Closing Time!!

[idisneyfan]

I have Mason as well, passed on the 18th and nothing yet....

 

[DisTime25]

Have you heard from the broker or title company?
Today is my day 22 after ROFR pass... just heard from them... no estoppel yet.

Still have not heard anything back from either, but I did reach out via email this afternoon for a status update. Hope to hear back from them tomorrow. Our closing date in the contract is 6/24.

 

[Jmazzuca243]

I passed ROFR on 5/10. I called my closing agent and they said they received a bunch of estoppel letters today and that I should be getting my closing documents tomorrow.

Home Resort: VGC
Broker: www.dvcresalemarket.com
Title Company: First American
Offer made: 04/18/2021
Offer accepted: 04/18/2021
Sent to ROFR: 04/20/2021
Passed ROFR: 05/10/2021
Closing docs received:
Closing docs returned:
Seller’s closing docs returned:
Closing:
Deed recorded:
Contract Showing on Membership (new member):
Points in account:

 

[GBBT7636]

Are most people finding they need to email for a member I.D. if they're new members? Just wondering if I should fire off an email as soon as my activation email arrives.

I had to e-mail. I waited 5 days after receiving the activation code e-mail before I e-mailed and got a response a week later with the ID. In total it took 12 days between activation code and club ID. Here's to hoping you don't have to wait as long!

 

[GreyTami]

Update

Home: CCV@WL
Broker: www.****************.com
Title Company: Mason Title
Offer made: 3/17/2021
Offer accepted: 3/24/2021
Sent to ROFR: 3/27/2021
Passed ROFR: 4/22/2021
Estoppel Received:
Closing docs received: 5/3/2021
Closing docs returned: 5/7/2021
Funds wired: 5/11/2021
Sellers closing docs returned: 5/10/2021
Closing: 5/18/2021
Deed recorded: 5/19/2021
Contract Showing on Membership: 6/1/2021 (existing member)
Points in account:

 

[MissPixieDreamer]

Still have not heard anything back from either, but I did reach out via email this afternoon for a status update. Hope to hear back from them tomorrow. Our closing date in the contract is 6/24.

My closing date is 7/1, so I'm probably a week behind you. I just don't understand why Mason Title seems to be so much faster if this process is entirely up to Disney... it's my first contract, so I might be missing something...

 

[Samita]

I passed ROFR on 5/10. I called my closing agent and they said they received a bunch of estoppel letters today and that I should be getting my closing documents tomorrow.

Home Resort: VGC
Broker: www.dvcresalemarket.com
Title Company: First American
Offer made: 04/18/2021
Offer accepted: 04/18/2021
Sent to ROFR: 04/20/2021
Passed ROFR: 05/10/2021
Closing docs received:
Closing docs returned:
Seller’s closing docs returned:
Closing:
Deed recorded:
Contract Showing on Membership (new member):
Points in account:

That's great! I passed on 05/07. Hope mine is one of those.

 

[sugliac]

I am a seller and for some reason my buyer is not motivated to move quick on this closing at all. They have been dragging their feet the whole time. Doesn't particularly matter but shocking because I have multiple contracts and every time I buy I try and do everything as fast as humanly possible!!

 

[Samita]

Still have not heard anything back from either, but I did reach out via email this afternoon for a status update. Hope to hear back from them tomorrow. Our closing date in the contract is 6/24.

I was reviewing my contract and noticed that it stated that if estoppel is received within 30 days of closing date then the closing date can change to be 30 days after receiving estoppel.

 

[jwmob91]

Send me pixie dust today friends. Going out of town tomorrow and I would REALLY like to get closing docs today (passed ROFR on 5/10) so we can get the process moving along. ROFR is the easy wait. Estoppel, closing, and transfer is where the real test lies.

 

[momtwoboys]

on average after a file is closed how long does it take for the sellers to get payment?

 

[RunMagicalMiles]

Home: OKW
Broker: dvcresalemarket.com
Title Company: ***
Offer made: 4/7
Offer accepted: 4/7
Sent to ROFR: 4/12
Passed ROFR: 5/6
Estoppel Received: 5/13
Closing docs received: 5/25
Closing docs returned: 5/26 (Fed-ex overnight)
Funds wired: 5/26
Sellers closing docs returned: 5/27
Closing: 6/2
Deed recorded:
Membership created & contract showing:
Points in account:
Total Time from Offer to Points in Account:

Just one more waiting period!

 

[ILoveMyDVC]

I am a seller and for some reason my buyer is not motivated to move quick on this closing at all. They have been dragging their feet the whole time. Doesn't particularly matter but shocking because I have multiple contracts and every time I buy I try and do everything as fast as humanly possible!!

May I ask you a question? Who is your title company? Did they give you a prepaid FedEx label like they give us buyers? I have a seller who can't seem to manage signing and sending the documents back. The real estate company (same as yours) makes all sorts of excuses for them.

 

[sugliac]

May I ask you a question? Who is your title company? Did they give you a prepaid FedEx label like they give us buyers? I have a seller who can't seem to manage signing and sending the documents back. The real estate company (same as yours) makes all sorts of excuses for them.

Magic Vacation Title is my company. They sent me a FedEx label and it was overnight too!

 

[ILoveMyDVC]

Has anyone else experienced this? *** put the closing date onthe documents as July 5th. We were able to close last Tuesday, the 24th of May. The sellers seem, according to the resale company, 'confused'. When I email the title company, I am told the seller have until the 4th of July to sign the docs and send them. ARE YOU $%^# KIDDING ME??? They have 14 THOUSAND DOLLARS OF MINE and all I have is a day out of work and an afternoon running around to various banks and to make the last pickup for FedEx.

 

[ILoveMyDVC]

Magic Vacation Title is my company. They sent me a FedEx label and it was overnight too!

Thank you!

 

[sugliac]

Thank you!

Good luck!!

 

[Sandisw]

Has anyone else experienced this? *** put the closing date onthe documents as July 5th. We were able to close last Tuesday, the 24th of May. The sellers seem, according to the resale company, 'confused'. When I email the title company, I am told the seller have until the 4th of July to sign the docs and send them. ARE YOU $%^# KIDDING ME??? They have 14 THOUSAND DOLLARS OF MINE and all I have is a day out of work and an afternoon running around to various banks and to make the last pickup for FedEx.

That is actually correct, unfortunately. Normally, sellers don't take quite as long, but legally, they just have to return by the date of closing.

I just signed my contracts and my closing dates on the selling one is end of July and the one I am buying is August 9th, so I figured those dates are worst case scenario.

I feel bad for you because I am sure had you noticed those dates, and questioned it at time of offer, you may have passed on it because until you hit that date, as a buyer, you are stuck.

 

[ILoveMyDVC]

That is actually correct, unfortunately. Normally, sellers don't take quite as long, but legally, they just have to return by the date of closing.

I just signed my contracts and my closing dates on the selling one is end of July and the one I am buying is August 9th, so I figured those dates are worst case scenario.

I feel bad for you because I am sure had you noticed those dates, and questioned it at time of offer, you may have passed on it because until you hit that date, as a buyer, you are stuck.

They are just the pro forma dates in case Disney takes the full time to ROFR and estoppel - nothing more. The title company should have updated them. I SHOULD have insisted they be updated.

 

[Sandisw]

They are just the pro forma dates in case Disney takes the full time to ROFR and estoppel - nothing more. The title company should have updated them. I SHOULD have insisted they be updated.

I have bought and sold many times and that not what I have been told. Those closing dates are part of the original agreement so as a seller, I did indeed have the ability to take that long if needed.

Same as a buyer when I questioned the long time period. They simply said that if things are back earlier, we will close it, but that date is the latest it has to happen.

Once that contract was signed to buy, the title company can not just change it and update it. As a seller, I would never allow that to happen as a buyer can walk once that date hits.

Now, the title company can certainly make sure the sellers (and buyers) know that it can close earlier if everyone gets things in, but again, neither side can be forced into an earlier date than what was originally agreed upon. I know this because I sold last year with a date a little farther (an extra 30 days) out because I thought I had a reservation on that contract. I did not and wanted to move up the closing date a few weeks. Buyers said no because they planned on not closing until the date of the contract. So, even though we got the closing documents, and I returned them, the buyer did not for an extra 3 weeks.

Again, I am so so sorry for you that this has put a wrench in things with those points you have. Let's hope the sellers, now that they have been informed that it can close earlier, they will get things in!