Seller backed out after almost 3 months of waiting. :(

[poofyo101]

According to most resale contracts, if the seller backs out, they still owe the agent their commission. So if they were just playing games to get a higher price, they would still owe the agent.

if you back out of a deal as a seller, its unlikely you are going to pay the broker anything.

 

[Flynn's Gal]

Someone tell me why it is worth it at this point to try again.

It is worth it to try again. Yes, what happened is terrible and you lost three months, however the savings will be for years. Look around and offer what you're comfortable with on a contract. Revise your thinking to reflect that the process may take a year or more until you find what is best, but look at all the time you'll have left to use it and save a bundle. If it takes less time the next go around or you don't make it through ROFR, then the disappointment is a little less because your thinking is that it will take at least a year. Just a little mind manipulation.

 

[princesslover]

It is worth it to try again. Yes, what happened is terrible and you lost three months, however the savings will be for years. Look around and offer what you're comfortable with on a contract. Revise your thinking to reflect that the process may take a year or more until you find what is best, but look at all the time you'll have left to use it and save a bundle. If it takes less time the next go around or you don't make it through ROFR, then the disappointment is a little less because your thinking is that it will take at least a year. Just a little mind manipulation.

I don’t have a year. I started this process in February. I need to make reservations by December and our plan has always been to book a two bedroom for this trip. The fact that I started in February and it is now June and am no further ahead is more than a little discouraging. I know this opinion is not popular here but this process is in no way worth it with the increased restrictions and now increased prices on top of that. No thanks.

 

[princesscinderella]

I don’t have a year. I started this process in February. I need to make reservations by December and our plan has always been to book a two bedroom for this trip. The fact that I started in February and it is now June and am no further ahead is more than a little discouraging. I know this opinion is not popular here but this process is in no way worth it with the increased restrictions and now increased prices on top of that. No thanks.

Unfortunately December is really booked out and has been since the 11 month window opened up in January. I don’t know if you would have been able to get what you wanted even if you would have closed on this contract. I’m very sorry you are at a point of having to start over . I still think the savings are worth waiting and trying again. Your best bet is probably trying to rent a confirmed reservation from one of the DVC rental sites.

 

[RoseGold]

if you back out of a deal as a seller, its unlikely you are going to pay the broker anything.

Sellers who back out owe commission. That's a lot of money on a CCV contract of size. There have been stories of collections and lawsuits over it. It's not like the broker is jus going to list for $11 higher and forget about the commission owed.

Stories of sellers backing out are rare. The seller must have really been in a tough spot.

 

[emmymac17]

So sorry this happened! That's really frustrating FWIW I've seen CCV contracts more like $150-$155pp, so there may still be a deal, but also the quick turnaround on direct and ease of the process is very tempting - especially if you're looking for a smaller number of points and those prices are getting closer to direct anyway

 

[poofyo101]

Sellers who back out owe commission. That's a lot of money on a CCV contract of size. There have been stories of collections and lawsuits over it. It's not like the broker is jus going to list for $11 higher and forget about the commission owed.

Stories of sellers backing out are rare. The seller must have really been in a tough spot.

Sure they owe commission. Doesn't mean they are going to pay commission. Hard to get money from people who don't have it or don't care.

 

[princesslover]

Unfortunately December is really booked out and has been since the 11 month window opened up in January. I don’t know if you would have been able to get what you wanted even if you would have closed on this contract. I’m very sorry you are at a point of having to start over . I still think the savings are worth waiting and trying again. Your best bet is probably trying to rent a confirmed reservation from one of the DVC rental sites.

No— I need to book this December for a trip in 2022. I had plenty of time. Still have time, but a lot less now.

 

[KAT4DISNEY]

No— I need to book this December for a trip in 2022. I had plenty of time. Still have time, but a lot less now.

Yes, plenty of time but sorry that it happened to you. I as a seller once pulled the plug on a deal after the buyer asked for 2 extensions on the closing date for this, that and the other reason and we still were nowhere near closing, just lots of promises. Not everyone has the money they think they will when it comes time to pay things off.

It's frustrating now but there must have been a reason you decided to purchase resale to start - most likely the cost savings. I see some reaching for the $180 price you mention but that is an outlier and CCV contracts are out there for less. Best of luck to you in your decision of direct or try resale again and if resale then in finding that perfect contract again.

 

[CSLucas]

I don’t have a year. I started this process in February. I need to make reservations by December and our plan has always been to book a two bedroom for this trip. The fact that I started in February and it is now June and am no further ahead is more than a little discouraging. I know this opinion is not popular here but this process is in no way worth it with the increased restrictions and now increased prices on top of that. No thanks.

This sounds so much like our situation - I know it isn't a popular opinion, but adding on direct for us was 100% worth it because we were counting on the points to book a 2 bedroom for my daughter's birthday. We ended up just getting the exact number of points we needed to book the room (ended up being about 40 points less than the contract was for) and we had the contract signed and the room booked the same day. Since you essentially get double points from adding on direct would it be possible for you to buy fewer points so the cost would be the same? I know it still hurts to be getting less for your money, but when I looked at the rack rate for a 2 bedroom it made it hurt a lot less! Plus the difference spread out over 40+ years ends up not being all that important (and you have unrestricted points!)

 

[KAT4DISNEY]

Since you essentially get double points from adding on direct would it be possible for you to buy fewer points so the cost would be the same?

To be clear - there is no double points buying direct. You are sold a contract with current points. If you are towards the end of the UY it can feel like double but it isn't. If you are at the beginning of the UY it feels like current points as they are. It is only with resale that you can get a fully loaded contract which is points already banked, current points and all going forward.

 

[kboo]

Stories of sellers backing out are rare. The seller must have really been in a tough spot.

This. Sadly, if they couldn't come up with the money to close, their options were to try to sell it for more (and reduce the gap) or foreclosure with a hit to their credit, etc. We bought a small contract where that was the issue - luckily they didn't pull the contract, but it was touch and go for over a month (it had already passed rofr and was in estoppel), and by the time we got points in our account,* we had 100+ points that were expiring in like 6 days.

I'm sorry this happened to you, but fortunately you still have some time and options. Distressed sellers can be a good way to get a well-priced resale contract, but especially relatively new contracts that hit the resale market are usually for some kind of sad reason.

*we were already DVC members, so luckily it was a much shorter wait from closing to points in account ....

 

[princesslover]

This. Sadly, if they couldn't come up with the money to close, their options were to try to sell it for more (and reduce the gap) or foreclosure with a hit to their credit, etc. We bought a small contract where that was the issue - luckily they didn't pull the contract, but it was touch and go for over a month (it had already passed rofr and was in estoppel), and by the time we got points in our account,* we had 100+ points that were expiring in like 6 days.

I'm sorry this happened to you, but fortunately you still have some time and options. Distressed sellers can be a good way to get a well-priced resale contract, but especially relatively new contracts that hit the resale market are usually for some kind of sad reason.

*we were already DVC members, so luckily it was a much shorter wait from closing to points in account ....

I want to be clear because this has been mentioned a few times. I am not unsympathetic to distressed sellers. But it is not that hard to do the math and know ahead of time what you absolutely must get for an asking price. People should not be listing without having their own accounting in order. Yes, supposedly they had a “last minute” home improvement expense but considering it took them almost a month to even sign the initial contract, it seems clear they had immediate sellers remorse, but strung me and the broker along. This is NOT ok.

 

[CSLucas]

I want to be clear because this has been mentioned a few times. I am not unsympathetic to distressed sellers. But it is not that hard to do the math and know ahead of time what you absolutely must get for an asking price. People should not be listing without having their own accounting in order. Yes, supposedly they had a “last minute” home improvement expense but considering it took them almost a month to even sign the initial contract, it seems clear they had immediate sellers remorse, but strung me and the broker along. This is NOT ok.

100% agree with you. It is also not your responsibility as a buyer to make accommodations for poor choices others might have made. I'm sorry if that sounds harsh, but a contract is there for a reason. I really don't hold with brokers (or real estate agents at large for that matter) who view emotional manipulation as an acceptable way to extend or modify a contract. The first house my husband and I purchased was a similar situation - it was not disclosed to us until after the inspection that the seller was in bankruptcy and so was not in the position to make repairs since every expense had to be approved by the court). I understand respecting privacy and not wanting to disclose possibly embarrassing details, but there also needs to be basic respect for the terms of a contract and too often it feels like the buyer is kept in the dark about things that have material effect on the contract and strung along through emotional manipulation.

 

[princesslover]

100% agree with you. It is also not your responsibility as a buyer to make accommodations for poor choices others might have made. I'm sorry if that sounds harsh, but a contract is there for a reason. I really don't hold with brokers (or real estate agents at large for that matter) who view emotional manipulation as an acceptable way to extend or modify a contract. The first house my husband and I purchased was a similar situation - it was not disclosed to us until after the inspection that the seller was in bankruptcy and so was not in the position to make repairs since every expense had to be approved by the court). I understand respecting privacy and not wanting to disclose possibly embarrassing details, but there also needs to be basic respect for the terms of a contract and too often it feels like the buyer is kept in the dark about things that have material effect on the contract and strung along through emotional manipulation.

Thank you so much for this! I am also annoyed that the broker found this acceptable. I was made to feel like a bad person if I wasn’t anything but 100% understanding of their plight. Who was looking out for me and the money I now stand to lose? Not to mention time and headache. Thanks.

 

[emmymac17]

Thank you so much for this! I am also annoyed that the broker found this acceptable. I was made to feel like a bad person if I wasn’t anything but 100% understanding of their plight. Who was looking out for me and the money I now stand to lose? Not to mention time and headache. Thanks.

You absolutely should be upset. You tied up funds and invested your time - while prices continued to rise and the clock was ticking - you gave yourself plenty of time to do a contract through the slower resale process, but the fact that it was extended and extended and still fell through should absolutely tick you off. Don't feel like the bad person - I definitely feel for anyone in a bad position on a contract - couldn't be fun and life happens - but you as the buyer were majorly inconvenienced (to say the least!!) as well

 

[kboo]

I want to be clear because this has been mentioned a few times. I am not unsympathetic to distressed sellers. But it is not that hard to do the math and know ahead of time what you absolutely must get for an asking price. People should not be listing without having their own accounting in order. Yes, supposedly they had a “last minute” home improvement expense but considering it took them almost a month to even sign the initial contract, it seems clear they had immediate sellers remorse, but strung me and the broker along. This is NOT ok.

To be clear, I was not saying that you didn't have reason to be annoyed or upset, and also am not suggesting you're a bad person or anything. Was saying that even with sellers who knew they needed to sell and knew they had to come up with money to close, it still took 6-ish weeks and was rather dramatic. Not imputing any bad motive to anyone, including the sellers.

 

[princesslover]

To be clear, I was not saying that you didn't have reason to be annoyed or upset, and also am not suggesting you're a bad person or anything. Was saying that even with sellers who knew they needed to sell and knew they had to come up with money to close, it still took 6-ish weeks and was rather dramatic. Not imputing any bad motive to anyone, including the sellers.

I wasn’t targeting your post specifically, just that a few people have mentioned the hardship the sellers must have experienced to have to do this, or that they had limited options, and to me that is irrelevant in this case. It is not my responsibility to worry about their finances. They did not have to accept my offer. They could also have waited to list. There were options. They failed.

 

[DebLovesPooh]

I am so sorry this happened to you and I totally understand if you want to go direct now. I know many will say the savings of resale are worth the stress and time. But for some the savings aren't worth the stress and time. For some, the ease of going direct are worth thousands more. I hope however you proceed brings you joy.

Deb

 

[princesslover]

I am so sorry this happened to you and I totally understand if you want to go direct now. I know many will say the savings of resale are worth the stress and time. But for some the savings aren't worth the stress and time. For some, the ease of going direct are worth thousands more. I hope however you proceed brings you joy.

Deb

Thank you. I appreciate that. After discussing with my husband tonight, we have decided to call our sales rep at DVC and see what they can do. Wel’ll have to probably finance some with direct prices, but we can put a good chunk down when I get my refund back from the title company. I also have a zero percent credit card I can use for part of it. We’ll make it work. I don’t think resale is for me. The whole idea of sending so much money sight unseen and not having any guarantees I am getting what I am paying for after waiting ...not going to ever happen again.