sad day....seller won't close

[mirnmart]

We were just informed that our resale contract we were about to close on (signed papers, was just about to wire $) is not going through....the seller has backed out at the last minute and won't sign closing so disappointing after such a long process.....We are already getting down to the wire for booking our family trip this coming Jan and now we have to find another contract and start all over!! Just thought I'd share with those who would understand how frustrating this is!

 

[DougEMG]

That totalling sucks

Hope you have better luck with your next contract.

 

[ELMC]

Sorry to hear that. Quite frankly, given the recent spikes in prices, I'm surprised we're not hearing about this more often. Still sucks for you though, and I'm sorry for your disappointment.

 

[mirnmart]

mirnmart---240 OKW (April), $62, 121 '12 points and all forward, buyer pays closing and 1/2 mf (sub 5/21, passed 6/17)

Details of the contract for those who are interested...thanks for the sympathy...back to the drawing board!

 

[Pirate Granny]

So sorry for you...would you consider renting points and then rent the ones you'll get for your January Trip? We're you planning to stay at OKW? Perhaps you can work with David's

 

[NoleFan]

oh no, that's terrible!!
did they say why- more $$, inhaled some pixie dust & changed mind? not that either matter, still terrible but curious.

 

[DizBub]

We were just informed that our resale contract we were about to close on (signed papers, was just about to wire $) is not going through....the seller has backed out at the last minute and won't sign closing so disappointing after such a long process.....We are already getting down to the wire for booking our family trip this coming Jan and now we have to find another contract and start all over!! Just thought I'd share with those who would understand how frustrating this is!

So sorry. I know how you feel since this happened to us. It's frustrating to start all over but hopefully you will find another contract, maybe even a better one. We did. Good luck.

 

[ImagineerTHAT]

Not cool! These broker companies should modify their rules about selling contracts. Make them lose something if they back out.

If the buyer has to put a 10% deposit in that they can lose, does the buyer have to? I can't believe people would do that to someone.

 

[Chuck S]

Not cool! These broker companies should modify their rules about selling contracts. Make them lose something if they back out.

If the buyer has to put a 10% deposit in that they can lose, does the buyer have to? I can't believe people would do that to someone.

I think the seller would still be liable for the commission to the broker, as the broker presented a buyer and the offer was accepted. But as far as satisfaction or compensation for the buyer, unfortunately...nada.

Remember though, that under Florida timeshare law, a buyer can back out, too. Also without penalties.

 

[networktek]

That really sucks sorry to hear that.

 

[dbs1228]

I think the seller would still be liable for the commission to the broker, as the broker presented a buyer and the offer was accepted. But as far as satisfaction or compensation for the buyer, unfortunately...nada.

Remember though, that under Florida timeshare law, a buyer can back out, too. Also without penalties.

I always thought this was true until I had a seller back out (had not been sent to ROFR yet so not a big deal) but I was told by Fidelity although they state they would still get their commission there was no way they would ever get it from sellers. I was also told by the "other" resale company they do not even put it in their contract that the seller has to pay commission if the seller backs out since it it almost impossible and expensive to collect on it. I learned something new during this crazy resale time!

OP - so sorry this happened to you it just is not right! Even if I changed my mind at this point in the process as a seller I do not think I could decide to do that!

 

[Dean]

I think the seller would still be liable for the commission to the broker, as the broker presented a buyer and the offer was accepted. But as far as satisfaction or compensation for the buyer, unfortunately...nada.

Remember though, that under Florida timeshare law, a buyer can back out, too. Also without penalties.

Collecting even the commission is unrealistic at best. Some brokers in the past had a minimum commission like $795 but I don't think I've seen that in a while.

 

[Iceman93]

We should establish a permalink to this thread for all the people who say "you'd have to be an idiot to waste your money buying direct".

 

[DisneyRegulars]

We were just informed that our resale contract we were about to close on (signed papers, was just about to wire $) is not going through....the seller has backed out at the last minute and won't sign closing so disappointing after such a long process.....We are already getting down to the wire for booking our family trip this coming Jan and now we have to find another contract and start all over!! Just thought I'd share with those who would understand how frustrating this is!

So sad! I think you still have time though. We closed on our first resale in December and were able to book an OKW 1 bedroom the following January.

Sent from my phone using DISBoards Ap, please excuse any typos and autocorrect mistakes.

 

[DizBub]

We should establish a permalink to this thread for all the people who say "you'd have to be an idiot to waste your money buying direct".

The vast majority of resales go through with no real problems. OP would have saved $68 per point had the deal been completed.

The real mystery here is how that loaded contract passed ROFR. Too bad the sellers reneged.

 

[sonofanarchy]

We should establish a permalink to this thread for all the people who say "you'd have to be an idiot to waste your money buying direct".

Eh, so you find another contract. Worth the effort to save literally 100%.

 

[sonofanarchy]

Exactly. With AKL you're paying more than double if you go direct. How anyone can justify that is beyond my understanding.

 

[Sandisw]

Exactly. With AKL you're paying more than double if you go direct. How anyone can justify that is beyond my understanding.

Just to play devils advocate, if someone has a cash trip planned and can buy through Disney direct and use the points instead on the cash, it might not make it quite double...

But, I agree, it is hard to justify buying from Disney a resort so readily available on the resale market, unless its for a contract size that's you simply can not find. We did that with BLT...we added on 30 points direct a few years back, even though it was $20 more than resale...

 

[bakerworld]

While not a routine occurrence - it's not a RARE occurrence either - maybe re-sales don't go thru for different reasons but it happens = be real

Re-sale is a game/gamble and you have to be willing to play the game without the emotional investment. JMO

 

[sonofanarchy]

While not a routine occurrence - it's not a RARE occurrence either - maybe re-sales don't go thru for different reasons but it happens = be real

Re-sale is a game/gamble and you have to be willing to play the game without the emotional investment. JMO

DVC, like any timeshare is a gamble. Life can change in an instant by loss of income. A cash vacation can always be cancelled for a full refund and no credit damage in a worse case scenario. The same can't be said for timeshares, whether it happens to say Disney on the deed or not.