Sellers backing out

[To the honeypots]

After much research, I decided to take the plunge and buy my first contract. So, I found a small AKL contract and made full price offer. Next thing I know the sellers wanted to keep the remaining 2013 points, but have me pay the same price. Needless today, this contract fell through. Now, I have signed for an WL contract, but the seller still has not returned their portion. The broker told me it is odd they haven't returned it because typically the sellers return it faster than the buyer. Now, I am nervous this one will fall through too. So, what has been your experience? Do contracts normally go smoothly or does it take awhile to find ones that stick?

 

[KAT4DISNEY]

Most go thru but there definitely are ones where either buy or seller back out. If you were to have that happen on 2 though it would be pretty bad luck rather than something normal. It could be something as simple as the seller being on vacation.

 

[suebeelin]

Are they international?

My sellers were in Miami but took almost two weeks and I was freaking out!! The price we agreed on was below market...

Suffice it to say, all it took was a nice phone call from the broker and they sent it back. Part of the hold up was that it has to be notarized.

Good luck!

 

[disneynutz]

You are dealing with people, anything can happen.

Bill

 

[To the honeypots]

The contract says the seller is in Florida. Fingers crossed they sign soon. I am very excited to say the least!

 

[pangyal]

Just out of curiosity, what stage of the process are you at? Is this the initial contract paperwork before ROFR or is this closing?

 

[To the honeypots]

Just out of curiosity, what stage of the process are you at? Is this the initial contract paperwork before ROFR or is this closing?

Just getting the initial signatures. Maybe it's just me, but I assumed sellers would sign quickly and be anxious to get these sent in to ROFR.

 

[Denise W]

Just getting the initial signatures. Maybe it's just me, but I assumed sellers would sign quickly and be anxious to get these sent in to ROFR.

Keep in mind the sellers have lives too. After we put our contracts on the market we had a family health emergency and had to fly across the country and were not available for over a week to be able to print paperwork and sign it. We emailed our broker as we left to notify them of that fact and were able to resolve things when we got home.
Denise

 

[lovin'fl]

I have bought 5 contracts via resale and tried to buy a 6th. So, 5/6 that went through smoothly isn't bad. The 6th contract, we had trouble with, was through Fidelity and the sellers cancelled on us about 8 days into ROFR. We were told it was due to bankruptcy but then we noticed the exact same contract was relisted (I know it was same since it was an 88 point contract) with points missing and a 'can't close until X/X/X date'...so they decided to use the points for one last trip. Usually they go through without a hitch though. Good luck!

 

[JimMIA]

The most common cause of sellers backing out is a late realization that they will have to PAY IN to close.

That situation usually occurs when the seller purchased direct from DVC and financed. They are often "upside down" on their loan because of the decreased value from their direct purchase price, plus the brokers commission (normally 10%) has to come out of the proceeds. Sometimes the amount they have to pay IN to close is in the thousands of dollars.

 

[To the honeypots]

Thank you all for the insight. After the initial falling through and getting shut out of a couple more, I am just really eager for this to go through! Wasn't sure if it was common for sellers to back out, but sounds like it isn't. I will just have to be more patient it seems.

 

[supersnoop]

After negotiating a great deal, I had a seller take a full 10 days before signing their copy of the contract. I had to call the broker to let them know that any additional delay would put them in breach and I would be demanding my deposit be returned and I'd move on to another contract with a different broker. They were able to get the documents signed before the deadline and everything went incredibly smoothly after that.

Just remember that there will always be another contract available, and don't fall in love with one. You can always move on and wait for the next one. There's no reason to worry; it will either happen or it won't. Just be prepared and be firm, and things will work out.

 

[JimMIA]

Just remember that there will always be another contract available, and don't fall in love with one. You can always move on and wait for the next one. There's no reason to worry; it will either happen or it won't. Just be prepared and be firm, and things will work out.

This is great advice.

It's exciting to be getting into DVC, but don't get carried away. Bottom line, it's just a timeshare and after this "perfect contract" there will always be another "perfect contract," and another, and another, and another.

This is a long-term deal -- don't get wrapped up in the moment; focus on the years of use.

 

[lovin'fl]

Thank you all for the insight. After the initial falling through and getting shut out of a couple more, I am just really eager for this to go through! Wasn't sure if it was common for sellers to back out, but sounds like it isn't. I will just have to be more patient it seems.

Also, some food for thought, when you make an offer give a deadline date for them to respond...like 48 hours. And when offer is accepted give a deadline date for contracts to be signed and returned.