Should I pull the plug?

[EatMoreVeg]

I'm in a bit of a dilemma. Been waiting on seller to return closing documents for 3 weeks. As per contract, documents need to be signed or postmarked within 14 days of receipt. I told the broker if they cannot confirm with me TODAY that this is the case, then I want my deposit returned and for sellers to be found in default. They said they have been having trouble getting hold of the sellers, and will find sellers in default if this is the direction I want to go.

I could give them until the end of today or tomorrow. I'm not tied to the contract, no points until 2021 and I wouldn't use these points anytime within the next year to book anything. It would give me time to see if prices drop at all in the Fall. I think what I paid was a little on the high side. BLT 100 @ $143/pt, sellers pay closing. I could potentially find a better deal in the next several months, but also figured if I didn't, looking for a point transfer when I needed the extra points would work out just fine too. Should I give them a few extra days or just cut the cord? WWYD?

 

[sethschroeder]

While $143 might be a tad high for BLT there might not be as many 100 points contracts as other resorts since the minimum purchase was higher than that when BLT was being sold.

You could always just start looking for contracts and if you find one then pull the plug?

 

[Lumpy1106]

Gut instinct is to pull the plug to free yourself to look for the next 100 pt contract. those are getting scarce so you don't want to be tied down to this contract if the seller is going to fall through - you want to be able to jump at a moment's notice.

 

[Sandisw]

It is really up to you but IMO, if you are having doubts, then tell broker you want out and go from there.

 

[RoseGold]

I would decide if you want the contract or not. If you want it, what difference does a couple weeks make?

Sure, you might do a little better, but this is a discussion of maybe a couple hundred bucks.

 

[CastAStone]

I’d bail because of the sellers wishy-washiness, but I think that is a good price for 100 BLT. It wouldn’t be necessarily without sellers paying closing or for 200 points, but for 100 it’s certainly going to be in the cheapest 20% of 100 point contracts sold this year.

 

[EatMoreVeg]

Thanks for all the feedback. It's helpful to hear other's thoughts!

Do I want the contract? Yes. Do I neeeeeeeeeed the contract? Definitely not. Lol.

I'm also weary of the lack of responsiveness from the sellers. So odd, as the negotiations were done within the day, and yet when it's time for them to get paid, they drag their feet. It's odd, especially when there is a financial consequence of them doing so. Can't imagine in what scenario it works in their favour to default. Even if I had a lot of other things going on, it would be a priority if it meant losing money by not responding.

 

[Lumpy1106]

Could be NOYB but any clue as to why the seller is taking so much time to respond? It could be a divorce or some other circumstance where it is taking time for all interested parties to get on the same page. There have been other cases reported on these boards where international sellers are having a hard time getting the paperwork processed. I don't know how much either case would affect your decision, but something to think about.

 

[EatMoreVeg]

Could be NOYB but any clue as to why the seller is taking so much time to respond? It could be a divorce or some other circumstance where it is taking time for all interested parties to get on the same page. There have been other cases reported on these boards where international sellers are having a hard time getting the paperwork processed. I don't know how much either case would affect your decision, but something to think about.

I emailed the broker twice last week with no response, asking them to check in on the sellers. So this morning, I emailed the title company and cc'd the broker asking for a final status update and outlining that as per the contract, the sellers are technically at default at this point. It wasn't until then, that I got a response from the broker saying that they have not been able to contact the sellers (who are from the US). I think if they were responding and indicated what the issues were, I could be more patient. But the lack of any response is what is frustrating.

 

[ABE4DISNEY]

I emailed the broker twice last week with no response,

I understand your frustration--you have two parties who are unresponsive!

 

[EM Lawrence]

I’d bail. You don’t need the points anytime soon and while the deal is good in the current environment, I think there will be better deals in the future.

 

[Wiltony]

Yeah price of 143 is great for BLT -- not high at all.

 

[What-r-ya Goofy?]

I'd dump that broker while you are at it. Who doesn't return emails from a client? Very unprofessional. Someone needs to be reminded that they are working for both the seller and the buyer.

 

[piccolopat]

I would back out since they are in default.

 

[EatMoreVeg]

I'd dump that broker while you are at it. Who doesn't return emails from a client? Very unprofessional. Someone needs to be reminded that they are working for both the seller and the buyer.

Yes, it’s certainly left a bad taste in my mouth. They had been fairly responsive up until that point. Even if the response has been, “we’ve reached out but haven’t heard back yet” or “we’ll follow up with them”. That would’ve been better than radio silence.

 

[EatMoreVeg]

Ok, the DVC collective brain has reinforced my thinking. Thanks for all the responses and viewpoints!

 

[soniam]

They could be on vacation. We got our closing docs at the beginning of a 2 week vacation. We knew we would have a few days to finish them when we returned before the 14 day deadline. We also had questions for the title company. We sent them an email but didn't hear back. On our return home, the broker called me. I explained the situation. The title company hadn't seen the email and hadn't said anything about us being gone to the broker. So, everyone was kind of wondering where we were.

 

[KAT4DISNEY]

As you're going to be able to terminate the contract at any time now I'd say it just depends on if you want the contract or not. If you have a different contract you want to offer on or if you don't want any more points right now. If you want it and don't have anything else on your radar I don't see a particular reason to call tomorrow to end it. However I'd only do this if I could set aside the frequent inquires to the broker or concern over why the sellers haven't responded and only if I would still like the contract if they did happen to return the documents. As mentioned you can still look for something new in the mean time and 100 pt BLT contracts aren't particularly common. It sounds a bit like you were second guessing the price though.

 

[Cyberc1978]

I'm in a bit of a dilemma. Been waiting on seller to return closing documents for 3 weeks. As per contract, documents need to be signed or postmarked within 14 days of receipt. I told the broker if they cannot confirm with me TODAY that this is the case, then I want my deposit returned and for sellers to be found in default. They said they have been having trouble getting hold of the sellers, and will find sellers in default if this is the direction I want to go.

I could give them until the end of today or tomorrow. I'm not tied to the contract, no points until 2021 and I wouldn't use these points anytime within the next year to book anything. It would give me time to see if prices drop at all in the Fall. I think what I paid was a little on the high side. BLT 100 @ $143/pt, sellers pay closing. I could potentially find a better deal in the next several months, but also figured if I didn't, looking for a point transfer when I needed the extra points would work out just fine too. Should I give them a few extra days or just cut the cord? WWYD?

When I bought my most recent contract the 14 days was also mentioned, BUT I hadn't accepted the 14 days. Meaning the title company wrote I and sellers had to return the documents within 14 days so we could close.

I wrote to the company that I had no intention to return the documents within that time frame, however I would of course return them before the "close by" date. as I had accepted that date. Title company fully accepted that.

I returned the documents and funds 14 days later than they requested as the exchange rate was in free fall and the longer I waited the more I would save. I basically ended up paying only $135 for my VGF contract when I include the additional savings the exchange rate gave me.

So if you haven't reached your "close by" date I would say you are in breach of contract and could risk loosing your deposit. The 14 days are not an obligation your or sellers need to meet.

 

[EM Lawrence]

If it is in the contract that both parties signed that closing documents need to be returned in 14 days, then it does have to be abided by on both sides or it is breach of contract. If either party does not agree to those terms, then the contract should not have been signed or should have been amended before signing to extend the deadline for returning documents. What you say to a title company/broker does not matter, what is in writing that you signed and agreed to is what matters. This is why you should always read everything you sign very carefully and make any changes before signing. Of course, if neither party objects to the written contract being breached, then nobody will suffer any consequences. Obviously the broker agrees with the OP that in this case, taking 3 weeks to return closing document is a breach of contract on the sellers part.