Buying and Selling Questions

[NickBCV]

Great point....In fact I just heard back from the broker after I said I would be looking to claim the deposit on the close by date, that they were able to reach the buyer and they were away for vacation and plan on sending in the papers and deposit this week.

All is well that ends well I suppose.

The drama continues...buyers have still not sent in the signed contract and final payment even though the promised to do so. I'm done chasing it and have asked the broker to communicate with them that I will not extend the dates and if they do not meet the close by date I expect to claim their deposit and I will relist. Broker responded that they understand and will communicate that to the buyers. We will see what happens.

 

[KAT4DISNEY]

The drama continues...buyers have still not sent in the signed contract and final payment even though the promised to do so. I'm done chasing it and have asked the broker to communicate with them that I will not extend the dates and if they do not meet the close by date I expect to claim their deposit and I will relist. Broker responded that they understand and will communicate that to the buyers. We will see what happens.

I'm confused over your current antagonism on this sale since they aren't in default and if I understand correctly won't be for almost 2 more weeks? If it goes past and nothing then certainly take the actions you feel are appropriate but so far there's nothing in default as far as I can tell.

 

[NickBCV]

I'm confused over your current antagonism on this sale since they aren't in default and if I understand correctly won't be for almost 2 more weeks? If it goes past and nothing then certainly take the actions you feel are appropriate but so far there's nothing in default as far as I can tell.

I am confused over your antagonism on this thread. What I am looking for is feedback from others who may have experienced something similar. I know full well they have until the 26th to send in the documents but I want to be prepared in case they don't so I don't lose another two weeks waiting for a reply.

I find it odd that the buyers are taking their time sending in the docs as I would think as a buyer you would be ultra-focused on getting your points.

Perhaps I am not as laid back as you are, but jumping to the conclusion that I am being antagonistic seems like a bit of a stretch to me.

 

[mustinjourney]

I am confused over your antagonism on this thread. What I am looking for is feedback from others who may have experienced something similar. I know full well they have until the 26th to send in the documents but I want to be prepared in case they don't so I don't lose another two weeks waiting for a reply.

I find it odd that the buyers are taking their time sending in the docs as I would think as a buyer you would be ultra-focused on getting your points.

Perhaps I am not as laid back as you are, but jumping to the conclusion that I am being antagonistic seems like a bit of a stretch to me.

I think @KAT4DISNEY is just confused b/c your actions/tone seem to imply that the buyers are ALREADY in breach.

I do get your frustration though -- you're trying to get the money in hand so you have the cash readily available to purchase the VGF contract.

Keep in mind, your buyers might not have the money available since it moved faster than they might have anticipated. Also -- if it's not their first contract, they might not be in a huge hurry to close.

 

[NickBCV]

I think @KAT4DISNEY is just confused b/c your actions/tone seem to imply that the buyers are ALREADY in breach.

I do get your frustration though -- you're trying to get the money in hand so you have the cash readily available to purchase the VGF contract.

Keep in mind, your buyers might not have the money available since it moved faster than they might have anticipated. Also -- if it's not their first contract, they might not be in a huge hurry to close.

Understood...I have checked the OCC website and they have a number of points already. Another reason I suspected we would be closed by now. In any case we will be fine...either with the closing taking place or a deposit in hand with an opportunity to relist the contract.

I find it helpful to list my experiences on this board to get others feedback. Perhaps my style is not similar to others but it is what it is.

 

[Denise W]

Sometimes people need to realize that the buyers AND sellers are humans with lives. We were selling a contract 2 years ago and had just listed it. Then we got a phone call from our daughter telling us her 37 year old husband of one year had died that morning in her arms of a heart attack. We flew from Boston to Phoenix to be with her and made no attempt to keep up with email and other things at that time. We did email our broker to tell him what happened and basically said we would not be available to discuss offers or sign paperwork until we were home. Luckily we did not sell it until we got home but people need to realize that other people have lives (and deaths) and need to have patience and compassion.
Denise

 

[NickBCV]

Sometimes people need to realize that the buyers AND sellers are humans with lives. We were selling a contract 2 years ago and had just listed it. Then we got a phone call from our daughter telling us her 37 year old husband of one year had died that morning in her arms of a heart attack. We flew from Boston to Phoenix to be with her and made no attempt to keep up with email and other things at that time. We did email our broker to tell him what happened and basically said we would not be available to discuss offers or sign paperwork until we were home. Luckily we did not sell it until we got home but people need to realize that other people have lives (and deaths) and need to have patience and compassion.
Denise

While I would never wish anything like that on anyone, the sellers told the broker they would send the docs this week because they were away last week. They did have the docs on hand for two weeks so not sure why they did not complete the paperwork the first week. Now this week has closed and the package has not been sent yet. I know because I have the Fedex tracking number. Certainly things happen and we can’t always control things, but common courtesy has seemed to lose its importance as well.

Again maybe I am wrong but interesting that the buyer gets the benefit of the doubt and I as the seller am characterized as impatient and antagonistic. Fine. Thanks for everyone’s input.

 

[4luv2cdisney]

My guess is that they don't need the points ASAP (aren't in a hurry) and would rather hold onto their cash until the last possible moment.

 

[Disneykate605]

I can imagine it is very stressful to be selling a contract and buying a resale contract at the same time!! Lots of waiting...enough to put anyone on edge.
I know I couldn't do it! Good luck on both fronts NickBCV!

 

[Bing Showei]

Again maybe I am wrong but interesting that the buyer gets the benefit of the doubt and I as the seller am characterized as impatient and antagonistic. Fine. Thanks for everyone’s input.

It may be more that whoever the OP is, the community will offer a counterbalancing perspective. I’ve actually seen a lot more buyers complaining about closings and people reminding them that sellers have lives.

I imagine your frustrations are compounded by the fact that life would be a lot easier (given your other contract) if your sale was ROFRd. That can make the waiting game even more challenging than it already is.

 

[NewbieMom]

While I would never wish anything like that on anyone, the sellers told the broker they would send the docs this week because they were away last week. They did have the docs on hand for two weeks so not sure why they did not complete the paperwork the first week. Now this week has closed and the package has not been sent yet. I know because I have the Fedex tracking number. Certainly things happen and we can’t always control things, but common courtesy has seemed to lose its importance as well.

Again maybe I am wrong but interesting that the buyer gets the benefit of the doubt and I as the seller am characterized as impatient and antagonistic. Fine. Thanks for everyone’s input.

I think buyers get the benefit of the doubt because they have no recourse if the sellers walk away. I have a contract pending which closing docs were issued 6/8. I returned signed docs 6/11. It's been 5 weeks and the sellers still haven't returned docs. I follow up every week. Week 1-we need the week to get them notarized. Week 2- it's in the mail. Week 3- it's lost in the mail. Week 4- getting new docs notarized again. Week 5- no more updates. Meanwhile, my full balance has been returned 6/11 with my docs and held up. I already experienced the 30 day ROFR wait, 1 week estoppel wait, 5 week (and counting) closing wait and seller could just walk away and say "I change my mind." At least for sellers, you could take the buyer's deposit and move on to the next buyer.

 

[mustinjourney]

I think buyers get the benefit of the doubt because they have no recourse if the sellers walk away. I have a contract pending which closing docs were issued 6/8. I returned signed docs 6/11. It's been 5 weeks and the sellers still haven't returned docs. I follow up every week. Week 1-we need the week to get them notarized. Week 2- it's in the mail. Week 3- it's lost in the mail. Week 4- getting new docs notarized again. Week 5- no more updates. Meanwhile, my full balance has been returned 6/11 with my docs and held up. I already experienced the 30 day ROFR wait, 1 week estoppel wait, 5 week (and counting) closing wait and seller could just walk away and say "I change my mind." At least for sellers, you could take the buyer's deposit and move on to the next buyer.

Wow. That sucks. Sorry to hear about that.

 

[NickBCV]

I can imagine it is very stressful to be selling a contract and buying a resale contract at the same time!! Lots of waiting...enough to put anyone on edge.
I know I couldn't do it! Good luck on both fronts NickBCV!

Thank you

 

[NickBCV]

I think buyers get the benefit of the doubt because they have no recourse if the sellers walk away. I have a contract pending which closing docs were issued 6/8. I returned signed docs 6/11. It's been 5 weeks and the sellers still haven't returned docs. I follow up every week. Week 1-we need the week to get them notarized. Week 2- it's in the mail. Week 3- it's lost in the mail. Week 4- getting new docs notarized again. Week 5- no more updates. Meanwhile, my full balance has been returned 6/11 with my docs and held up. I already experienced the 30 day ROFR wait, 1 week estoppel wait, 5 week (and counting) closing wait and seller could just walk away and say "I change my mind." At least for sellers, you could take the buyer's deposit and move on to the next buyer.

That is awful. Sorry about your wait.

 

[Jerry5788]

Understood...I have checked the OCC website and they have a number of points already. Another reason I suspected we would be closed by now. In any case we will be fine...either with the closing taking place or a deposit in hand with an opportunity to relist the contract.

I find it helpful to list my experiences on this board to get others feedback. Perhaps my style is not similar to others but it is what it is.

Perhaps they sold one contract and waiting for that to close so they can buy yours. Annoying but seems you still have 1.5weeks before they are officially in default of contract

What were the terms of the BCV just curious if it was say stripped etc to see if there is obvious intentions on their end

 

[TexasChick123]

I’m doing the same thing as you. Selling one and buying another. I also can “float” the money since my sold contract won’t be closed before my new contract I’m buying, but it is stressful. Even though I knew the timing wouldn’t work going in, I’m still more stressed about it than I should be. It’s a lot of money to tie up at one time.

My best advice to you is to sit tight since you’ve already told the broker you won’t be extending the deadline and will consider them in breach should they not return docs in time. Sometimes people are just flaky, and it has nothing to do with a “life event” holding them up. My husband only gets paid once a month because that’s the nature of his industry. It’s always nice to let one more paycheck clear before we make any large purchases. I sincerely hope this works out, and they’re just waiting for one reason or another (be it a good reason or nonsense) and it closes for you. Let us know how it turns out!

 

[intertile]

NickBCV/VGF, I have this friend...name of Murphy. He has this annoying law he keeps reminding me of...lol

Seriously though, going through similar stuff right now as well. Selling my SSR contract and buying a BWV contract. I went into it the same as you, to sell the one and use the proceeds on the other. I already know that since that is the ideal situation...the opposite will happen, lol.

Good luck, sounds like it will work out for you in the end either way...worst case you make an extra $1200ish for your trouble.