Is a 24 hour deadline for paperwork standard?

[Dean1953]

Having bid on a 30 point contract at BLT and have it accepted, I received the paperwork by email, downloaded it and went to the library to print it (my copier broke several weeks ago). Reading the instructions, it stated that the $1,000 deposit could be payed by check or credit card but the contract would not be sent to Disney for ROFR until check cleared. I sent the paperwork in by regular mail next morning but received a call from the sales representative that, by Florida law, she needed me to scan and send by email the contract back within 24 hours of receiving it. This would involve me having to go to an office supply store to do it, which I told her that I could do after printing another copy of the contract, signing it, and going the next morning to Kinkos. I received an email that night from her, saying that she had expected the contract back by then. I emailed her back and cancelled the contract because I could not send it back in a timely manner. Is this standard policy for all DVC resale companies? I had hoped to have a resale purchase by my Christmas trip to WDW and, at that time, buy a 25 point contract direct. I think that, instead, I'll wait until late fall/early winter and see if either prices decline or there are more small contracts to choose from. That 24 hour deadline sounds too much like the standard timeshare pitch that the pitchman makes that their offer is only good for today. It almost (but not quite) makes me want to buy direct.

 

[CarolMN]

Do not recall any reports here that mention such a deadline. Perhaps it is just a policy of that particular resale company.

Waiting for a check to clear before submitting to ROFR seems to make sense on one level, but I can't help but wonder how hard it is for a broker to withdraw from ROFR. I'm thinking a quick sale is in everyone's interest (especially the broker, who doesn't get paid until closing) and there really isn't much downside to submitting for ROFR (which can take 3 -4 weeks) while they wait for a check to clear (as long as it isn't a huge deal to withdraw an ROFR submission if the check bounces).

 

[JamesA1]

I made an offer several months back and just looked at the contract. It stated I had five days to return the signed documents along with the deposit to the closing agent. It also asked to fax or email a copy to the broker but did not specify a deadline.

 

[KAT4DISNEY]

There's no way that's FL law.

That said - I've only ever done the contract by scanning and sending back by email. Always mailed a check although that should not have affected sending to ROFR at all. Sounds like a bunch of rules for that broker.

 

[Dean1953]

The broker had mentioned that, by not having signed contract back within 24 hours, Florida regulators that look at her records could penalize the business. Anyway, I'll be more patient in trying to find a BLT contract between 50-75 points for around $120-125 per point. If that's not available, I'll settle for the same number of points at SS or OKW for $85-90 per point. I did want to have the Re sale points purchased before my Christmas trip to WDW in order to discuss with DVC sales representatives in person about buying 25 points direct, but that's not critical.

 

[limace]

As an aside, I typically use a free scan app on my phone for this-saves a ton of effort compared to going to a copy shop since we don't have a scanner either.

 

[Matty B13]

I'm not sure if you want to buy a cheap multi-function printer, but they make the whole printing and scanning documents very easy now. You can get one for around $50 nowadays.

 

[KAT4DISNEY]

As an aside, I typically use a free scan app on my phone for this-saves a ton of effort compared to going to a copy shop since we don't have a scanner either.

There are great free apps that act as a scanner on your phone. Super easy and convenient.

 

[Dean1953]

I don't need a scanner very often (I disputed a charge on my chase credit card and used their fax number from An office supply store; does hardly anyone fax any more?) but did have to return 12 signed documents emailed to me about a month ago. I took photos of them and emailed them back. Not a professional way to do it but they were accepted. I'll check out the apps and if they don't work, I'll go with an all in one printer, preferably on sale around Black Friday.

 

[Lindsay's4littles]

I have turbo scan app and it's extremely easy to use and was only $5 to put on my phone. You simply take a picture of the document you can to send and email it in PDF form to your broker. It literally takes all of 1 minute to do!

 

[Amber W]

All resale companies have deadlines. Most are 24-48 hours and they do want them faxed or scanned back. The reason is because once they have an offer they take it off the market, if you take 5 days to send back the contract the seller could loose another buyer. The contract not going to ROFR until a check clears is probably a title company requirement. I know the title company that was used when I sold did not have that requirement and it took the buyer almost 2 weeks to send in a check and then it bounced and they then withdrew. It was after the 10 day cancellation and we had no money and no recourse against the buyer and I lost 2 weeks on my selling. I wish they had had this policy. Also the title company had done work to send to ROFR and they didn't get paid. So I agree with both of this brokers policies.

 

[KAT4DISNEY]

All resale companies have deadlines. Most are 24-48 hours and they do want them faxed or scanned back. The reason is because once they have an offer they take it off the market, if you take 5 days to send back the contract the seller could loose another buyer. The contract not going to ROFR until a check clears is probably a title company requirement. I know the title company that was used when I sold did not have that requirement and it took the buyer almost 2 weeks to send in a check and then it bounced and they then withdrew. It was after the 10 day cancellation and we had no money and no recourse against the buyer and I lost 2 weeks on my selling. I wish they had had this policy. Also the title company had done work to send to ROFR and they didn't get paid. So I agree with both of this brokers policies.

Claiming Florida law is my issue. Just so terribly unlikely to be true. Just be honest and say it's their policy.

 

[gharter]

I don't recall hearing that with either of our resale contracts. As I recall, I signed and mailed the forms back to them with the check and never heard there was a problem with the paperwork arriving too late.

 

[minorthr]

We are in the middle of closing on a contract. I emailed the contract back hours after we go it. The seller took a week. There was no deadline that I know of.

 

[rer1972]

I've been offered a credit (can't remember how much it was) for returning by email within 24 hours. I'm thinking they are trying to deter those people who are not serious about making offers.

 

[kollerbear]

Umm, I literally JUST bough resale (cleared ROFR a few weeks ago) and I DEFINITELY did not turn around the documents in 24 hours, for the same reason. I'm pretty sure it took us 2-3 days (we were in the middle of an out-of-state move). If it's the right contract for you with perfect # of points, use year, and resort, I would jump through hoops. The more you look the more you know the market and the more you know how rare that contract is. That broker might not realize it is company policy and not FL state law. They are definitely mistaken.

 

[Toreby]

Never heard of that being a law, and would be shocked if it is. Sounds more like a shady timeshare broker.

 

[Dean1953]

I'm going to take my time on the next bid, with a definite price per point for a BLT contract of up to 75 points. If the price keeps going up, I may look at AKL or SS for the same number of points. If I can buy a contract on my terms, great. If not, I'll pass on DVC ownership.

 

[Nurse4kids]

I got my contract last week. They emailed it in an app that let me sign it on my phone and then send it right back. I gave them a credit card number right then, but they also allowed for electronic checks. I called an hour later and they said we were all set and they would let me know as soon as Disney responded. It was very convenient, but a little hard to read. Everything was stamped time sensitive and I do believe it has to be signed asap.

 

[elle-jay]

I'm in ROFR at the moment and like other said, likely their rules. Not FL law. My broker requested 36 hours. I had it to them next day under 24 hours. Our deposit was in route to title company and it was still sent to ROFR before it was received. Which I appreciate since I want to get this whole process over and done with.