2 resale purchase timelines
Here are 2 recent timeline purchases from different resale companies and locations, hopefully this helps and provides some timeline guidance for prospective buyers.
Day 1: Offer found and eventually agreed and settled on a final price.
Day 2: Documents received from TSS ("Disclosure Notice"/"Deposit receipt and contract for Sale and Purchase"/"Important Notice")
Day 3: Signed documents sent back via email. Also mailed back documents with the deposit check (10% of purchase price)
Day 6: Mailed items received by TSS and they forwarded the check to the title Company
Day 7: TSS received Seller's documents
Day 8: Sent to Disney for ROFR
Day 10: Title company emailed "Buyer Open Escrow" documentation. Signed and emailed back to title company.
Day 34: Notified by TSS that Disney has waived their right to purchase.
Day 41: Closing documents emailed by Title Company. Signed, got cashier's check, mailed back.
Day 46: Notified by Title Company that they received my closing documents and cashier's check. Nothing sent by the sellers yet.
Day 49: Notified by Title Company that they closed my file today and sent it to be recorded.
Day 50: I see the Warranty Deed from the Sellers and the waiver of ROFR from Disney on the Orange County website
Day 61: Called MA, they said the letter was mailed out to me on two days ago and I would have to wait for the Member ID from the letter. It could take up to 2 weeks
Day 67: Received letter from DVC with member ID.
Day 68: Call MA, received login info and was able to login to the DVC member site
Day 1: Offer found and Fidelity contacted
Day 2: Offer accepted by seller
Day 4: Submitted contact information to Fidelity Resales
Day 7: Resale Contract documents received from Fidelity Resales
Day 8: Contract documents and credit card info emailed to Fidelity for deposit of $1000
Day 9: Fidelity sent to Disney for ROFR
Day 33: Notified by Fidelity that Disney has waived their right to purchase.
Day 37: Closing documents received from Title Company
Day 39: Mailed closing documents and cashiers check.
Day 44: Notified by Fidelify Resales, that they closed today.
Day 46: Deed shows up on the Orange County Website
Day 63: Received copy of title from title company and Received DVC letter with member ID.
Day 64: Called MA and now able to log in to member site
It takes less time, at least in my city, to buy a real condo or house than DVC resale. I can have purchase agreement signed and processed in 2 - 3 weeks, with keys ready if the real estate lawyers are on top of everything. So it's very inefficient that DVC has to take 60+ days.
It is what it is. Well worth the wait to save 50 - 70% off of direct.
It's interesting. I have 2 contracts in ROFR right now with TSS. Both went to ROFR on the same day I emailed back my paperwork to TSS, so it was fairly immediate.
These timelines are very much in line with my resale timeline. I am now just waiting on the letter from Disney with my member ID so I can make my first reservation. It has required patience but I can pay roundtrip airfare from Arizona to Orlando for my family of six approximately 7X with my resale savings. It was totally worth the trade off!!!
Does the seller have as long as they want to send back their closing documents? The title company has had our stuff for over a week but still nothing from the seller. Feels like we are at their mercy!
I think it states on your contract what may happen or what you can do if the seller takes too long. I've read other threads where the sellers were out of the country, on vacation somewhere and it took a long time and some that had second thoughts and decided not to sell.
I was actually being processed over Thanksgiving and I was lucky that the sellers were proactive about their docs.
I would try and contact your agents at the resell location and the title company and ask them what the hold up is with the seller.
12/28 submitted offer.
12/31 offer accepted
1/9 contract signed and escrow sent
1/25 after many calls email found that contract had been submitted for ROFR that day
2/25 passed ROFR no one calls
2/26 Closing documents arrive via email from closing company a mistake is discovered
3/4 Mistake corrected signed and sent balance of contract
4/3 Owners finally send back signed corrected contract
4/4 Opps they forgot to send DEED I insist they FedEx
4/8 Deed FedEx arrives who uses snail mail anymore TBS and my Sellers
4/9 Electronically submitted to County
4/10 Sent to Disney expected wait 2 weeks
4/12 Exhausted I book preplanned trip in June to Disney Thru Disney pay $$$
4/14 Waiting still Waiting
So I hope you used one of the three resale companies listed on boards or you could be in for a wait. But for me hopefully the end is around the corner.
|All times are GMT -5. The time now is 12:27 AM.|
Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright © 1997-2014, Werner Technologies, LLC. All Rights Reserved.