resale process has been LIGHTNING fast!

[Jerry@dvcstore]

At The Timeshare Store,Inc. we try to process your purchase as fast as possible so you can start using your points. We have had contracts that close in as little as 14 days and some that take the full 8 weeks (or longer ). The typical time frame is 6 weeks for closing. We do everything we can to keep the process moving but at times we are at the mercy of the Buyer, Seller, and Disney to get the paperwork completed. If all parties are doing what they should, the close usually goes by quickly.
Disney's Right of First Refusal is the longest part of the process taking up to 30 days, but there are times when they process the contracts quickly which helps speed up the closing. .

 

[nickspace]

So far we have waited 11 days since we sent in our original signed contract and we have not received a signed contract back from the buyer. Our sale is complicated because of a bankruptcy on the sellers part but honestly I am getting frustrated. The seller needs to be more responsible. I wanted to be in the ROFR stage by now.

 

[sanbornangel]

We still have heard NOTHING!!!!!! How long does overnight mail take???

 

[nickspace]

We still have heard NOTHING!!!!!! How long does overnight mail take???

That is so wrong. What DVC resort is your contract for? With so many contracts available combined with how hard it is to sell a contract you would think a seller would do everything possible to move the process along quickly.

You might consider pulling out and bidding on a new contract. I know I am mulling this over.

 

[sanbornangel]

That is so wrong. What DVC resort is your contract for? With so many contracts available combined with how hard it is to sell a contract you would think a seller would do everything possible to move the process along quickly.

You might consider pulling out and bidding on a new contract. I know I am mulling this over.

It is for a 140 point SSR contract. We currently own 190 SSR points. Our contract committment just expired. Our final documents and funds have been there since May 12. I couldn't believe it when I found out that we had to wait for the seller to get additional money to pay their mortgage. I only began this process at this time to get the points for our April 2010 THV trip. DH and I had been doing OK with the 190 points however we want to get bigger rooms as we want to take our family. Our kids are grown and living in other parts of the country (both in the Air Force). Because of this delay I don't need the points this year, I already borrowed enough for the trip. I really hate to complain however I don't feel TTS looked out for our best interest. We should have been told about this before we sent our funds...we could have looked into a different contract. Whew...thanks for listening....keep my 23 yo DS in your prayers. He is heading back to Iraq for his 3rd tour......maybe thats why I am alittle sensitive

 

[tecodis]

Hmmm...not sure TSS would know this until the seller delays in sending required documents (at whatever point that would be). I suspect TSS didn't know until you did.


Brings up a good question...what exactly are the steps once a buy offer is made? I assume the seller accepts verbally at that point. Does the seller have to do anything prior to the buyer signing and sending the deposit? I assume, once the deposit is paid, the seller has to do something before everything goes to Disney.

Lots of assumptions on my part! And I just started my first resale purchase!

I did a title search for the seller of my resale and they have been a member since early 90's based on their multiple purchases (one contract being from when OKW was just Disney Vacation Club Resort). Even financed a couple of them and satisfied the liens. Not sure if I can read anything into those facts but hopefully it all works out as it is suppose to.

 

[Jason@dvcstore]

Brings up a good question...what exactly are the steps once a buy offer is made? I assume the seller accepts verbally at that point. Does the seller have to do anything prior to the buyer signing and sending the deposit? I assume, once the deposit is paid, the seller has to do something before everything goes to Disney.

With The Timeshare Store, Inc.® once a buyer and seller reach an agreement it is emailed to them. We ask that the buyer and seller return the signed documents within 5 business days (buyer also sends in deposit). In the case of "nickspace" the sellers haven't returned their documents within the 5 business days. If "nickspace" wants 100% of his money back or try and find another listing he can. This is not what anyone wants (unless "nickspace" has changed his mind) and I am trying to work out the situation and get the documents back from the seller.

Agreeing with "nickspace" regarding so many contracts for sale it is typically not the seller that is delayed in getting back the documents. If there is a delay (which doesn't happen alot) it typically comes from the buyer.

Jason

 

[tecodis]

With The Timeshare Store, Inc.® once a buyer and seller reach an agreement it is emailed to them. We ask that the buyer and seller return the signed documents within 5 business days (buyer also sends in deposit). In the case of "nickspace" the sellers haven't returned their documents within the 5 business days. If "nickspace" wants 100% of his money back or try and find another listing he can. This is not what anyone wants (unless "nickspace" has changed his mind) and I am trying to work out the situation and get the documents back from the seller.

Agreeing with "nickspace" regarding so many contracts for sale it is typically not the seller that is delayed in getting back the documents. If there is a delay (which doesn't happen alot) it typically comes from the buyer.

Jason

Thanks for the info, Jason. I'm looking forward to Scot keeping me fully abreast of the progress on my first resale purchase. Sadly, even TSS just doesn't know when a party is going to delay in getting paperwork in.

 

[sanbornangel]

I believe that the particulars of any lien or money owed are found during "estoppel" (I'm not sure if that was used right, or spelled right). Any hoot, in our case we were told this happened on May 7th. We didn't find out that we needed to wait for the sellers to come up with additional funds until the end of May because we asked why was it taking so long. We had already sent our docs by May 12. So here we are second week of June. We were hoping to hear from TSS on Friday but that didn't happen.DH informed me he is going to get our money back as we are now outside the committment of the contract. It appears that the seller is in no hurry to sell.

 

[nickspace]

With The Timeshare Store, Inc.® once a buyer and seller reach an agreement it is emailed to them. We ask that the buyer and seller return the signed documents within 5 business days (buyer also sends in deposit). In the case of "nickspace" the sellers haven't returned their documents within the 5 business days. If "nickspace" wants 100% of his money back or try and find another listing he can. This is not what anyone wants (unless "nickspace" has changed his mind) and I am trying to work out the situation and get the documents back from the seller.

Agreeing with "nickspace" regarding so many contracts for sale it is typically not the seller that is delayed in getting back the documents. If there is a delay (which doesn't happen alot) it typically comes from the buyer.

Jason

I am hoping it works out for sure.

 

[sanbornangel]

OK, finally....DH decided to give it one more day and YESwe finally closed on our contract this afternoon.It must be something with us and closings..we just bought a new home in November and the closing was contingent on 5, yes 5 others closing..they said "this never happens"....mmm huh.....anyway hope everything works out for you nickspace

 

[nickspace]

OK, finally....DH decided to give it one more day and YESwe finally closed on our contract this afternoon.It must be something with us and closings..we just bought a new home in November and the closing was contingent on 5, yes 5 others closing..they said "this never happens"....mmm huh.....anyway hope everything works out for you nickspace

Off topic here... how is that Lockport lock tour boat? We were actually considering taking that tour. We are visiting family in Rochester this week and looking for family day trips.

By the way... still waiting to close.

 

[sanbornangel]

OMG that is too funny...you are in my neighborhood. We just moved back to Lockport. I work right near the tour at Cityhall but have never taken it. Lots of people do. There are also cave tours. I walk the bank of the canal all the time. It is very nice. Just to let you know...I am actually a very happy positive person...man this was frustrating...I have been praying for it to be overThank you God...

 

[Pirate Jack]

OK, finally....DH decided to give it one more day and YESwe finally closed on our contract this afternoon.It must be something with us and closings..we just bought a new home in November and the closing was contingent on 5, yes 5 others closing..they said "this never happens"....mmm huh.....anyway hope everything works out for you nickspace

Congratulations sanbornangel!!! I have been following your plight and really felt you r pain. My closing was moving slower than I liked but nothing like yours. I hope that you enjoy your points!

 

[sanbornangel]

Now that its over we are thrilled!

 

[PoohFan97]

Nickspace, we took the Lockport tour this year. It's great. Only working locks left in North America I believe. Takes about 2hrs. They take you up the canal through 2 sets of locks each 25 feet. It's really neat when you get "locked" in between 2 huge 50 feet sets of doors and see the water rush in to raise the boat to the next level. The locks (back and forth) take about an hour. The second hour is a trip back down the canal under some really cool bridges. On a nice day, that part is very relaxing. The boat has a second deck that is open to the air. Kids really loved the trip. The crew is very accomodating and answered all (and I mean all) of my son's questions. Hope this helps.

If you go, hope you have fun!!!

 

[JaysAGator]

UPDATED - we are now fully closed!

I will go ahead and update my timeline here for the benefit of those either going through the resale process or considering it. I also edited my first post.

Monday, May 18 - offer tendered and accepted by owner, used The Timeshare Store:
150 BWV (Mar) $77, 73 '09 pts, all '10 pts, buyer pays closing and '09 mf, non-member, TSS

Tuesday, May 19 - completed contract and deposit check overnighted to The Timeshare Store

Wednesday, May 20 - acknowledgement from TSS of receipt of deposit and contract, confirmation that package was sent to Disney for ROFR

Wedneday, May 27 - Disney refuses ROFR

Monday, June 1 - All closing docs are sent by email to myself

Tuesday, June 2 - All signed closing docs, plus bank check for remainder of payment, overnighted to title company

Tuesday, June 9 (today) - Notified by Jason at TSS that we are closed and should be in the system within 10 days

Can we welcome ourselves home or is that frowned upon??

 

[scot@dvcstore]

JaysaGator
Glad to hear your purchase was smooth and quick. Welcome Home!

Scot

 

[MARY-IN-OH]

UPDATED - we are now fully closed!

I will go ahead and update my timeline here for the benefit of those either going through the resale process or considering it. I also edited my first post.

Monday, May 18 - offer tendered and accepted by owner, used The Timeshare Store:
150 BWV (Mar) $77, 73 '09 pts, all '10 pts, buyer pays closing and '09 mf, non-member, TSS

Tuesday, May 19 - completed contract and deposit check overnighted to The Timeshare Store

Wednesday, May 20 - acknowledgement from TSS of receipt of deposit and contract, confirmation that package was sent to Disney for ROFR

Wedneday, May 27 - Disney refuses ROFR

Monday, June 1 - All closing docs are sent by email to myself

Tuesday, June 2 - All signed closing docs, plus bank check for remainder of payment, overnighted to title company

Tuesday, June 9 (today) - Notified by Jason at TSS that we are closed and should be in the system within 10 days

Can we welcome ourselves home or is that frowned upon??

That is wonderful !!! Welcome Home!!

I appreciate the timeline very much, hoping we close quickly as well, we are waiting for ROFR (submitted 6/1).
-mary

 

[nickspace]

We are still waiting here. I guess the court has to approve the contract because the seller is in bankruptcy. I did not anticipate this and am frustrated because we were Rofred on another contract prior to this.