Closing Time!!

Congrats. I’m in the exact same boat. :-)

Does anyone know how long it takes for the points to load? I have current and banked points waiting.
I remember I got my acct # and code on a Thursday and points were loaded at the end of the day on Friday. Hope it will be the same for you.
 
I remember I got my acct # and code on a Thursday and points were loaded at the end of the day on Friday. Hope it will be the same for you.

Thanks fingers crossed.

My new online was setup yesterday and if it takes two days as with you I should hopefully have my points by tomorrow. This is ofc assuming your account was setup the day you got you account number.
 
I remember I got my acct # and code on a Thursday and points were loaded at the end of the day on Friday. Hope it will be the same for you.

When you say end of the day... do you mean like 5pm? Or later in the evening? My account was set up on Friday they said, so hoping maybe by the end of the day today I'll see my points! I have been checking like every half hour lol.
 


Has anyone ever heard of the seller backing out and not signing the contract at the end? After ROFR and Estoppel and the time all of this has taken so far I will be very upset if it happens. The seller has yet to send back the signed contract after 2 1/2 weeks. The broker says the seller has had many questions that they have been addressing, and has not returned the documents yet.
 
Has anyone ever heard of the seller backing out and not signing the contract at the end? After ROFR and Estoppel and the time all of this has taken so far I will be very upset if it happens. The seller has yet to send back the signed contract after 2 1/2 weeks. The broker says the seller has had many questions that they have been addressing, and has not returned the documents yet.

Normally there is some sort of penalty if either part backs out. Agreed that the worse penalty is on the buyer if he backs out after paying the down payment.
 


When you say end of the day... do you mean like 5pm? Or later in the evening? My account was set up on Friday they said, so hoping maybe by the end of the day today I'll see my points! I have been checking like every half hour lol.
It was just about 5:00 when they showed up!
 
With so many different answers I wonder if the points are loaded manually or if it happens automatically during a system run.
I think it may be a system run. Last spring my new resale contract/points weren't showing at the end of the business day and I assumed I'd have to wait 'till the next business day. I logged on late that night to check on an existing reservation w/ another contract and the new pts. had loaded well after close of business.
 
Not for me. I'm on two weeks after receiving my closing documents. Still waiting on the sellers to return their paperwork. I was in the ROFR thread for 30 days. Then the Come on Estoppel thread for another 30. I figured a new support thread is needed for those who are waiting to close. I'm getting anxious as we have plans and air booked for June. Also have a cash ressie just in case.

So where are you in the closing process?


I am 17 days waiting for sellers to return paperwork. Called the broker today and she said the sellers have had many questions about the contract and they have been answering them, but the contract has not been returned yet. I have paid the total cost of the property in a cashier’s check. If the seller decides not to sell (they do not seem very eager) I would hope I would get all of my money back. I guess I better start checking into that possibility. The many questions thing is a little worrisome....they are foreign sellers and the foreign tax that they have to pay on the property may be a problem. I had no idea this was a foreign sale. Will ask next time if I have to find something else.
 
I am 17 days waiting for sellers to return paperwork. Called the broker today and she said the sellers have had many questions about the contract and they have been answering them, but the contract has not been returned yet. I have paid the total cost of the property in a cashier’s check. If the seller decides not to sell (they do not seem very eager) I would hope I would get all of my money back. I guess I better start checking into that possibility. The many questions thing is a little worrisome....they are foreign sellers and the foreign tax that they have to pay on the property may be a problem. I had no idea this was a foreign sale. Will ask next time if I have to find something else.

Maybe they're just learning about FIRPTA and realizing they take a huge financial hit by selling (if only temporarily). If the seller backs out you don't lose your money. The money being held by the title company would be returned to you in its entirety.

Take a look at your contract and see how far you are from the stated closing date.

If you are past your closing dates, you have the right to back out of your contract and get your money back without penalty. If I remember correctly, you got a really good price on a stripped contract, so you'll want to weigh wether that contract is worth it, or if you don't think you can find equal value in a higher priced (less stripped/loaded) contract.

If you are not yet past your closing date, you'll just need to wait it out. Your seller may get over their reservations and just let go of the points. In the interim keep an eye on the market and see if there is something else that may interest you as a plan B. That way, if the contract does fall through, you won't be caught flat-footed.
 
Maybe they're just learning about FIRPTA and realizing they take a huge financial hit by selling (if only temporarily). If the seller backs out you don't lose your money. The money being held by the title company would be returned to you in its entirety.

Take a look at your contract and see how far you are from the stated closing date.

If you are past your closing dates, you have the right to back out of your contract and get your money back without penalty. If I remember correctly, you got a really good price on a stripped contract, so you'll want to weigh wether that contract is worth it, or if you don't think you can find equal value in a higher priced (less stripped/loaded) contract.

If you are not yet past your closing date, you'll just need to wait it out. Your seller may get over their reservations and just let go of the points. In the interim keep an eye on the market and see if there is something else that may interest you as a plan B. That way, if the contract does fall through, you won't be caught flat-footed.

Thank you so much for the info. I will check my contract, I didn’t notice a closing date (so much to read!). It was a stripped contract and I am not planning on borrowing any of the points to use this year anyway, so not in a hurry to get them...as long as I know I will eventually. I have another Poly contract that I am using and will alternate using my SSR and Poly since they have different use years.

Paying a bit more and getting some points to bank wouldn’t be bad either, so I will try not to stress about it....there are other SSR contracts out there...but will hate waiting for ROFR again!
 
Awesome!!! Gives me hope that maybe my points will be loaded later today!! Trying to book a trip for Feb, and most things are already booked up! I'll just be refreshing my screen the rest of the day... :D

My points still haven't loaded:sad1:, what about yours?
 
Thank you so much for the info. I will check my contract, I didn’t notice a closing date (so much to read!). It was a stripped contract and I am not planning on borrowing any of the points to use this year anyway, so not in a hurry to get them...as long as I know I will eventually. I have another Poly contract that I am using and will alternate using my SSR and Poly since they have different use years.

Paying a bit more and getting some points to bank wouldn’t be bad either, so I will try not to stress about it....there are other SSR contracts out there...but will hate waiting for ROFR again!


I rechecked my contract for a closing date and there isnt one. It does state all money and contracts must be turned in within 30 days. When I reviewed closer it appears the seller will have to pay everything that I paid to Disney (apparently financed) and come up with almost 2000.00 out of pocket to close. That could be the hold up. The FIRPTA is the part they may not have realized they had to pay. I have learnd something from looking at the contract though. Do not plan on selling until you have it paid off if you financed. I feel kind of bad for the seller.
 
I rechecked my contract for a closing date and there isnt one. It does state all money and contracts must be turned in within 30 days. When I reviewed closer it appears the seller will have to pay everything that I paid to Disney (apparently financed) and come up with almost 2000.00 out of pocket to close. That could be the hold up. The FIRPTA is the part they may not have realized they had to pay. I have learnd something from looking at the contract though. Do not plan on selling until you have it paid off if you financed. I feel kind of bad for the seller.

The contract sent to you when your offer was accepted (prior to ROFR) should state that "This contract shall be closed on or before XX/XX/201X." If it doesn't, count out 30 days from when you received your closing documents.

You are buying a distressed property, so look for language in the contract allows you to set an exit date, and then share that exit date with the broker to make sure all parties share the same understanding. Do this via email so you have your communications documented. If they follow up with a phone call, ask them to respond to the email.

If you don't feel it's worth the hassle, or that you want to freely explore other options, let the broker/title company know that on the aforementioned date, you will be exercising your right to terminate the contract. If they would like to mutually dissolve the agreement prior to that date (so that all parties can cut their losses), you would be amenable to that as well.

It's unfortunate the seller is in this position. As has been mentioned in other threads, life happens. Maybe this can serve as a cautionary tale to others looking to overextend themselves for a luxury purchase. It is certainly not without risks. I've been scouring the OCC database, and the volume of contracts Disney reacquires by foreclosure is disheartening. I can only imagine what that next global economic crisis will do to that trend.
 
My points still haven't loaded:sad1:, what about yours?

Weeeeei I got my points.

I called member admins and they told me that member services loads the points as it’s a resale contract. Then I called MS and they told me a special team in their group handles the resale accounts and they transfers the points manually from one account to another for resale. They are very busy I was told but they pulled up my file and loaded my points :D:D
 
Weeeeei I got my points.

I called member admins and they told me that member services loads the points as it’s a resale contract. Then I called MS and they told me a special team in their group handles the resale accounts and they transfers the points manually from one account to another for resale. They are very busy I was told but they pulled up my file and loaded my points :D:D

I just got my DVC # and activation code but like you Cyber - my points aren't loaded yet. My CM pinged MA and she was told there are 40 contracts ahead of me - she said call back tomorrow if they are loaded by the afternoon. #OneStepataTime
 
I just got my DVC # and activation code but like you Cyber - my points aren't loaded yet. My CM pinged MA and she was told there are 40 contracts ahead of me - she said call back tomorrow if they are loaded by the afternoon. #OneStepataTime

Update: Points just showed up (I refreshed the dashboard page and voila they were there) - my CM ping to MA must have caused my contract to get bumped up :)
 
Still waiting on my points, but I now have my account all setup on the website! I also was able to immediately add 25 points for the same use year at AKL. I didn't know they couldn't do ACH Debit :( they let me do $500 plus closing on my debit and then send in a check with my closing paperwork which should be here by Friday or Monday.... was pretty quick and simple.

Kinda off topic maybe, but do they just accept a personal check? I have no problems getting a cashier's check, but didn't know. I should have asked him while I was on the phone with him, but didn't think about it.
 
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