Seller backed out

[Alice in Okie-land]

On 3/21/24: I signed the contract the day it was received and provided documentation of financing approval. Deposit was made 3/28/24.

"3. TIME FOR ACCEPTANCE OF OFFER; EFFECTIVE DATE:
a. If not signed by Buyer and Seller, and an executed copy delivered to all parties on or before 2024-03-31, this
offer shall be deemed withdrawn and the Deposit, if any, shall be returned to Buyer.
b. The effective date of this Contract shall be the date when the last one of the Buyer and Seller has signed or
initialed and delivered this offer or final counter-offer ("Effective Date")."

I was informed 8am 4/1/24 that seller has "chosen not to sell at this time."

Any advice from those previously in this situation? I am super peeved, was ready to get points secured and get a trip scheduled for specific dates.

 

[AstroBlasters]

On 3/21/24: I signed the contract the day it was received and provided documentation of financing approval. Deposit was made 3/28/24.

"3. TIME FOR ACCEPTANCE OF OFFER; EFFECTIVE DATE:
a. If not signed by Buyer and Seller, and an executed copy delivered to all parties on or before 2024-03-31, this
offer shall be deemed withdrawn and the Deposit, if any, shall be returned to Buyer.
b. The effective date of this Contract shall be the date when the last one of the Buyer and Seller has signed or
initialed and delivered this offer or final counter-offer ("Effective Date")."

I was informed 8am 4/1/24 that seller has "chosen not to sell at this time."

Any advice from those previously in this situation? I am super peeved, was ready to get points secured and get a trip scheduled for specific dates.

Sorry this happened to you. There really isn’t anything you can do. The seller can essentially back out at any point, but they are generally on the hook to pay commissions to the broker and some fees to the title agent.

Buyers have a 10-day window where they can back out and get their full deposit back.

 

[LittleBitGoofy]

Curious situation. Reads as the seller missed the contract deadline. When did the broker know?

Unfortunately probably best to move on. Not worth the spend to try and force a seller to sell.

 

[sndral]

If the seller didn’t sign the contract, there was no contract to enforce & thus no remedy. Practically, it’s not worth pursuing even if the seller had signed the contract. IMO the best thing to do is move on & make an offer on another listing. I wouldn’t even hold it against the brokerage since some sellers (and some buyers) are flakes & it’s better to have the sellers bail early on rather than having them changing their minds & not signing the closing documents a month from now after you’ve passed ROFR & sent the remainder of your money to the title co..
I would keep on eye on that brokers listings out of curiosity to see if the listing popped back up, though.
The seller may owe the broker a commission depending on their listing agreement. As the buyer you’ll get your deposit back.
I know it’s frustrating, the first resale contract I bought I learned the couple I was buying from was divorcing when one of them refused to sign the closing documents - ultimately they signed & we closed, but it took almost 3 months & I lost a years worth of points that I’d hoped to salvage.

 

[chazas]

Curious situation. Reads as the seller missed the contract deadline. When did the broker know?

Unfortunately probably best to move on. Not worth the spend to try and force a seller to sell.

They couldn’t anyway. No binding contract until both parties sign. Until then it’s all preliminary.

 

[Sandisw]

As long as the seller never signs, then really there is not anything you can do. The contract says that it has to be signed by both by 3/31…and if not, then buyer gets deposit back.

While this is rare, it happens on both ends…I had a buyer who never signed after 7 days and was told they changed their minds.

Lots of contracts out there. Good luck.

 

[Alice in Okie-land]

Thanks all... I am pouting, I know

 

[AstroBlasters]

Thanks all... I am pouting, I know

Very understandable. It’s a down side of “unicorn” contracts that no one likes to talk about.

 

[lexxus379]

I had a seller back out after clearing ROFR. Super frustrating after wasting so much time. I get it but at least yours backed out early!

 

[LittleBitGoofy]

I'd be bummed too, but now on to the next one that you'll like even better!

 

[LittleBitGoofy]

I'd be bummed too, but now on to the next one that you'll like even better!

 

[chazas]

I had a seller back out after clearing ROFR. Super frustrating after wasting so much time. I get it but at least yours backed out early!

Likely still wasn't worth the time and effort of pursuing, but technically they can't back out at that point. Technically.

 

[Alice in Okie-land]

Already made a bid on the next contract! Fingers crossed

 

[chazas]

Already made a bid on the next contract! Fingers crossed

Excellent! Hope it goes well.

 

[superlarz]

This happened to my first dvc contract i had under contract. While going thru rofr they just backed out. Next contract got swallowed up by the rofr monster while I was in Epcot a few weeks later, and I basically went and bought direct as soon as I got that call. Had the points later that afternoon. Eventually bought a resale contract and got through but it is a much longer process with a ton of things that can go sideways, but the cost savings are worth it for most resorts!

 

[AstroBlasters]

Already made a bid on the next contract! Fingers crossed

This is the way!

 

[crisi]

We had that happen. Its why I generally recommend that you start looking for contracts two years out from when you want to take your trip when buying resale. Particularly if you want to get a deal or are looking for something harder to find. Sellers decide not to sell all the time. Contracts can take a lot longer to close than you want, and Disney is not always Johnny on the Spot in loading up resale points into contracts (it seems particularly bad when a new resort goes on sale - I suspect its the same team, and resale contracts are not Disney's priority). You might find a great contract - but its stripped.

May this contract go great - in the meantime, consider renting points for your specific dates and then renting the points in your contract to cover the costs once you close - since even if this one goes great, it might be three months before you can book.