* Updated *Advice needed please-sorry it's long

[wdwnut]

We submitted our paperwork for a 130 point resale on 2/13. It was submitted for ROFR 2/18 and passed on 3/6. Balance was sent to the title company on 3/11. The seller is overseas and has still NOT sent back his paperwork. Today was the final scheduled closing date. The contract came with banked 2007 points that we should have been able to apply toward our May trip so we could bank the points we are using. I'm not sure if we should wait on this or not. It was a pretty fair price. Should we:
1. Tell them to give us our full refund.
2. Wait to close whenever the seller gets his act together and sends back the completed paperwork. If we do wait, does anyone know if it's possible for the seller to transfer the banked 2007 points from his account into our account prior to closing? I'm not sure we can count on this person (and/or the agent at the resale company) to act in a timely manner. Would this screw up the existing contract or make it necessary to change the paperwork and start again?
Thanks for the advice.

 

[Mickey'sApprentice]

My condolences.

This isn't great help, but...I'd talk to my broker/agent and see if they can expedite the situation. IF NOT, then you need to re-evaluate the deal with the new situation and see if it is still worth the price.

It is totally reasonable to start over with a lower offer. If you can't use the points, then it is worth less. Act accordingly.

DVC can be an emotional (love) decision. Just remember, love is love and business is business. Just make sure your decision is ALL business.

 

[BWV Dreamin]

We submitted our paperwork for a 130 point resale on 2/13. It was submitted for ROFR 2/18 and passed on 3/6. Balance was sent to the title company on 3/11. The seller is overseas and has still NOT sent back his paperwork. Today was the final scheduled closing date. The contract came with banked 2007 points that we should have been able to apply toward our May trip so we could bank the points we are using. I'm not sure if we should wait on this or not. It was a pretty fair price. Should we:
1. Tell them to give us our full refund.
2. Wait to close whenever the seller gets his act together and sends back the completed paperwork. If we do wait, does anyone know if it's possible for the seller to transfer the banked 2007 points from his account into our account prior to closing? I'm not sure we can count on this person (and/or the agent at the resale company) to act in a timely manner. Would this screw up the existing contract or make it necessary to change the paperwork and start again?
Thanks for the advice.

After re-reading your post, it looks like there are already banked points you want to use. Since the contract has gone thru ROFR, no changes can be made to the account.

 

[wdwnut]

Mickey'a Apprentice-Yes, I've loved DVC since it was $60 point direct from Disney! This contract, including closing costs comes in a little under $84 and has the same use year as the other 3 contracts I purchased direct from Disney.
I'm trying not to react too hastily/emotionally.

BWV DREAMING- I wasn't sure if this would be a legal "breach" to transfer the points in ahead of the closing.

Please keep your advice coming.

 

[wdwnut]

Please keep your advice coming.

 

[BWV Dreamin]

Please keep your advice coming.

Also, if I'm reading your post right, you can't transfer banked points anyway.

 

[Dean]

After re-reading your post, it looks like there are already banked points you want to use. Since the contract has gone thru ROFR, no changes can be made to the account.

They don't cancel reservations until they actually transfer it over so it would be possible for the owner to use or transfer points (per the transfer rules). contracts pass ROFR not uncommonly then the sale is never completed. To my knowledge, DVC doesn't freeze the contract but rather simply cancels pending reservations at the point of actually changing the names. It actually appears there is even a couple of week delay at times after the changeover before they cancel them internally. If the buyer could get the seller to make a reservation in their name then just delay closing a little, it'd solve the issue. But if they were that reliable, they'd have sent the paperwork back. IMO, the timing on the closing was overly optimistic anyway to get this closed and sub those points into May. My understanding is that the requirement for notary for many non US counties creates quite a chore, esp in the UK. There are only a handful of places they can go in the country to get a notarization if I recall correctly.

 

[JimMIA]

I had a similar situation with a seller in Argentina. Everything was fine until it came time for them to do the paperwork. Then they tried to raise the price. We declined and withdrew, and the broker (TTS) refused to list their contract again because they had not acted in good faith. We got all our money back, of course, because it had been held in escrow, and we just applied that to the contract we eventually bought.

Frankly, based on our experience - and other similar stories published here by other DISers - I wouldn't even consider buying from someone outside the US.

You didn't mention which broker you're using, but I'd turn to them to either make the deal happen or withdraw. There are no shortage of contracts for sale -- if the seller is unethical, or just disorganized, find a better seller.

 

[lah3hh]

I would trust TTS and talk this through with your agent but I can't go without saying....it is stories/situations like this that I choose to purchase directly from Disney on each of my add ons. I have never been put in a situation that I felt nervous or anxious about ever...worthless to me!

 

[anna08]

I bought my resale from someone in the UK, and it took several weeks for the other party to return their paperwork as well (according to agent). I was surprised, however, to see the actual date on the deed that they signed was much earlier... I don't know who to blame, but I was rather peeved that I spent money to fed ex my stuff overnight, when it supposedly took 4 wks to get theirs. And then TCS held up the contract stating I had to pay then MF in full before they could close, because it was one day passed the deadline in December to pay the MF directly to Disney. It then took over 3 months later for the deed to be submitted to Orange County by TCS. Next time (if there is one) I would ask where the seller was from and avoid an international sale. But, to be fair, none of the paperwork is time-stamped when it is received. It could have sat at TCS for days unprocessed for all I know. Good luck with your purchase. The nice thing is that once it is done, you get to deal with Disney alone.

 

[wdwnut]

Just an update- The seller still has not sent paperwork and said it might take until the middle of May. Wish me luck- just agreed to a different contract with someone who lives in the US- 150 points @ $76.50 pp. Now we have to go through the whole thing again with submitting for ROFR.

 

[Sandisw]

Just an update- The seller still has not sent paperwork and said it might take until the middle of May. Wish me luck- just agreed to a different contract with someone who lives in the US- 150 points @ $76.50 pp. Now we have to go through the whole thing again with submitting for ROFR.

Good luck and here is some pixie dust headed your way!!!

 

[wdwnut]

Thanks SandisW- hope the weather in Syracuse is better than here- feels like a nor'easter. My oldest son graduated from SU several years ago, and I have relatives in the Brewerton and Clay areas.

 

[Debbie Jean]

Just an update- The seller still has not sent paperwork and said it might take until the middle of May. Wish me luck- just agreed to a different contract with someone who lives in the US- 150 points @ $76.50 pp. Now we have to go through the whole thing again with submitting for ROFR.

I bought an add-on through TSS and I think with any luck at all you will close before the other seller would get the paper work done

Best wishes : and keep us updated!

 

[Sandisw]

Thanks SandisW- hope the weather in Syracuse is better than here- feels like a nor'easter. My oldest son graduated from SU several years ago, and I have relatives in the Brewerton and Clay areas.

Luckily, we have bright sunny skies today and the temp is not too bad! Winter was long so hopefully, we are done (of course, this is Syracuse and we have had snow on Mother's Day!!!).

Keep us posted on ROFR! I am waiting on a buyer to return paperwork on the offer for my VWL contract so it can go off to Disney. Hopefully, everything will be in by the end of the week so we can start the process!

 

[dcamdad]

Just an update- The seller still has not sent paperwork and said it might take until the middle of May. Wish me luck- just agreed to a different contract with someone who lives in the US- 150 points @ $76.50 pp. Now we have to go through the whole thing again with submitting for ROFR.

They do not sound very motivated to sell I know the banked points on the original resale are a plus but honestly I would buy from someone who really wants to sell.