Come on Estoppel!!!!

[mrsap]

It's a shame though....we made plans for two trips this year and bought an annual pass after we passed ROFR thinking we could use these points. If the sales does not go through I might buy new tickets and save the annual pass for a year we can go twice. Definitely throws a monkey wrench into things though.

I’m sorry to hear that and that you have to deal with this! Don’t give up on it yet... there’s still a chance.

 

[NickBCV]

I’m sorry to hear that and that you have to deal with this! Don’t give up on it yet... there’s still a chance.

Thank you.....the seller has been such a pain so far that what I am hoping for is he paid he past due fees so he could rent out the points before the contract transfers to me, thinking he was going to scam me. The contract has a provision that says if at the time of transfer any points are missing he has to compensate me at a cost of $18 per point or I can cancel the transaction. I'd take $18 per point to reduce my cost of the contract. Especially for points expiring in two months.

 

[mrsap]

Thank you.....the seller has been such a pain so far that what I am hoping for is he paid he past due fees so he could rent out the points before the contract transfers to me, thinking he was going to scam me. The contract has a provision that says if at the time of transfer any points are missing he has to compensate me at a cost of $18 per point or I can cancel the transaction. I'd take $18 per point to reduce my cost of the contract. Especially for points expiring in two months.

That’s funny, I actually just read that last night on my contract!! At least you’re protected!!!! I’m rooting for you!

 

[frabjous]

Normally I would not mind waiting a little longer except that he has 100 points on the contract that are expiring on March 30, 2018. I was hoping to rent these points out but with only a little over two months remaining before the points expire I am not holding my breath that there will be anyone interested.

Yeah it’s a jerky thing he is doing, especially considering you likely priced in those points with the purchase.

Do you have other points you could use to hold a mini vacation in place of those March points?

The contracts I’m waiting on in estoppel have banked points, which I also planned to rent, but I ended up planning a whole other trip this May using points I was planning on banking to the fall (and borrow a handful) to hold the trip, and will swap when the contract closes (fingeres crosses)

 

[NickBCV]

Yeah it’s a jerky thing he is doing, especially considering you likely priced in those points with the purchase.

Do you have other points you could use to hold a mini vacation in place of those March points?

The contracts I’m waiting on in estoppel have banked points, which I also planned to rent, but I ended up planning a whole other trip this May using points I was planning on banking to the fall (and borrow a handful) to hold the trip, and will swap when the contract closes (fingeres crosses)

Yes I have a 250 point contract at BCV but I have already borrowed points from 2019 for our trip in April. I could borrow more points for the Nov trip if push came to shove but that would eat all my points in 2019. In a pinch though I could make it work.

 

[NickBCV]

Yeah it’s a jerky thing he is doing, especially considering you likely priced in those points with the purchase.

Do you have other points you could use to hold a mini vacation in place of those March points?

The contracts I’m waiting on in estoppel have banked points, which I also planned to rent, but I ended up planning a whole other trip this May using points I was planning on banking to the fall (and borrow a handful) to hold the trip, and will swap when the contract closes (fingeres crosses)

Latest update....broker just emailed me saying the seller informed them that they sent the closing docs back yesterday. We will see soon if they are being truthful. The title company provided a FedEx overnight label when they sent the contracts out so we should know by the end of the week if he was honest or just playing games.

 

[mrsap]

Latest update....broker just emailed me saying the seller informed them that they sent the closing docs back yesterday. We will see soon if they are being truthful. The title company provided a FedEx overnight label when they sent the contracts out so we should know by the end of the week if he was honest or just playing games.

Great news!!!!!!!!

 

[frabjous]

Latest update....broker just emailed me saying the seller informed them that they sent the closing docs back yesterday. We will see soon if they are being truthful. The title company provided a FedEx overnight label when they sent the contracts out so we should know by the end of the week if he was honest or just playing games.

Woohoo congrats!!

 

[kboo]

@NickBCV, I am just catching up on all this drama! I hope this all closes quickly and easily for you, and that you can rent out the extra 100 points. I found out when we were signing our contract that the original owner of the contract had bought VGF direct in 2015, never paid dues or the mortgage, etc etc, and ultimately it was either foreclosed or there was some agreement where the owner turned the contract over to the lender. I suppose this buyer/owner may have gotten 1 good vacation out of the whole deal, but at what cost to their credit? (not to mention, who does such a thing anyway??)

Anyway. I was very thankful that we were buying from the lender who already has clear title, so estoppel should be a breeze (not sure why it's taking longer than @.landry, LOL). But when I found all this out, I saw how it could have been a complete mess if this owner had tried to sell the contract while DVC and the lender were chasing them for dues and mortgage payments. And our purchase price just covers the principal on the loan - I'm sure there was interest and other stuff. So the lender is probably not even breaking even. (and now I know why the seller/lender refused to go any lower than they did).

 

[NickBCV]

@NickBCV, I am just catching up on all this drama! I hope this all closes quickly and easily for you, and that you can rent out the extra 100 points. I found out when we were signing our contract that the original owner of the contract had bought VGF direct in 2015, never paid dues or the mortgage, etc etc, and ultimately it was either foreclosed or there was some agreement where the owner turned the contract over to the lender. I suppose this buyer/owner may have gotten 1 good vacation out of the whole deal, but at what cost to their credit? (not to mention, who does such a thing anyway??)

Anyway. I was very thankful that we were buying from the lender who already has clear title, so estoppel should be a breeze (not sure why it's taking longer than @.landry, LOL). But when I found all this out, I saw how it could have been a complete mess if this owner had tried to sell the contract while DVC and the lender were chasing them for dues and mortgage payments. And our purchase price just covers the principal on the loan - I'm sure there was interest and other stuff. So the lender is probably not even breaking even. (and now I know why the seller/lender refused to go any lower than they did).

Wow that is interesting. I suspect we ran into something similar. Makes you wonder if brokers should have a disclosure on listings stating that the contract is either past due or in foreclosure. Probably not in their best interest as people who see that might not bid or present a low ball offer but I wish I had more information going in.

 

[kboo]

Wow that is interesting. I suspect we ran into something similar. Makes you wonder if brokers should have a disclosure on listings stating that the contract is either past due or in foreclosure. Probably not in their best interest as people who see that might not bid or present a low ball offer but I wish I had more information going in.

Right - I am just lucky that we bought a contract AFTER all that went down! If I could do it over again, those are the contracts I'd buy - motivated seller, not emotionally or otherwise attached - it's a pure financial transaction for them. What's odd is that the contract had been listed for a while and not sold; I got it when they took a reduction but even then, I did not get the sense that anyone had made an offer on it. Or maybe something had just fallen through. The lender listed it 2 weeks after the last document on the OCC site transferring ownership to them.

 

[hskrshawn]

Home: SSR
Title Company: Duncan Title
Offer made: 11/17
Offer countered & accepted: 11/17
Sent to ROFR: 11/18
Passed ROFR: 11/27
Closing docs received: 12/12
Closing docs returned: 12/13
Closing: 12/19
Deed recorded:12/20
Points in my account: 1/8

From offer made to Points in account it was 52 days! Is that a average timeframe?

We are pretty excited!

I called Disney this morning to add a 25 point direct contract with September use year and they said they didn't currently have anything, but they would get back with me once they do.

 

[Nurse4kids]

Home: SSR
Title Company: TRCS
Offer made: 12/23
Offer accepted: 12/22
Sent to ROFR: 12/27
Passed ROFR: 1/8
Closing docs received:
Closing docs returned:
Closing:
Deed recorded:
Points in my account:

I love this title company. They give you a username and password to check the progress. Didn’t have that with First American.

 

[Nurse4kids]

Perhaps they borrowed to buy the contract and have to bring money to the table to pay off dues and the loan and of course the broker’s commission? Have you asked your broker whether seller’s have to make up a shortfall from the proceeds to close?

That happened to me with a contract I waited to close on from Oct.-December when the seller finally was in default. I was awful waiting. They were international sellers.

 

[Nurse4kids]

Multiple times. They just keep telling me the seller has not yet sent back papers but they think he will.

They told me the SAME EXACT THING when I called. And that they were doing all they could to answer the sellers questions. I hope your seller comes through for you. I wonder if it was the same real eastate company.

 

[NickBCV]

They told me the SAME EXACT THING when I called. And that they were doing all they could to answer the sellers questions. I hope your seller comes through for you. I wonder if it was the same real eastate company.

I am working with DVC resale market. Still not feeling 100% confident. If the seller did indeed send the docs yesterday like he told them, why hasn't my title company informed me of receipt given they provided him an overnight shipping label. I will believe it's over when I see points in my account. Until then the only day that matters is the January 30th must close by date.

 

[iheartglaciers]

I am working with DVC resale market. Still not feeling 100% confident. If the seller did indeed send the docs yesterday like he told them, why hasn't my title company informed me of receipt given they provided him an overnight shipping label. I will believe it's over when I see points in my account. Until then the only day that matters is the January 30th must close by date.

Fingers crossed the title company has the docs now! The title company I used was super responsive and kept me up to date on everything... although they didn't tell me when they received the docs, they did it together with the email notifying me of closing (basically saying they received both sets of docs and that the transaction was closed). From me asking them, they basically got the docs and closed the next day. So hopefully your title company will email you tomorrow with good news!

 

[Nurse4kids]

I am working with DVC resale market. Still not feeling 100% confident. If the seller did indeed send the docs yesterday like he told them, why hasn't my title company informed me of receipt given they provided him an overnight shipping label. I will believe it's over when I see points in my account. Until then the only day that matters is the January 30th must close by date.

I am so sorry. I know what you are going through and it stinks.

 

[Nurse4kids]

Does anyone know the order of ROFR and estoppel? Can they send both in at the same time? I found out I passed ROFR today (happened yesterday) and I looked at my account at the title company and now it says estoppel received today (and it was sent the same time as the ROFR to Disney). I am hoping it went that fast, but didn’t know it could happen simultaneously. Hoping there isn’t a mistake or something.

 

[Bing Showei]

Does anyone know the order of ROFR and estoppel? Can they send both in at the same time? I found out I passed ROFR today (happened yesterday) and I looked at my account at the title company and now it says estoppel received today (and it was sent the same time as the ROFR to Disney). I am hoping it went that fast, but didn’t know it could happen simultaneously. Hoping there isn’t a mistake or something.

Usually estoppel will follow ROFR as no one wants to pay for an estoppel certificate for something that the Mouse ends up taking, which would render it moot.