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Old 09-13-2020, 11:21 AM   #1
Crafty
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Default Lengthened resale process

We just closed on an SSR contract this week that we are selling.

The paperwork for the contract was completed around July 1.

We got a note with the closing notification that it could be another 60 days before we received the proceeds from the sale.

So, July to November means that it will take 5 1/2 months to get our money from this sale. This seems excessive to me.

There was verbiage about COVID and how staff has been reduced. Donít our MFs pay for that staff? I havenít gotten any notices that MFs have been reduced along with staff reductions!

While we sold for reasons other than financial necessity, I really feel for owners who are selling to pay their bills.

We sold another contract about 2 years ago. I recall that the proceeds were sent to me right after closing. Is this a new policy with Disney or just our title company?
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Old 09-13-2020, 11:41 AM   #2
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Was the ROFR contract vs a resale agent to buyer contract?
If it is the former I would be annoyed also.
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Old 09-13-2020, 11:44 AM   #3
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Was the ROFR contract vs a resale agent to buyer contract?
If it is the former I would be annoyed also.
I donít quite understand what you are asking. We sold the contract through one of the big DVC brokers and used their title company.
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Old 09-13-2020, 01:00 PM   #4
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Originally Posted by Crafty View Post
I donít quite understand what you are asking. We sold the contract through one of the big DVC brokers and used their title company.
The title company nor the brokers have anything to do with receiving our MFs; they are separate entities from DVD/DVC. Your issue is with the broker and the title company and their handling of your funds.
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Old 09-13-2020, 01:46 PM   #5
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Yes, DVC apparently furloughed the department that worked on contract closings and recordings. And now they're sitting there claiming all the backlog. It's far too excessive of a wait IMO but they're clinging to that excuse.
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Old 09-13-2020, 01:51 PM   #6
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We just sold too. To 2 different buyers but had the offers on the same day and signed paperwork 1 day apart and to ROFR 1 day apart and the whole process took longer than in the past. ROFR was like 5.5 weeks. And 1 owner took about 2 weeks to send in their closing docs and funds (think they sent the docs in after like 8 days and then took longer on the funds). BUT as soon as all docs and funds were in we closed within a couple days AND got our proceeds wired that SAME day. Super quick. Not sure what would take so long. If you haven't closed yet, then that could be a hold up...like maybe the buyers haven't turned in their docs and funds yet. But you said it closed already. Are you sure? Is it on the comptroller site? Our broker was garden views (Jaki and family) and the closing company was Mason Title. It was HHI contracts so a SC closing. Though Mason title is in FL (that confused me but it all went through without a hitch). The process did take about 2-3 weeks longer than in the past (we sold 2 other times in the past). But another 6 weeks for you?!?!? That is crazy and you should get an answer as to why so long.
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Old 09-13-2020, 01:54 PM   #7
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Originally Posted by Goofygrl View Post
Yes, DVC apparently furloughed the department that worked on contract closings and recordings. And now they're sitting there claiming all the backlog. It's far too excessive of a wait IMO but they're clinging to that excuse.
OP's contract has closed so all he is waiting for is the proceeds. That is a hold up with closing company I would assume. Is it a foreign buyer? Is there a loan on it? Those might affect the timing possibly.
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Old 09-13-2020, 02:50 PM   #8
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OP's contract has closed so all he is waiting for is the proceeds. That is a hold up with closing company I would assume. Is it a foreign buyer? Is there a loan on it? Those might affect the timing possibly.
I guess I concentrated on the start of the sale to closing/funds proceeds dates they provided. Yes, once it's actually closed then the funds should be sent to them within a couple of days and that's nothing to do with DVC. Assuming they are actually closed.
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Old 09-13-2020, 03:07 PM   #9
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I guess I concentrated on the start of the sale to closing/funds proceeds dates they provided. Yes, once it's actually closed then the funds should be sent to them within a couple of days and that's nothing to do with DVC. Assuming they are actually closed.
The whole Sales department were furloughed bar a couple of CMs. I donít know if all are back now, but there are certainly more - hence both direct sales and ROFR have restarted.

And, as far as I understand, our MFs contribute towards the cost of Member Services and Member Accounting but a) do not pay the full cost and b) do not pay for the Sales team who are the ones that do the closing.

Why are people so reluctant to accept that every single company has struggled through this? I genuinely donít get it. Even a company like Disney cannot lose $3m a day and still operate as normal. By furloughing staff they were saving money, and furloughed staff cannot work for the company. Therefore, yes there really is a backlog of resale contracts to process. Plus to do the ROFR to restock points for direct sales.
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Old 09-13-2020, 03:29 PM   #10
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The whole Sales department were furloughed bar a couple of CMs. I don’t know if all are back now, but there are certainly more - hence both direct sales and ROFR have restarted.

And, as far as I understand, our MFs contribute towards the cost of Member Services and Member Accounting but a) do not pay the full cost and b) do not pay for the Sales team who are the ones that do the closing.

Why are people so reluctant to accept that every single company has struggled through this? I genuinely don’t get it. Even a company like Disney cannot lose $3m a day and still operate as normal. By furloughing staff they were saving money, and furloughed staff cannot work for the company. Therefore, yes there really is a backlog of resale contracts to process. Plus to do the ROFR to restock points for direct sales.
You don't understand what? That DVC itself did not have a struggle as we pay them. I know my dues did not get refunded and there would have been cost reductions for resort services - housekeeping, front desk, pool staffing etc. This is where there actually is a difference between DVC and Disney that should have been recognized but was blurred.

There are also fees paid to DVC during the sales process that should pay for the costs of transfers. IF DVC is contracting with DVD sales to have it done I'd believe they actually have the right to hold DVD to that contract. But of course there's way too much cross over for that.
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