DVC RESALES
DVC RESALES

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Old 07-13-2013, 01:53 PM   #1
mirnmart
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sad day....seller won't close

We were just informed that our resale contract we were about to close on (signed papers, was just about to wire $) is not going through....the seller has backed out at the last minute and won't sign closing so disappointing after such a long process.....We are already getting down to the wire for booking our family trip this coming Jan and now we have to find another contract and start all over!! Just thought I'd share with those who would understand how frustrating this is!
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Old 07-13-2013, 01:59 PM   #2
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That totalling sucks

Hope you have better luck with your next contract.
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Old 07-13-2013, 02:01 PM   #3
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Sorry to hear that. Quite frankly, given the recent spikes in prices, I'm surprised we're not hearing about this more often. Still sucks for you though, and I'm sorry for your disappointment.
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Old 07-13-2013, 02:03 PM   #4
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mirnmart---240 OKW (April), $62, 121 '12 points and all forward, buyer pays closing and 1/2 mf (sub 5/21, passed 6/17)

Details of the contract for those who are interested...thanks for the sympathy...back to the drawing board!
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Old 07-13-2013, 02:14 PM   #5
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So sorry for you...would you consider renting points and then rent the ones you'll get for your January Trip? We're you planning to stay at OKW? Perhaps you can work with David's
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Old 07-13-2013, 02:22 PM   #6
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Unhappy

oh no, that's terrible!!
did they say why- more $$, inhaled some pixie dust & changed mind? not that either matter, still terrible but curious.
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Old 07-13-2013, 03:23 PM   #7
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Quote:
Originally Posted by mirnmart View Post
We were just informed that our resale contract we were about to close on (signed papers, was just about to wire $) is not going through....the seller has backed out at the last minute and won't sign closing so disappointing after such a long process.....We are already getting down to the wire for booking our family trip this coming Jan and now we have to find another contract and start all over!! Just thought I'd share with those who would understand how frustrating this is!
So sorry. I know how you feel since this happened to us. It's frustrating to start all over but hopefully you will find another contract, maybe even a better one. We did. Good luck.
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Old 07-13-2013, 03:27 PM   #8
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Not cool! These broker companies should modify their rules about selling contracts. Make them lose something if they back out.

If the buyer has to put a 10% deposit in that they can lose, does the buyer have to? I can't believe people would do that to someone.
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Old 07-13-2013, 03:54 PM   #9
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Originally Posted by ImagineerTHAT View Post
Not cool! These broker companies should modify their rules about selling contracts. Make them lose something if they back out.

If the buyer has to put a 10% deposit in that they can lose, does the buyer have to? I can't believe people would do that to someone.
I think the seller would still be liable for the commission to the broker, as the broker presented a buyer and the offer was accepted. But as far as satisfaction or compensation for the buyer, unfortunately...nada.

Remember though, that under Florida timeshare law, a buyer can back out, too. Also without penalties.
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Old 07-13-2013, 04:36 PM   #10
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That really sucks sorry to hear that.
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Old 07-13-2013, 04:42 PM   #11
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Quote:
Originally Posted by Chuck S View Post
I think the seller would still be liable for the commission to the broker, as the broker presented a buyer and the offer was accepted. But as far as satisfaction or compensation for the buyer, unfortunately...nada.

Remember though, that under Florida timeshare law, a buyer can back out, too. Also without penalties.
I always thought this was true until I had a seller back out (had not been sent to ROFR yet so not a big deal) but I was told by Fidelity although they state they would still get their commission there was no way they would ever get it from sellers. I was also told by the "other" resale company they do not even put it in their contract that the seller has to pay commission if the seller backs out since it it almost impossible and expensive to collect on it. I learned something new during this crazy resale time!

OP - so sorry this happened to you it just is not right! Even if I changed my mind at this point in the process as a seller I do not think I could decide to do that!
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Old 07-13-2013, 05:14 PM   #12
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I think the seller would still be liable for the commission to the broker, as the broker presented a buyer and the offer was accepted. But as far as satisfaction or compensation for the buyer, unfortunately...nada.

Remember though, that under Florida timeshare law, a buyer can back out, too. Also without penalties.
Collecting even the commission is unrealistic at best. Some brokers in the past had a minimum commission like $795 but I don't think I've seen that in a while.
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Old 07-13-2013, 07:27 PM   #13
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We should establish a permalink to this thread for all the people who say "you'd have to be an idiot to waste your money buying direct".
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Old 07-13-2013, 07:35 PM   #14
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Quote:
Originally Posted by mirnmart
We were just informed that our resale contract we were about to close on (signed papers, was just about to wire $) is not going through....the seller has backed out at the last minute and won't sign closing so disappointing after such a long process.....We are already getting down to the wire for booking our family trip this coming Jan and now we have to find another contract and start all over!! Just thought I'd share with those who would understand how frustrating this is!
So sad! I think you still have time though. We closed on our first resale in December and were able to book an OKW 1 bedroom the following January.

Sent from my phone using DISBoards Ap, please excuse any typos and autocorrect mistakes.
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Old 07-13-2013, 07:49 PM   #15
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We should establish a permalink to this thread for all the people who say "you'd have to be an idiot to waste your money buying direct".
The vast majority of resales go through with no real problems. OP would have saved $68 per point had the deal been completed.

The real mystery here is how that loaded contract passed ROFR. Too bad the sellers reneged.
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