Selling DVC, two offers have been rescinded.

[Hillbeans]

I am a long time DVC owner and am selling one of my contracts at AKV. I have a very desirable contract and it's priced right, but I've had two offers rescinded in the past few weeks. While I understand things happen, it seems very disheartening to negotiate with buyers, sign papers with my ex, and then be left back at square one. I am relisting for the 3rd time and was wondering if anyone had any advice for me to bring this to the finish line. I am working with one of the major resale companies and I understand this is an inconvenience for them too, but it seems most experiences with resale DVC go much smoother.

 

[KAT4DISNEY]

I had a similar type experience a few years ago. First a rescinded offer then the next one got thru ROFR but the buyers kept delaying closing with various reasons why. I finally cancelled that sale and ended up keeping the contract.

But most sales complete. Nothing you can really do other than hope for a buyer who intends to buy and doesn't get cold feet.

 

[Deb & Bill]

I had one contract that got through ROFR twice with buyers. Both backed out after that. We got half their deposit and the resale agent got the other half. We still have the contract, but we may list it again next year. Our selling agent said she had never had two buyers back out of the same contract before.

 

[drjackal31]

I am sorry to hear that. We are withdrawing an offer on SSR, but the seller hasn't responded to our initial offer in almost a week, so a different situation. We are actually primarily looking to buy AKL.

 

[frabjous]

I had one contract that got through ROFR twice with buyers. Both backed out after that. We got half their deposit and the resale agent got the other half. We still have the contract, but we may list it again next year. Our selling agent said she had never had two buyers back out of the same contract before.

That really sucks. Was the combined total enough to cover dues? Did you end up losing points over this?

 

[LAX]

Don't potential buyers have to put down a deposit before proceeding deep into the process?

LAX

 

[CarolMN]

Don't potential buyers have to put down a deposit before proceeding deep into the process?

LAX

Yes, after the offer is accepted. The deposit generally goes with the purchase agreement. Rescinding an offer before the other party agrees and a purchase agreement is signed is a whole different thing than refusing to go through with a signed purchase agreement.

 

[Hillbeans]

I had one contract that got through ROFR twice with buyers. Both backed out after that. We got half their deposit and the resale agent got the other half. We still have the contract, but we may list it again next year. Our selling agent said she had never had two buyers back out of the same contract before.

I am glad at least you got to keep the deposit after ROFR, that is pretty deep into the process and you lost valuable time. I am sorry this happened to you twice.

I am sorry to hear that. We are withdrawing an offer on SSR, but the seller hasn't responded to our initial offer in almost a week, so a different situation. We are actually primarily looking to buy AKL.

That seems reasonable, I know it's the holidays but they should at least be able to respond electronically.

Yes, after the offer is accepted. The deposit generally goes with the purchase agreement. Rescinding an offer before the other party agrees and a purchase agreement is signed is a whole different thing than refusing to go through with a signed purchase agreement.

We didn't get to ROFR yet, just had signed the contracts on both ends but it was within 10 days. If something falls through for a 3rd time I am going to use a different company to sell.

 

[jwhitty5]

I am in the opposite position. My wife and I are waiting and waiting for our sellers to sign their end of the contract we are ready to write a check for today. On top of that, we then have to go through ROFR to make sure Disney is OK with the contract. As buyers, it is stressful even though we are more than ready.

 

[Deb & Bill]

That really sucks. Was the combined total enough to cover dues? Did you end up losing points over this?

Not at all. It is just a small 50 point contract. We were able to use the points and the approx. $700 we got from the backouts on the contract.

 

[WALTSAGOD]

That really sucks. Was the combined total enough to cover dues? Did you end up losing points over this?

I never thought about losing points like this,..that would stink!

 

[Matty B13]

Maybe the buyer was only 1/2 of a couple and then when the contract was received the other part of the couple did agree with the terms or price. I could see this happening after a few buyers missed some contracts this summer and fall by a few minutes and bought before they were able to make a bid.

I'm sure there might be some buyers putting multiple offers in on contracts at the same time and then taking the best deal. I know I got annoyed this summer when I had an offer in on a contract and didn't hear from the agent or buyers for 48 hours and a contract came up on another website so I just put in an offer on that contract. Until the contract is signed anything is possible.

 

[JessicaA]

Can you tell me more about the contract/ price. I may be interested.

 

[laceyinwonderland]

I made an offer that was accepted, and ended up backing out due to the resale company. This particular one did not disclose closing fees up front. Once I made an offer and it was accepted, THEN they emailed me the total purchase price. The closing costs were ALOT more than what other companies were charging, they charged separately for title insurance and had a buyer fee on top of it. I was paying cash so I literally only had X amount. I asked the agent to resubmit a lower bid to the owner to offset their companies crazy fees (I didn't say it quite that way though) and they refused, saying it was "in bad taste". And while I agree with them to a point, I don't take full responsibly for the fall through of the sale.

 

[Hillbeans]

Maybe the buyer was only 1/2 of a couple and then when the contract was received the other part of the couple did agree with the terms or price. I could see this happening after a few buyers missed some contracts this summer and fall by a few minutes and bought before they were able to make a bid.
I'm sure there might be some buyers putting multiple offers in on contracts at the same time and then taking the best deal. I know I got annoyed this summer when I had an offer in on a contract and didn't hear from the agent or buyers for 48 hours and a contract came up on another website so I just put in an offer on that contract. Until the contract is signed anything is possible.

I would expect the resale company I am working with would not allow a buyer to submit multiple offers at the same time, they would have a lot of angry sellers and I couldn't see how that could work in their favor with all of the paperwork they are preparing. I do know the first sale fell through partly because of a husband/wife disagreement issue.

I made an offer that was accepted, and ended up backing out due to the resale company. This particular one did not disclose closing fees up front. Once I made an offer and it was accepted, THEN they emailed me the total purchase price. The closing costs were ALOT more than what other companies were charging, they charged separately for title insurance and had a buyer fee on top of it. I was paying cash so I literally only had X amount. I asked the agent to resubmit a lower bid to the owner to offset their companies crazy fees (I didn't say it quite that way though) and they refused, saying it was "in bad taste". And while I agree with them to a point, I don't take full responsibly for the fall through of the sale.

The company I am selling with has all of the fees listed as total price, but I am Sorry you were not given all of the information before getting into your sale to begin with.

 

[kboo]

... I would expect the resale company I am working with would not allow a buyer to submit multiple offers at the same time, they would have a lot of angry sellers and I couldn't see how that could work in their favor with all of the paperwork they are preparing. I do know the first sale fell through partly because of a husband/wife disagreement issue.
...

The issue is that buyers may see different deals on different resale brokers' sites. So the right hand may not know what the left is doing. I am sorry this happened to you.

 

[Matty B13]

The issue is that buyers may see different deals on different resale brokers' sites. So the right hand may not know what the left is doing. I am sorry this happened to you.

This is what I was thinking with multiple brokers.

Sorry it’s going so badly for you, I’m sure it won’t take to long though.

 

[icc2515]

I have a very desirable contract and it's priced right

What is your price per point?

 

[WALTSAGOD]

I have a very desirable contract and it's priced right, but I've had two offers rescinded in the past few weeks.

Are you sure it’s priced right?

Very desirable and Priced right leads to a quick sale,......

 

[Hillbeans]

I am sure, it just sold again last week, papers are submitted. Fingers crossed.