Slow closing process

[kaytieedid]

Our funds and paperwork for closing were received by the closing company on 1/20/12. I emailed last week for any updates and were told the sellers haven't returned the paperwork yet, they have to sign in front of a notary. Do the sellers have a certain amount of time to return everything? What happens if they don't?

 

[disneynutz]

The terms of your agreement are in your contract. Your Broker can advise you on your rights.

Many sellers seem to be slow with their docs. IMO they have a hard time giving in to the fact that they are loosing something. Just like people don't want to get rid of stuff around the house that the haven't used in years. Have you noticed how many storage facilities that there are around town?

It's a mental thing.

Bill

 

[GrnMtnMan]

See these two threads where I had similar complaints: one and two.

 

[JimMIA]

Yes, there is a "close-by" date in your contract. If the contract doesn't close by that date (for whatever reason), you can cancel and get your money back.

That may not be your best option, but it's the fail-safe option. You won't lose any money.

It's frustrating when these things come up, but most of the time there is a simple explanation and the problem is readily solved. Often, it's nothing more than the seller being on vacation and being somewhat out-of-touch.

On rare occasions, it's a real unsolvable problem -- like the seller realizing they have to pay IN to close and they don't have the money. But those situations are rare.

With sellers outside the US, sometimes the notary can be a real problem. There may not be any notaries available, or the cost of a notary may be much higher than what we have here.

Good luck. Worst case scenario, you'll just have wasted some time and will move on to another contract.

 

[kaytieedid]

Thanks everyone. I still haven't heard anything and will contact the closing company today. It didn't take this long with our 1st contract but that was through TSS and their closing company. This time we're using Fidelity and they have a different company. Our sellers are in the US so I would think a notary should be easy to locate

I think the date in our contract would be 2/16/12. We are hoping to get the points soon b/c there are some 2010 UY points that will expire at the end of March. We sort of counted on these when we committed to the contract at the beginning of December.

 

[zeferjen]

I can see why this is very frustrating. It seems illogical that someone trying to sell something would delay getting their money.

 

[soxyes]

I agree - delays can be really frustrating.

We passed ROFR on 11/22. We just closed this past week. The sellers were from Europe and there were delays upon delays. If the contract wasn't so good, we would have moved on. (We were really close to pulling out a couple of times.) Anyway, once the contract gets loaded into Disney's system, we'll be good to go. It was worth it, but painful nonetheless.

 

[DizBub]

I agree - delays can be really frustrating.

We passed ROFR on 11/22. We just closed this past week. The sellers were from Europe and there were delays upon delays. If the contract wasn't so good, we would have moved on. (We were really close to pulling out a couple of times.) Anyway, once the contract gets loaded into Disney's system, we'll be good to go. It was worth it, but painful nonetheless.

Holy cats!! This is my worst nightmare!! I've just been waiting a week or so for our contract to go to ROFR and I'm a nervous wreck wondering about the delay.
Overreacting, I guess. At least your news is good in the end. Glad you survived the wait.

 

[kaytieedid]

The sellers paperwork was FINALLY received by the closing company on Friday 2/03. Wouldn't you know the deed was executed incorrectly. So, now it has to be sent back to the seller to be re-signed and re-notarized. I'm so frustrated at this point - we were hoping to have our points to make a reservation before the 7 month window opens up to everyone.

 

[mickeyplanner]

The sellers paperwork was FINALLY received by the closing company on Friday 2/03. Wouldn't you know the deed was executed incorrectly. So, now it has to be sent back to the seller to be re-signed and re-notarized. I'm so frustrated at this point - we were hoping to have our points to make a reservation before the 7 month window opens up to everyone.

That stinks, we are in the process of trying to close on our first DVC resale. OUr closing date is set for 2/20 but I am hoping the sellers moves more quickly. We mailed our paperwork back today and it should be in the title company hand's by noon tomorrow. If you don't mind me asking, who did you buy from? We went through the forbidden company.

 

[magicaldisney]

We also are working with Fidelity for our add-on. Our offer was accepted in November and we are still waiting for the closing docs from the seller. We sent our money and signed documents in a month ago. Loosing patience and I wish Fidelity would get on top of it. If I don't make a call or send an email I don't know how long things would go without anything being done.

 

[kaytieedid]

That stinks, we are in the process of trying to close on our first DVC resale. OUr closing date is set for 2/20 but I am hoping the sellers moves more quickly. We mailed our paperwork back today and it should be in the title company hand's by noon tomorrow. If you don't mind me asking, who did you buy from? We went through the forbidden company.

We used Fidelity. Rachel was great - always got right back to me and answered any questions I had. We also received the closing docs within a few days of ROFR. The problem lies with the seller. They waited a few weeks to return the paperwork and when they did it wasn't notarized. They have had the new deed since last Wednesday with a pre-paid return envelope and STILL haven't sent it back. I don't know how much Fidelity or the closing company can do at this point. I'm wondering if the seller is having second thoughts. We're getting REALLY close to the 7 month window of when we want to travel opening up. At that point we won't be able to book what we want at our home resort. We also had 112 points that have to be used by 3/31/12. At this rate, they'll go to waste and that was a factor in our decision to buy this contract.

 

[mickeyplanner]

When did your contract say that the closing would occur? Sounds like the seller might not be following the original contract.

Ours reads February 20th but I am wondering if they can close on the legal holiday/President's Day?

Any word of what will happen to the points that need to be used? If they aren't honoring their contract and closing, then I would look for another seller. Or was the offer to good to pass up?

Good Luck You need it

 

[luckyman_apd]

When did your contract say that the closing would occur? Sounds like the seller might not be following the original contract.

Ours reads February 20th but I am wondering if they can close on the legal holiday/President's Day?

Any word of what will happen to the points that need to be used? If they aren't honoring their contract and closing, then I would look for another seller. Or was the offer to good to pass up?

Good Luck You need it

I think it's funny our dates our the same after all our conversations here. I'm hoping they can close even though it's a holiday. I think as long as the paperwork is in, they can close. I'm getting impatient waiting on ING to transfer my money into my local bank. It better be there tomorrow so I can send the funds in with the paperwork and get this thing done and get our Nov. reservations set.

 

[JimMIA]

The problem lies with the seller. They waited a few weeks to return the paperwork and when they did it wasn't notarized. They have had the new deed since last Wednesday with a pre-paid return envelope and STILL haven't sent it back.

Considering the repeated "ooops" issues, I'd call the broker and asked them point-blank whether the seller had financed and, if so, whether their loan payoff is greater than the selling price of the contract.

If it is, I'd cancel and move on if you can do so without losing your deposit. You will have to wait until your closing date has passed.

I don't know how much Fidelity or the closing company can do at this point.

Well one or both of them should be on the seller to get the paperwork in -- moreso the closing company, but the broker is also going to lose their commission if the deal doesn't close for whatever reason.

I'm wondering if the seller is having second thoughts.

I'd be wondering if the seller just CAN'T close because they're underwater on a loan and have no cash to pay in.

We also had 112 points that have to be used by 3/31/12. At this rate, they'll go to waste and that was a factor in our decision to buy this contract.

Hmmm. First of all, can you travel next month? And secondly, what do you think the availability would be at +/- 30 days out? I'm not sure using those points was ever a realistic idea.

I hate to see this discussion of 7-month booking windows and using expiring points as considerations in this kind of purchase.

If the deal doesn't make sense long-term, short-term benefits can't save it.

If the deal DOES make sense long-term, one upcoming vacation shouldn't matter.

 

[kaytieedid]

Well, we heard back yesterday! The sellers finally returned their paperwork with all necessary signatures and notary seal. We were told all Disney has to do is put us in the system!!

We really didn't want to "back out" on this deal b/c it was fabulous. There were a lot of banked and current points available. Saratoga does have availability in March for a studio, so hopefully we can get use out of our points that expire 3/31. Thanks everyone for your input!!!

 

[mickeyplanner]

I am glad it sounds like it is going to work out for you. Please let us know how long Disney takes to put you in the system.

 

[kaytieedid]

We are closed and have made our reservation!! Here is the timeline

Dec 11, 2011 - sent contract to Fidelity
Dec 16, 2011 - sent to Disney for ROFR
Jan 11. 2012 - passed ROFR
Jan 19, 2012 - received closing documents via email
Jan 20, 2012 - sent closing documents via FEDEX
Feb 3, 2012 - sellers paperwork received. It was incorrect, new papers sent.
Feb 12, 2012 - Fidelity received sellers docs
Feb 19, 2012 - We were in Disney's system and made our reservation!!

 

[JimMIA]

Congratulations! I'm glad it worked out for you.

 

[TMmomma]

Who is the "forbidden" company?