Sellers slow to respond - red flag?

[SheSingsAlong]

We made an offer on a BCV resale contract on March 8, 2023. Sellers countered within minutes and we quickly came to agreed terms. The broker had a contract sent to us before 5pm that same day. Husband and I reviewed and signed that night. Our deposit was collected 3/14 by the Title company, but as of today, the sellers still have not signed the contract. Should I be concerned?

This is day 8 - my husband is pretty sure our contract stated all parties had to sign by 10 days. Is it 10 business day or 10 calendar day? I've sent that clarifying question to our broker.

My question to the DVC DisBrain is: is this a red flag? This is arguably the "easy" part of the sale process. For closing, the sellers will have to get a notary. Should I expect they're going to drag their feet the whole way? I'd rather bail while still within the 10 days and pursue a different contract if that's the case. Does anyone have thoughts/experience/advice? TIA!

 

[Sandisw]

I certainly would be a little leery if it is taking them this long but if it’s worth it for the price, I’d stick with it.

And, I posted elsewhere, the 10 days should not kick in until both parties have signed.

 

[SheSingsAlong]

I certainly would be a little leery if it is taking them this long but if it’s worth it for the price, I’d stick with it.

And, I posted elsewhere, the 10 days should not kick in until both parties have signed.

Thank you much!

 

[bwang123]

maybe they are on spring break and not checking? we were just on vacation (non disney) and i didn't check emails or my phone at all.

 

[SheSingsAlong]

maybe they are on spring break and not checking? we were just on vacation (non disney) and i didn't check emails or my phone at all.

I suppose that's possible, but if you are trying to sell a contract, why would you stop checking in? Our papers said if they didn't sign by the 18th, then the agreement was cancelled. They were risking that cancellation (and I would totally have walked) if that's the case. Never a good idea to leave something important to the last minute.

 

[bwang123]

I suppose that's possible, but if you are trying to sell a contract, why would you stop checking in? Our papers said if they didn't sign by the 18th, then the agreement was cancelled. They were risking that cancellation (and I would totally have walked) if that's the case. Never a good idea to leave something important to the last minute.

maybe its more important to you than it is them.

 

[TinkB278]

I’m in the exact same boat. I saw two other contracts pop up today that are possibly a bit better of a deal and I’m afraid that my seller is having second thoughts and if they back out I’ll also miss out on these other contracts I’m interested in.

 

[TinkB278]

I certainly would be a little leery if it is taking them this long but if it’s worth it for the price, I’d stick with it.

And, I posted elsewhere, the 10 days should not kick in until both parties have signed.

If the 10 days doesn’t kick in until both parties have signed, is there some other mechanism in place to ensure both parties sign the initial documents timely?

 

[Sandisw]

If the 10 days doesn’t kick in until both parties have signed, is there some other mechanism in place to ensure both parties sign the initial documents timely?

Not really..either party can cancel the offer if they are not happy with other persons timeline. I had a buyer once who had not yet signed in 7 days. I told the broker to cancel and relist.

Got a new buyer the next day who signed within 24 hours

 

[Minniesgal]

When you list your contract you don’t know when it’s going to sell. We had an offer for one the day before I had to fly to Australia on a business trip. Sometimes life just brings delays

 

[SheSingsAlong]

maybe its more important to you than it is them.

Hm, I take your point. I guess optimally, the seller and buyer would have the same level of concern for an efficient close of sale. But I acknowledge that doesn't have to be and often isn't the case.

 

[SheSingsAlong]

When you list your contract you don’t know when it’s going to sell. We had an offer for one the day before I had to fly to Australia on a business trip. Sometimes life just brings delays

I hadn't considered that. In this connected age, you could pass along a message that you are delayed but firmly intent on signing. Lack of communication always makes my mind wonder to worst case: they're out there hoping to get a better offer!

 

[DaveNan]

I have had delayed responses from a couple of sellers. One was related to some business travel by one of the sellers early in the process and all later responses were great. The other had to do with an elderly couple, one of which had failing health, and it took several attempts/delays at each step along the way. Ultimately it worked out, but I did not understand the reason until late in the game at closing. From horror stories on the board, it is when you are dealing with a divorce, bankruptcy, or an estate that the process can experience the longest delays. If you can get the agent to disclose any of those situations, either back-out or know you are in for additional potentials delays/frustrations.

 

[ClaraOswald]

Have you contacted your agent to see if there is a known delay of some sort?

 

[SheSingsAlong]

Have you contacted your agent to see if there is a known delay of some sort?

I contacted my agent to let them know I was concerned that the seller hadn't signed yet because we were 2 days away from the agreement being void due to inaction. In about 30 minutes the contract was signed. No idea what they may have said to the seller, but no one has mentioned to me any particular reason for the delay

 

[crisi]

Hm, I take your point. I guess optimally, the seller and buyer would have the same level of concern for an efficient close of sale. But I acknowledge that doesn't have to be and often isn't the case.

Optimally, but honestly rarely. If they don't need the money urgently, then why do they care when it closes. If they were smart, they knew it was going to take a while for the contract to sell and close, so they probably don't need the money urgently. They may also be ambivalent about selling the contract, and so be putting it off. Or something personal could have happened that pushed selling their contract to low down on the priority list, someone got sick or died, the basement flooded, the dog had puppies. I think the paperwork needs to be notarized, and it can be difficult to find a notary in a lot of places. They could just be champion procrastinators - I once sat on a $3,000 check for six weeks before I got around to depositing it - didn't need the money for anything at the moment, would just forget when I left the house to grab the check and run by the bank (this was before deposit via phone).

 

[SheSingsAlong]

Optimally, but honestly rarely. If they don't need the money urgently, then why do they care when it closes. If they were smart, they knew it was going to take a while for the contract to sell and close, so they probably don't need the money urgently. They may also be ambivalent about selling the contract, and so be putting it off. Or something personal could have happened that pushed selling their contract to low down on the priority list, someone got sick or died, the basement flooded, the dog had puppies. I think the paperwork needs to be notarized, and it can be difficult to find a notary in a lot of places. They could just be champion procrastinators - I once sat on a $3,000 check for six weeks before I got around to depositing it - didn't need the money for anything at the moment, would just forget when I left the house to grab the check and run by the bank (this was before deposit via phone).

This isn't the part where the seller needs a notary (at least not domestic sellers) - this is just the initial contract. I can totally understand delays on the closing paperwork, but we couldn't even get to ROFR because the sellers hadn't signed. Now that they have (seemingly minutes after being prodded by the broker), I counted out the 65 days within which the contract stipulates closing must occur and I am assuming we will close no sooner than that last day. If it happens any earlier, it will be a happy surprise! LOL

 

[CrystalClear82]

Hang in there... We'll still meet for a cocktail when it's over!!

 

[SheSingsAlong]

Hang in there... We'll still meet for a cocktail when it's over!!

Cheers! I've got my eyes squarely fixed on the 65 days we are contractually obligated to close - hopefully that means we'll officially be owners in time for my daughter's birthday LOL

 

[sndral]

Optimally, but honestly rarely. If they don't need the money urgently, then why do they care when it closes. If they were smart, they knew it was going to take a while for the contract to sell and close, so they probably don't need the money urgently. They may also be ambivalent about selling the contract, and so be putting it off. Or something personal could have happened that pushed selling their contract to low down on the priority list, someone got sick or died, the basement flooded, the dog had puppies. I think the paperwork needs to be notarized, and it can be difficult to find a notary in a lot of places. They could just be champion procrastinators - I once sat on a $3,000 check for six weeks before I got around to depositing it - didn't need the money for anything at the moment, would just forget when I left the house to grab the check and run by the bank (this was before deposit via phone).

Sometimes the seller owes more than the contract is worth & needs to bring money to the table to close which can delay things as well.
My slowest closing ever was a divorcing couple, my international seller was lightening fast in comparison .
@SheSingsAlong when closing time comes I’d personally not wire the money until after the Title company notified me that they have the seller’s notarized documents in hand.