suggest that they instead tell their client to sell their contract with a different broker? As noble as that sounds, I just don't think it's practical.

Your notion of a seller honoring their commitment is a pleasant one, but it conflicts with the law in this case. My experience says that people are often going to do what they can get away with, and not always what is morally just.
 
If a seller changes their mind, what is the broker supposed to do? Just pretend everything is fine and have everything blow up at closing?

I'm pretty sure the broker has a legal obligation to submit anything a seller or buyer proposes to the other party. I don't think they can pick and choose which information they transmit.

I would not criticize the broker without evidence of misconduct -- and if you get that, you owe it to all of us to report the broker to the Florida Department of Business and Professional Regulation.

That said, when this happened to me years ago, my broker told me flat out they would NOT pay the increased amount (and of course, I didn't).

In addition, that broker (The Timeshare Store) refused to relist the contract because they did not feel the seller was acting in good faith. To me, that's ethical, professional conduct on the part of the broker.

That's very interesting. I wonder how one would go about determining whether or not someone was not acting in good faith as opposed to simply changing their minds?

For example, I had a deal on a BLT contract for $79 a point. When my broker went back to the seller to ask him to bank the 2011 points, he said that he would but he wanted $80 per point. Is that acting in bad faith or just realizing that the 79 number was unappealing and that somehow he could feel better about 80?
 
That's very interesting. I wonder how one would go about determining whether or not someone was not acting in good faith as opposed to simply changing their minds?
Well, for starters, our offer was at their asking price. They agreed, we sent a deposit, the contract went to, and passed, ROFR, and then the broker couldn't get them to sign the closing documents

There were a lot of other issues I won't go into, but the Argentinian gentleman selling the contract was clearly not dealing in good faith with the broker...or anyone else, for that matter.

It all worked out fine for us. Within a week, we had a great contract for a little less and he was busy answering his wife's question, "WHAT Disney Vacation Club timeshare???" :rolleyes1
 
If a seller changes their mind, what is the broker supposed to do? Just pretend everything is fine and have everything blow up at closing?

I'm pretty sure the broker has a legal obligation to submit anything a seller or buyer proposes to the other party. I don't think they can pick and choose which information they transmit.

I would not criticize the broker without evidence of misconduct -- and if you get that, you owe it to all of us to report the broker to the Florida Department of Business and Professional Regulation.

That said, when this happened to me years ago, my broker told me flat out they would NOT pay the increased amount (and of course, I didn't).

In addition, that broker (The Timeshare Store) refused to relist the contract because they did not feel the seller was acting in good faith. To me, that's ethical, professional conduct on the part of the broker.
You don't need evidence of misconduct by the Broker or have to accuse them of anything. If you as a individual feel the Broker wasn't dealing with you in the manner you believe he or she should, you have the right not to deal with them anymore.
 















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