Resale Purchase Question - Fidelity

[heynowirv]

We have bought 2 or 3 contracts thru Fidelity and although as others have said they aren't the quickest to get things done they do come through at the end.Also a lot does depend on the title company that is used.

 

[RoseGold]

This is the seller, not Fidelity. They are using Docusign, like everyone else. Fastest contract I did was Fidelity, it closed within days of ROFR coming back, thanks to Mason. Oh, and you can log into Docusign and see your paperwork. You should print it out anyway for tax reasons later.

The seller could be very ill, or in a nasty divorce, or an estate of 16 people that hate each other, or a bankruptcy trustee that doesn't work Fridays or took off this holiday weekend or whatever. There are a lot of very good reasons it might take more than a couple days to return paperwork on a holiday weekend. And some schools actually had last week off for President's Day.

I don't think that's enough to be a red flag just yet. Many of these situations are very motivated sellers who can be quick on the next wave of paperwork after ROFR.

 

[cvjw]

OMG So you got through ROFR and all and at closing they were a no show?

Yep! The whole process took months! We were disappointed but found a better contract on the second try!

 

[Jlo85]

OMG So you got through ROFR and all and at closing they were a no show?

This happened to me as well. Yes, all the way through ROFR. I gave the seller like 3 months to do the closing, in retrospect I should have just been more proactive in asking to cancel the sale. I will warn that Fidelity also kept asking for extensions on behalf of the seller, so you may get the same treatment. They will try to salvage the deal. My advice would be to be proactive in sending in your closing docs / payment, and then there is no excuse if the seller doesn't make the deadline.

In retrospect, it wasn't all bad. We found a better contract later.

 

[Myke729]

We have bought 2 or 3 contracts thru Fidelity and although as others have said they aren't the quickest to get things done they do come through at the end.Also a lot does depend on the title company that is used.

Thank you!! I am feeling more comfortable with my purchase.

 

[Myke729]

This is the seller, not Fidelity. They are using Docusign, like everyone else. Fastest contract I did was Fidelity, it closed within days of ROFR coming back, thanks to Mason. Oh, and you can log into Docusign and see your paperwork. You should print it out anyway for tax reasons later.

The seller could be very ill, or in a nasty divorce, or an estate of 16 people that hate each other, or a bankruptcy trustee that doesn't work Fridays or took off this holiday weekend or whatever. There are a lot of very good reasons it might take more than a couple days to return paperwork on a holiday weekend. And some schools actually had last week off for President's Day.

I don't think that's enough to be a red flag just yet. Many of these situations are very motivated sellers who can be quick on the next wave of paperwork after ROFR.

Makes sense… I need to be more patient lol.

 

[Myke729]

Yep! The whole process took months! We were disappointed but found a better contract on the second try!

Geez… that sounds terrible….

 

[Myke729]

This happened to me as well. Yes, all the way through ROFR. I gave the seller like 3 months to do the closing, in retrospect I should have just been more proactive in asking to cancel the sale. I will warn that Fidelity also kept asking for extensions on behalf of the seller, so you may get the same treatment. They will try to salvage the deal. My advice would be to be proactive in sending in your closing docs / payment, and then there is no excuse if the seller doesn't make the deadline.

In retrospect, it wasn't all bad. We found a better contract later.

Thanks for the heads up… just hoping they will sign soon.

 

[TinkAgainU]

I am pretty sure you have 10 days to back out. If you dont hear back might be worth shopping around a little bit to see if a better deal is out there.

Be sure to read the contract. I was a bit surprised the contract thru www.dvcresalemarket.com stated my deposit was non refundable 10 days after "I" signed the contract, seller took days to sign it, so I felt a bit shorted on my 10 days lol. I assume it did the same with my deposit, but I don't recall. Most contracts I've seen, the dates start when Both parties sign. Be sure to read your contract carefully for all terms.

 

[Myke729]

Be sure to read the contract. I was a bit surprised the contract thru www.dvcresalemarket.com stated my deposit was non refundable 10 days after "I" signed the contract, seller took days to sign it, so I felt a bit shorted on my 10 days lol. I assume it did the same with my deposit, but I don't recall. Most contracts I've seen, the dates start when Both parties sign. Be sure to read your contract carefully for all terms.

Be sure to read the contract. I was a bit surprised the contract thru www.dvcresalemarket.com stated my deposit was non refundable 10 days after "I" signed the contract, seller took days to sign it, so I felt a bit shorted on my 10 days lol. I assume it did the same with my deposit, but I don't recall. Most contracts I've seen, the dates start when Both parties sign. Be sure to read your contract carefully for all terms.

Thank you!! Will do.

 

[brinkley07]

I've used Fidelity and loved them. Just remember even though a contract was listed doesn't mean the seller was eager to sell. They may be having second thoughts, it could be a divorce where not everyone is on the same page, they could be on vacation, elderly and not technologically savvy, or plenty of other reasons. Just be patient, and keep in touch with your sales person. Good luck!

 

[Myke729]

I've used Fidelity and loved them. Just remember even though a contract was listed doesn't mean the seller was eager to sell. They may be having second thoughts, it could be a divorce where not everyone is on the same page, they could be on vacation, elderly and not technologically savvy, or plenty of other reasons. Just be patient, and keep in touch with your sales person. Good luck!

Thank you!!

 

[Myke729]

We cannot get our hands on the contract until tomorrow from Fidelity and I did not save a copy that we signed.

Do any of you who have bought through Fidelity know what their terms are if we choose to walk away in the 10 day window? Are we penalized? Do they keep the deposit?

Thanks!

 

[RoseGold]

It's FL law that you lose nothing and can walk away in 10 days. If you signed on Tuesday, you've got a couple days to figure this out.

The contract might have a specific way it requires you to cancel it.

You should be able to make a Docusign account and see all the documents you have signed from that email.

 

[TinkAgainU]

You do want to read these contracts carefully, last Fidelity contract I saw (and maybe it is FL law) said you had 10 days from when You signed it, not from when seller accepted it. Fidelity also noted after 10 days you would lose your deposit AND you would owe them the full seller's commission for the sale. Be Very sure Before you hit that 10 days it is what you want, and also read how Exactly to cancel. I would likely mail (with return receipt and/or proof of delivery and tracking - not that expensive at the USPS) and also send an email with a copy of your signed letter (just nice to have a confirmation they have it sooner than later - but email may not count towards Formal notification).

 

[Myke729]

You do want to read these contracts carefully, last Fidelity contract I saw (and maybe it is FL law) said you had 10 days from when You signed it, not from when seller accepted it. Fidelity also noted after 10 days you would lose your deposit AND you would owe them the full seller's commission for the sale. Be Very sure Before you hit that 10 days it is what you want, and also read how Exactly to cancel. I would likely mail (with return receipt and/or proof of delivery and tracking - not that expensive at the USPS) and also send an email with a copy of your signed letter (just nice to have a confirmation they have it sooner than later - but email may not count towards Formal notification).

Thank you!!

 

[1979figment]

Thanks! We are working with Ivey. Hopefully, it will work out.

I worked with Ivey too. I talked to her submitted my offer she had got ahold of seller same day. They counter offered I accepted and had contacts signed in 2 days. I think it’s just the seller dragging their feet.
Ivey was easy to work with.

 

[Myke729]

I worked with Ivey too. I talked to her submitted my offer she had got ahold of seller same day. They counter offered I accepted and had contacts signed in 2 days. I think it’s just the seller dragging their feet.
Ivey was easy to work with.

Thank you! Yes Ivey is very friendly, I just think the sellers are dragging their feet.

 

[Red Dog Run]

Bought 3 contracts through Fidelity. Not the fastest, but I can't say that anything was too much of an issue. I did not, though, pay their fee for the second and third contracts. I put that part of my offers- the seller pays. They both agreed. For the first contract, I didn't truly know what I was doing, so I paid it.

 

[Cfabar1]

Be sure to read the contract. I was a bit surprised the contract thru www.dvcresalemarket.com stated my deposit was non refundable 10 days after "I" signed the contract, seller took days to sign it, so I felt a bit shorted on my 10 days lol. I assume it did the same with my deposit, but I don't recall. Most contracts I've seen, the dates start when Both parties sign. Be sure to read your contract carefully for all terms.

This became an issue for me with a seller who was not signing documents. I had to make clear that if they didn’t sign within 10 days I would back out of the deal. It was apparently an elderly couple, or multigenerational contract, or something. to be honest, I don’t really care… but, the DVC Resale Market team came through and got them to sign within the 10 days. I wasn’t leaving that commitment open for eternity….