What would you do?

[Disneycouple99]

We made an offer on a 25 point contract that took over a month for the seller to accept offer( 2 weeks to reject first offer, and 2 more to accept 2nd offer). Seller wanted 84 per point and that is what we offered and to split closing cost. Seller paid 2011 MF and buyer to pay 2012. All 2010 points banked and all points foward. Got and returned contracts on 10/7 and today get a call from relator stating that the seller no longers wants to split closing cost.

I think we have been fair. What do you think? I feel that we should stand our ground. Can a seller renegotiate after accepting an offer if they have not signed? Do a walk away over 150 dollars? Some calmer outside inputed need. TIA

 

[robertdangelo]

We made an offer on a 25 point contract that took over a month for the seller to accept offer( 2 weeks to reject first offer, and 2 more to accept 2nd offer). Seller wanted 84 per point and that is what we offered and to split closing cost. Seller paid 2011 MF and buyer to pay 2012. All 2010 points banked and all points foward. Got and returned contracts on 10/7 and today get a call from relator stating that the seller no longers wants to split closing cost.

I think we have been fair. What do you think? I feel that we should stand our ground. Can a seller renegotiate after accepting an offer if they have not signed? Do a walk away over 150 dollars? Some calmer outside inputed need. TIA

I would say that it isn't a deal until it's signed. If it still is a good deal without splitting closing costs... I would go for it... especially if getting another contract that fits your needs may take awhile to find.

 

[disneynutz]

As PP noted, if you still think that it's a good then go forward and see what happens. If not, walk.

Prices are going down, not up so you have plenty of time and with the holidays and dues around the corner, we will see the number of available contracts increase.

Bill

 

[Deb & Bill]

What resort?

 

[Disneycouple99]

Akv

 

[DVCconvert]

So, I'm unclear....have they signed? if so - that's the deal. I do think you've been fair. I think you need to weigh out in your mind if you're ok with walking or not for $150....I do think you maybe able to get a better price, it just might be on another contract, one that might be 50 points or so.



just for some datapoints - from the ROFR thread:
AKV
2011:
Kidanifan08-------- 55 AKV (Dec) $79, 40 banked '09 pts, 40 '10 pts, all '11 pts, buyer pays closing, buyer & seller split mf (sub 4/12, passed 5/23)

2010:
DisForN--------- 50 AKV (Jun) $83, all '11 pts, buyer pays closing and mf (sub 3/7, passed 3/24)
Kidanifan08---------- 50 AKV (Aug) $85, 43 '11 pts, all '12 pts, buyer pays closing, buyer and seller split mf (sub 2/16, passed 3/14) member

(no recoreded rofr's in these years)

 

[maburke]

We made an offer on a 25 point contract that took over a month for the seller to accept offer( 2 weeks to reject first offer, and 2 more to accept 2nd offer). Seller wanted 84 per point and that is what we offered and to split closing cost. Seller paid 2011 MF and buyer to pay 2012. All 2010 points banked and all points foward. Got and returned contracts on 10/7 and today get a call from relator stating that the seller no longers wants to split closing cost.

I think we have been fair. What do you think? I feel that we should stand our ground. Can a seller renegotiate after accepting an offer if they have not signed? Do a walk away over 150 dollars? Some calmer outside inputed need. TIA

What is the UY? Is it getting to the point where the 2010 banked points are not usable? If this seller continues with the slow track, these points are losing value, to both of you. If you decide to go ahead with it, I'd put a deadline on your offer.

 

[sweetdana]

If you would have taken the offer originally I would take it. The might have figured out, they have a loan and that is what they need to cover it or something.

If you would not have taken the deal pass it up. I agree with pp, prices are declining esp at AVK. Though this is a small contract many are selling in the 60s.

 

[JimMIA]

If your estimate of a $150 difference is accurate, they are effectively raising the selling price $6 per point -- from $84 to $90...which is too high, IMHO.

If $84 per point and splitting the closing costs was their listing price...and you accepted their listing price...you have a deal and they should NOT be able to raise the price after the fact.

ALL of the details of the deal would have to be as they are in the listing agreement. But if they are, you should be able to just say, "Let's close." and they'd have to either go through with the sale or not.

If they accepted a listing price offer and bail out, they owe the broker their commission (+/- $210) whether the transaction is completed or not.

In addition, this seller has been problematic from the start, and that's not likely to change...especially if you hold their feet to the fire. I'd be inclined to move on.

 

[Disneycouple99]

To answer a few more questions, it is a Dec. UY and the listed at 84 but i asked to split the closing cost and I do not think they have signed yet.

 

[DVCconvert]

....listed at 84 but i asked to split the closing cost and I do not think they have signed yet.

JimMIA wrote:

If your estimate of a $150 difference is accurate, they are effectively raising the selling price $6 per point -- from $84 to $90...which is too high, IMHO.

If $84 per point and splitting the closing costs was their listing price...and you accepted their listing price...you have a deal and they should NOT be able to raise the price after the fact.

I had not looked at it this way (price pp increase) But JimMIA is absolutely right.

You offered their price with one condition and they agreed to it - if not in writting, then by communication via the broker. They now want to backpedal and change the deal on you Disneycouple99 - me, personally, I'd walk and keep looking.

The seller may not realize this yet (but I bet they will) it's a buyer's market right now.

 

[mikron]

Just do it, not easy to get small point package and the seller knows this. In long run no split will seem small.

 

[JimMIA]

One additional note: you didn't say what the ROFR situation was with this contract. If the deal was submitted for ROFR when you sent your contract back, and you now change the terms of the deal, it will have to be RE-submitted for ROFR.

 

[JimMIA]

To answer a few more questions, it is a Dec. UY and the listed at 84 but i asked to split the closing cost and I do not think they have signed yet.

Okay, so there was no agreement on price and terms. You just have to decide whether you want to pay $90 per point.

The options are continue to look in the resale market (you could not respond to their counter for a couple of weeks...like they did to you...while you look) OR see what you can buy 25 points direct for. I don't keep up with direct pricing, but there may not be that much difference. I'd at least check.

 

[castleri]

Since the seller is paying the 2011 MFs and the buyer is actually getting those points because they are banked it may be their way of getting that money back.
I think only you can decide if you want to start all over again or if in the long run it is better to go with this deal. As others have said many contracts are going for less but then again how many 25 point contracts are out there that are also loaded with points. Good luck - it really is a hard choice to make.

 

[logan115]

Just my .02. I'd be annoyed if I had a deal, even in principle and the other side backed out of their offer, if I didn't need the points urgently I'd probably do the same thing as the seller did to you and change my price - lower my offer and see what they do.

The flipside is that we're talking about $150, which if you want the contract shouldn't deter you from going forward with this deal.

I know lower point contracts move fast, and it looks like the direct add-on price for a 25 pt contract is $120 (http://dvcnews.com/index.php/dvc-program/financial/pricing-a-promotions) so even the $90/pt figure is much cheaper.

Good luck,

Chris

 

[KAT4DISNEY]

That's very annoying. Reality is though that 25 point contracts don't pop up too often - especially at AKV. It's still less than buying direct and it's fully loaded. It doesn't make it the best deal ever but it's not a bad one IMO if that's the correct UY and you want more points at AKV.

 

[OhioDVC]

A contract is not enforceable until it is accepted and signed.

Walk away. Sounds like this clown will play games in the future.

There are plenty of resales out there

 

[Sandisw]

I think I would walk away. To have a seller who drags their feet with this and then agrees verbally, only to back out and change things, would just not be someone I want to deal with.

Who knows what else might happen to delay this down the road? Hard choice because of the size of the contract and it not being something that comes along easily, but I just think playing games is not nice.

 

[ovalhead96]

I have recently closed on a small contract, and closing costs really drive up the price per point... I would walk away. One of two things could happen. If the seller needs some cash, change his mind the second is another small contract will come up. I would guess the latter. I had an offer for a small contact, and we were bickering over the closing costs. So another one came up, and I snagged it. The one I passed on is still out there, and it's been almost two months.. One thing my agent told me was to lowere the asking price, and pay for the closing. The seller will pay a little less to the agent.

Good luck! it will happen. believe me!