Recent ReSale buyers: Resale Closing Timeline.

[Pennyguy23]

Can anyone tell me there Closing timelines. We pass ROFR on the 4th of this month and really would like to be in the system before the beginning of the year. I know its a long shot but it would be HUGE for us. Any help would be much appreciated. Thanks everyone
Steven

 

[kdzgon]

We have 2 contracts: 1 submitted 10/23, passed ROFR on 10/30, the other submitted 11/03, passed 11/09. Closing co. rec'd all docs on 11/20 and 11/21, respectively. Both closed on Dec 1; currently waiting for membership no. and points.

There was a flood of contracts around this time; perhaps yours will be quicker to close *if* there are less total contracts underway right now. Good luck - sending some pixie dust your way <imagine that cute little icon here, as I have no clue how to put it here!>

Laurie

 

[Pennyguy23]

Thanks,
I was told we are scheduled for Jan 19th. I think that is NUTS. I am calling the closing company tomorrow and letting them know that is way to long. It took two weeks to close on our house. Seems like everything should be done by the first of the year. Wouldn't you think?

 

[kdzgon]

Thanks,
I was told we are scheduled for Jan 19th. I think that is NUTS. I am calling the closing company tomorrow and letting them know that is way to long. It took two weeks to close on our house. Seems like everything should be done by the first of the year. Wouldn't you think?

Our "scheduled" closings were 12/08 and 12/28, yet each closed on 12/01. Also, our closings were delayed due to the Thanksgiving holiday (I estimate we lost nearly a week), so I wouldn't get overly concerned yet with your scheduled date. A lot will depend on when the closing company gets the docs back from Disney, and also on how quickly everyone (seller(s) and buyer(s)) return their docs. I don't think anyone gets paid until the closing is complete, so no one has an interest in delaying a closing for no reason. There can be complications (such as if a contract is already in foreclosure, etc), but that is not the norm.

 

[Pennyguy23]

Thanks kdzgon, I will still mention it in the morning. But you just gave me a little peace of mind for the night.

 

[jemiaule]

We put in to buy on July 25th and passed ROFR on 8/22.

The closing service did not get us our docs until September 16th, they recieved the signed docs & check back from us on September 19th.

The closing service did not submit the documents to Disney until October 25th.

Disney however was very quick and got us in their system within a week.

All told the entire process took just over 3 months.

I wish you tons of luck and hope the process goes quicker for you then it did for us.

 

[squitty]

We submitted 10/19. passed ROFR 10/25 closing doc's rec'd 11/27 closed 12/1 we are waiting for membership no and points too.

Good Luck everyone

 

[T.E. Yeary]

We know you want a quick closing. We do too, that's when we and the title company get paid. Some things are beyond our control. For instance, Disney works by THEIR schedule not ours. You have buyers & sellers to deal with using the mail. The holidays are upon us, another factor into the equation.

Horror stories from the same people over and over don't help to calm a newbie's nerves. Yes, human error sometimes happens, but we try to correct them, apologize and move on.

Your deal WILL get done, hopefully sooner than later. I'm sure the seller is just as anxious to get their money as you are to get their points.

Also know that your decision to buy a Resale has given you the power to help another individual, like yourself, not a big conglomerate. We hear many, many sad stories everyday from people who are facing a financial and/or a personal hardship. Most do not want to sell their treasure, but are forced to. You have been instrumental in lightening their load. That should make you feel a little better about the small price of the time it takes to get the job done.

Please, please, sit back, relax, enjoy the Holidays and know that 2007 will be your year to feast in the "magic" of Disney.

Best wishes,
Tom

 

[jemiaule]

Horror stories from the same people over and over don't help to calm a newbie's nerves. Yes, human error sometimes happens, but we try to correct them, apologize and move on.

You know, you could just address me directly considering I am the only one who posted anything that could be construed as negative. I am not telling "horror stories" and tried not to word my response as such.

People ask questions all the time about how long things take and should know that sometimes the process can be drawn out. Sorry if you do not like honesty.

I will say that my experience has not stopped me from using TSS and I am working with them now to sell some points.

 

[dis-happy]

I wouldn't take it so personally, I've posted a couple of negative things regarding my closing process. First, I want to state that it has nothing to do with Tom's company and my purchases through them, that was fine. But the closing company (a different entity) messed me up a couple of times (things like losing paperwork I had sent, putting the wrong account number on my paperwork, flat out lying to me once saying something had been sent to Disney when it had not) and that led to additional closing delays. No where near 3 months, mind you, but even though I always passed rofr within the first week, it still took several weeks before I was in the system. When you buy a resale contract they tell you it takes 6-8 weeks, so it's best to plan for the longer time and be happy if it's sooner. (I too have purchased and closed on houses in far less time!)

 

[Liisa]

It is sooo hard to predict timing of closing. On our contract, the ROFR came through quickly, 10 days later, the closing agency had their papers from Disney, I got closing docs on 11/17 and then I waited and waited and waited... Had absolutely nothing to do with the closing agency or the timeshare resell company - the seller simply took their time getting docs back. I will say, the reps I was dealing with called them regularly, but it just didn't speed them up. They finally submitted their docs today - so from beginning to end, it was about a 60 day process. BUT, I think most sellers are a bit more motivated than the ones I happened to be buying from.

Oh... and I have to add... Tom at TTS was not the company I bought through, but regardless, he offered so much support to me on my process that I would absolutely recommend him and TTS anytime!!!

I'm sending you wishes for a speedy closing!

Liisa

 

[Halle]

We sent in documents yesterday for a BWV resale and can't wait until we hear from Disney regarding ROFR. Honestly I think the last time we were as excited about anything was when we had our kids. Hope everything goes smoothly for you.

 

[Pennyguy23]

Thank you all. I hope it all goes quick. We are pushing for the first of the year because that is when we will be down there and we are going to add on here pretty quick.


And thanks Tom, you have a very polite and caring staff.

 

[kdzgon]

You know, you could just address me directly considering I am the only one who posted anything that could be construed as negative. I am not telling "horror stories" and tried not to word my response as such.

People ask questions all the time about how long things take and should know that sometimes the process can be drawn out. Sorry if you do not like honesty.

I will say that my experience has not stopped me from using TSS and I am working with them now to sell some points.

I agree with dis-happy - as a reader of this thread (and forum) I definitely did not get the impression this was directed at you specifically. (hey, maybe it's me?? I was one of the few posters before Tom's post...) I thought your post was pretty straightforward and only included your disappointment at having to wait as long as you did. Upon reading Tom's post, my sense is he was speaking of posts on the subject in general rather than this thread alone, but I might be wrong here. I think the "waiting" process is stressful no matter what and it "felt" longer than it really took (more so than I would have anticipated), even though I was told approx how long it would/could take.

I think the reason these closings can take longer than a house closing is more parties (and levels of paperwork) are involved.

Laurie

 

[squitty]

Just to say that we rang MS today and we were in the system but not the points, hopefully won't be long now till everything is there.

 

[Miz Diz]

I have been in the system for 1 week now. Received my planning guide yesterday, but no membership card. How long does it take to get this? I am leaving in 10 days and need the card for getting annual passes.