Not ROFR thread - general discussion

[SheSingsAlong]

It is not always there with every contract. I have read that some have had to ask it be added.

This broker/title company would pay you immediately and then they deal with the seller. So, it is a better guarantee than others.

Not saying it’s a reason to not choose your own title company.

I see what you are saying about the difference between the two clauses, however I've asked them to add in a clause where SELLER (not broker) owes BUYER $X for any missing points and they're falling back on "You said you wanted a different title company and so we do not include that clause because you only get our 'points guarantee' if you go with our title company". I'm feeling like I need to walk away because what I am asking for is just not that extraordinary and not worth me using a title company I do not want to work with. If it was a crazy good deal for the contract I might play this game, but it's just a fine price not an amazing price.

 

[Brian Noble]

You could try one more time: "I am not asking for your points guarantee. I am asking the buyer agree to be responsible for missing points. If the buyer is unwilling to agree to that, we don't have a deal."

 

[Brian Noble]

You could even propose specific language to add, making it clear that you are not asking the broker to agree to that language, you are asking the buyer to agree to that language.

 

[Sandisw]

I see what you are saying about the difference between the two clauses, however I've asked them to add in a clause where SELLER (not broker) owes BUYER $X for any missing points and they're falling back on "You said you wanted a different title company and so we do not include that clause because you only get our 'points guarantee' if you go with our title company". I'm feeling like I need to walk away because what I am asking for is just not that extraordinary and not worth me using a title company I do not want to work with. If it was a crazy good deal for the contract I might play this game, but it's just a fine price not an amazing price.

If, as a broker, they don’t include, or won’t, in their contracts when buying from them, just that seller will be responsible, then it’s best to walk away.

 

[SheSingsAlong]

You could even propose specific language to add, making it clear that you are not asking the broker to agree to that language, you are asking the buyer to agree to that language.

Thank you, I do think that is the right course of action, to give them one more opportunity to clearly understand me and make it right.

 

[Sandisw]

You could try one more time: "I am not asking for your points guarantee. I am asking the buyer agree to be responsible for missing points. If the buyer is unwilling to agree to that, we don't have a deal."

You could even propose specific language to add, making it clear that you are not asking the broker to agree to that language, you are asking the buyer to agree to that language.

I think you mean seller.

 

[Brian Noble]

Yes, indeed I do. In my defense, I am currently on vacation.

 

[Sandisw]

Yes, indeed I do. In my defense, I am currently on vacation.

That is the best reason! Enjoy!

 

[Chili327]

That’s crazy, I would walk away just out of principle. (unless it was a crazy good deal)
And good to know that’s how they do business.

 

[JackosinDIS]

Or just use TRCS (www.trcsinc.com) and they will hold on to the funds until you confirm that points have loaded in to your account…

But seriously, I’m shocked that the broker is using this as a way to push you to their preferred title company. Poor.

 

[SheSingsAlong]

That’s crazy, I would walk away just out of principle. (unless it was a crazy good deal)
And good to know that’s how they do business.

This is definitely leaving a bad taste and if I have to walk, I'm going to exclude this broker from future searches. Sucks because they have a huge market share...

 

[Chili327]

This is definitely leaving a bad taste and if I have to walk, I'm going to exclude this broker from future searches. Sucks because they have a huge market share...

Great place to sell, horrible place to buy.

 

[AstroBlasters]

This is definitely leaving a bad taste and if I have to walk, I'm going to exclude this broker from future searches. Sucks because they have a huge market share...

Everything is boiler plate…. it’s like asking Apple to change their terms and agreements for iTunes….

I feel like it’s almost disingenuous for anyone on here to lead you to believe that it would get changed for you.

 

[Sandisw]

Everything is boiler plate…. it’s like asking Apple to change their terms and agreements for iTunes….

I feel like it’s almost disingenuous for anyone on here to lead you to believe that it would get changed for you.

This was my thought. It makes sense that they have one contract for those using Magic Vacation Title and if you don’t want to use them, which is your right, then the contract doesn’t include any clause for reimbursement.

I have used many title companies and honestly, other than maybe one taking a little longer to get me documents, they all were pretty non eventful.

 

[VGCgroupie]

Can I complain for a moment? Had an offer accepted for a contract selling through https://www.dvcresalemarket.com/ and it is like pulling teeth to get a proper contract. First they told me Magic Vacation Title would be my title company and I said "No, I am paying closing and I choose a different title company". Their response was this weird "you won't get our point guarantee which no one else offers" and I looked at the first contract they sent - it was basically the boilerplate "if the points in the sale were misrepresented, then buyer is owed $X per missing point" except it said the broker would pay the buyer and then the seller owes the broker that same amount. In my first resale process, that same language was in the contract, but simplified to "seller owes buyer $X per missing point". So I figure they're not actually offering me anything that other broker's don't, they've just shoe-horned themselves in the middle of the process. They send me the updated contract correctly reflecting the title company of my choice and now there is NO clause indicated if points are missing at the end of the sale then the seller owes the buyer restitution. I'm not crazy right? That clause should be in every resale contract.

It’s not. It varies.

 

[VGCgroupie]

Or just use TRCS (www.trcsinc.com) and they will hold on to the funds until you confirm that points have loaded in to your account…

But seriously, I’m shocked that the broker is using this as a way to push you to their preferred title company. Poor.

Best advice. And I used to be anti TRCS but this practice is worth the extra time it takes them to work on documents and the attitude I got when inquiring.

 

[LittleBitGoofy]

Can I complain for a moment? Had an offer accepted for a contract selling through https://www.dvcresalemarket.com/ and it is like pulling teeth to get a proper contract. First they told me Magic Vacation Title would be my title company and I said "No, I am paying closing and I choose a different title company". Their response was this weird "you won't get our point guarantee which no one else offers" and I looked at the first contract they sent - it was basically the boilerplate "if the points in the sale were misrepresented, then buyer is owed $X per missing point" except it said the broker would pay the buyer and then the seller owes the broker that same amount. In my first resale process, that same language was in the contract, but simplified to "seller owes buyer $X per missing point". So I figure they're not actually offering me anything that other broker's don't, they've just shoe-horned themselves in the middle of the process. They send me the updated contract correctly reflecting the title company of my choice and now there is NO clause indicated if points are missing at the end of the sale then the seller owes the buyer restitution. I'm not crazy right? That clause should be in every resale contract.

When I had terrible issues with https://magicvacationtitle.com/ last year, after weeks of waiting on paperwork and no responses I told the www.dvcresalemarket.com agent, Andy, that I wanted to change title companies since I knew full well it was I-pay-I-pick but had initially let them use their in-house since in-house can often mean smoother, and they profit directly from that connection (note: that business affiliation was not on any disclosure in the forms I received) which is of course motivating for them.

When I told Andy I wanted to change he said I could but that I would lose the point guarantee protection. At https://magicvacationtitle.com/'s current pace I was never going to get them anyway, so I didn't care. Magically they resolved the issue the same day and we closed soon after.

A small BCV contract popped up months later at the same broker and I begrudgingly bought through them again and used Andy as well but I immediately said we were using https://www.dvcclosings.com/ and there was no pushback. But I'll admit I did not check to confirm if that clause was in there. If I went and looked now I would guess it wasn't included if that's the MO.

I agree it's a sneaky method to use two different approaches depending if they're padding their pockets or not. And I would *never* use https://magicvacationtitle.com/ again even if that was the only way to get the protection clause.

*climbs down from soapbox*

 

[SheSingsAlong]

Everything is boiler plate…. it’s like asking Apple to change their terms and agreements for iTunes….

I feel like it’s almost disingenuous for anyone on here to lead you to believe that it would get changed for you.

Well I feel more comfortable with both using a title company of my choosing AND having a contract which specifically spells out reimbursement for missing points and I know there are brokers where I can get both of those things Just didn't realize until now that www.DVCresalemarket.com wasn't one of them. Living, learning, and moving on. Besides, this is a real estate purchase and the broker is the facilitator for both sides. When buying a house you can request to add all manor of stipulations.

 

[AstroBlasters]

Well I feel more comfortable with both using a title company of my choosing AND having a contract which specifically spells out reimbursement for missing points and I know there are brokers where I can get both of those things Just didn't realize until now that www.DVCresalemarket.com wasn't one of them. Living, learning, and moving on. Besides, this is a real estate purchase and the broker is the facilitator for both sides. When buying a house you can request to add all manor of stipulations.

I don’t think it makes sense to equate purchasing boilerplate timeshare points to a physical property.

I agree that every broker should have something in the contract about what happens if there are point discrepancy, no matter who the title company is.

It might appear to be a bit of a scare tactic to get people use their in-house title company, which is obviously a conflict of interest.