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Old 06-19-2018, 10:17 AM   #1
avsheffi
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Default Getting a little nervous about purchase

We own four resale contracts all purchased through ResalesDVC.com. We've always had a great experience with them. We recently had an offer accepted on a small BCV contract with another large resale company because it matched our point and UY requirements. We sent in our signed contract almost two weeks ago and still haven't received the final contract signed by the seller. I've contacted the company a couple of times and have been given excuses about what's taking so long, but still no dice.

In the meantime, we are selling a small SSR contract with the Tutas's. I sent in the signed contract and had a fully executed contract back to me in ONE day.

I'm getting nervous that our BCV contract isn't going to go through. The delay may be totally outside the control of the other resale company, but this experience has made me appreciate ResalesDVC all the more!
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Old 06-19-2018, 10:27 AM   #2
Belle & Ariel
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We bought both our contracts through resalesdvc and were very pleased with their efficiency.
Have you sent check and has it been cashed for your new purchase? I would think if it's cashed all should go well.
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Old 06-19-2018, 10:32 AM   #3
avsheffi
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Quote:
Originally Posted by Belle & Ariel View Post
We bought both our contracts through resalesdvc and were very pleased with their efficiency.
Have you sent check and has it been cashed for your new purchase? I would think if it's cashed all should go well.
Yes, the check has been cashed and put into escrow with the attorney, but the seller still hasn't signed the contract.
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Old 06-19-2018, 11:13 AM   #4
Joeli
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If I remember doesn't the seller need to have the contract notarized as well? If there are two people that are the sellers i.e. husband and wife, they both have to get this done. So, I would imagine sometimes based on schedules there may be a delay.
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Old 06-19-2018, 11:17 AM   #5
Adelard of Bath
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We had to wait forever for the other party to sign, when we bought our first contract...it was a whole family with kids and they were grown and lived in various parts of the country.
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Old 06-19-2018, 12:01 PM   #6
JCinWonderland
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I assume in the past you have just gotten lucky with sellers who were motivated to have the papers returned quickly. However, I have heard others say that their sellers have taken a while to return their signed paperwork as well, so I wouldn't be too worried about the integrity of the company you are using. I would just chalk it up to slow sellers. Frustrating none the less. Hoping today's the day that paperwork gets returned!
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Old 06-19-2018, 12:25 PM   #7
zafiro
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A couple of reasons, but not to worry. All of these happened on some of my resale transactions: could be a divorce situation where one is dragging feet to annoy the other, could be a death and the paperwork has to be filed correctly before the beneficiary officially takes over, could be a foreign owner that seems to take longer, or could be that the seller has pending vacations that they are trying to navigate. You can always try to nudge the seller by telling your broker that you are pulling your offer if they haven't signed by XX date so you can be freed up to find another contract.
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Old 06-19-2018, 03:11 PM   #8
mustinjourney
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word of warning -- if the sellers take forever to sign the contract, then they're likely going to drag their feet later.

As they have not signed the contract, there is no contract at this point. You can tell the broker you are rescinding your offer (either immediately or after XX hours) and would like to have your escrow funds refunded ASAP.

Unless you are getting the perfect deal, I would not mess with it. There are more fish in the sea.

*ETA -- what excuses are they giving for the delay?
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Old 06-19-2018, 03:41 PM   #9
Sephorin
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Quote:
Originally Posted by mustinjourney View Post
word of warning -- if the sellers take forever to sign the contract, then they're likely going to drag their feet later.


As I'm sure you know, this is a long process. If you have a slow, unmotivated seller, the process can easily stretch out to six months or more. I've heard stories.

Quote:
Originally Posted by mustinjourney View Post
You can tell the broker you are rescinding your offer (either immediately or after XX hours) and would like to have your escrow funds refunded ASAP.


If it were me, I would say that I am respectfully rescinding my offer if the seller has not gotten the paperwork back by X day and time. On the first contract I bought, it took the seller one week to get the contract signed because one of the two owners was out of the country at the time. One week is about my limit.

Fortunately, that same seller was extremely prompt with returning the closing documents, even though the seller needs to get those notarized.

Good luck!
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Old 06-19-2018, 04:01 PM   #10
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Quote:
Originally Posted by mustinjourney View Post
*ETA -- what excuses are they giving for the delay?
They are saying that she is an elderly lady and she had trouble signing the documents electronically and she doesn't drive, so she's going to have her son or daughter bring her in this Friday to sign them. I told the agent that I would give them until Friday (which will be 2 1/2 weeks).
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