ReSale Offer, a slow close, and banking

[YoMickey]

Say someone were to put in an offer on a chunk of resale points. The account has points remaining from 2005 and need to be banked within 6 months to get 100%. Can it be written into the offer that the points must be banked into 2006 by the seller just in case Disney drags their ROFR feet and the account cannot be managed during the transition.

Please advise.


Example. 200 pts, Use Year December, 150 pts available from 2005 and all point availale from 2006. Offer goes in March or April and the 2005 points need to be banked by the end of May and need to be used by Decmeber 1 of 2007. Or do they have to be used by December 1 of 2006.

Thanks.
YM

 

[abner1776]

Rather than run the risk of not closing b/4 the 6 mtn cut off date, why not insist that the seller bank the points right now since it's apparent that the seller is not planning on using the points anyway. That way you don't have to worry about ROFR. If you bank the 2005 points now, they cannot be used until 12/1/06 and must be used by 12/1/07.

 

[Boston5602]

the other post is right have the seller bank them right now so you , or the buyer doesn't lose them and then if you want to go to Disney ( or HH VB ) you can borrow your points from next year and you still have all those banked points to you next year. Good luck

 

[plutomastif]

I am at 6 weeks as of today on a resale. Still waiting for seller to return his paper work so it can close. The deed still needs to go to the county office and then I still have to get into the Disney system. I am still looking at 4 more weeks. Which stinks. I have 100-2004 pts. exp 5/31/06

 

[YoMickey]

Pluto,

Who did you buy your resale through?

As a buyer can you demand certain deadlines to protect distressed points?

 

[plutomastif]

Bought through the Timeshare Store. Just recieved email from the title company that we are still waiting for sellers docs yet. So that is not helping. As for the expiring points I didn't think It would take this long.

 

[YoMickey]

PLUTO,

What do you mean by waiting for seller documents? Did you offer less than asking, are you waiting for a counter-offer?? Seller documents?????

Explain to me the whole process. You see something you like, call and make and offer. What happened next? You get stuff via e-mail, review, sign and send in a deposit??? Wait for ROFR?

Are you waiting for them to sign something? How long did you give them to sign it? Was there a deadline for them to accept your offer and sign?

Tell me more.

 

[plutomastif]

Waiting for him to send in the final closing documents he had to sign. Just like when you close on a house, but less papers.

Here is my time line.

2/10 Pat from TTS called me with a sale of VWL 100 pt. with June U/Y for $92 a pt. It has banked points from 2004, and 2005. I had talked to Pat before about which resorts I was intrested in. She emailed contract and I reveiewed over the weekend.

2/13 Faxed back my contract signed and overnighted back copies of the contract and deposit.

2/14 I was advised that the contract went ROFR.

2/28 Recieved email that the contract passed ROFR. I was told the next process was to get an estoppel from Disney, which is to verify that all points are accounted for as the contract states.

3/13 called the closing company to check on progress, they stated that they still had not recieved estoppel from Disney yet.

3/21 recieved email stating everything is ok with estoppel and recieved all closing docs to sign and balance due. Seller also recieved his docs.

3/22 sent closing docs and final balance overnight.

3/24 called closing company to make sure they recieved everything since I didn't hear from them. At first they said now but as they looked around they the package was sitting on a pile of unopen mail. They stated they were still waiting for selllers docs yet.

3/27 recieved email stating all my docs and payment were ok, but they were waiting for sellers docs yet.


After they get the sellers docs they will offically close on the sale. Next the deed needs to be reorded by the county (2 weeks), then the new deed needs to be sent to Disney to get into the system as new owners (2 more weeks). At this time I should be able to make ressie.

Unfortunatly I can not use the 2004 pts. I was hoping to rent them but I might be stuck to take a quick vacation so they don't go to waist.

Hopefully I answer your ???

 

[YoMickey]

You're almost there!

2 weeks for ROFR. That's pretty quick. Still waiting for seller's docs? Could you have put something in there that stated sellers docs to be returned to TSS no later than 7 days from ROFR clearance/estoppel.....?

Is there anything you would have wanted done differently?

 

[plutomastif]

According to the paper work the seller has till 3/30 to get the docs back. I just think the estoppel could of been quicker all it is a print out of the membership stating all the pts. are accounted for. Seeing that it only took 2 weeks for ROFR, you would assume the estoppel would take less time, 3 weeks for this document really delayed the process. I guess I could of kept bugging the TTS or the closing company.

 

[T.E. Yeary]

I try to encourage all of our customers to stay in touch with their agent after they have passed ROFR. The reason I would stress this in your case, is if the seller is slow, we have the "relationship" with them because we were their first contact in listing their property and handling the sale. We have had far more contact with them than the title company. Needless to say, if we don't know a problem exists, we cannot fix it.

As for the "estoppel situation", that is Disney's department. However, in many cases we have intervened with our contacts at Disney and have been successful in getting it taken care of in a timely manner. Sometimes it works, sometimes it doesn't, but we will sure give it a good try. Our customers satisfaction is paramount in keeping our business at the level that people expect of us.

Please, please, please call your agent, if they aren't in that day, ask to speak to the manager or any one of our agents. Remind them of the banked points. We WILL try to help you!

We really do appreciate your doing business with us!

We want you to spend your time planning that "magical" vacation instead of worrying about the closing.

Sincerely,
Tom & Staff

 

[NJOYURLIFE]

The seller must not need the money. But to give them the benefit of the doubt, maybe they think they need to wait until the 30th to send it in. I would definately call your agent so they can get on the seller's back.

 

[mowog]

The seller must not need the money. But to give them the benefit of the doubt, maybe they think they need to wait until the 30th to send it in. I would definately call your agent so they can get on the seller's back.

It could be a divorce/separation where conflicting parties have to sign, lots of reasons to sell. A lot of people are not good at just finishing things up- we have neighbors who only check their mailbox once or twice per week, and its 50 feet from their house at their driveway. We were waiting several years ago for our daughters college rooming information and our nieghbor saunters over with it- she had it for about 10 days (mail carrier put it in wrong box). We had called and gotten a new one but things happen.

 

[plutomastif]

Thanks Tom, I just emailed Pat I hope to hear from her soon.

 

[plutomastif]

Eveything went fine and I worried for nothing. My sale closed today and was sent to Disney to add me into there system. Should be able to book in two weeks. Thanks to Pat and Tom at TTS for all of there help.
Rich

 

[T.E. Yeary]

HAPPY "MAGICAL" VACATIONING!!!

 

[YoMickey]

I'm Happy for you.

 

[TNBeauty]

You mentioned "My sale closed today and was sent to Disney to add me into there system." Am I to assume, that your information goes to Disney as soon as you close? Just curious. I'm overnighting my closing documents (buyer) tomorrow.

Thanks!

 

[plutomastif]

The day I closed the title company sent paper work to Disney to add me into the system as a member. Paper work said I should be in the system within 10 days. But, accually I called a week later and was already in the system. If you just sent in your closing papers, my guess you will be ready to go in 2 weeks.

 

[T.E. Yeary]

All's well that ends well! My work is done!