Regret Listing

[Gaboo414]

A couple months ago I listed a contract for sale. I now regret it so much. We still haven't signed the closing documents. Is there anything I can do to cancel the sale?

 

[Heather07438]

You likely can back out but the cost of commission could still apply. Call them, best to know your options. Good luck!

 

[Ms.Minnie]

I guess if you don't sign the papers you can cancel the sale. Like pp said there may be a fee due the agent you listed the property with.

 

[skippytx]

I looked at my contract when I was the purchaser, and the seller owed full commission and escrow fees if they didn't go through with the sale.

 

[sndral]

A month ago you sought advise about whether to sell, many here offered suggestions for ways to overcome your financial issues and avoid selling, yet it seems you listed and sold your contract and now you want to stiff the buyer because you ‘changed’ your mind?
Could you back out? Yes, as outlined above by PPs. Should you? It’ll cost you money which will go to the broker for their lost commission and the closing company for their wasted time, but nothing will automatically go to the buyer you want to stiff, although if they suffer monetary damage they could, of course, sue you for breach of contract, and if successful, you’d be responsible for whatever damage they prove plus your attorneys fees, and possibly court costs, their attorney fees and collection costs. Most buyers don’t bother because it’s hard to prove damages, tough to locate the seller and collect the amount won and the amount usually isn’t worth the aggravation, but there is a risk you’ll be sued any time you breach a contract.
It is not uncommon to have sellers/buyers remorse in these situations, I always try to see it from the other parties side - how would I feel if I were the buyer and in good faith gathered the money, perhaps already paid for a certified check or wire to send it to the closing company, stopped looking at other contracts to buy, was eagerly planning my next vacation using those points, perhaps depending on having the sale closing by a certain date, only to be told the seller ‘changed their mind.’ I wouldn’t like myself if I did that to someone else based on my own indecisiveness, YMMV.
If you miss DVC you can always rent points or jump back in when ready and when your finances are in better shape by buying anew https://www.disboards.com/threads/i-dont-want-to-sell-😭😭.3770037/

 

[Great3]

Gaboo414,

I understand the mix feelings you are getting, that's is normal when one needs to sell a DVC contract that one loves. However, you listed for sell for a reason, and you need to go back to that reason. Now is not the time to change your mind, it will cost money you for nothing (you can't just cancel a contract without any penalty, and as mentioned by others, even if the penalty is small enough to stomached, you can still be sued for breach of contract, for monetary damages, and even sue to force performance of contract). Just remember, you an always get back into DVC when things get better. I encourage to close the contract, sign the closing docs and move on.

Have a good day!

Great3

 

[Great3]

A month ago you sought advise about whether to sell, many here offered suggestions for ways to overcome your financial issues and avoid selling, yet it seems you listed and sold your contract and now you want to stiff the buyer because you ‘changed’ your mind?
Could you back out? Yes, as outlined above by PPs. Should you? It’ll cost you money which will go to the broker for their lost commission and the closing company for their wasted time, but nothing will automatically go to the buyer you want to stiff, although if they suffer monetary damage they could, of course, sue you for breach of contract, and if successful, you’d be responsible for whatever damage they prove plus your attorneys fees, and possibly court costs, their attorney fees and collection costs. Most buyers don’t bother because it’s hard to prove damages, tough to locate the seller and collect the amount won and the amount usually isn’t worth the aggravation, but there is a risk you’ll be sued any time you breach a contract.
It is not uncommon to have sellers/buyers remorse in these situations, I always try to see it from the other parties side - how would I feel if I were the buyer and in good faith gathered the money, perhaps already paid for a certified check or wire to send it to the closing company, stopped looking at other contracts to buy, was eagerly planning my next vacation using those points, perhaps depending on having the sale closing by a certain date, only to be told the seller ‘changed their mind.’ I wouldn’t like myself if I did that to someone else based on my own indecisiveness, YMMV.
If you miss DVC you can always rent points or jump back in when ready and when your finances are in better shape by buying anew https://www.disboards.com/threads/i-dont-want-to-sell-😭😭.3770037/

OP did mentioned OP listed the contact for sale a couple of months ago. Than OP posted last month about selling, so the listing / sale happened long before posting for advice. While I don't know OP personally, I know OP has more than one DVC contact, having chatted before, so OP must be asking about the second contract OP has, so please don't assume OP didn't follow advice, because OP could have been asking about the 2nd contact and not the 1st contract already listed for sale.

But yeah, while it's hard to win suing for monetary damages, it's much easier to sue to force performance of contract, because a contract exists. Granted, most buyer will just move on in life, but this possibility exits. That's why most contract has a penalty provision for failure to close, so that a lawsuit isn't needed. Just look at ATT's penalty provision of $3 - $4 million to T-Mobile for failed performance of contract (even though it's thru no fault of ATT / blocked by gov't regulators).

Great3

 

[Sandisw]

Have you considered what the difference is in the fees you will owe for backing out vs. just selling and buying another one?

i can understand the regret but you can still find a way to be DVC and not cancel the sale. If it were me, this is what I would do, even if it ends up costing me a bit more.

 

[bakerworld]

Go ahead with the sale if you are in financial difficulty. If you have leftover funds, you can always purchase a smaller contract that wouldn't be as hard to maintain.

 

[Jenniebee]

Hi - I do not know your sitch but if you were needing to sell there was probably a reason. Maybe go through with it and then get things stable financially, and then if you can do it at some point again get back into it. I know it is hard to give up your lifestyle and let go of things when life throws a change. But you can still go to WDW other ways... you can still go but maybe it will just look different than the DVC route.

 

[Chuck S]

Were your contracts purchased direct or through resale? If you purchased through resale, I'd go ahead and sell, and if you are in a position to do so, purchase another contract through resale.

If you originally purchased direct, you may be better off backing out and keeping it for the perks, if you are in a stable enough financial position to do so, as direct prices won't be going down anytime soon. As others said, you will be responsible for the brokerage fee and escrow.

Good luck with your decision.

 

[we"reofftoneverland]

I would just sell at this point. Change always comes with mixed emotions. You can always buy back in later. Good luck.

 

[cruisin5]

Go over the contract you signed and/or call the company hosting your listing. I recently listed a contract for sale and in my research, there was a wide range of restrictions on removing a listing.

 

[DVC Doctor]

This may be "controversial" advice, but you could ignore the brokers emails and calls and let the buyer get frustrated and walk away. However, personally I would simply advise you to honor the contract and close the deal as you signed a contract and there could be issues from the broker, but doubt they would go after you as it is more of a hassle for them than the commission will be worth.

Selling DVC can be tough on the emotions, but at the end of the day, it is just a timeshare and you can easily rent DVC points from an owner if you want to go in the future.

 

[StitchesGr8Fan]

Most likely you will be in a worse shape financially, as you will probably still have to pay the broker something and you won’t have the money from the sale to pay them with.

It stinks that you have to sell, but based on the last several threads you have started you need to back away from DVC and get your finances in order. You’ve gone from adding on to renting out to selling, which probably means that a life event happened and vacations need to be at the bottom of your priority list.