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Old 11-22-2019, 03:28 PM   #1
wiltony
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Default Question about closing and funding on a resale contract

Greetings,

I am soliciting advice on an unusual (to me) situation I am having regarding closing on a resale contract. I am the buyer on a pending resale contract purchase. The contract passed ROFR and a week later or so, I was sent the final paperwork to sign (electronically), and the final balance for funds were requested of me.

I immediately signed the paperwork and wired the amount due, which was confirmed received by the escrow agency that same day.

I was then told that the seller had to complete their final paperwork, and that could be an unknown amount of time, since they have to schedule a time with a notary. The agency said they'd follow up with them next week sometime.

After another inquiry, I was told that per the contract, they're not really even obligated to close until January!

I guess in my experience with other Real Estate purchases, that funding and closing typically happen the same day, or as close to that as is practical. I can understand extenuating circumstances causing a delay of a day, perhaps, but this kind of delay seems extraordinary to me, given they have my many thousands of dollars and I do not have a closed contract....

So my question is: are my expectations out of line? Is this gap between funding and closing unusual, or not? If not unusual, I guess I just need to have my mind put at ease that this is not an extraordinary circumstance.

My worst fear is that I was scammed and that I'll not hear from anyone again, but I still don't feel that is likely at this point. Everything has felt legitimate throughout the process.

This is the second time I have purchased a resale contract, but the first one was through a different company, and was 4 years ago, though I certainly don't remember there being such a large waiting period between when I sent the funds and when the purchase was closed.

Advice?

(P.S. to be clear, I am NOT talking about the points showing up with Disney -- I understand that takes a while once the purchase is closed and submitted to them.)

Thank you for your help!
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Old 11-22-2019, 03:44 PM   #2
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I just closed on a contract this week. I sent my docs and cashiers check about two weeks ago, and there was a bit of a delay because the seller was out of the country. I think contractually that the closing had to occur before November 27. Eventually the sellers got it done. I don't think you have anything to worry about...typical sellers are anxious to get their money.
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Old 11-22-2019, 03:53 PM   #3
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Good luck - I hope you saved enough on the resale to endure the wait.
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Old 11-22-2019, 03:55 PM   #4
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Quote:
Originally Posted by dawngayle View Post
I just closed on a contract this week. I sent my docs and cashiers check about two weeks ago, and there was a bit of a delay because the seller was out of the country. I think contractually that the closing had to occur before November 27. Eventually the sellers got it done. I don't think you have anything to worry about...typical sellers are anxious to get their money.
Thank you, glad to hear that you had a similar experience. I appreciate your reply -- it absolutely helps put my mind at ease!
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Old 11-22-2019, 03:58 PM   #5
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Quote:
Originally Posted by bakerworld View Post
Good luck - I hope you saved enough on the resale to endure the wait.
Thanks, yes, I saved over $8,500 versus buying direct! Plus this contract was fully loaded, adding another $1,400 or so in value!
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Old 11-22-2019, 06:52 PM   #6
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If seller is from out of USA, notary service may take time.

Not unusual to have a long gap between you funding and closing company getting notarize contract from seller.

If any other question about the company you can PM I will try to answer.
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Old 11-22-2019, 07:06 PM   #7
wiltony
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Quote:
Originally Posted by disney65 View Post
If seller is from out of USA, notary service may take time.

Not unusual to have a long gap between you funding and closing company getting notarize contract from seller.

If any other question about the company you can PM I will try to answer.
Great to know. You're the best, thanks for taking the time to lend your advice! It really does help remove my initial concern and worry. Have a great weekend!
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Old 11-22-2019, 07:33 PM   #8
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I had a similar experience on my last resale. They were like "asap" to me, so I did all my stuff immediately. Then crickets. I basically said "yo, wtf". I got a similar response, that the 'close by' date on the paperwork was X, and the sellers don't really have to submit their part until then.

I get the feeling mine was a divorce and they were having issues getting to a notary together and getting things signed. It eventually got done, before the closing date.

I was primarily annoyed because to me they are saying "do it now now now" like it was a rush, then the seller takes their sweet time. I understand they have a window to get it done, but then maybe give me a week rather than say I need to get it all done signed and in their hand overnight delivery.
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Old 11-22-2019, 08:55 PM   #9
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Funny that you should post this as I am in a similar position right now.
We sent our funds on October 29th for a BRV contract with an agreed upon closing by November 22nd... today.
I e-mailed the attorney late this afternoon to check on the closing and the response I got was the seller's documentation is still in transit. What??? It's been 3 weeks!! And of course it's Friday afternoon and I can't get any more information so I'm more than a little annoyed.
At least I have the weekend to think about my options while I'm at OKW.
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Old 11-22-2019, 09:14 PM   #10
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Wow, that is a long time!

I imagine if any of these transactions were financed, the loan would not be issued, and funds would not be provided unless and until the seller completed the paperwork and the transaction could fully close.

I guess I don't see why there is a different standard for non-financed transactions.
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