Seller has gone MIA

[Jlo85]

Kind of my own dumb fault for not being more proactive, but our seller hasn’t responded to the title company. At this point it’s been a month and a half since we received the closing packet.

Kind of disappointed because it was our first purchase, and we were planning on using it for a vacation next year.

Does anyone have any guidance on how backing-out works? Am I as a buyer out any money? How long does it take to get my funds back? Trying to figure out how soon to pull the trigger and whether to try again.

 

[Sandisw]

As long as you have passed the closing date on the paperwork, you can cancel and get all your money back.

 

[pianomanzano]

Sorry to hear. Given the current buyers market (the board sponsor only had 6 ROFRs last month), you can probably get the same or even better deal than what you were planning on purchasing.

 

[cdobert]

I had the same thing happen to me; I bought direct because I was so upset.

 

[Jlo85]

I had the same thing happen to me; I bought direct because I was so upset.

Thanks - I’m considering that option. If you don’t mind me asking, what was the process like trying to back-out? Was it relatively quick and easy?

 

[MICKIMINI]

Send an email today and you should have your money back within a couple days. It's nothing you did. Cut the ties and no guilt. Move on and get a better deal!

Good luck!

 

[Jlo85]

Send an email today and you should have your money back within a couple days. It's nothing you did. Cut the ties and no guilt. Move on and get a better deal!

Good luck!

Thanks! My title company said I had to go the broker, which I now have, so hopefully I get some movement.

 

[RoseGold]

This is good news for you. Prices are going down. Try again.

 

[sndral]

Kind of my own dumb fault for not being more proactive, but our seller hasn’t responded to the title company. At this point it’s been a month and a half since we received the closing packet.

Kind of disappointed because it was our first purchase, and we were planning on using it for a vacation next year.

Does anyone have any guidance on how backing-out works? Am I as a buyer out any money? How long does it take to get my funds back? Trying to figure out how soon to pull the trigger and whether to try again.

Take a look at your paperwork - there should be a closing date in it, sometimes that date is pretty far out, so make sure you are past that date, if you are, email the broker & title company that since the seller has failed to return their documents by the closing date you consider the contract canceled & want your funds returned immediately.

 

[Jlo85]

Take a look at your paperwork - there should be a closing date in it, sometimes that date is pretty far out, so make sure you are past that date, if you are, email the broker & title company that since the seller has failed to return their documents by the closing date you consider the contract canceled & want your funds returned immediately.

Update that we have heard from the seller, so giving them a few days. If we weren’t planning a DVC trip next year, I would have restarted.

Learning lesson is to just be proactive on these things. I try to avoid micromanaging stuff assuming the broker and title company would push it along, but hasn’t been my experience on this. Didn’t get movement till I threatened to cancel.

 

[kanerf]

Always a bit of a concern when doing a resale purchase. What for example if the seller were very ill, which is the reason for the sale and either becomes incapacitated or passes away before completion?

 

[Jlo85]

Always a bit of a concern when doing a resale purchase. What for example if the seller were very ill, which is the reason for the sale and either becomes incapacitated or passes away before completion?

Yeah I don’t feel they mentioned this risk in the like millions of YouTube videos I watched about DVC resale lol. I’m sure flakey buyers are also prevalent.

 

[RoseGold]

Yeah I don’t feel they mentioned this risk in the like millions of YouTube videos I watched about DVC resale lol. I’m sure flakey buyers are also prevalent.

Is it past closing or not? Some people just put things off until deadlines.

Some people have complicated estates with 14 people and 6 lawyers, some people have a nasty divorce and are trying to get $300 more in their share before they sign off, some people have a bankruptcy trustee, it can be more than just a signature to get it sold.

If you're not past closing, then this isn't even risk. This is literally what you agreed to.

 

[MICKIMINI]

Update that we have heard from the seller, so giving them a few days. If we weren’t planning a DVC trip next year, I would have restarted.

Learning lesson is to just be proactive on these things. I try to avoid micromanaging stuff assuming the broker and title company would push it along, but hasn’t been my experience on this. Didn’t get movement till I threatened to cancel.

We've had to threaten to pull out several times, though it wasn't that long past the final date. Seller's came through each time.

I hope it all works out.

 

[sethschroeder]

Bought 3 resale contracts with never and issue.

I dont bring this up to brag just to say you were unfortunate but tons of contracts go through without much issue. So I would email the title company and possibly call as well to get the story on if they can try calling a couple of times today and tomorrow (since its the weekend) and if nothing is heard back by Monday you want it cancelled (if you are past closing date).

Heck before even doing that look to see what is on the market and if there is a better deal out there possibly go that route and just cancel.