International Seller...long wait with closing papers...advice?

[amymgould]

We've had a really great timeline so far with our contract being accepted, passing ROFR, and receiving closing documents. Before signing the closing docs (just over a week ago) we were informed that the seller is foreign so they would need a notary and it may take a little longer. Today I received a message from our broker that the sellers are unable to get an appt with a notary until July 11 (long story on why this is the only possible date). Here's my issue: We want to make a reservation for Easter, so 3/31-4/7. The 7 month window would be 8/31. Assuming the closing docs are signed and mailed on July 11, do you think I'll receive my member number with points loaded before the 7 month window? Being peak travel time, I know there won't be anything left at BLT at that point. I'm already worried we won't get a studio or 1 bedroom! Also, is there any way to back out now because of the delay? TIA....just frustrated!

 

[sndral]

Depends on where the sellers are located and how long it takes the mail/customs to get the paperwork back. Assuming they notarize and mail 7/11 then plus up to 2 weeks to get their documents back to brokerage, close w/in a day or 2, then a couple weeks for DVC to set up your account so you're looking at 7/31 to around 8/15 to have access to your points - so you should beat your 7 month window deadline of 8/31, assuming there are no other delays.
I think I would try to get the sellers to try a little harder by emailing the broker setting forth your need for a faster close and advising them that an almost 30 day delay is unacceptable and possibly a breach of the contract and that you will be searching for a replacement contract and should you find one you will be walking away and expecting your deposit back due to the seller's failure to act in a timely fashion. Do you have a close by date in your initial offer paperwork/contract? Many do.
I might mention in the email how disappointed you are that the Broker failed to disclose to you until this late date that it was an international seller and how surprised you are that they did not consider it to be part of their fiduciary duty to do so at the outset and to advise you that this could delay things as that might have caused you to not offer on that particular contract given your deadlines.
I would also set forth that you expect the sellers to return the documents the day they are notarized and to use the quickest form of mail possible, even if it costs them extra to pay for an expedited delivery.

 

[amymgould]

Thank you for your reply! I am definitely going to use some of your points/questions when I talk to the broker. We do have a close by date of 7/23, so technically the 7/11 date beats that.

At this point I can still walk away? We already paid the deposit plus the entire amount we owe.

 

[Matty B13]

You can't walk away till after the closing date, without losing your deposit. I would just sit tight for right now.

 

[sndral]

Thank you for your reply! I am definitely going to use some of your points/questions when I talk to the broker. We do have a close by date of 7/23, so technically the 7/11 date beats that.

At this point I can still walk away? We already paid the deposit plus the entire amount we owe.

No, if you have 7/23 as a must close by date, then you can't really walk away before then. I think your shortest wait assuming they notarize and mail 7/11 is 10 days for the mail/customs (depending on method of mailing & country it's coming from) then a day or two to close - so right at 7/23 for closing. If it's not done by that date then you could walk away & get your money back - but if you were almost there you'd probably want to just wait it out.
It wouldn't hurt to let the broker know that you intend to hold them to the deadline so as to avoid any additional delays & ask them when they expect the title co. to receive the seller's documents, method of delivery etc..
Add 10 days after your deed is recorded for DVC to get your account set up - you'll need to call DVC to get your acct. set up, BTW, if you wait on the mail from DVC and then call to activate the account can add 3 weeks or more after you close.
Good luck. The waiting w/ buying resale can make you crazy, but assuming no other glitches you have a decent shot at beating your 7 month window deadline.

 

[pdude81]

Perhaps they will be willing to scan/fax the documents to your broker before mailing so that there is proof they have been fully executed. Then if for some reason the date is missed, you know things may still get done on time.

 

[amymgould]

Thank you all! We'll definitely wait until the close by date then. I'll contact the broker again to see if there is options to scan/fax or speed up the process once the documents are actually signed.

SO, once deed is recorded, how long should I wait before calling DVC? I have a feeling I'm going to be calling a lot before that 7 month window....

This wait is worse than ROFR!!

 

[supersnoop]

Being peak travel time, I know there won't be anything left at BLT at that point

That's not a peak season for DVC.

SO, once deed is recorded, how long should I wait before calling DVC? I have a feeling I'm going to be calling a lot before that 7 month window..

Generally, 10 business days after recording.

 

[amymgould]

That's not a peak season for DVC.

I always forget DVC peak time is different. Still, I feel like many people renting points would snatch up the reservations at that point, right?

 

[supersnoop]

I always forget DVC peak time is different. Still, I feel like many people renting points would snatch up the reservations at that point, right?

I doubt it. I expect a lake view studio will still be available in time for you to book. I'd practically guarantee that a one bedroom will be available for a while past the 7 month window.

 

[kniquy]

Thank you for your reply! I am definitely going to use some of your points/questions when I talk to the broker. We do have a close by date of 7/23, so technically the 7/11 date beats that.

that is cutting it tight because 7/11 is when they will sign and that leaves only 12 days for the papers to be mail, received and then filed. If you do happen to close by 7/23 then a couple weeks later will be mid august when you receive your member number. Even if delayed a couple more weeks then you should still be ok. You might just need to settle for somewhere on property OKW or SSR. Easter is a busy time so i would help ease your stress and just be open to anything that you can find on property. If you get what you want great, but if not hey at least you are at Disney!!

 

[amymgould]

I doubt it. I expect a lake view studio will still be available in time for you to book. I'd practically guarantee that a one bedroom will be available for a while past the 7 month window.

You give me hope! Thank you!

 

[sndral]

FYI - here's a thread https://www.disboards.com/threads/closing-time.3392820/page-139 where people post while waiting to close - lot's of helpful info. as others share about calling to get their membership number, set up DVC accounts, which numbers to punch on the phone tree when you call, etc.. Plus folks at the same stage as you -the final wait to commiserate w/.
It took DVC 11 calendar days to add points to my existing membership early last month, I had international sellers as well, so that's why I'm a little informed about that issue.