What to do?

[tlh]

Found a contract I wanted and submitted an offer, and it was accepted. Now waiting a week for the contract I find out that it can't close until the middle of September. Shouldn't this have been mentioned during the offering process? Now I have missed other contracts that would have fit my needs, and possibly won't be able to book my spring break vacation. Definitely be way passed the 7 month mark which I was hoping to stay within and only four months probably to book once I receive my member Id.

 

[geniegirl]

Why so long.

We just put in an offer and they said mid July we would close. Hope it doesn't get pushed off.

 

[kedkin]

What resale company did you use?

 

[NoleFan]

Most contracts have a closing date around 45 days after the offer is accepted. I think an extended closing sometimes means that the sellers are completing a trip with some of the contract's points before closing. I think that should have been disclosed to you initially. That would make me upset.

 

[automaticsoap]

Yes, this definitely should have been disclosed to you before you put in an offer! If you don't want to wait that long to close, I suggest being patient and looking for another contract.

 

[ELMC]

Found a contract I wanted and submitted an offer, and it was accepted. Now waiting a week for the contract I find out that it can't close until the middle of September. Shouldn't this have been mentioned during the offering process? Now I have missed other contracts that would have fit my needs, and possibly won't be able to book my spring break vacation. Definitely be way passed the 7 month mark which I was hoping to stay within and only four months probably to book once I receive my member Id.

This is a fairly common occurrence but yes, it should have been disclosed to you. If you feel like you can replicate this deal with another contract, then you should cancel this deal based on this new information. But if you don't feel like a similar deal is available, I would just be patient. It really is only adding 4-6 weeks onto the process. Depending on when your spring trip is, you won't be missing the 7 month window by much. And even if you do, that is just one trip of many.

 

[tlh]

Fidelity. Yes they have a reservation in September and that's why we can't close until then. Wish I would have known sooner.

 

[kedkin]

I looked at a resale through TSS and they disclosed and explained that situation upfront on a contract I inquired about. You should keep looking and not go forward on that contract.

 

[ELMC]

I looked at a resale through TSS and they disclosed and explained that situation upfront on a contract I inquired about. You should keep looking and not go forward on that contract.

Why? Out of spite? The fact is that this should have been disclosed. But Fidelity did nothing malicious and it doesn't make this contract materially different in terms of price or number of points. It's become pretty clear to anyone who has read these boards over the past few months that working with Fidelity brings more challenges than working with other brokers. But I see no reason to cancel a contract that meets the buyer's needs just because she would have to wait an extra 4-6 weeks to close, even if it might impact her upcoming vacation. She'll still get a reservation somewhere, and DVC is a long term play not a one shot deal.

 

[Kidanifan08]

I agree with ELMC. If the contract is perfect for you, it may be worth the wait. If the close happens in Sept, that's 5-7 months before most spring breaks and you would have a very good chance of getting something. We actually booked 2 nights in two separate BW view studios for 4/4 and 4/5. One came through with a wait list. They were booked at under 3 months out.

I assume these delayed closings go to ROFR once the offer is accepted, but I am not sure of that. One would think that the closing could happen as soon as the seller returns from their trip.

 

[kedkin]

I think it all depends on how good of a deal that it is. You stated there were other contracts out there you could've acted on. The way I see it is you now have 4 weeks to maybe find a better contract. I think that is definitely something that should've been disclosed upfront. IMHO, this is an expensive purchase, and for a broker to leave something like that out I would probably try and go with another broker you can trust.

 

[lovin'fl]

Most brokers list it (late closing) on their website. You will see contract details with a note that says 'can't close until x/xx/13'. Maybe Fidelity doesn't (I don't know as I no longer look at their listings because I won't ever buy through them). If OP wants to book a resie in 2 months and not 4, then she should find another contract. And no way should you wait a week for a contract...I am now about to close for the 4th time (all resale) and got each contract w/in 24 hours of agreeing on offer with sellers (and I never paid a $195 buyers fee).

 

[Countryrunner262]

I hope you are not paying this years MF.

 

[agie65]

Found a contract I wanted and submitted an offer, and it was accepted. Now waiting a week for the contract I find out that it can't close until the middle of September. Shouldn't this have been mentioned during the offering process? Now I have missed other contracts that would have fit my needs, and possibly won't be able to book my spring break vacation. Definitely be way passed the 7 month mark which I was hoping to stay within and only four months probably to book once I receive my member Id.

May turn out in your favor in ROFR process, disney may let it go since they have to hold up on closing as well and they want to finish all the process on time not to have a back log. Any comment?

 

[rusafee1183]

This happened with us as well. If we pass ROFR, we will not be closing until August. We were told after we made the offer and it was accepted, but this was not an issue for us, as I have no immediate plans for these points.

We offered to split the 2013 MF's with the seller. I know we are coming out a little bit behind in that deal, but it was the exact contract we had been watching for and paying for an additional few months of MF's wasn't enough to stop me from trying everything I could to get this contract. I'm hoping that this is another reason Disney will pass over us in ROFR. It's small, but it may help swing it in our direction

I agree with ELMC as well, if it's exactly what you are looking for - I think it's worth the wait. Resales are getting harder and harder to come by, especially for a reasonable price point. I would stick with it if you can and definitely try to negotiate the MF's if you haven't already.

 

[JimMIA]

If the contract is perfect for you, I would tell the seller to cancel the September reservation and close. If they and the broker are dealing in good faith, they will cancel.

If they refuse, I would walk. You have no way of knowing what else the broker and/or seller is not telling you.

 

[NoleFan]

I think this might help the ROFR process. I would also take into account how often you see a contract like this? It would depend on resort, contract size, if you are looking for a specific UY, & banked points if any.

 

[ELMC]

If the contract is perfect for you, I would tell the seller to cancel the September reservation and close. If they and the broker are dealing in good faith, they will cancel.

If they refuse, I would walk. You have no way of knowing what else the broker and/or seller is not telling you.

Jim, I think you're pushing the panic button a bit early here. The seller should not be required to cancel a reservation just to sell their contract, especially if they disclosed this to the broker (which we don't know if they did in this case). I also don't think it's fair to assume that the broker is not dealing in good faith if they don't ask the seller to cancel the reservation. We don't know the facts, but it sounds like this is an error of omission. We all know that this isn't the first time a mistake has been made, but I don't think it's a sign of worse things to come.

 

[sara mom]

Found a contract I wanted and submitted an offer, and it was accepted. Now waiting a week for the contract I find out that it can't close until the middle of September. Shouldn't this have been mentioned during the offering process? Now I have missed other contracts that would have fit my needs, and possibly won't be able to book my spring break vacation. Definitely be way passed the 7 month mark which I was hoping to stay within and only four months probably to book once I receive my member Id.

We recently found an akl contract through the same company and were told sellers had a trip planned in September so closing would be after that. I can't remember the brokers name, but she did tell me that they strongly discourage sellers from doing that.

 

[JimMIA]

Jim, I think you're pushing the panic button a bit early here. The seller should not be required to cancel a reservation just to sell their contract, especially if they disclosed this to the broker (which we don't know if they did in this case). I also don't think it's fair to assume that the broker is not dealing in good faith if they don't ask the seller to cancel the reservation. We don't know the facts, but it sounds like this is an error of omission. We all know that this isn't the first time a mistake has been made, but I don't think it's a sign of worse things to come.

Nobody's panicking.

What is being delivered is not what OP purchased, and OP has every right to expect them to make it right. Or they should walk.

Yes, it is possible that this is the 376,000th time that an unknowing seller has failed to tell poor Fidelity about their reservation...and everyone is acting in good faith. C'mon! When one broker -- and only one -- repeatedly has this problem, it is possible that broker has issues. I personally don't think they are ethical issues; I think it's just incompetence.

But the fact remains that what is now being delivered is NOT what OP purchased.

As far as Fidelity "not asking the seller to cancel the reservation," they have no choice. If OP says, "We close by the promised date or I walk," Fidelity must pass that word on to the seller.