Disneyhappy
DIS Veteran
- Joined
- Jan 29, 2000
- Messages
- 2,146
The whole resale timeline is crazy enough so make sure your broker and mortgage companies are efficiennt and don't cause additional delays. (We puschased and moved into our home that cost 25 times the cost of our DCV purchase in 45 days and until we will be able to book our new ownership interest in DVC it will be over 3 months!)
Our broker has been fantastic and totally on top of our purchase at every step since our offer was accepted 1/18. RFR and estoppel took the average time and we finally overnighted the closing documents and payment on 3/13/15. Owner sent in their documents immediately as well. It has been in the hands of Timeshare Title and More from 3/13 until they finally submitted the closing documents last night (4/2). It took over a week to start processing our closing. I finally called on Tuesday (3/31) afternoon and they said that the loan company was to wire the money the prior Wednesday and there was no follow up until Tuesday, the day I called. My company handles wire transfers and we have a same day verification process, not 4 business days. Once they followed up, they were told that the money was sent via a personal check, not wired. The check was received on Tuesday and they had to wait to hear from the mortgage company that the check cleared. (Not the bank, the mortgage company.) After leaving an unreturned call/message with my mortgage company on Tuesday and persistence with the title company who stated they received confirmation from the mortgage company Thursday (4/2) afternoon that the check cleared and my closing was being processed. I was then told it will be at least 2 and more likely 3 weeks until I will receive my new membership number and be able to book (which I have subsequently confirmed with DVC). It was strange as my title and mortgage company kept pointing the fingers at each other. I was getting diffferent information from the same people each time I called. I don't know why the money wasn't wired or at a minimum a certified check like I was required to send. I know this part of the wait was only about 3 weeks of the entire process but I got the sense they are overwhelmed with untimely follow up. I felt I wasn't getting a straight answer. I didn't want to be one of those nuisance customers. I waited 2 1/2 weeks before calling and I would have been fine if the reason for the delay didn't send off red flags. I suggested to my broker that they should look into another title commpany and she said that they have become aware of the issues and have started using another company. The mortgage and title company both originally represented that the mortgage would result in only 1-2 extra days in the closing process. (Our closing date on the sales contract was 3/21/15.) In retrospect, I wish we had not gone with a mortgage but I was concerned that our SSR contract would not sell and I preferred not to have the total cash amount tied up. Fortunately, our SSR contract surprisingly sold for more than we hoped for per point in less than two weeks of posting it after we passed RFR on our BLT purchase. (Again, my broker is great!)
A main reason for my frustration is that I counted on the closing date (plus one week) to book a trip before the 7 month window which has now passed and the rooms I wanted are now booked. I know it was cutting it close but it never dawned on me that it would actually close after the contracted closing dates. We've gone through numerous personal and rental property closings from new purchases and refinancing and it never dawned on me that the contract would not close by the closing date. My prior resale purchase closed over two weeks prior to our contract closing date. Now that I read these messagee boards, I realize that DVC timeshare resales are an exception. I thought I did my due diligence but apparently I should have consulted this forum more than than the folks actually involved in my purchase.
My main point of this post is for folks not to assume the process is going smoothly and to trust but verify. I work for a company that demands excellence in service and efficiency which results in my having higher expectations from my service providers.
Our broker has been fantastic and totally on top of our purchase at every step since our offer was accepted 1/18. RFR and estoppel took the average time and we finally overnighted the closing documents and payment on 3/13/15. Owner sent in their documents immediately as well. It has been in the hands of Timeshare Title and More from 3/13 until they finally submitted the closing documents last night (4/2). It took over a week to start processing our closing. I finally called on Tuesday (3/31) afternoon and they said that the loan company was to wire the money the prior Wednesday and there was no follow up until Tuesday, the day I called. My company handles wire transfers and we have a same day verification process, not 4 business days. Once they followed up, they were told that the money was sent via a personal check, not wired. The check was received on Tuesday and they had to wait to hear from the mortgage company that the check cleared. (Not the bank, the mortgage company.) After leaving an unreturned call/message with my mortgage company on Tuesday and persistence with the title company who stated they received confirmation from the mortgage company Thursday (4/2) afternoon that the check cleared and my closing was being processed. I was then told it will be at least 2 and more likely 3 weeks until I will receive my new membership number and be able to book (which I have subsequently confirmed with DVC). It was strange as my title and mortgage company kept pointing the fingers at each other. I was getting diffferent information from the same people each time I called. I don't know why the money wasn't wired or at a minimum a certified check like I was required to send. I know this part of the wait was only about 3 weeks of the entire process but I got the sense they are overwhelmed with untimely follow up. I felt I wasn't getting a straight answer. I didn't want to be one of those nuisance customers. I waited 2 1/2 weeks before calling and I would have been fine if the reason for the delay didn't send off red flags. I suggested to my broker that they should look into another title commpany and she said that they have become aware of the issues and have started using another company. The mortgage and title company both originally represented that the mortgage would result in only 1-2 extra days in the closing process. (Our closing date on the sales contract was 3/21/15.) In retrospect, I wish we had not gone with a mortgage but I was concerned that our SSR contract would not sell and I preferred not to have the total cash amount tied up. Fortunately, our SSR contract surprisingly sold for more than we hoped for per point in less than two weeks of posting it after we passed RFR on our BLT purchase. (Again, my broker is great!)
A main reason for my frustration is that I counted on the closing date (plus one week) to book a trip before the 7 month window which has now passed and the rooms I wanted are now booked. I know it was cutting it close but it never dawned on me that it would actually close after the contracted closing dates. We've gone through numerous personal and rental property closings from new purchases and refinancing and it never dawned on me that the contract would not close by the closing date. My prior resale purchase closed over two weeks prior to our contract closing date. Now that I read these messagee boards, I realize that DVC timeshare resales are an exception. I thought I did my due diligence but apparently I should have consulted this forum more than than the folks actually involved in my purchase.
My main point of this post is for folks not to assume the process is going smoothly and to trust but verify. I work for a company that demands excellence in service and efficiency which results in my having higher expectations from my service providers.
Bill
