Purchasing resale with a delayed closing....what am I missing?

[PirateBrigade]

WOW!! I just checked the 2 listings that popped up yesterday and one of them is already "sale pending"!

Yikes!

Someone was more daring than me!

View attachment 589460

I wonder if the offer requested no delay in closing? I would have maybe submitted a bid (or even higher than list, depending) asking for that. I'm sure every broker would present that offer to the seller, since that means also getting paid sooner.

 

[Avery&Todd]

I wonder if the offer requested no delay in closing? I would have maybe submitted a bid (or even higher than list, depending) asking for that. I'm sure every broker would present that offer to the seller, since that means also getting paid sooner.

so lets pretend that they DID do that - and they requested and earlier closing - that could only happen if they either (1.) cancelled any scheduled trips between now and when the new buyer wanted to close, or (2.) the seller cancelled their trip outright?

I guess I'm verifying that you can't sell a contract, close on it, and take a trip using points from that contract after you close?

 

[Avery&Todd]

I wonder if the offer requested no delay in closing? I would have maybe submitted a bid (or even higher than list, depending) asking for that. I'm sure every broker would present that offer to the seller, since that means also getting paid sooner.

AND for the contract to be listed as "pending" means an offer is on the table or an offer has been accepted??

 

[PirateBrigade]

so lets pretend that they DID do that - and they requested and earlier closing - that could only happen if they either (1.) cancelled any scheduled trips between now and when the new buyer wanted to close, or (2.) the seller cancelled their trip outright?

I guess I'm verifying that you can't sell a contract, close on it, and take a trip using points from that contract after you close?

Correct -- you will essentially be buying out the sellers and compensating them for the trip they wanted to take.

Everything is for sale in this world/everyone has a price! lol

AND for the contract to be listed as "pending" means an offer is on the table or an offer has been accepted??

I'm not sure, that's up to the broker. I would imagine they would want any/all offers up until the seller gives a verbal thumbs-up.

Given that it was so quick... I think someone came to play the 9 month game, but it's really hard to follow these listings once they go into the ether of ROFR/estoppel/funding/closing....unless you're really spending a lot of time looking at closing documents on a daily basis and can link one back to this listing.

 

[Avery&Todd]

Correct -- you will essentially be buying out the sellers and compensating them for the trip they wanted to take.

Everything is for sale in this world/everyone has a price! lol

Lord, that's some power to get someone to cancel their Disney vacation!

 

[PirateBrigade]

Lord, that's some power to get someone to cancel their Disney vacation!

Hahah if you paid me enough, I'd do it... and roll that money right back into a Disney vacation

 

[RoseGold]

It's not like you can't book any number of Orlando hotels in 9 months. The issue is if the points were rented.

 

[vdangelo239]

My first contract ever was at Poly and we bought it back in March 2020. The seller couldn’t close until November 2020. Hated waiting but we only paid $127 per pt so to me it was worth the risk for our dream DVC set up. It’s all situational in my opinion

 

[PirateBrigade]

Question for the room: would a delayed closing requirement from the seller theoretically reduce the likelihood of DVC exercising ROFR?

It's somewhat irrelevant for the seller (they'll get paid how they want/when they want), but I just can't imagine DVC wanting to be tied up like that.

 

[disneyforsix]

It's not like you can't book any number of Orlando hotels in 9 months. The issue is if the points were rented.

That is what I was thinking as well. If they rented the points to pay their MFs, they may not have a choice but to wait until the trip is completed.

 

[PirateBrigade]

That is what I was thinking as well. If they rented the points to pay their MFs, they may not have a choice but to wait until the trip is completed.

Ah forgot about this complication, yes cancelling the other party would be bad form.

But, as an owners, treat them like a tenant if you're selling the house? Offer a cash bonus to make it mutually beneficial? Again, everyone has their price.

 

[Stargazer65]

Some crazy long delays on closing. One for 10 months from the posting date, and it's a loaded contract?!