Resale Purchase Question - Fidelity

[Myke729]

Thanks everyone for your responses.

The wife and I did not have a good feeling about the contract or Fidelity so we ended up canceling and pursuing with another agency.

Given the fact that the seller was quick to counter offer, I feel that they were holding out to see if we would find something else....so we did.

 

[Cfabar1]

Good! Glad to hear that!!!

 

[CrystalClear82]

Hi All,

I am trying not to be impatient but I need some advice...
This past Tuesday, 2/14, we signed a contract through Fidelity for a resale contract for SSR for 100 pts, after a few counter offers. We reached out yesterday, Thursday 2/16 to Fidelity as we had not heard back from them if they had sent to Disney for ROFR. They replied back that the seller had not signed their part of the contract so they could send to Disney. They stated they would remind the seller to sign.

It's Friday evening and I have still not heard back from them on the offer. I also do not have a copy of the contract we signed. I thought I had an email copy, but I realized we do not.

How long does it typically take for the seller to sign back? Are they held to any type of timeframe? On the first contract we purchased, it went so fast with getting the contract into Disney through DVC Resale Market, but this experience has not been as fast.

Am I being too impatient here?

Thanks!

I thought it was just me.... I found a dream contract through them and things have been going at a snails pace.. To the point that im ready to move on and look for something else. I'll hang on a bit more.

 

[Alicia22]

Hi All,

I am trying not to be impatient but I need some advice...
This past Tuesday, 2/14, we signed a contract through Fidelity for a resale contract for SSR for 100 pts, after a few counter offers. We reached out yesterday, Thursday 2/16 to Fidelity as we had not heard back from them if they had sent to Disney for ROFR. They replied back that the seller had not signed their part of the contract so they could send to Disney. They stated they would remind the seller to sign.

It's Friday evening and I have still not heard back from them on the offer. I also do not have a copy of the contract we signed. I thought I had an email copy, but I realized we do not.

How long does it typically take for the seller to sign back? Are they held to any type of timeframe? On the first contract we purchased, it went so fast with getting the contract into Disney through DVC Resale Market, but this experience has not been as fast.

Am I being too impatient here?

Thanks!

I have had a tough time with Fidelity. First, the assistant was rude with me when I enquired about ROFR after 30 days (other ROFRs were flying through). Now I have had confirmation from DVC that I have passed ROFR, and still no communication from Fidelity. This has been going on since the first week of Feb. i wish I had recourse at this point, but I do not without losing my deposit.

 

[CrystalClear82]

I have had a tough time with Fidelity. First, the assistant was rude with me when I enquired about ROFR after 30 days (other ROFRs were flying through). Now I have had confirmation from DVC that I have passed ROFR, and still no communication from Fidelity. This has been going on since the first week of Feb. i wish I had recourse at this point, but I do not without losing my deposit.

Oh gosh.... this now makes me even more nervous.

We're working with Fidelity as well.
Our sales agent has been super sweet....the assistant not so much. We were sent closing documents to sign for the second time with a big ole note that said "Please sign ASAP".... I could not see where anything was different but did call. The assistant won't return emails or calls. The agent was clueless as well. I dont like being left in the dark.
---- I deal with clients daily and communication goes a lonnnng way.

The sad part of this is, we're considering purchasing another resale.. We now won't until all this is cleared up.

 

[Alicia22]

Oh gosh.... this now makes me even more nervous.

We're working with Fidelity as well.
Our sales agent has been super sweet....the assistant not so much. We were sent closing documents to sign for the second time with a big ole note that said "Please sign ASAP".... I could not see where anything was different but did call. The assistant won't return emails or calls. The agent was clueless as well. I dont like being left in the dark.
---- I deal with clients daily and communication goes a lonnnng way.

The sad part of this is, we're considering purchasing another resale.. We now won't until all this is cleared up.

Same exact story. The assistant is slow and rude. I contacted the broker (who is sweet) and got the impression mine isn’t the first complaint. Good luck to you!!

 

[CarolMN]

I have had a tough time with Fidelity. First, the assistant was rude with me when I enquired about ROFR after 30 days (other ROFRs were flying through). Now I have had confirmation from DVC that I have passed ROFR, and still no communication from Fidelity. This has been going on since the first week of Feb. i wish I had recourse at this point, but I do not without losing my deposit.

Since you know you passed ROFR, my advice is to contact your title company for status.

 

[sndral]

Oh gosh.... this now makes me even more nervous.

We're working with Fidelity as well.
Our sales agent has been super sweet....the assistant not so much. We were sent closing documents to sign for the second time with a big ole note that said "Please sign ASAP".... I could not see where anything was different but did call. The assistant won't return emails or calls. The agent was clueless as well. I dont like being left in the dark.
---- I deal with clients daily and communication goes a lonnnng way.

The sad part of this is, we're considering purchasing another resale.. We now won't until all this is cleared up.

The closing doc.s should be coming from your title company - they are the ones to call/email w/ any questions about them, the brokerage likely wouldn’t know why the title company needed to send a second set or what was changed.
The only time I contacted the brokerage after ROFR was once to ask the agent to reach out to the sellers who were dragging their feet on getting their notarized documents back.

 

[jjanne]

I have had a tough time with Fidelity. First, the assistant was rude with me when I enquired about ROFR after 30 days (other ROFRs were flying through). Now I have had confirmation from DVC that I have passed ROFR, and still no communication from Fidelity. This has been going on since the first week of Feb. i wish I had recourse at this point, but I do not without losing my deposit.

Hi @Alicia22 - trying to understand the ROFR part of the process. Is the broker handling ROFR? Curious how DVC will notify you if the review passed ROFR - would buyer get an email (I did not realize you can get notified directly by DVC)?

 

[CastAStone]

Hi @Alicia22 - trying to understand the ROFR part of the process. Is the broker handling ROFR? Curious how DVC will notify you if the review passed ROFR - would buyer get an email (I did not realize you can get notified directly by DVC)?

It would be very unusual for DVC to notify you that they had waived ROFR. They notify the party who submitted it for their review, which for 99% of DVC sales is the broker. The broker in turn notifies you, typically within about 1 business day of them receiving the communication from DVC.

 

[TheDailyMoo]

It would be very unusual for DVC to notify you that they had waived ROFR. They notify the party who submitted it for their review, which for 99% of DVC sales is the broker. The broker in turn notifies you, typically within about 1 business day of them receiving the communication from DVC.

This is how Fidelity handled it just recently. The same day they had the closing agents reach out to us.

 

[jjanne]

It would be very unusual for DVC to notify you that they had waived ROFR. They notify the party who submitted it for their review, which for 99% of DVC sales is the broker. The broker in turn notifies you, typically within about 1 business day of them receiving the communication from DVC.

Thanks @CastAStone - right, I was thinking process would typically be what you described, but curious on how @Alicia22 got notification from DVC but not from broker.

 

[CastAStone]

Thanks @CastAStone - right, I was thinking process would typically be what you described, but curious on how @Alicia22 got notification from DVC but not from broker.

Ah. She reached out directly to DVC per some of her prior posts.

I posted several days ago about a rude response from a broker (assistant) in connection with inquiring about my ROFR status. As it happens, DVC informed me that I had passed ROFR. I have still not been notified by the broker. So if you have any question, do not hesitate to ask DVC. Good news is that I passed my small brv contract - finally!!

 

[kneely58]

I think she may have been talking about DVC Title & Escrow. I just bought two resale contracts through Fidelity with them as the escrow agent and heard from them first when my ROFR was waived.

 

[thelionqueen]

My Fidelity contract stated that the contract would be withdrawn if both parties hadn't signed in 10 days.

We didn't have any issues with their online signing system, for whatever that is worth.



Another fan of Shawn's, she's been great.

Another Shawn fan here! Worked with Bonnie previously and she’s great too, but Shawn comes out on top for me!

 

[TheDailyMoo]

Another Shawn fan here! Worked with Bonnie previously and she’s great too, but Shawn comes out on top for me!

Will add on for the both as well! Mostly Bonnie though. Super communicative. Called and spoke on the phone very casually a few times. No rush. I wish the process was quicker! But that's not on them or Fidelity!

 

[SL6827]

So once they accept an offer, they can still wait for a better offer to come in or what?

 

[thelionqueen]

So once they accept an offer, they can still wait for a better offer to come in or what?

Technically yes until contracts have been signed

 

[SL6827]

Technically yes until contracts have been signed

Oh. I was thinking once an offer was accepted, it was legally binding. Does this apply to regular real estate too?

 

[CastAStone]

Oh. I was thinking once an offer was accepted, it was legally binding. Does this apply to regular real estate too?

Regular real estate you typically make an offer with a contract. Once the seller accepts its binding unless one of the clauses in the contract is triggered. Usually either party can walk away for no reason but it will cost to do so.

DVC you make an offer with an email so it’s got the legal authority of a turnip.