Problems with Closing

[deedeetoo]

We are trying to buy a 150 pt contract at WL. We passed ROFR on July 28. Timeshare Closing services sent all the closing documents out on August 17. We immediately sent back all our stuff with our check and have been anxiously awaiting closing (our 100% banking deadline is the end of Sept). Well the seller has not returned anything and seems to have disappeared. Timeshare Closing Services has left messages for her. The Timeshare Store has left messages for her. She is not responding.

We are so bummed. And worried. We sent a cashier's check to Florida and its been sitting there for almost 3 weeks.

Has anyone else had a sale fall through after sending the check? Did you have any trouble getting all your money back?

Is the seller allowed to just change her mind and walk away from the deal? We have a contract (I assume its TSS standard) but it doesn't seem to have any consequences for non-performance.

 

[spiceycat]

sorry you are going through this - and yes there have been some members who changed their minds - generally they live aboard.

they will need to pay the commisssion that is all.

but hopefully yours is just out of town for work or vacation....

hope you get it soon!!!

 

[deedeetoo]

Does anyone have any advise or reassurance? Please.

I had to work so hard to get my dh to agree to buy into DVC. Now he is saying this is it. If she doesn't get her paperwork back by Monday we are demanding our money back and we are not going to have anything to do with DVC again. He says that this is what happens when you buy through companies you find on the internet. He says that this process was pure torture. TSS is terrible at communication. Not being able to produce a seller after we sign a contract and send money is inexcusable. He has been going on and on since we got home from work. He is blaming me for losing the money we sent down there. He doesn't believe it will be easy to get it back.

Help.

 

[chorlick]

We hit a snag on our closing, it was on the seller's end. Things seemed to drag but it always looked as though we would make our original closing date. Once the snag was fixed, things zoomed and we ended up closing about a week early. Hang in there!

 

[DiznEeyore]

Does anyone have any advise or reassurance? Please.

I had to work so hard to get my dh to agree to buy into DVC. Now he is saying this is it. If she doesn't get her paperwork back by Monday we are demanding our money back and we are not going to have anything to do with DVC again. He says that this is what happens when you buy through companies you find on the internet. He says that this process was pure torture. TSS is terrible at communication. Not being able to produce a seller after we sign a contract and send money is inexcusable. He has been going on and on since we got home from work. He is blaming me for losing the money we sent down there. He doesn't believe it will be easy to get it back.

Help.

Wow! Tell hubby to relax. If your seller has changed their mind, you *will* get your money back! You haven't "lost" anything!

Many here, including us, have bought and sold contracts through The Timeshare Store. They are a reputable company.

And this problem you're having has nothing to do with DVC itself. Frankly, it sounds as if your dh is looking for a reason not to buy in (especially since you said you really had to convince him).

I hope things get resolved for you soon.

 

[drakethib]

Does anyone have any advise or reassurance? Please.

I had to work so hard to get my dh to agree to buy into DVC. Now he is saying this is it. If she doesn't get her paperwork back by Monday we are demanding our money back and we are not going to have anything to do with DVC again. He says that this is what happens when you buy through companies you find on the internet. He says that this process was pure torture. TSS is terrible at communication. Not being able to produce a seller after we sign a contract and send money is inexcusable. He has been going on and on since we got home from work. He is blaming me for losing the money we sent down there. He doesn't believe it will be easy to get it back.

Help.

I understand that you are stressing over this, but please know that TTS cannot make the seller sign the papers. I know the situation may be a bad one, but those guys are limited at what they can do.

Wishing good luck for you and don't give up.

 

[Anjelica]

Have you thought about just going directly through Disney? It may be an "easier" sell to your husband as I have never heard of Disney changing their mind and not selling. Going through Disney doesn't mean you have to only buy at SSR - they will let you purchase at "sold out" resorts.

Now you may have to be "waitlisted" to purchase a "sold out" out resort but we were literally waitlisted for 3 days. Additionally, I never found any communication or lack of response from Disney and from the time we told them we wanted to buy till the time we closed was less than a couple of weeks. It was VERY fast and easy for us going through Disney.

(We did not try and go through the timeshare store, like many others have, because I personally didn't want to have any guessing/waiting, etc. **I'm pretty impatient** - but that doesn't mean many others haven't had very good luck with them)

 

[deedeetoo]

We didn't buy from Disney for two reasons. First, it would cost about $2000 more. Second, we took the tour in July and weren't even given an opportunity to buy (this was the subject of another thread at the time). This was part of DH's ranting - Disney won't sell to us, the Timeshare Store won't sell to us - maybe we were never meant to own DVC.

Our scheduled closing date in our original agreement is next Monday Sept 11, (a bad omen says DH). We thought we would be way ahead of this because everything at the beginning of the process went so well. But now there is no seller and Timeshare Closing Services has our money. DH is saying we will probably take a lawyer and 6 months to get our money back. I am trying to find someone to tell me differently but noone has responded who has experience with this.

 

[marymrg]

edited for pressing the wrong button.............

 

[Buckalew11]

try not to worry. TSS won't keep your money. I feel sure that they are on the up and up.

I passed ROFR on May. I didn't close til August! We had problem after problem with our paperwork/sellers. Wrong lines signed buy wrong people, they went out of town, then when paperwork was sent to close, it was misplaced or something. It was just horrible and I was wondering if it was maybe not meant to be even though I had no buyer's remorse at all.

good luck. I think your DH is just panicking. Tell him to call the TSS and just talk with them. I am sure they will reassure him.

 

[cruiseletters]

The TTS is a reputable company. We have delt with them several times buying contracts. Sometimes as the buyer we are very anxious to have everything signed sealed and finished, perhaps more than the seller. One of our contracts I thought would never close and it seemed the seller just wasn't as motivated as we were to hurry things along. Eventually the seller got all the paper work signed and sent back and we completed the transaction. I do have to wonder if your husband really wants to belong to the DVC, or maybe he's just nervous about the money since this is a first time purchase. Good luck you'll be fine.

 

[DBBN]

I feel your pain. Something similar happened to us while working with The Timeshare Store. The seller simply decided to keep their DVC Points and not proceed with the sale after TTS produced a qualified buyer (me) and the deposit had been sent. There is very little recourse for non performance especially being that in our case the seller was from the UK. Is your seller from a foreign country? There have been several other reports on this board of foreign sellers backing out after deposits and sometimes full payment have been sent. If so, TTS may be a victim just like you...no sale no commission even though they held up their end of the agreement.

As others here have stated not you or anyone else can compel the seller to sign the documents. Rest assured though, Tom Yeary, the owner of The Timeshare Store, will not keep your money if they can't get the seller to proceed with the sale. They are alot more than an lnternet business. I've worked with TTS on 2 resales and look forward to working with them again without reservation.

I hope both you and your DH can regain your confidence in DVC and the TTS. This is such a sad way to get started in the DVC family, good luck.

 

[jekjones1558]

Have you asked TTS if your money is in an escrow until closing? Then there should be no problem getting it back. We haven't done an add-on for a couple of years and I can't remember where the money goes during the process.

 

[JimMIA]

You're going to just have to sweat out the closing, but you can forget worrying about your money -- both your deposit and the funds to close. They are an escrow account and will be fully refunded to you if the deal does not close.

As mentioned above, there have been a couple of deals that have fallen through over the years, but it's the rare exception. Usually when there are delays, that's all they are...delays. The person may be on vacation, or may have recently moved.

As a practical matter, there is nothing you can really do if the seller changes their mind, but you don't have to worry about losing any money.

 

[deedeetoo]

For those who have asked, my dh is not regretting the decision to buy DVC. He was looking forward to it as much as I was (once I convinced him). But, he is having serious regrets about buying resale. He is still going on and on about sending lots of money to a company in Florida that we don't know anything about other than what we have read on the internet. He said that maybe we should have given Disney another chance but now its too late - our money is gone.

And TTS doesn't have the money - Timeshare Closing Services has it. The first check (the deposit one) was a personal check made out to an escrow account and that has been cashed. The second check (the one for closing) was a cashier's check made out to Timeshare Closing Services. DH is convinced that the seller has decided not to go forward with the deal and he is very very worried about getting our money back.

Also, the seller is in California so there are no international concerns.

 

[JimMIA]

You really can rest easy in the knowledge that you are dealing with two reputable companies, and that you are protected by some of the most stringent real estate laws in the U.S.

Yes, your initial deposit check was cashed, but the money is in an individual escrow account and cannot be comingled with funds from other customers, or be used for any purpose other than your transaction. Given the length of the delay, the cashier's check has probably also been cashed and the funds deposited into escrow as well. Those accounts are routinely audited by state regulators, and all parties in the process are insured and bonded. Nobody is going to jail and losing their license for stealing your $20,000 or whatever the amount is.

The worst that may happen is the seller may back out and you may have to start over again.

If your deal doesn't go through, and you experience ANY difficulties getting your money back (which you won't), you should contact the Florida Department of Business and Professional Regulation and they will assist you.

 

[ducklite]

When we sold our BCV contract, we got a phone call with an offer that we accepted. We were told we'd be getting the closing package as soon as the buyers sent in the check and other documentation. ABout three weeks later we got a call from TSS asking why we hadn't sent the package back yet. Uh, because we never got it?

Fortunately we were in town and actually went right over to their offices and signed everything right there.

Bottom line, I'd have the TSS check with the sellers to be sure they ever got the package. I'm sure the people who bought from us were wondering if we hadn't changed our minds...

Anne

 

[T.E. Yeary]

Holy Cow!! I was on the boards yesterday, everything was running smooth and rolling along and then "POOF", my bubble just broke.

First let me assure everyone, I am on it!!! I'll find out what I can and report back. Please take a deep breath and hold on until then. We will do everything in our power to take care of everyone!

Sincerely,
Tom

 

[T.E. Yeary]

deedeetoo-

We do NOT know where the seller is! We and the title company have been trying to reach them for well over 2 weeks. They live in California and could be dead, in the hospital, out of the country, on an extended vacation, or anyone's guess????????

The one thing I want you and your husband to know is that your money is safe in an escrow account of the title company. After the closing date has passed, your money in full, will be returned to you, if that is your wish. If you want another package you will be first on the priority list. It's up to you. We have to wait until the closing date in case the seller suddenly sends in his paperwork. Needless to say, that would be what would make everyone happy.

Best wishes,
Tom

PS. If you have any other concerns, feel free to send me a PM.

 

[T.E. Yeary]

I just got word from the title company that your deal closed today at 11:56am.

Congratulations & Welcome Home!!!

We really do appreciate your doing business with us!!!

HAPPY "MAGICAL" VACATIONING,
Tom & Staff

PS. Remember to stop by and pick up your "GIFT BASKET" to use at the resort. You'll be glad you did!!