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Old 06-27-2013, 03:52 PM   #16
Missyrose
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Quote:
Originally Posted by twinsouvenirs View Post

You could also get a lawyer to write a demand letter for some kind of monetary compensation for the time lost.
And that lawyer would cost far more than anything you could possibly hope to get from those sellers. It's best the OP do what he's doing, simply moving onto the next deal.
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Old 06-27-2013, 04:22 PM   #17
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letters are sometimes cheap-$200?
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Old 06-27-2013, 04:41 PM   #18
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Originally Posted by twinsouvenirs View Post
letters are sometimes cheap-$200?
Maybe, but if the seller backed out like they did, then the chances that they actually would respond with some sort of monetary compensation just from receiving a letter would, IMO, be small..
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Old 06-27-2013, 05:10 PM   #19
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We purchased an add on contract back in April and the seller could not close until today, June 27th. They had their last DVC trip planned which ended earlier this week. Today I was notified by the broker the seller backed out...they enjoyed their vacation and decided not to sell after all. I don't know if this is typical or not with changing their mind after a trip...I hope not. I'm very upset with this incident and would not want anyone to experience it.
This kind of thing is always a risk, and I would say the longer the delay in closing the more likely a problem will come up. In your case, you really had a pretty short delay and still had problems.

From both a seller's perspective and a buyer's perspective, I think "can't close until..." contracts are really unattractive propositions. Just too many things can come up, even if all parties are fully knowledgeable and completely above-board...which is not always the case.
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Old 06-27-2013, 05:25 PM   #20
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This kind of thing is always a risk, and I would say the longer the delay in closing the more likely a problem will come up. In your case, you really had a pretty short delay and still had problems.

From both a seller's perspective and a buyer's perspective, I think "can't close until..." contracts are really unattractive propositions. Just too many things can come up, even if all parties are fully knowledgeable and completely above-board...which is not always the case.
I agree with you. Going forward, I don't think I'll pursue an extended closing contract. We bid on this one and the seller demanded full asking price which we gave. We didn't know about the seller's vacation / extended date until a few weeks in to it.

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Old 06-27-2013, 06:32 PM   #21
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We didn't know about the seller's vacation / extended date until a few weeks in to it.
WHAT???

That wasn't disclosed to you until later?

{biting my tongue to keep from speculating on the broker!}
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Old 06-27-2013, 07:46 PM   #22
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We sold a contract like this in 2011. We listed it in March, but had a vacation using those points at the Grand Californian in July. Of course, this was disclosed up front and listed with that caveat. We really didn't think anyone would be interested, but it sold in less than 24 hours [50 point contract]. Closing was scheduled the day we checked out from GCV. All the paperwork was signed and returned from all the parties - it was just a matter of waiting for that exact day.

Now here is the embarrassing part:

I had waitlisted one more night at the end of our initial stay but had forgotten about it. Naturally, the WL would not have used points from the contract I sold, but when it came through because it was linked to the first 3 nights it was considered the same reservation. I immediately called TTS when I realized what I had done and told them to tell the Buyer I was so sorry and I would cancel that last night if I needed to [we all know how hard it is to get a GCV reservation but a deal is a deal]. But, the Buyers were very nice about the whole thing and didn't have any problem closing one day later.
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Old 06-27-2013, 09:12 PM   #23
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Other than the odd 50 point contract w/ the perfect use year scenario, I don't see any advantage in having my cash tied up in a contract that can't close for several months as I may miss many attractive contracts for sale that meet my criteria while I wait for a seller to have one last vacation (or wait for those points they rented out for profit to be used.) Having watched the resale market for awhile now I've come to realize that no contract is unique, and another just like that can't close before contract will probably come along.
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Old 06-27-2013, 09:21 PM   #24
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Originally Posted by JimMIA View Post
WHAT???

That wasn't disclosed to you until later?

{biting my tongue to keep from speculating on the broker!}
Funny!

I've started the hunt for a new contract. This one was the perfect UY and I'd forgotten what a pain it is to find that as I sort through the listings.

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Old 06-29-2013, 04:39 PM   #25
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I'm not so sure this is true with timeshares in Florida since the buyer has 10 days to rescind. I believe the deposit must be returned. Could be wrong.
It's 10 days from the signing and in some cases, 1 year.
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Old 06-29-2013, 05:06 PM   #26
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I'm a lawyer. This is not legal advice, you must pay for that. There is no client-attorney relationship created.

There are certainly steps that you can take if you want. Do you have the buyers info? Name/address/phone etc? There are things you can do without a lawyer that may work, but probably not - one of those things where the only thing you are spending is your own time. i.e. sending them a demand letter.

That you had a contract signed, a deposit and full balance paid and they backed out really would annoy me - and if it were me - I would pursue them out of principle with the realization that I know its not worth my time to do so but still would do it anyways. Now it doesn't cost me anything to hire myself, but you can do things yourself with minimal knowledge and cost if you want. Most important thing though is if you have the buyers info. PM me if you feel like pursing it further and want to talk.
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Old 06-29-2013, 06:57 PM   #27
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I'm a lawyer. This is not legal advice, you must pay for that. There is no client-attorney relationship created.

There are certainly steps that you can take if you want. Do you have the buyers info? Name/address/phone etc? There are things you can do without a lawyer that may work, but probably not - one of those things where the only thing you are spending is your own time. i.e. sending them a demand letter.

That you had a contract signed, a deposit and full balance paid and they backed out really would annoy me - and if it were me - I would pursue them out of principle with the realization that I know its not worth my time to do so but still would do it anyways. Now it doesn't cost me anything to hire myself, but you can do things yourself with minimal knowledge and cost if you want. Most important thing though is if you have the buyers info. PM me if you feel like pursing it further and want to talk.
Unless one is willing to go to the length of actually going to court, I don't see the point. The brokers have much more info, a better infrastructure and actually more to gain and they don't see the reasonableness of pursuing this. All you really could do would be to force them to sell anyway or get a judgement. If you get a judgement, you've got to go for the additional steps of enforcing it/collecting. I wonder if anyone who went this route and then the seller said "OK I'll sell" would then handle it and how the courts would perceive such a situation.
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Old 06-29-2013, 09:17 PM   #28
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Only with Disney timeshares do you see a seller back out of a sale. Lol
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Old 06-30-2013, 11:28 AM   #29
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We bought an OKW last year with a "Can't Close Until" date due to the owner wanting one last trip. I think this was the ONLY reason we passed ROFR (almost every other OKW contract was snatched by that @(#& Monkey during this time). We gave a low ball offer and it was accepted. I don't think Disney likes to deal with "messy" contracts.
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Old 06-30-2013, 01:10 PM   #30
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We bought an OKW last year with a "Can't Close Until" date due to the owner wanting one last trip. I think this was the ONLY reason we passed ROFR (almost every other OKW contract was snatched by that @(#& Monkey during this time). We gave a low ball offer and it was accepted. I don't think Disney likes to deal with "messy" contracts.
The interesting wrinkle to this was during the recent ROFR "frenzy." Disney ROFRed a couple of stripped contracts that were "can't close until XX" deals. Everyone figured that the late close actually brought Disney close enough to when the points would be replenished on those contracts, that they made them attractive to the Mouse.
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