Resale not closed by date in contract

[momsully]

According to our initial contract our resale was supposed to close today. I am in no hurry to close but when I emailed the closing company I was told that the sellers had not returned their signed documents. I am starting to worry that maybe they are planning to back out. Should I just be patient and wait it out? Any advice would be appreciated. Thanks!

 

[Chuck S]

If you aren't in a hurry, and feel you got a good deal, you can give them a few days, or a couple weeks. There are so many things going on right now that they could be occupied, depending upon where they live. If it hasn't closed by then, I'd pull out. The oil spillis certainly taking a toll in Southern states, and we have been preparing for heavy rain/floodng here in TX. Fortunately for our area of TX, it seems the worst of it will go South of here, but still expecting some fairly heavy rain. Thank goodness we live near San Antonio, and the storm is going to hit land South of Brownsville.

 

[dandave]

Having just sold our DVC contract which I purchased resale in Jan 2009, I can tell you why our recent closing was a bit slow. The documents reached me the day before we were to leave for our SSR vacation this month. Even though my agent and the closer assured me that closing would not take place until after my vacation was complete, I was a bit paranoid. So, I waited to send back the paperwork until after we returned from Disney.
Plus, the sellers have to have all people listed on the deed present, when the paperwork is notarized. I had to arrange to meet my DH at the bank for the notary service at a convenient time for both of us. It's a bit more trouble arranging that than simply signing and sending, when you buy. The sale closed today though, so all is well!

 

[momsully]

If you aren't in a hurry, and feel you got a good deal, you can give them a few days, or a couple weeks. There are so many things going on right now that they could be occupied, depending upon where they live. If it hasn't closed by then, I'd pull out. The oil spillis certainly taking a toll in Southern states, and we have been preparing for heavy rain/floodng here in TX. Fortunately for our area of TX, it seems the worst of it will go South of here, but still expecting some fairly heavy rain. Thank goodness we live near San Antonio, and the storm is going to hit land South of Brownsville.

Thanks, we are not in any hurry so I think I will give it until after the holiday. Good luck with the storm - the most recent track I saw has it hitting pretty far south and it is still a TS and they don't seem to be talking hurricane anymore.

 

[dis-happy]

Did the closing company tell you when the sellers rec'd the closing documents? Has it been a week or more? Probably wouldn't hurt to have the closing company or the timeshare agent give the sellers a call and remind them. JMHO

 

[momsully]

Just heard from the closing company that the sellers are planning to send their documents back today. Hopefully will be closed sometime next week!

 

[hellerjw]

We just recently sold one of our AKV contracts and it was 10 days after our closing date before the contract actually closed. Everyone had returned all the paperwork in time but the buyer's lender sent the check by mail instead of wiring it so it took over a week before the funds were received, deposited and credited against the balance.

It was frustrating but everything worked out in the end. As mentioned, if you are in no hurry give it another week or two.