Reflection On Resale Process - It’s Just Business

[RichVIII]

So as a direct and resale purchaser, this wasn’t my first rodeo (5th time actually). A day doesn’t go by I don’t look at resale listings and read the Disboards. While we were not “actively” in the market for a contract, our current borrow state, over use of OTUPs, lack of ROFR and general downward pressure on price, I was always looking for a “good deal” on a smaller contract.

So flashback to early August, a good deal (in my opinion) pops up. I make an offer - counter offer at full-price but I bit since it was still a good deal.

So why am I writing this? This time around I was far less stressed about the process - until the end. I realize everyone’s circumstance is different but the more I treated this as a financial transaction and that if it worked, great - if not, I would move on. It honestly made it far more tolerable. Of course the ROFR monster suddenly popped up while I was in ROFR for the first time in months - but I said, if the mouse takes it - I found this - I will find another. Things went smoothly but I could see how some would find the communication “relaxed” and get stressed over the time between each stage (65 days in total). What I ended up getting stressed about was watching other deed recording and points being loaded for them, nothing for us. So the data was great, but it started to make me wonder if something had gone wrong. But…points loaded yesterday.

While it was not the wonderful convenience of buying direct, the time investment was more in length of time than anything. Both have advantages but if you are considering jumping in, relax - there are new contracts every day. Keep calm and points on.

 

[DonMacGregor]

I’m at the point where I don’t even think about where the contract is in the process anymore. I have one resale contract that I’m waiting on, and I literally couldn’t remember if it had been sent to ROFR, was waiting for ROFR, or if it was ready to close. I had to go back through emails to figure it out. Much less stressful.

 

[LAX]

I think one must be patient to even think about purchasing resale.

LAX

 

[scrappie]

i'm waiting on my first resale and i found communication really good until it hit the title company. I've been told we have closed but not received anything official - cannot find it on the comptroller site and my emails go ignored. I'm not willing to name names until this is all done but not a good experience to be honest. Made more stressful as i'm buying from overseas and getting to know different processes

 

[pianomanzano]

The only time I really felt stressed was my first initial resale contract. It was partly because the seller took forever with their docs (I immediately returned my docs and wired), so there were some initial jitters because of that. The second reason is that there were banked points set to expire (closed in September and 120 points were expiring 11/30). I think we unnecessarily stressed out about not letting those points go to waste that we were constantly checking in and fretting about expired points. We won't put ourselves in that position again the next time we go resale (although I think we're done buying now that we hit the 1000 pt club!).

 

[RichVIII]

The only time I really felt stressed was my first initial resale contract. It was partly because the seller took forever with their docs (I immediately returned my docs and wired), so there were some initial jitters because of that. The second reason is that there were banked points set to expire (closed in September and 120 points were expiring 11/30). I think we unnecessarily stressed out about not letting those points go to waste that we were constantly checking in and fretting about expired points. We won't put ourselves in that position again the next time we go resale (although I think we're done buying now that we hit the 1000 pt club!).

1,000 point club! Congrats. The more points you have the easier it is to keep booking and planning with other points.

 

[Jwaire]

I have a few thoughts on this topic.

These contracts are expensive purchases. I liken them to purchasing a new car or something of that value. As a customer, I think you are completely justified in expecting good customer service from your resale sales agent, their staff and your title company. If they are failing you in any way, you need to reach out and let them know.

Some of these companies are better than others with communication, filing paperwork, and overall efficiency.

If you are purchasing a resale contract that has expiring points or time is of the essence, it's in your best interest to read the information here (check the closing thread) and make a conscious decision on which companies to do business with—especially title companies.

Resale will never compare to the smoothness of a direct purchase, however doing a little due diligence and not just accepting your reseller's defaults could make or break your experience.