Come on Estoppel!!!!

[keaster]

Estoppel is provided to the closing company after ROFR. Estoppel is used by the closing/title company to prepare closing documents. Hope this helps.

Thanks! I'm just a little worried that DVC is busy with preparing dues statements and estoppel will take longer than usual. And Christmas holidays are also creeping up!

 

[shainky84]

Home: AKV
Offer made: 11/1
Offer accepted: 11/2
Sent to ROFR: 11/3
Passed ROFR: 11/10
Closing docs received: 12/14 (annual dues to be paid in full, delayed waiting for DVC to approve dues rates for 2018)
Closing docs sent back: 12/18 (needed to wait until weekend to arrange signing; sent on Monday)
Closing:
Deed recorded:
Points in my account

 

[keaster]

Our title company emailed today they got what the need from DVC and should send our closing docs via FedEx this week, yay!

 

[NickBCV]

And the wait continues......looks like we missed the quick wave when estoppel was being issued within a week of waiver of ROFR. If my seller had only gotten their paperwork back on time rather than waiting a week.

Downside of resale I guess.....the savings is worth it, but boy can it be frustrating.

 

[iheartglaciers]

And the wait continues......looks like we missed the quick wave when estoppel was being issued within a week of waiver of ROFR. If my seller had only gotten their paperwork back on time rather than waiting a week.

Downside of resale I guess.....the savings is worth it, but boy can it be frustrating.

I'm in the same boat as you... I'm at the two week mark for getting closing documents on the contract I need to book my 2018 trip. My title company said they were expecting to hear back early this week, so I'm crossing my fingers that I'll get them today

Speaking of waiting for the sellers... I got closing documents on my BCV contract in a week (including Thanksgiving!) and I'm still waiting for the sellers to send back their documents. It's three weeks today! It's a super stripped contract, so I'm not using the points anytime soon, but would like to finalize the whole thing.

 

[NickBCV]

I'm in the same boat as you... I'm at the two week mark for getting closing documents on the contract I need to book my 2018 trip. My title company said they were expecting to hear back early this week, so I'm crossing my fingers that I'll get them today

Speaking of waiting for the sellers... I got closing documents on my BCV contract in a week (including Thanksgiving!) and I'm still waiting for the sellers to send back their documents. It's three weeks today! It's a super stripped contract, so I'm not using the points anytime soon, but would like to finalize the whole thing.

Doesn't it make you crazy! Either you want to sell or you don't. Why make the buyer suffer because you cannot get motivated to sign your docs. I know if I was selling...I'd get my signatures in as soon as possible.

 

[Bing Showei]

Doesn't it make you crazy! Either you want to sell or you don't. Why make the buyer suffer because you cannot get motivated to sign your docs. I know if I was selling...I'd get my signatures in as soon as possible.

Sadly, with the resale market, the seller is completely in the driver's seat. When we were going through the resale process, my constant concern was that the seller would back out. There is absolutely zero recourse should the seller suddenly decide not to sell. As a buyer, brokers have your deposit. As a seller, brokers have nothing. Often you'll see the same contract on several sites. Given the length of the resale process, I can imagine the sudden rise in prices lately giving some sellers pause, with buyers being taken along for the ride.

I just wish there was more balance in the buyer/seller relationship; something more binding for both parties when signing a contract.

 

[frabjous]

Sadly, with the resale market, the seller is completely in the driver's seat. When we were going through the resale process, my constant concern was that the seller would back out. There is absolutely zero recourse should the seller suddenly decide not to sell. As a buyer, brokers have your deposit. As a seller, brokers have nothing. Often you'll see the same contract on several sites. Given the length of the resale process, I can imagine the sudden rise in prices lately giving some sellers pause, with buyers being taken along for the ride.

I just wish there was more balance in the buyer/seller relationship; something more binding for both parties when signing a contract.

They do incur a debt with the broker for the commission once they execute though. So unless they plan to stiff the broker and mess with their credit they would need the value to grow greater than that amount. Additionally they have to deal with balancing the points to leave on the contract to make it attractive and entice a sale and the amount to cover recurring maintenance fees.

That said I do wonder an incentive structure in the contract would help with delays. For example, buyer supplies X extra if the seller completes each action within Y time. The broker might not be willing to deal with the overhead of tracking that though.

 

[NickBCV]

They do incur a debt with the broker for the commission once they execute though. So unless they plan to stiff the broker and mess with their credit they would need the value to grow greater than that amount. Additionally they have to deal with balancing the points to leave on the contract to make it attractive and entice a sale and the amount to cover recurring maintenance fees.

That said I do wonder an incentive structure in the contract would help with delays. For example, buyer supplies X extra if the seller completes each action within Y time. The broker might not be willing to deal with the overhead of tracking that though.

I didn't realize they were on the hook for the commission when they sign. That at least gives me hope this will progress because they now have skin in the game.

 

[iheartglaciers]

Title company got estoppel back today and sent along the closing documents It took 2 weeks... double the time of the BCV contract, but I think Disney is slower this time of year with member dues.

Home: BWV
Title Company: Jeffrey C. Sweet
Offer made: 11/21
Offer accepted: 11/21
Sent to ROFR: 11/22
Passed ROFR: 12/5
Closing docs received: 12/19
Closing docs returned:
Closing:
Deed recorded:
Points in my account:

 

[regprincipal]

UGH the wait is killing me...
We passed ROFR on 11/27. Closing company said 20-30 days for estoppel. I am jealous that I see others getting closing documents sooner then me

 

[keaster]

UGH the wait is killing me...
We passed ROFR on 11/27. Closing company said 20-30 days for estoppel. I am jealous that I see others getting closing documents sooner then me

I passed ROFR on 11/27 as well and still waiting, but as I said above the title company received estoppel from Disney on Monday. Unfortunately we got caught in the time period when DVC is busy processing dues...and for those of us closing after Dec. 2nd, dues must also be paid at closing so there is a wait for those to be finalized.

Also the title company we are using doesn't email closing documents but send them FedEx from Hawaii so even longer wait for us!

 

[momtwoboys]

Title company got estoppel back today and sent along the closing documents It took 2 weeks... double the time of the BCV contract, but I think Disney is slower this time of year with member dues.

Home: BWV
Title Company: Jeffrey C. Sweet
Offer made: 11/21
Offer accepted: 11/21
Sent to ROFR: 11/22
Passed ROFR: 12/5
Closing docs received: 12/19
Closing docs returned:
Closing:
Deed recorded:
Points in my account:

our Estoppel was 32 days... pure insanity

 

[iheartglaciers]

our Estoppel was 32 days... pure insanity

There's definitely variance between title companies... but your case was extreme!!! I'm so glad you finally got your papers though

 

[momtwoboys]

There's definitely variance between title companies... but your case was extreme!!! I'm so glad you finally got your papers though

OMG Me too! Now waiting to see the deed recorded so I can call Disney ASAP!

 

[iheartglaciers]

OMG Me too! Now waiting to see the deed recorded so I can call Disney ASAP!

When did you close?

 

[momtwoboys]

When did you close?

friday....

 

[iheartglaciers]

friday....

Should be any day now! Some people say they see their deed recorded the day after closing. Although the information I got from the title company makes it seem like it would take much longer.

 

[NickBCV]

Home: VGF
Title Company: Magic Vacation Title
Offer made: 11/12
Offer accepted: 11/13
Sent to ROFR: 11/13
Passed ROFR: 11/27
Closing docs received:12/20
Closing docs returned:12/20
Closing:
Deed recorded:
Points in my account:

Closing docs received via email finally today! Going to be sent out tonight....now lets see how fast the seller returns his.

 

[momtwoboys]

Home: VGF
Title Company: Magic Vacation Title
Offer made: 11/12
Offer accepted: 11/13
Sent to ROFR: 11/13
Passed ROFR: 11/27
Closing docs received:12/20
Closing docs returned:12/20
Closing:
Deed recorded:
Points in my account:

Closing docs received via email finally today! Going to be sent out tonight....now lets see how fast the seller returns his.

hell yeah! Finally.