Resale--what happens if they don't send the signed contract back in in time??

[friskykitten]

I am a little antsy. I have just put down the deposit and faxed the signed contract in for a resale early this week. How long does the seller have to sign and send back in the contract to move things forward. And what happens if they don't send it back by the due date?

I know that they CAN pull-out if they decide to last minute. But will there be any recourse for me if they do? I am just afraid that once they agreed at a selling price they may change their minds and hold out for a better offer.

Has anyone had a seller back out before after the buyer signs a contract and puts down the deposit???? Help me here!!

 

[Firefighter Mickey]

Usually there is a closing date specified in the contract you signed.

If you are going thru a broker, the worst that will happen is that you'll get your deposit back. I don't know if there's any recourse for you other than to try and look for another contract for sale.

It's not the end of the world if the seller doesn't get things signed in time though - we had this problem with our resale; the sellers were going thru divorce proceedings and it took some time to get both to sign. The people handling the closing were very good about keeping us posted about what was happening - we closed a couple of weeks late, but it was not a big deal.

 

[WorknFires]

My resale is completed... I think. I know I sent my paperwork back overnight to make sure it arrived in time. I'm sending in my 1st payment on my loan and don't even have anything in writing really. I'm happy with the way it's all gone but I do wish it would go faster. I'd like to use my points LOL

Cheryl

 

[Dean]

I've had sellers backout even after we had a signed contract. I have a contract for a resort in MX and was signed by all parties. When we went to closing, the seller couldn't come up with his part of the money. I got me depsoit back but that was all. Sure, I'd have had a legal recourse but it obviously wasn't worth it. I've also had an agreement on a DVC resale and the seller changed his mind at the last minute. It's not worth sweating it.

 

[WorknFires]

It's never crossed my mind that the sellers would back out. Shows you how naive I am. I think I'll call the timeshare store this morning to follow up. But since we were supposed to have closed on the 4th... surely they would have called me by now.

Cheryl

 

[crisi]

Also note that the close date on your initial contract (the sale agreement or whatever its called) is subject to change. Currently, even with a motivated seller, Disney is holding up the show a little and everything seems to be a little delayed.

Good luck, and remember if they don't meet their obligations, you should be able to pull out and ask for your check back.

Our intial offer was on a OKW resale. We offered the asking price. They took three days to decide they were going to relist at a higher price. When Jaki called to say that was what was up, I was relieved! I really didn't want to give my money to someone who was that disrespectful of my time.

 

[friskykitten]

It is frustrating!! Because if they are just going to back out I would like to know so I can make offers on other contracts I find attractive. But until I know for sure, I am basically stuck just waiting.

When do they put the term "sale pending" after a contract on the Timeshare Store's website? And has anyone been able to get into Reid's website lately? I tried yesterday and couldn't bring it up and I also tried today........still no luck. I'd like to keep in the know as to what is out there in case I need to make another move.

The date for the contract to be returned and signed is only three days from now. I'll try not to stress this but I got a really good deal with this if it goes through.

 

[WorknFires]

Okay, I called my broker and apparently everything went fine. I signed they signed and Disney was finalizing their part yesterday. I should be in the computer by next friday to call and make ressies!

Cheryl