Resale, waiting for the seller to sign

[Havana]

We are in the final stage of our resale contract. We sent in our funds and signed the documents. Closing is supposed to be Monday March 14th.
Still no signed papers from the seller yet. They do still have a few days before it delays the closing.

What has your experience been with sellers signing, is it usually fairly quickly?
Has anybody ever had a seller not return their paperwork? Now I'm thinking the worst

 

[mjc2003]

I would be shocked if it was anything other than just personal scheduling; why would they not return the paperwork now?
Although I understand your angst. You could call the reseller agent and ask them to follow up, they are working for both parties.

We are in ROFR now, about 15 days in. When we originally agreed to a price, we signed the contract and before it went to ROFR we didn't hear from the sellers for 2 days. I almost walked away, I was so anxious and wanted to get the process started. Turns out they were both traveling for business and hadn't been checking their home (contact) number, and promptly signed and returned the contract.
Point being, your seller might be in the middle of something...but stay on top of it. You don't want to lose that close date!

 

[dbs1228]

Also realize the seller has to get the contract notorized before sending back. But I agree with pp stay on top of it!

We signed a contract on Friday still have not heard if sellers have signed and I have called and e-mailed but I still have not got an answer. UGH

 

[MFMont]

Also realize the seller has to get the contract notorized before sending back. But I agree with pp stay on top of it!

We signed a contract on Friday still have not heard if sellers have signed and I have called and e-mailed but I still have not got an answer. UGH

I hae been in the same boat for about 7 days. The seller in my case lives in the UK and I guess there Notary process is an expensive pain in the @$$. My assumption is that i will again expirience this at the closing also. The contract is good enough to make me not walk, but i may have to if i dont want to risk not having paperwork in by 3/20. It is supposed to be there tonight.....We shall see.

 

[dbs1228]

It is only the final paper work (after ROFR is waived by DVC) that the contract needs to be notorized. The initial paper work just needs signatures and fax back to resaler.

 

[Mjkre]

Also waiting for the seller to sign docs after money has been transferred. Trying so hard not to think about what delay could mean....my closing was actually pushed back to the 14th from th 8th. It is so frustrating, even though logic tells me this is not a big deal.

 

[wolfe98pr]

Sorry, a bit lost.....sold points 2 years ago, used paypal, smooth and simple. Was I just lucky? What's all the contract-notarized stuff about?

 

[MiaSRN62]

I would be shocked if it was anything other than just personal scheduling;

I agree. We sold our OKW a couple years ago to purchase BLT. It was a tad dificult finding a notary to fit our schedules, but we got the paperwork back within 5 days of receiving it. Good luck.Hope all goes smoothly !

 

[heynowirv]

Sorry, a bit lost.....sold points 2 years ago, used paypal, smooth and simple. Was I just lucky? What's all the contract-notarized stuff about?

What these people are talking about is buying and selling contracts. I think you're talking about renting points? Totally different situations.

 

[saintstickets]

Definately call the agent and ask for a status update. On our last resale purchase, the title company snail mailed the final documents to an incorrect address instead of emailing them to us. My emails to the agent went unanswered so I called and spoke to a manager. We received everything the next day.

 

[JimMIA]

We have both bought and sold resale, and have encountered occasional aggravations both ways.

My sense in going through a few of these is that the transactions that were problematic were problematic from the start -- first one thing, then another. If we hit any early problems, we move on -- and I think that is good advice for both buyers and sellers. Early problems - to me - are BIG problems and the sooner you move on the better off you are.

We have done that both buying and selling. We withdrew our first-ever resale offer back in 2004 because the seller was playing games, and as sellers we've refused to respond to several offers because we were not comfortable with the buyers.

If everything goes fairly smoothly throughout, a minor delay at the end is probably, as mjc2003 said, just a personal scheduling issue that is easily resolved.

I also think that some brokers are better at this than others, and I know that some brokers are small outfits despite their pretentious names, and they are simply overwhelmed by the crush of business.

For example, on another thread I read someone post that they made an offer on a Monday, and it went to ROFR on Thursday. In our most recent transaction through TTS, we received an offer one afternoon, we and the buyer submitted our paperwork the same day, and at 8:30 AM the next morning, I received an email from the closing agent that they'd already sent the contract to ROFR -- three days at one broker, overnight with another.

So that tells me that some brokers are going to have minor lags at each step of the process, but I don't think any of that should really cause anyone any alarm.

To those waiting, I would say if you haven't had any problems with the buyer or seller in the early stages, relax as much as you can and just wait for the process to play out. I know it's nerve-wracking, but it will work out and you'll be making your first reservation soon.

Good luck to everyone in the process!

 

[MinnieVanMom]

I told TSS I didn't want to sell but they said because I signed the paperwork to list my DVC I had to sell it because they had an offer. I told them again that I didn't want to sell and please cancel but they said because I listed it I had to go through with the deal. I noticed it said I could back out in 10 days but they said it was only the buyer not the seller.

I am under the impression from the TSS that the sale goes through without signature or correct information on contract. Just what happen to me.

 

[JimMIA]

I told TSS I didn't want to sell but they said because I signed the paperwork to list my DVC I had to sell it because they had an offer. I told them again that I didn't want to sell and please cancel but they said because I listed it I had to go through with the deal. I noticed it said I could back out in 10 days but they said it was only the buyer not the seller.

I am under the impression from the TSS that the sale goes through without signature or correct information on contract. Just what happen to me.

First of all, I'm not sure what this post has to do with OP's thread.

Secondly, you should review your listing documents.

From your post, it sounds like the broker obtained an offer at your listing price and terms. In that case, negotiations are over. You can't go back after the fact and change your mind.

At a minimum, I believe the broker can hold you liable for their full commission on the sale, and the prospective buyer could sue you to force specific performance in meeting the terms of your contract with your broker.

In other words, the buyer could attempt to try to force you to close on the transaction. They might or might not want to go to that extent, but I believe they could attempt to do that.

 

[JimMIA]

Just to clarify, in order for there to be a binding contract, you have to have three things -- an offer, an acceptance, and "consideration" (something of value changing hands).

A real estate listing is an offer to sell a specific asset for a specific price and on specific terms. If a prospective buyer agrees to meet the listing price and terms, that is an acceptance without any action on the part of the seller. If the prospective buyer then submits a deposit, that is consideration and a legally binding contract exists.

If the buyer offers anything different from the listing terms and price, that is not an acceptance. That's a counter-offer, and it is up to the seller to accept, reject, or counter. It's not until both parties agree to the price and terms and something of value changes hands that a contract exists.

 

[dbs1228]

I know JimMia is correct, and I was a bit shocked when we got a call from the TSS that our contract of less then 24 hours was sold. There was no converstion about "this is what the buyer is offering" the conversation was "we sold your contract, we are e-mailing the contract for you to sign, please fax them back if possible by xxxx date" My response was "huh, what are you talking about, what was the offer, we just listed on an off chance it will sell" TSS -"full price offer so please sign and return".

When I got off the phone I said to DH now I have to find some more points (SSR) to buy at WDW to replace VGC contract! LOL (and pocket over 5000.00!) Right choice for us.

 

[Havana]

We closed on schedule yesterday.

We requested the seller to bank the points last week since we are getting close to the March 31 banking deadline.
We were told the seller's account wasn't current and he couldn't bank for us. Does that mean they didn't pay the 2011 dues on time?
We paid full 2011 MF's with our contract.

Here's hoping for a smooth entry into DVC for our points to show up in the next few days

 

[JimMIA]

Does that mean they didn't pay the 2011 dues on time?

Probably means they didn't pay the 2011 dues at all. The dues would have been paid as part of the proceeds of the closing, so you should be fine now.

You should be able to get your account fully set up within 10 days. I'd start calling MS after 4-5 days and call every day after that. Often the account is set up one day, but there are no points in it. The points usually go into the account the following business day. As soon as everything is set, you can bank your points. It's going to be closer than you'd like, but you should be okay.

Congratulations and Welcome Home!