Slow Seller Closing Docs

[Replevin]

I'm in the process of buying an AKL resale contract. We returned our buyer documents on 18 April and wired the remaining funds the same day. Since then in's been more or less radio silence. I've reached out twice to the closing agent to see if they received the funds and also last week to see how things were moving along. She said the sellers preferred to use an in person notary and a closing would be scheduled once the seller's closing docs were received. At what point do I decide this has taken too long and move on to another contract? Has this happened to anyone else and if so how did you handle the situation? Thanks

 

[c@tk!ng]

When I bought resale in 2022, the longest wait we had was for ROFR.

Honestly I would look for some other contracts now, and if you see one you like, id let your agent know ASAP. Either that will speed them up to close, or you'll find more motivated sellers.

Your really at the mercy of the sellers, and any number of factors could cause them to not be as motivated to get things done and In my experience, in person Notaries are not hard to find, then you still have to wait for ROFR!

 

[MerlinandtheMouse]

You’ve already passed ROFR at this point right? I was in a similar situation earlier this year. It took the sellers almost a month post-ROFR to do their notary and it wasn’t until my 3rd or 4th time asking questions that the agent finally disclosed the sellers were going through a divorce so it was taking longer since they had to do their notary separately and the husband really took his time.

Truthfully, there’s not much you can do unless you are ok with losing your deposit. If you’ve passed the initial 10 day grace period after all the original documents were signed (pre-ROFR) then all you can do is wait or back out and lose your deposit. The sellers technically have until the stated closing on your documents to return their signed papers without penalty. Even though it took almost a month for my situation, the sellers still had another 3 weeks if they wanted. Very frustrating when you don’t have that control and we had a very important booking window (CCV for early December- IYKYK) that I missed by just a week because of that long delay. It worked out, just felt very upsetting at the time. Good luck and I hope it works out for you either way!

 

[jkips]

I've had the experience with overseas sellers where they had to go to the US Embassy to get the docs notarized. You're in a bit of a tough spot if you've already signed and sent the money in since you've contractually agreed to buy.

Sorry to hear you're having such a bad experience...there are some terrible closing companies out there.

 

[Replevin]

We are past ROFR. It is reassuring to see other folks have had delays as well. We’re not in a rush to book a trip, I would just like to see this completed.

 

[chazas]

It's excruciating. I just bought two contracts. In the first the title company's online notary was backed up two weeks. In the second I complained about that so the sellers agreed to do wet ink signatures. First seller got their docs back within a week. Second seller took - two weeks.

We're really just at their mercy as to how fast they want to get their money.

 

[pianomanzano]

What's the closing date listed on the contract you signed? Sellers have until that date to return documents. Certainly understand the frustration though as we dealt with that on our first contract, took the sellers 3 weeks until they returned their documents and we had points on the contract set to expire 7 weeks later. Luckily, we were able to go to closing and use those expiring points.

 

[Replevin]

What's the closing date listed on the contract you signed? Sellers have until that date to return documents. Certainly understand the frustration though as we dealt with that on our first contract, took the sellers 3 weeks until they returned their documents and we had points on the contract set to expire 7 weeks later. Luckily, we were able to go to closing and use those expiring points.

31 May. I saw that today while perusing the closing docs.

 

[BrianLo]

I'm in the process of buying an AKL resale contract. We returned our buyer documents on 18 April and wired the remaining funds the same day. Since then in's been more or less radio silence. I've reached out twice to the closing agent to see if they received the funds and also last week to see how things were moving along. She said the sellers preferred to use an in person notary and a closing would be scheduled once the seller's closing docs were received. At what point do I decide this has taken too long and move on to another contract? Has this happened to anyone else and if so how did you handle the situation? Thanks

Returned my documents on April 17th. You are not alone. Your contracted closing date will eventually come though, though at this juncture you will for sure just extend your timeframe at least another 30-45 days by backing out (in addition to your deposit).

I think the notary wait is holding up sellers right now. But at least ROFR is fast.

 

[sndral]

31 May. I saw that today while perusing the closing docs.

You’d think sellers would want to close and get their money ASAP, but some sellers just take a long time, w/ my first contract my sellers took until the closing date to finally get their docs in - I learned they were divorcing. Some sellers have a loan on the contract & are selling for less than they owe & need to provide funds to close. Sellers have to get their documents notarized & that can slow things down especially if there are several people on the contract being sold or it’s an international sale.
What I did with my slow sellers was to contact the agent at the brokerage about a week before our closing date & let them know that I was looking at other contracts & if the seller’s doc.s weren’t in by our closing date I was moving on. If the sellers don’t get their docs back by 5/31 you’ll get all of your funds including your deposit back.

 

[Instagramhusband]

A Notary and witnesses is an obstacle for some folks.. Grateful to know UPS locations across my area all have notary services. Its saved alot of delays in my closing.

 

[Mike valera]

Just sold a contract and I can say for sure the online notary backup is the problem. I might be better to go back to old fashion ink notary. It sounds good to do online but very slow!!

 

[Instagramhusband]

Just sold a contract and I can say for sure the online notary backup is the problem. I might be better to go back to old fashion ink notary. It sounds good to do online but very slow!!

If you have a UPS store near you, you will find they have at least two notary's working at all times.

 

[Sandisw]

If you have a UPS store near you, you will find they have at least two notary's working at all times.

Depends on location. Our local Store does not have two and the one they do have is not even there every day. You have to make an appointment for the days they are.

But it does sound like right now, even thought would be faster than the online ones.

 

[Instagramhusband]

Depends on location. Our local Store does not have two and the one they do have is not even there every day. You have to make an appointment for the days they are.

But it does sound like right now, even thought would be faster than the online ones.

That stinks. I am fortunate I guess,

 

[Disney_Funster]

I thought I was the only one waiting on super slow sellers to sign. I returned my closing documents along with the funds over a month ago. I reached out to the title company, apparently the sellers have an appointment with a notary next week. I don’t understand the hold up.

 

[atthebeachclub]

My sellers are slow too. Meh. Tick tock; I’m waiting to close, folks!

 

[Disney_Funster]

My sellers are slow too. Meh. Tick tock; I’m waiting to close, folks!

Trying to be patient and not make an annoying pest of myself. I recently sold one of our contracts and I was able to notarize and send the same day that I received the documents. It took less than 5 minutes to notarize. No choice other than patiently wait at this point. It’s a longer wait than ROFR!

 

[BrianLo]

I’m officially at 32 days now since receiving closing documents. I have only asked once so far innocently (on day 16), but I think it’s likely fair to re-ask on Mon/Tues with the closing date set for May 24th…

 

[atthebeachclub]

I’m officially at 32 days now since receiving closing documents. I have only asked once so far innocently (on day 16), but I think it’s likely fair to re-ask on Mon/Tues with the closing date set for May 24th…

If it makes you feel better, I am under contract for two resale contracts at the moment. My first one seems to have slow sellers but supposedly they are sending documents this week. My second one was just sent to ROFR just yesterday…18 days after the broker said they sent it. Never sent it to the title agent, either. Thank goodness my title agent seems to be with it at least. Between this and waiting for my accountant to finish my delayed tax returns, I am really learning to practice my patience.