Closing Time!!

[Lindsay's4littles]

We are official with the Orange County, CA Recorder. I will attempt to call mid next week for the number and activation code. Another reason we want this completed is that we will be in WDW the following week and want to inquire about add on points at the VGC during our "Fast Pass" DVC tour October 11th and to go to the Top of the World Lounge on the 12th!

Home: VGC
Offer made: 8/16
Offer countered & accepted: 8/17
Sent to ROFR: 8/21
Passed ROFR: 9/5
Closing docs received: 9/21
Closing docs sent back: 9/22(all received by title co 9/25)
Closing: 9/25
Deed recorded: 9/25 (41 days from offer)
Obtained DVC Number:
Points in account:

Mike

Congratulations Mike

 

[minorthr]

So the same title company uses mail and FedEx for return of closing docs? I wonder at what point the entire thing falls apart? Didn't the closing docs say 30 days from the date of signature to close?

When I say mail I mean fedex. They sent fedex labels via email. I'm told the seller in my case does not have email so they have to fedex them everything. Our docs say closing by sept 22nd or 45 days from completing estoppel which I have no idea when that was.

As far as the deal falling apart, with prices the way they are now Im not backing out. What stinks is if the seller now backs out there is no penalty for them. I back out I'm out the initial deposit they back out nothing happens to them. Its actually in there best interest to back out at this point they would make at least $1000 more.

 

[prouddaddycdn]

I never realized how impatient I am as an individual until this DVC resale process. Closing seems to be taking forever since we passed ROFR back on August 20th and have yet to close.

We received our closing documents back on Sept 19th, returned the documents and wired money back on Sept 20th and the seller hasn't bothered to return their document as of yet, despite being 8 days later.

Our contract states closing must occur by October 18th so I know there is still plenty of time to get the deal done however this seller just doesn't seem to be motivated to move things along. We are constantly pushing them along at each stage which I find very frustrating.

We have let the agent and the title company know that should closing fail to complete by October 18th, we will not extend out the date and expect our full money back including deposit. I honestly would rather buy direct again rather than deal with this type of drama.

Can someone clarify what "closing" actually means in the resale contract? Does that mean the deed needs to be recorded or is it just when the seller signs their documents and money is released to them?

Thanks.
Mark

 

[Amanda&Mike]

Home: BWV

Offer made/accepted: 8/1
Sent to ROFR: 8/2
Passed ROFR: 8/18
Closing docs received: 8/31
Returned Closing Docs: 9/5
International Sellers Docs Returned: 9/15

Closed: 9/22
Deed recorded: 9/22

51 days from offer to closing with international sellers, feeling really lucky!!

Now to wait for our membership number!

 

[SPLzero]

Home: Animal Kingdom
Offer made: 7/20
Offer accepted: 7/20
Sent to ROFR: 7/27
Passed ROFR: 8/17
Closing docs received: 9/7
Closing docs sent back: 9/14
Closing: 9/21
Deed recorded: 9/21
Points in my account: 9/28

 

[1momof3boys3]

I called Member Administration today. I was routed to Member Services but the cast member transferred me directly to MA with no wait. I spoke to a really nice woman who tried really hard to find my information. However, nothing was on record. She was able to find the contract with the contract number and seller's names, but it hasn't had any activity since July. So, no record of closing. =/ I closed 10 days ago. She said it could take 14 days to get the information, but she still recommended contacting First American to ask when they submitted everything to Disney.

 

[ArielSRL]

It's been almost 2 weeks since we had our deed recorder so I called to try to get our member number and activation code. Our 7 month window for our usual dates is in 2 days! Unfortunately the gentleman I spoke to said there is absolutely no way he can get me that information. He wouldn't even look. Is there some secret code word I have to give for them to look? LOL

I'm curious about that, too! I was planning on calling this Friday.

I was able to call and get my member number yesterday...I first called Tuesday and was told they would put me on the top of the list since they hadn't transferred it yet, so when I called yesterday, they were all ready with it! I asked for Member Administration. They were nothing but friendly. I then was able to get my activation code as well as book our first officially DVC member trip!

This is my first contract.

ETA specific dates: we closed last Tuesday 9/19, showed up on comptroller site Wed 9/20, and Disney received the paperwork last Thursday 9/21. The transfer had not been done by this past Tuesday 9/26 but I was told I was put on the top of the list (??) and when I called Thursday 9/28 (yesterday) it had been done.

 

[1momof3boys3]

I was able to call and get my member number yesterday...I first called Tuesday and was told they would put me on the top of the list since they hadn't transferred it yet, so when I called yesterday, they were all ready with it! I asked for Member Administration. They were nothing but friendly. I then was able to get my activation code as well as book our first officially DVC member trip!

This is my first contract.

When you called Tuesday were you told that the documents were received, but it hadn't processed, or was there no information at that point? When did you close? I'm wondering if all I need to do is wait a few more days since my account wasn't ready today.

 

[ArielSRL]

For those of you who have closed and did financing how does it work? Does the financing you're using send payment after you've seen in your closing docs and your cashier's check? Just curious how the steps will be since we're getting a small quick pay off finance for part of it.

We used financing and yes, I was told after all the documents were received that they were contacting the finance company to get the money that was coming from them.

 

[ArielSRL]

When you called Tuesday were you told that the documents were received, but it hadn't processed, or was there no information at that point? When did you close? I'm wondering if all I need to do is wait a few more days since my account wasn't ready today.

My docs had been received the Thursday before (9/21) but not processed, closing was Tuesday 9/19.

 

[ArielSRL]

BRV
Points: 100
Broker: DVC Resale Market
Closing: Magic Vacation Title

7/5 Offer accepted
7/7 Contract signed and sent to broker
7/7 Sent to ROFR
7/25 Passed ROFR
**There is probably an unusually long amount of time between these two steps but that is because there was a financing step I was supposed to complete that I didn't know I was supposed to do.**
9/1 Closing docs received
9/6 Closing docs returned by buyer (me)
9/19 Sale Closed
9/20 Deed recorded by the county
9/28 Points Loaded into account

Disney received the paperwork on Thursday 9/21. I called on Tuesday 9/26 and the transfer had not been processed, but I never called on 9/27 so it may have actually been done by then. Regardless, I was able to book a trip with my points yesterday, right after receiving my member number. WAHOO!

 

[1momof3boys3]

I called Member Administration today. I was routed to Member Services but the cast member transferred me directly to MA with no wait. I spoke to a really nice woman who tried really hard to find my information. However, nothing was on record. She was able to find the contract with the contract number and seller's names, but it hasn't had any activity since July. So, no record of closing. =/ I closed 10 days ago. She said it could take 14 days to get the information, but she still recommended contacting First American to ask when they submitted everything to Disney.

I guess Disney should have received the information because Cammy at First American said she went ahead and resubmitted the information. I'll try to call MA again next week!

 

[limace]

We are official with the Orange County, CA Recorder. I will attempt to call mid next week for the number and activation code. Another reason we want this completed is that we will be in WDW the following week and want to inquire about add on points at the VGC during our "Fast Pass" DVC tour October 11th and to go to the Top of the World Lounge on the 12th!

Home: VGC
Offer made: 8/16
Offer countered & accepted: 8/17
Sent to ROFR: 8/21
Passed ROFR: 9/5
Closing docs received: 9/21
Closing docs sent back: 9/22(all received by title co 9/25)
Closing: 9/25
Deed recorded: 9/25 (41 days from offer)
Obtained DVC Number:
Points in account:

Mike

So your deed was recorded the day after closing? Mine has taken forever-four weeks for the seller to send back closing docs, I think, and now company saying 3-4 weeks more for points to be available?

 

[Lindsay's4littles]

I got am email from our title company that our closing documents and checks were received today! She said she was notified me once the contract has been closed. I'm hoping it's soon. I wish I knew if the seller has also mailed back documents.

 

[MikeRx]

So your deed was recorded the day after closing? Mine has taken forever-four weeks for the seller to send back closing docs, I think, and now company saying 3-4 weeks more for points to be available?

Yes, all documents came in at the same time and we closed that day. The recorder site was confirmed the next day! We were fortunate to have a motivated seller. We will call next week and inquire about our number and activation code.

I feel your waiting pain, but may have run the DVC resale maze smoothly.

Mike

 

[Lindsay's4littles]

When I say mail I mean fedex. They sent fedex labels via email. I'm told the seller in my case does not have email so they have to fedex them everything. Our docs say closing by sept 22nd or 45 days from completing estoppel which I have no idea when that was.

As far as the deal falling apart, with prices the way they are now Im not backing out. What stinks is if the seller now backs out there is no penalty for them. I back out I'm out the initial deposit they back out nothing happens to them. Its actually in there best interest to back out at this point they would make at least $1000 more.

I'm sure you have done this but have you talked to your broker? I would be pretty upset and telling my broker to get on the sellers backs and hurry them up.

 

[Lindsay's4littles]

Yes, all documents came in at the same time and we closed that day. The recorder site was confirmed the next day! We were fortunate to have a motivated seller. We will call next week and inquire about our number and activation code.

I feel your waiting pain, but may have run the DVC resale maze smoothly.

Mike

Hope you get your membership ID and points this week

 

[Lindsay's4littles]

I got an email from the title company Friday saying my documents had be recieved and they are working to close as soon so possible. She said I would be notiifed again once it is closed? So does that mean I won't know the date they choose to close it? Do they only notify you once your contract had been closed?

Magic vacation title BTW.

 

[Bing Showei]

I got an email from the title company Friday saying my documents had be recieved and they are working to close as soon so possible. She said I would be notiifed again once it is closed? So does that mean I won't know the date they choose to close it? Do they only notify you once your contract had been closed?

Magic vacation title BTW.

*** has said they file 2-3 days after receiving sellers' and buyers' documents, so they won't have a closing date until all paperwork comes in.

From what I gather from the boards a lot of the delay in estoppel and closing has been because the title companies are backlogged given the high volume of contracts moving in a tight supply market. I had a contract with a smaller title company (not a big one like First American or Magic VacationsTitle) and estoppel came 4 days after passing ROFR. Title companies point to Disney, but I think Disney has been turning estoppel around pretty quickly.

Good luck with the wait, Lindsay!

 

[Lindsay's4littles]

*** has said they file 2-3 days after receiving sellers' and buyers' documents, so they won't have a closing date until all paperwork comes in.

From what I gather from the boards a lot of the delay in estoppel and closing has been because the title companies are backlogged given the high volume of contracts moving in a tight supply market. I had a contract with a smaller title company (not a big one like First American or Magic VacationsTitle) and estoppel came 4 days after passing ROFR. Title companies point to Disney, but I think Disney has been turning estoppel around pretty quickly.

Good luck with the wait, Lindsay!

Thanks so much for the helpful info. It kills me not knowing if the sellers have sent back their documents. We mailed ours back about 18 hours after receiving them! I only hope our sellers are as motivated to close. Our closing deadline in October 30 so if the sellers wanted to they could drag their feet. I just hope we can close this week but I'm sure that's a slim chance.