What to do?

[Minniesgal]

I wouldn't see it as the end of the world and offer made now is likely to close in August so what difference in the long run does a few more weeks make?

 

[Missyrose]

I wouldn't see it as the end of the world and offer made now is likely to close in August so what difference in the long run does a few more weeks make?

This is my thought too. It's basically already June, so you were looking at not getting your member number until late August/early September anyway. This means a few extra weeks. Canceling the reservation that is delaying closing may not be an option if the sellers had rented the points to someone else.

 

[agie65]

This is my thought too. It's basically already June, so you were looking at not getting your member number until late August/early September anyway. This means a few extra weeks. Canceling the reservation that is delaying closing may not be an option if the sellers had rented the points to someone else.

I have a similar situation, have 2 contract that will close later in year due to ressie. I thought I may have a better chance of passing ROFR, so made an offer and waiting now, lets see if my thinking works out.

 

[ELMC]

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.

The buyer hasn't even received contracts yet, which means they haven't even put a deposit down. So besides an emotional one, the buyer has no connection to this contract. Now please don't misunderstand, this is not how I feel a resale purchase should go. I'm just trying to put things into perspective.

 

[MickeyFan612]

I have a similar situation, have 2 contract that will close later in year due to ressie. I thought I may have a better chance of passing ROFR, so made an offer and waiting now, lets see if my thinking works out.

So are you trying to purchase all the resorts?- I noticed you've purchased all in short period- Wow & good luck! It can be a challenge to use all those banked points-). I currently own all Disney World resorts except BLT and BCV- that is assuming my 500 point AKV contract passes ROfR. I'm also purchasing 40 points at VGF so I can book a split stay next Spring Break for my future graduate-). I usually buy resale but w/ all the savings on my contracts I'm splurging and spending small amount Direct-)

 

[JimMIA]

I wouldn't see it as the end of the world and offer made now is likely to close in August so what difference in the long run does a few more weeks make?

How do you figure that? 30 days max for ROFR, another 7-10 days for closing paperwork -- they should be closing the end of June, early July.

As ELMC correctly calculated above, this is a 4-6 week delay. It could even be 8 weeks...not a "...few more weeks."

And in OP's case, because of a vacation they want to book, that is a material difference, not trivial.

 

[JimMIA]

The buyer hasn't even received contracts yet, which means they haven't even put a deposit down.

I don't know whether they've made a deposit or not -- they didn't say.

The whole concept of "waiting for a contract" kinda puzzles me. The closing paperwork necessarily takes time because of the legal stuff, but what's the hard part about a purchase agreement? Doesn't Fidelity have email?

 

[Minniesgal]

How do you figure that? 30 days max for ROFR, another 7-10 days for closing paperwork -- they should be closing the end of June, early July.

As ELMC correctly calculated above, this is a 4-6 week delay. It could even be 8 weeks...not a "...few more weeks."

And in OP's case, because of a vacation they want to book, that is a material difference, not trivial.

Things are moving really slowly at the moment our resale purchase just took 5 weeks to close from receipt of ROFR waiver, sellers were very slow to return documents. Even registering the deed took 7 days we were told this is because everything is backed up due to busy markets at the moment.

 

[Minniesgal]

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.

It is a sellers market at the moment, if a buyer said that to me I would not cancel my reservation, I'd tell them to walk and sell it to someone else, there will always be another buyer.

 

[kedkin]

I wouldn't see it as the end of the world and offer made now is likely to close in August so what difference in the long run does a few more weeks make?

I would be mad that it wasn't disclosed until after you waited a week for a contract. Not that it's a few more weeks but that I'm making a big purchase and don't trust the broker at this point. Whether the broker was too busy and forgot to disclose it or that they just forgot, either way I would want a different broker.

 

[tlh]

No I haven't placed a deposit on it since I haven't even seen a contract and just found out on Friday about the reservation when I was supposed to receive my contract by email. I think I may ask the seller to cover closing now since it will be delayed and I was unaware of this delay. I know it will be more than a few weeks added on.... I will not depend on a quick closing at the end of the reservation. I will bet it will be several weeks to finalize and receive points in my account.

 

[JimMIA]

No I haven't placed a deposit on it since I haven't even seen a contract and just found out on Friday about the reservation when I was supposed to receive my contract by email. I think I may ask the seller to cover closing now since it will be delayed and I was unaware of this delay. I know it will be more than a few weeks added on.... I will not depend on a quick closing at the end of the reservation. I will bet it will be several weeks to finalize and receive points in my account.

In that case, you have no obligation to anyone -- there is no contract, verbal or otherwise until both parties agree and something of value has been exchanged. The actual terms of the sale are not what you agreed to, and no money has been tendered, so this "agreement" fails both tests of a contract.

So you have three options:

1. You can sign the contract when you receive it, submit your deposit, proceed with the deal, and hope for the best.
2. You can move on. You don't owe anyone anything on this deal. I would not do that because of spite, but if you think this deal is not in the best interests of your family, that's what you should do.
3. You could counter-offer to improve the deal. I would certainly not walk away because you can't use points for one visit -- that's shortterm thinking that is really silly in the context of the 30-50 year financial obligation of a timeshare.
   
   However, you are now losing two things you thought you were getting -- the points they have used for the reservation, and your own ability to close in a reasonable timeframe and use the points you are buying.
   
   One way to remedy that is to demand that they cancel the reservation, return the points to the account and close as scheduled. If they choose not to (and they have every right), you should be compensated for those losses. At a minimum, you should receive some financial compensation for the lost points, and also for the delay in closing. How you value that is a matter of negotiations.

Based on repeated reports of closing drama with Fidelity contracts, if you choose to go forward I would take one more precaution.

I would require Fidelity to provide you with the details of any financed balance due on this contract. Obviously, Fidelity would need the seller's authorization to give you that info. If the balance due exceeds the sellers anticipated proceeds from the sale, the seller is going to have to pay IN to close. If that's the case, I would want a written acknowledgement from the seller that they understand they have to pay IN to close, and that they are prepared to do so.

The last thing in the world you need is to go all they way through ROFR and the closing paperwork, then go through several weeks in closing delays, only to learn -- in October (or November!) -- that they now CAN'T close because they are underwater on their loan. If they are underwater, you need to know now.