Confused about the way my resale purchase is going

[sunryzez]

Back in April I started looking at resale. Finally in the start of May I put in an offer. It was May 8-10. It was accepted right away and since then it has been nothing but a mess. First the seller took 3 weeks to sign the paperwork before ROFR and I was never notified. Then it took the owner 3 weeks to send back the closing papers which they "supposedly" did wrong so now we are waiting again. We are well into the two and a half month time frame and both my agent and title company have been very uncooperative. It has been excuse after excuse. Now they are telling me per contract they have set our closing date for the 60 day mark( since the owners actually signed the official offer 3 weeks into our deal) I have never heard of this and it is definitely not on the contract. Can I please have some advice from people who have been through this? They have had my money for over a month not to mention my initial deposit for 70plus days. I see people on here who are done in like 45 days and my brother bought resale the same time frame as me with the same company and closed almost a month ago. Should I be worried? Is there anything I can do at this point besides wait? Any advice would be helpful...

 

[BillPA]

This sounds like a bad agent, who are you dealing with?

 

[CvilleDiane]

Back in April I started looking at resale. Finally in the start of May I put in an offer. It was May 8-10. It was accepted right away and since then it has been nothing but a mess. First the seller took 3 weeks to sign the paperwork before ROFR and I was never notified. Then it took the owner 3 weeks to send back the closing papers which they "supposedly" did wrong so now we are waiting again. We are well into the two and a half month time frame and both my agent and title company have been very uncooperative. It has been excuse after excuse. Now they are telling me per contract they have set our closing date for the 60 day mark( since the owners actually signed the official offer 3 weeks into our deal) I have never heard of this and it is definitely not on the contract. Can I please have some advice from people who have been through this? They have had my money for over a month not to mention my initial deposit for 70plus days. I see people on here who are done in like 45 days and my brother bought resale the same time frame as me with the same company and closed almost a month ago. Should I be worried? Is there anything I can do at this point besides wait? Any advice would be helpful...

Is it a big broker where you could get in touch with your brothers contact there and ask about it? I'm sorry this is happening. I'm out of ideas, though I think my contract has closing set for 60 days after both parties signed.

 

[Matty B13]

Sounds like the owners are dragging their feet, which has nothing to do with the broker or title company. Last year both our contracts took just about 3 months to close, so the 45 day turn around is a huge improvement, but not typical. Sorry this is happening to you, just be patient.

 

[Roxyfire]

Back in April I started looking at resale. Finally in the start of May I put in an offer. It was May 8-10. It was accepted right away and since then it has been nothing but a mess. First the seller took 3 weeks to sign the paperwork before ROFR and I was never notified. Then it took the owner 3 weeks to send back the closing papers which they "supposedly" did wrong so now we are waiting again. We are well into the two and a half month time frame and both my agent and title company have been very uncooperative. It has been excuse after excuse. Now they are telling me per contract they have set our closing date for the 60 day mark( since the owners actually signed the official offer 3 weeks into our deal) I have never heard of this and it is definitely not on the contract. Can I please have some advice from people who have been through this? They have had my money for over a month not to mention my initial deposit for 70plus days. I see people on here who are done in like 45 days and my brother bought resale the same time frame as me with the same company and closed almost a month ago. Should I be worried? Is there anything I can do at this point besides wait? Any advice would be helpful...

My seller dragged their feet a little bit. We always assume they want to get their money as badly as we want to get our points. But that's not always true. I would let things settle in your mind for a bit and then email or calmly phone and ask for a status update. Every deal has a closing date, much like a home, and you will probably be done before that. They set it fairly far in advance because Disney can take the full 30 days in ROFR or the buyer might need time to arrange funding or get their loan together. Unless you're really under the gun, your best course of action is to wait. Remember, if that deal doesn't go through, the seller is still on the hook with the broker so the broker is going to be working on that to be sure they get their money too. I wouldn't compare side by side with others as all sellers are differently motivated.

 

[mustinjourney]

I'm confused. What date does your contract set for the closing date? It should have an actual date on it. Or does it say 60 days after date of execution? If you're still within the closing date, there's not a lot you can do.

I know it's rough -- especially if it's your first contract. In the meantime, try to stay calm and be patient.

 

[Marriedbythemouse]

So sorry its taking so long. We put an offer in May 5th and got the points in our account July 10th. So basically 60 days from start to finish. The seller must be dragging their feet at every opportunity. You would think they would want your check! Maybe it's mortgaged and the money you are paying is going straight to the debt so they don't feel a need to hurry it a long. I just don't get people sometimes. Hopefully you will have your points soon!

 

[disneynutz]

People have trouble letting go so many are slow to provide info and sign their docs. We seem to accept the delays deliberately caused by Disney but have issues with delays caused by sellers which may or may not be deliberate.

Bill

 

[sunryzez]

This is where I am confused, the contract clearly states that the seller had to sign the offer by 5/18. However, I was never notified they did not sign it by then. I was told it was in ROFR. However, on 5/31 I was told they had just finally signed the contract and it was being sent to ROFR that day. So now they are telling me my 60 days is 7/31. However, clearly on my contract the 60 days would be no later then 7/18. However, They are saying since the seller did not sign until after the deadline it is now 7/31 as my latest close by date. I think the seller is completely dragging their feet which makes me mad because if they didn't want to sell they shouldn't have gotten me or my money tied up when I could of made an offer on a contract that actually wanted to sell. I also think the agent messed up by never informing me that the sellers went passed the sign by date and never disclosed this to me. Lastly, the title company keeps telling me contradicting info so I feel like this whole sale is SO confusing. I really want these points and don't mind waiting a bit longer if I know this is even semi- normal but honestly I feel like this is not the norm and that's why I am looking to see if anyone has gone through a similar situation or advice.

 

[Roxyfire]

This is where I am confused, the contract clearly states that the seller had to sign the offer by 5/18. However, I was never notified they did not sign it by then. I was told it was in ROFR. However, on 5/31 I was told they had just finally signed the contract and it was being sent to ROFR that day. So now they are telling me my 60 days is 7/31. However, clearly on my contract the 60 days would be no later then 7/18. However, They are saying since the seller did not sign until after the deadline it is now 7/31 as my latest close by date. I think the seller is completely dragging their feet which makes me mad because if they didn't want to sell they shouldn't have gotten me or my money tied up when I could of made an offer on a contract that actually wanted to sell. I also think the agent messed up by never informing me that the sellers went passed the sign by date and never disclosed this to me. Lastly, the title company keeps telling me contradicting info so I feel like this whole sale is SO confusing. I really want these points and don't mind waiting a bit longer if I know this is even semi- normal but honestly I feel like this is not the norm and that's why I am looking to see if anyone has gone through a similar situation or advice.

Are they international by chance? Could it be that they had a circumstance beyond their control that initially delayed them. Sounds like you're in ROFR now, is that accurate? If not, and they have your money, all you're waiting for is closing at that point. They have to set up a date to get a notary and all that, if they are not in the US that can take a lot of extra time. Sometimes the brokers don't disclose that it's an international seller and that can cause lots of delays. You're like 9 days out now, unless you're trying to book for your 11 month window in the next few days, you're going to be just fine I think. But it is stressful for sure. Let us know how it turns out!

 

[sunryzez]

Are they international by chance? Could it be that they had a circumstance beyond their control that initially delayed them. Sounds like you're in ROFR now, is that accurate? If not, and they have your money, all you're waiting for is closing at that point. They have to set up a date to get a notary and all that, if they are not in the US that can take a lot of extra time. Sometimes the brokers don't disclose that it's an international seller and that can cause lots of delays. You're like 9 days out now, unless you're trying to book for your 11 month window in the next few days, you're going to be just fine I think. But it is stressful for sure. Let us know how it turns out!

We are out of ROFR and Estoppel. At this point I have been waiting for the sellers to return the closing documents since June 28th. The title company said on Tuesday they finally returned them but executed them wrong so now the papers were resent to them and we need to wait for them to return them again. Since it took them three weeks to return the inital contract and then 3 weeks to return the closing I do not feel good about them returning it anytime soon. Especially before the 31st which they say is our 60 say deadline but will actually be more like 80...does anyone know if the 60 days come and go what the next step is? Because if we do not close by the 31st I feel completely done with this situation.

 

[mustinjourney]

I'm also wondering if they are international sellers. Not sure how you screw up signing the documents. You just find a notary and sign on the line in front of them. Not rocket science.

 

[sndral]

The must close by 60 days was probably from the date you had an official contract which would have been the day the sellers signed which appears to be 5/31, so 7/31 would be your 60 days. The fact that they were supposed to sign by 5/18 but dawdled is irrelevant now, since you proceeded w/ the deal after they signed 5/31/2017.
What you need to do now is to put in writing to both the title company and the broker/agent that if the deed has not recorded on or before 7/31 you will consider the sellers to be in breach of contract and the contract is therefore canceled/void and that you expect your funds to be immediately returned to you. Whether you do this if it's just an extra day or two is up to you, but perhaps it will help the broker communicate to the sellers the need for them to behave responsibly pursuant to their contractual obligations.
Unfortunately, it's not that uncommon to run into these glitches, I've linked a couple of recent threads below & unless you have a need to book a trip before a particular deadline, once the wait, glitches and all, is over and the points are yours you'll forget this angst.
Have you located the deed on the Orange Co. Comptroller's site (you can do so by searching the seller's names)? Do the sellers have a mortgage on it? If they do they may be scrambling to get money together to pay off what they owe - ie: your funds alone may not be enough to pay off the mortgage, outstanding MFs and the broker's commission so the sellers may have to bring money to the table.
Or, as mentioned by PPs sellers could be international which does take time. See https://www.disboards.com/threads/international-seller-long-wait-with-closing-papers-advice.3611513/
Or divorcing (my first contract had this w/ the feuding spouses living in different states - I had to threaten to cancel the whole thing to finally get their notarized documents back as we were up against the must close by date.)
Or sellers may be trying to squeeze in one last trip in, See https://www.disboards.com/threads/points-not-transferred.3617321/ & https://www.disboards.com/threads/extended-closing-date.3610004/

 

[sunryzez]

The must close by 60 days was probably from the date you had an official contract which would have been the day the sellers signed which appears to be 5/31, so 7/31 would be your 60 days. The fact that they were supposed to sign by 5/18 but dawdled is irrelevant now, since you proceeded w/ the deal after they signed 5/31/2017.
What you need to do now is to put in writing to both the title company and the broker/agent that if the deed has not recorded on or before 7/31 you will consider the sellers to be in breach of contract and the contract is therefore canceled/void and that you expect your funds to be immediately returned to you. Whether you do this if it's just an extra day or two is up to you, but perhaps it will help the broker communicate to the sellers the need for them to behave responsibly pursuant to their contractual obligations.
Unfortunately, it's not that uncommon to run into these glitches, I've linked a couple of recent threads below & unless you have a need to book a trip before a particular deadline, once the wait, glitches and all, is over and the points are yours you'll forget this angst.
Have you located the deed on the Orange Co. Comptroller's site (you can do so by searching the seller's names)? Do the sellers have a mortgage on it? If they do they may be scrambling to get money together to pay off what they owe - ie: your funds alone may not be enough to pay off the mortgage, outstanding MFs and the broker's commission so the sellers may have to bring money to the table.
Or, as mentioned by PPs sellers could be international which does take time. See https://www.disboards.com/threads/international-seller-long-wait-with-closing-papers-advice.3611513/
Or divorcing (my first contract had this w/ the feuding spouses living in different states - I had to threaten to cancel the whole thing to finally get their notarized documents back as we were up against the must close by date.)
Or sellers may be trying to squeeze in one last trip in, See https://www.disboards.com/threads/points-not-transferred.3617321/ & https://www.disboards.com/threads/extended-closing-date.3610004/

Thank you for all the info. I will definitely take your advice and write to them. I already had told them I will not wait longer than the 31st so I will add some of the things you put in there. I just wanted to make sure I could say and do that without Losing any of my money.
They are actually Vero beach points so I found it on the comptroller there and it does not have a mortgage on it but does have a lien on it. I brought that up to them and they made it seem like it was no big deal and would be handled at closing...is that true do you know?
My 11 month window has already passed for Vero. We are buying these points because we LOVE Vero and want a guaranteed summer week there every year and know that is very hard to get without the 11 month window. However, I just really dislike how this entire situation was handled. I am hoping to get these points but am not willing to stress out because of them. I guess fingers crossed we close by the 31st!!!

 

[mustinjourney]

Thank you for all the info. I will definitely take your advice and write to them. I already had told them I will not wait longer than the 31st so I will add some of the things you put in there. I just wanted to make sure I could say and do that without Losing any of my money.
They are actually Vero beach points so I found it on the comptroller there and it does not have a mortgage on it but does have a lien on it. I brought that up to them and they made it seem like it was no big deal and would be handled at closing...is that true do you know?
My 11 month window has already passed for Vero. We are buying these points because we LOVE Vero and want a guaranteed summer week there every year and know that is very hard to get without the 11 month window. However, I just really dislike how this entire situation was handled. I am hoping to get these points but am not willing to stress out because of them. I guess fingers crossed we close by the 31st!!!

Does it say what the lien is for? Or who has the lien?

You should ask the broker to provide what the lien is and why it's there. If the buyer lies about it that's fraud.

Notwithstanding the above, I would consider the seller's failure to disclose an existing lien is an omission of a material fact, which should allow you to get out of the contract.

I'm pretty sure your contract states that the seller is delivering the title free of all encumbrances. Mine both say something to that effect.

 

[cvjw]

I had to cancel a contract because the seller would not return their closing papers. It was not an international seller, it was part of an estate so there was extra paperwork involved. It got to the point that the sellers would not take the broker's calls. When we passed our "close by" date without any closing papers returned by the seller, we got out of the contract. We got our deposit back and found another contract.

It stinks, but sometimes it does happen.

 

[Dean]

I'd start looking but not make other commitments until 7/31 comes and goes which is only 10 days. I think it's likely you're gong to miss that date. Make sure there's not an automatic extension to closing of another 30 days or so. You should be able to find the actual lien document on the same county website as the deed.

 

[sunryzez]

Does it say what the lien is for? Or who has the lien?

You should ask the broker to provide what the lien is and why it's there. If the buyer lies about it that's fraud.

Notwithstanding the above, I would consider the seller's failure to disclose an existing lien is an omission of a material fact, which should allow you to get out of the contract.

I'm pretty sure your contract states that the seller is delivering the title free of all encumbrances. Mine both say something to that effect.

If I'm reading the lien correctly it seems to be for the yearly dues. I will be emailing my agent and the title company on Monday to let them know about my concerns and that I will not be extending our closing date at all. I'm still hopeful because I do really want the points but I feel like I may have just wasted three months...

 

[ktmo]

I know that it is frustrating to wait. When I bought my first contract in 2015 it took right around 100 days. It was frustrating seeing other people close ahead of me. If you bail now, it will be another 2-3 months to get points. So, you will still be waiting. And there is no guarantee that the next contract will go smoother. It may be better to just hang on a little longer.

 

[Dean]

If I'm reading the lien correctly it seems to be for the yearly dues. I will be emailing my agent and the title company on Monday to let them know about my concerns and that I will not be extending our closing date at all. I'm still hopeful because I do really want the points but I feel like I may have just wasted three months...

If this is from DVCMC for dues then that may mean there's a foreclosure in progress. Make sure you look at the estoppel info in detail. It also means there's the possibility of this being a divorce or general foreclosure situation. Let us know what happens in a week and a half plus in general.