Closing Time!

[Baileygina]

17 days ago. I know I am being impatient but there are points on this contract that have to be used before end of july.... and once again, I am super impatient

Same here...I will have 407 points to use before end of July

 

[potlicker81]

Same here...I will have 407 points to use before end of July

Wow, you have it worse than me, I only am worried about losing 80 points.

 

[Sandisw]

I'm curious why the "official closing date" is so far out in the contract. My offer was accepted mid-Feb. and in the contract the closing date is 5/6. It seems to me there would be so much less frustration with resale if the sellers were told they have a max of one week to get to a notary and get their closing documents signed. That phase seems to spike the most frustration for buyers. This is the only real estate transaction I've seen where their is such a lack of accountability and deadlines for the parties involved.

It is that far out to allow for ROFR and for things to proceed. As someone who has sold, I would never agree to a closing date that was less than 60 days.

You just never know what will happen and while I agree it is frustrating for the buyer, its not always easy to arrange things to get the paperwork done. While we have always tried to get it done quickly, it took us over a week once to arrange our work schedules to get it done.

That is why the deadline for a buyer walking away is closing date. As a seller, while they can take up until that date, they do risk that if they take too long. Some sellers are underwater too and have to bring money to the table.

And, brokers will put in a closing date that takes it all into account. When ROFR was taking 5 to 6 weeks, you saw 90 day closing dates. Its just part of the process.

 

[MinnieSueB]

Moving along very nicely! Congrats! I was so hopeful mine would match this timeframe, but the sellers took almost 3 weeks to find a notary.

I feel you! My sellers are senior citizens that couldn't figure out the DocuSign so hopefully they can get this done quickly. I have 91 points that expire 5/31 that I would like to try to do something with!

 

[MICKIMINI]

I already have my aug and Feb trips booked but I am waiting on the resale contract to be added because there are points on it that have to be used by end of july. My deed was recorded 17 days ago and am still waiting. Plus I am super impatient so that's not helping LOL. I don't know, all the pros people are giving for buying resale don't add up to the pros of buying direct in my book right now

I'm at 22 days. It is so frustrating! I chatted with a CM who couldn't see the contract anywhere. I sent an email to admin. I received my deed over a week ago via snail mail!

 

[StacyLovesDisney]

I'm at 22 days. It is so frustrating! I chatted with a CM who couldn't see the contract anywhere. I sent an email to admin. I received my deed over a week ago via snail mail!

In all honesty, if I buy more points I don't think I will ever buy resale again. The amount of time this is taking to get points into my account is not worth the money I saved. I started this process Feb 1st and I am still waiting for the contract to load into my account. If I bought direct I would have had my add on points that day

i'm in the same boat. its weird though, the last resale purchase was loaded within a few days of deed recording. my new one is not showing on my profile yet and it's been over two weeks.

 

[kmedina]

It is that far out to allow for ROFR and for things to proceed. As someone who has sold, I would never agree to a closing date that was less than 60 days.

You just never know what will happen and while I agree it is frustrating for the buyer, its not always easy to arrange things to get the paperwork done. While we have always tried to get it done quickly, it took us over a week once to arrange our work schedules to get it done.

That is why the deadline for a buyer walking away is closing date. As a seller, while they can take up until that date, they do risk that if they take too long. Some sellers are underwater too and have to bring money to the table.

And, brokers will put in a closing date that takes it all into account. When ROFR was taking 5 to 6 weeks, you saw 90 day closing dates. Its just part of the process.

If the process is not complete by the deadline for the closing date and the buyer walks away, does the buyer get the deposit back? I'm so frustrated with the closing company and have no faith they will complete the closing on time.

 

[Sandisw]

If the process is not complete by the deadline for the closing date and the buyer walks away, does the buyer get the deposit back? I'm so frustrated with the closing company and have no faith they will complete the closing on time.

You only lose it if you cancel it before that date. Once it passes you can then request that.

 

[Vandymit]

Update: 3
Home Resort: Saratoga Springs
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 2/14
Offer accepted: 2/14
Sent to ROFR: 2/16
Passed ROFR: 3/12
Estoppel Issued: 3/12
Closing docs received: 3/30
Closing docs returned: 4/1
Closing: 4/7
Deed recorded:
Contract Showing on Membership (new member):
Points in account:

 

[potlicker81]

i'm in the same boat. its weird though, the last resale purchase was loaded within a few days of deed recording. my new one is not showing on my profile yet and it's been over two weeks.

I just got my contract loaded on my account yesterday, 17 days from my deed being recorded. Now I am waiting for the points to be loaded. The worst part is I have had a fairly easy/quick process through this whole thing and I am going crazy.

 

[HIRyeDVC]

I just got my contract loaded on my account yesterday, 17 days from my deed being recorded. Now I am waiting for the points to be loaded. The worst part is I have had a fairly easy/quick process through this whole thing and I am going crazy.

I’m on day 15! Hope you get your points soon

 

[pianomanzano]

Docs received and signed!

Home Resort: VGF
Broker: https://www.dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 3/6/22
Offer accepted: 3/6/22
Sent to ROFR: 3/7/22
Passed ROFR: 3/28/22
Closing docs received: 04/07/22
Closing docs returned: 04/07/22 (buyer)
Closing:
Deed recorded:
Contract Showing on Membership (new member):
Points in account:

 

[Vandymit]

Update: 4
Home Resort: Saratoga Springs
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 2/14
Offer accepted: 2/14
Sent to ROFR: 2/16
Passed ROFR: 3/12
Estoppel Issued: 3/12
Closing docs received: 3/30
Closing docs returned: 4/1
Closing: 4/7
Deed recorded: 4/7
Contract Showing on Membership (new member):
Points in account:

 

[Baileygina]

It is that far out to allow for ROFR and for things to proceed. As someone who has sold, I would never agree to a closing date that was less than 60 days.

You just never know what will happen and while I agree it is frustrating for the buyer, its not always easy to arrange things to get the paperwork done. While we have always tried to get it done quickly, it took us over a week once to arrange our work schedules to get it done.

That is why the deadline for a buyer walking away is closing date. As a seller, while they can take up until that date, they do risk that if they take too long. Some sellers are underwater too and have to bring money to the table.

And, brokers will put in a closing date that takes it all into account. When ROFR was taking 5 to 6 weeks, you saw 90 day closing dates. Its just part of the process.

Thanks for the explanation - very helpful!

 

[Baileygina]

Update #1
Home Resort: PVB
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 02/19/2022
Offer accepted: 02/19/2022
Sent to ROFR: 02/24/2022
Passed ROFR: 03/16/2022 (20 days in ROFR)
Closing docs received:3/17/2022
Closing docs returned:3/18/2022 (buyer)
Closing docs returned: 4/5/2022 (seller)
Closing: 4/7/2022 (47 days after offer)
Deed recorded: 4/7/2022
Contract Showing on Membership (new member):
Points in account:

 

[keirabella2012]

Has anyone had luck with member administration adding your resale contract on your membership after emailing them? We have 200 points that will expire 5/31 and the email that I received from them is that the wait is approx. 3-4 weeks to add the membership and another 1-2 weeks to add points. That would mean 200 expired points !! Ugh.

 

[keirabella2012]

UPDATE #1
Home Resort: SSR
Broker: https://www.**********.com
Title Company: Mason
Offer made: 1/29/22
Offer accepted: 1/30/22
Sent to ROFR: 2/4/22
Passed ROFR: 2/27/22
Closing docs received: 2/28/22
Closing docs returned: (buyer) 3/1/22
Closing docs returned: (seller) 3/22/22

Closing: 3/25/22
Deed recorded: 3/28/22
Contract Showing on Membership (existing member):
Points in account:

Days Total:

 

[Jgc014]

Has anyone had luck with member administration adding your resale contract on your membership after emailing them? We have 200 points that will expire 5/31 and the email that I received from them is that the wait is approx. 3-4 weeks to add the membership and another 1-2 weeks to add points. That would mean 200 expired points !! Ugh.

I asked and was told no there was nothing they could do as they work in order of receipt.

I also closed on the same day as you with 100 points expiring 5/31. I think we’ll get the points prior to then, but not for a ton of time to do much - I am targeting week of 4/18 if I can get member services to load the points, which I think I can. Hoping to just rent them cheaply and make something back on the contract. Good luck to you!!

 

[keirabella2012]

I asked and was told no there was nothing they could do as they work in order of receipt.

I also closed on the same day as you with 100 points expiring 5/31. I think we’ll get the points prior to then, but not for a ton of time to do much - I am targeting week of 4/18 if I can get member services to load the points, which I think I can. Hoping to just rent them cheaply and make something back on the contract. Good luck to you!!

I was hoping to rent as well. Your time line seems about right. Good luck !

 

[potlicker81]

**final update**

i used chat today less than 24 hours after my contract showed up on my account and the very nice CM (kim, she is awesome) loaded my points for me!! I am finally done, YAY!!! 65 days from making a bid to getting my loaded contract!

Home Resort: Animal kingdom lodge
Broker: dvcresalemarket.com
Title Company: magic vacation title
Offer made: 02/02/22
Offer accepted: 02/03/22
Sent to ROFR: 02/04/22
Passed ROFR: 02/28/22
Closing docs received: 03/09/22
Closing docs returned: buyer 03/10/22, seller 03/16/22
Closing: 03/18/22
Deed recorded: 03/21/22
Contract Showing on Membership (current member): 04/06/22
Points in account: 04/07/22