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Did my sellers fly the coup?

startime

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Under seller's terms, we are using a well known and reputable title company. I signed the escrow instructions and delivered my deposit to the title company last month. The seller hadn't responded to my last email, so I called the title company to check status.

The lady at the title company said these sellers are in escrow on multiple timeshares. The sellers left the country abruptly due to an undisclosed family emergency and the escrow instructions were not signed yet. The title company said sellers mentioned getting a power of attorney to complete their transactions. Until then, the escrow company cannot move forward with Marriott on ROFR paperwork. As the purchase price is among the lowest I've seen for this resort, I'd like to know the outcome of ROFR asap. If I cannot buy it, I would continue my eBay search for another bargain and try again. Time is also important here, as I've accepted responsibility for 2011 usage/fees. No reservations are in place yet. Seller does not respond to any emails.

Did my sellers fly the coup? What should I do?
 

Talent312

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Read your contract.
If it contains a closing-date or other deadline, and the sellers do not act to provide a deed with a clear title by that date, you are entitled to rescind the contract and receive a refund of your $$.

If it does not have a closing date, they still have an obligation to act in good-faith and close within "a reasonable time." What is a reasonable time? That depends on the customs, standards and courts in the TS's state.

It seem that until then, you'll just have to wait.
"The waiting is the hardest part." -- Tom Petty
 

startime

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Read your contract.
If it contains a closing-date or other deadline, and the sellers do not act to provide a deed with a clear title by that date, you are entitled to rescind the contract and receive a refund of your $$.

If it does not have a closing date, they still have an obligation to act in good-faith and close within "a reasonable time." What is a reasonable time? That depends on the customs, standards and courts in the TS's state.

It seem that until then, you'll just have to wait.
"The waiting is the hardest part." -- Tom Petty

I just re-read my contract and found a time limit date to close escrow, which is very early in January. I am happy to see that in my contract. I never thought to look or ask for it.

Really great advice! Thank you!!! :)
 

John Cummings

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I doubt the sellers have flown the coup. For now, I would believe what the lady at the Title company told you.
 

richardm

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It sounds like you don't even have an executed contract yet! All the closing agent needs to request ROFR is a contract signed by both parties..

If your contract hasn't been countersigned- it isn't valid..

I'd send the closing agent a cancellation notice and keep looking.. If the sellers "return" and can execute an agreement (which can be done by email or fax at just about any location worldwide)- then state you'll be happy to reconsider at that time..

Something isn't right here.. Your closing agent wouldn't be able to finalize the transaction without notarized signatures from the seller- but that should not hold up the right of first refusal process..

My guess is that the actual seller is simply a flip artist, and is stalling while they try to find a matching piece of inventory where they can make some type of profit.
 

fishingguy

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richard might have the right idea; but I was thinking the seller could be dragging his heels because it sold at such a low price; and he's waiting you out. He knew he should probably have got a lot more.

When he does sell it for a decent price, he'll add several thousand for the ROFR paperwork and itl will go through. No sense going through all that trouble if you aren't going to at least make a little $$$$ off the deal. :ponder:
 

startime

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It sounds like you don't even have an executed contract yet! All the closing agent needs to request ROFR is a contract signed by both parties..

If your contract hasn't been countersigned- it isn't valid..

I'd send the closing agent a cancellation notice and keep looking.. If the sellers "return" and can execute an agreement (which can be done by email or fax at just about any location worldwide)- then state you'll be happy to reconsider at that time..

Something isn't right here.. Your closing agent wouldn't be able to finalize the transaction without notarized signatures from the seller- but that should not hold up the right of first refusal process..

My guess is that the actual seller is simply a flip artist, and is stalling while they try to find a matching piece of inventory where they can make some type of profit.

You are correct that sellers didn't sign the contract yet. All we have from them is completed auction, email exchange and sellers initiated closing process w/ title company.

The sellers are the original owner on all the deeds. The time limit is early Jan for close of escrow. I'd be happy to complete this purchase if it passes ROFR by this time limit, even if it closes later, but before the end of Jan. I think the purchase price is a great price, although not as exciting to me if I end up paying for 2011 week that I cannot use or deposit with II in a timely manner. I think patience on my part for that extra time to close is reasonable. If it gets into February or beyond, I wouldn't want to pay for 2011 usage (as the season is almost over). As it is, I believe I am risking no availability without a reservation. By February, I believe that risk is all but certain. Ideally, the sellers would make a reservation for me asap - hindsight it 20/20. I can only reach the title company for escrow status.
 

Talent312

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If the seller never signed a contract, the buyer is in the cat-bird seat. He can rescind at any time until the seller accepts, subject to any stated time for acceptance (if provided).

In any event, if the seller has still not performed by the stated closing date, but both parties still want to complete the deal, a modification should be signed to update the the contract.
 

startime

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Update: It looks like this sale will complete on time after all. Title company says they now have what they need from them. I heard nothing back from sellers and probably never will. Hopefully, I will be able to make a reservation right away after it closes. Anyone know how long Marriott takes between receipt of external transfer form and my ability to make a reservation? I hope there are some good dates left.

Thanks for the advice. Several lessons learned by me on this one.
 

Stefa

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We closed on our Marriott Willow Ridge last December and it only took a week for Marriott to recognize us as the owners. I didn't wait for te paperwork. I called them. I was able to make a reservation and deposit with Interval right away.
 

IngridN

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We closed on our Marriott Willow Ridge last December and it only took a week for Marriott to recognize us as the owners. I didn't wait for te paperwork. I called them. I was able to make a reservation and deposit with Interval right away.

Ditto with our purchase late summer. It took only a couple of weeks, if that long, for Marriott to recognize us as owners once they received the completed paperwork from the broker.

Ingrid
 

startime

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Marriott received the change of ownership and check from the title company. I am told it will take a few weeks more until it processes. In the meantime, I am told by Marriott advisor that the latest available reservation for my NCV Gold season is March 6th, that everything afterwards is sold out. I am told my choices are:

1) Make a reservation during one of the remaining weeks between now and March 6th. Since I cannot vacation during the next two months, chances are this week will pass or definitely be under the 60 day rule if I deposit with II.

2) Wait until the season is sold out (which will happen by March 6 or earlier). Then, Marriott will put a replacement week of their choosing in my II account. I am told this week may or may not be a good week to trade with and that it may or may not have been bulk deposited with II in a timely manner. I am told I will get what I will get and that's it.

Advice on 2011 usage?

Some additional advice on this... I am told that 2012 Memorial Day week reservations will probably be gone within 5 minutes after it becomes available on May 25, 2011 at 6AM. Is that true? I've heard NCV platinum season can be super competitive for July weeks, but Gold season too? If so, since that is the last (and most desired week for me) of my season, I am unsure whether I should wait and risk it, or take myself out of the running with a less desired week for me, such as President's Day, spring break or Easter. Experience to share? Advice?
 
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