What's up with sellers not signing in a timely fashion?

[ILoveMyDVC]

Can any of the sellers shine a light on why they don't sign until weeks after the closing? It is very frustrating to the buyers. Regrets? Don't need the money? Lazy? Too hard to find a stamp or FedEx drop off? I really can't imagine. The whole resale bondoogle is a mess. This is my third one waiting.

 

[davidl81]

It’s hit or miss. A lot of DVC sales are coming from sellers in distressed situations. Maybe they are upside down on their loan and are trying to get funds to cover the difference. Maybe the sale is part of a divorce and the two parties are having trouble meeting at the same time to sign the docs (or it’s going through their lawyers). A few may just be lazy, but my gut feeling is being lazy is going to be the exception more often than the norm.

 

[crisi]

It’s hit or miss. A lot of DVC sales are coming from sellers in distressed situations. Maybe they are upside down on their loan and are trying to get funds to cover the difference. Maybe the sale is part of a divorce and the two parties are having trouble meeting at the same time to sign the docs (or it’s going through their lawyers). A few may just be lazy, but my gut feeling is being lazy is going to be the exception more often than the norm.

The first contract I made an offer on turned out to be owned by multiple different families. Some wanted to sell, some didn't (I can't remember if it was just two, or if it was more). Once they had an offer in hand, they pulled the contract and decided not to sell - I was lucky, they did that within 24 hours of getting the offer - they could have dragged it out until closing and then not signed.

 

[Marionnette]

Can any of the sellers shine a light on why they don't sign until weeks after the closing? It is very frustrating to the buyers. Regrets? Don't need the money? Lazy? Too hard to find a stamp or FedEx drop off? I really can't imagine. The whole resale bondoogle is a mess. This is my third one waiting.

Just spitballing here:

• Divorce situation where one party is reluctant to sign or is using it to wield power over the other
• Death of owner and probate issues
• International seller that must make an appointment to have documents notarized
• Difficulty getting to a notary due to schedule, illness or family issues
• Seller is upside-down on their loan and needs to bring money to the table for settlement to occur
• Second thoughts on the part of the seller

 

[cmarsh31]

Seller failed to disclose an existing (rental) reservation that was booked for TWO MONTHS after contract passed ROFR and then refused to sign closing docs until that reservation ended.

 

[sethschroeder]

Very easy answer these title companies have not updated to use electronic signature and electronic notary yet. There are tons of people still not going in to the office and they don't have access to a printer which then delays things.

Plus its all such a drawn out process that it doesn't feel like there is really any rush as the seller either since you are sitting there for a month or two before you even get documents to close and get notarized.

 

[Heather07438]

Some people just don’t make things a priority until there’s a deadline involved. You’d think getting the money would be a motivator but not necessarily, and some won’t even see much money if at all.

 

[KPeterso]

Sellers could be out of town. I had my closing papers (I was the buyer) come in the day before I was leaving on vacation a couple years ago. I rushed that day to get the paperwork and check together from the bank, so I could mail it right back. But if it had come 1 day later, it would have had to wait a week until I was home from my vacation. I would not have had access to the items I needed to get my paperwork completed while on vacation.

 

[Sandisw]

Lots of reasons. I have shared before it took us over a week to coordnate schedules when we were working to get to the notary.

We are selling right now and waiting for closing documents. DH is having an unexpected surgery in two weeks and won’t be able to get to the bank for a week post surgery if we get them once it happens.

So, it will be delayed. But, sometimes people have other things going on that impede it too that just can’t be helped,

Of course, you certainly could have the odd case where they just don’t care, but I think most people try to get things in as quickly as they can.

 

[Sandisw]

Some people just don’t make things a priority until there’s a deadline involved. You’d think getting the money would be a motivator but not necessarily, and some won’t even see much money if at all.

Some title agencies even hold funds now until points are loaded and accurate so that even adds to how long a seller waits even after closing.

 

[ILoveMyDVC]

All of my sellers are U.S. based.

 

[Stargazer65]

Can't find a pen.

 

[ILoveMyDVC]

Can't find a pen.

Because they took them out of the DVC rooms

 

[MICKIMINI]

I've been through this several times and it is really inexcusable IMO. I realize why some people aren't in a hurry due to their personal issues, however they are the ones that listed the property and expect to get their money. I promised to buy their contract and pay my money.

I've found the excuses become more ridiculous as you wait. I've had to threaten to pull out several times (after the drop dead date passed) and miraculously, the sellers sent their documents in within days!

I just got a note from Mason on Monday afternoon to close on a contract AND she had the sellers docs in hand - just love Cammy! I sent the money and our docs Tuesday. That is how it should work. Good luck!

 

[ILoveMyDVC]

I've been through this several times and it is really inexcusable IMO. I realize why some people aren't in a hurry due to their personal issues, however they are the ones that listed the property and expect to get their money. I promised to buy their contract and pay my money.

I've found the excuses become more ridiculous as you wait. I've had to threaten to pull out several times (after the drop dead date passed) and miraculously, the sellers sent their documents in within days!

I just got a note from Mason on Monday afternoon to close on a contract AND she had the sellers docs in hand - just love Cammy! I sent the money and our docs Tuesday. That is how it should work. Good luck!

Cammy was the only one that closed on time for me.

 

[EYL]

My only resale was delayed by a week due to the seller and the Closing Agent indicated that the seller was trying to coordinate two other witnesses to go with him to get the deed notarized. I thought the seller could ask any one to sign it while getting it notarized, but who knows... I haven't been on the selling end to learn of that process yet. I'm just glad it closed. It definitely is a process that tests your patience. But looking back, with the money I saved, no regrets!

 

[Chuck S]

Very easy answer these title companies have not updated to use electronic signature and electronic notary yet. There are tons of people still not going in to the office and they don't have access to a printer which then delays things.

Plus its all such a drawn out process that it doesn't feel like there is really any rush as the seller either since you are sitting there for a month or two before you even get documents to close and get notarized.

Not everything can be done electronically. There are still some requirements for being in person to notarize stuff, and with the pandemic, you had to make appointments at banks to enter, even for their free notary services. For international sellers, getting something notarized has always been time consuming and expensive. COVID added another layer. And not all countries are open yet, unlike the USA.

 

[sethschroeder]

There are still some requirements for being in person to notarize stuff,

Actually a majority of states allow electronic notorization at this point and the list is growing.

In addition there is potential that since Florida allows electronic notorization that only the notary needs to be located in Florida and the signer can be located elsewhere.

For international sellers

Which also is a small subsection of sellers.

I am telling you why it's taking so long. There is a subset of sellers where this wouldn't work but it would drastically speed up the process and its not even an offering yet that I see across the primary DVC resellers.

In addition while there is an extra cost it could be something a buyer or seller at least have the option to opt for and cover. These resale companies or title companies can even use their own notaries and make money off it.

 

[MICKIMINI]

My only resale was delayed by a week due to the seller and the Closing Agent indicated that the seller was trying to coordinate two other witnesses to go with him to get the deed notarized. I thought the seller could ask any one to sign it while getting it notarized, but who knows... I haven't been on the selling end to learn of that process yet. I'm just glad it closed. It definitely is a process that tests your patience. But looking back, with the money I saved, no regrets!

People at the bank can witness! Sounds like another creative excuse to me...

 

[Chuck S]

People at the bank can witness! Sounds like another creative excuse to me...

Not necessarily. My Credit Union requires us to bring our own witnesses now. They use to just have someone there witness things.



I remember them providing a witness back when we declined the extension at OKW. But when I needed something done a few years ago, I had to wait and bring in my own witness.