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Old 08-15-2017, 10:39 AM   #1
Rocket Supply
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Default OKW Resale - looks like resale price per point is way up

We do not close until Dec on our resale purchase, but the prices I am seeing now are much higher than our price. Are we at risk for the seller to cancel sale? We are going through one of the top resellers (read sponsor of this site) and getting a little worried.
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Old 08-15-2017, 11:05 AM   #2
Jasonv1
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Most of the resale contracts I've seen give the seller a small window to cancel without penalty. For my most recent one it was 10 days after signing the initial contract.

The larger the contract, and difference in price now vs. then, the more likely a seller eats the penalty.

I'd review your sale contract and see what it says.

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Originally Posted by Rocket Supply View Post
We do not close until Dec on our resale purchase, but the prices I am seeing now are much higher than our price. Are we at risk for the seller to cancel sale? We are going through one of the top resellers (read sponsor of this site) and getting a little worried.
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Old 08-15-2017, 11:44 AM   #3
pdude81
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If they have gone up dramatically then it's possible the seller would try to rescind, but if under contract and and you've already paid your deposit then if the seller defaults they are liable for the commission as well as some fees to the title agency. That is, if it's been 10 days after execution.

Now the brokers could allow them to get out of it without paying all those fees potentially, but they are within their rights to enforce the contract. Also you would have to be dealing with a seller who would cares more about money than their word. If you're truly concerned, I'd have a chat with whoever sent your closing documents and let them talk you off the ledge.
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Old 08-15-2017, 12:45 PM   #4
bubster
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It's entirely possible that your seller isn't paying any attention to the state of resale prices, just being happy to have found a buyer for his contract.

Try not to worry about it.
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Old 08-15-2017, 02:12 PM   #5
Rocket Supply
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Default Thanks for the replies

We close in December and MK visit in 26 days. We plan on visiting a number of the DVC properties we have not been to before for future reference and see how far we can stretch 150 yearly points. Thanks again!
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Old 08-15-2017, 02:20 PM   #6
goldilocks_63
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Talking Sending you pixie dust

I'm hoping all goes well on your resale. Try not to worry. You need to have nerves of steel....

Sending you pixie dust.

Goldi
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Old 08-15-2017, 02:28 PM   #7
Mass Transit
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Quote:
Originally Posted by pdude81 View Post
Also you would have to be dealing with a seller who would cares more about money than their word.
I'd be worried about protecting my word and honor the agreement if I knew the buyer personally. For someone who I don't know and will never come in contact with again, cash is king. Especially if, after paying any penalties for cancelling the contract, we still made money.
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Old 08-15-2017, 02:42 PM   #8
Rocket Supply
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Default see you at the food and wine festival!

always a good time. I think with cancel fees and any penalties the deal makes sense to close. This is only a 10K deal, but my wife already has the next 5 years mapped out and we have some extra points!
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Old 08-15-2017, 02:49 PM   #9
Dana
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*They* do say that this is the worst time of the year for buyers and by year end prices go down, so I would think the buyer is aware of that and won't rescind on a done deal.
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Old 08-15-2017, 03:07 PM   #10
pdude81
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Quote:
Originally Posted by Mass Transit View Post
I'd be worried about protecting my word and honor the agreement if I knew the buyer personally. For someone who I don't know and will never come in contact with again, cash is king. Especially if, after paying any penalties for cancelling the contract, we still made money.


This is true for those looking strictly at the bottom line, but burning a bridge with a broker, finding somewhere else to list your contract, and then going through the process again with signing/sending/notarizing has it's own cost in time and energy. So for some not breaking a contract or spending additional time would stop them from jumping ship.

As far as the bottom line goes... based on the details I can work out from this poster in the search we're talking about roughly $1000 penalty from the seller, which they would potentially have to pay out of pocket. Then we're looking at a contract with half it's 2018 points gone already with a can't close til December note on it.

Let's say it actually went up 10 bucks a point from where the OP bought it and the sale price gain was $1500. You have to cancel your contract, pay commission and deposit fee (~$1000), find a new broker, and then list for less than 4% commission just to get the same money you would have before. I'd bet money your contract will be ok
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