DVC RESALES
DVC RESALES

Go Back   The DIS Discussion Forums - DISboards.com > Disney Vacation Club > Purchasing DVC
facebooktwitterpinterestgoogle plusyoutubeDIS UpdatesDIS email updates
Register Chat FAQ Tickers Search Today's Posts Mark Forums Read





Reply
 
Thread Tools Rate Thread Display Modes
Old 04-11-2014, 06:05 PM   #31
supersnoop
DIS Veteran
 
supersnoop's Avatar
 
Join Date: Nov 2013
Location: Pflugerville
Posts: 1,321

Quote:
Originally Posted by Best Aunt View Post
I don't know what the exact language is about ROFR.

My guess is, Disney has 30 days to exercise Right Of First Refusal, meaning 30 days to tell the title company that it wants to buy the contract.

If I'm right, that's different from saying that Disney has 30 days to tell the title company whether or not Disney wants to exercise ROFR.

If I'm right, then by day 31, Disney can't exercise ROFR on the contract, but the title company probably wants something in writing from Disney saying that Disney won't exercise ROFR on the contract. Which would mean that Disney can take 31 days, or 32 days, or however long it wants before it sends the title company something in writing saying that it won't exercise ROFR on the contract.

Of courses, maybe I'm wrong... Does anybody have the exact ROFR language?
As I understand it, from reading the legal documents, Disney has as much time as you give them to exercise ROFR. They have until your scheduled closing, and your closing must be at least 30 days after submitting to Disney. They are only legally limited by your closing date; they could ROFR at 45 days if you give them that much time.

As a practical matter, most title companies won't schedule closing until after they receive the estoppel, and Disney generally limits themselves to 30 days. But that's not the legal requirement.
supersnoop is offline   Reply With Quote
Old 04-11-2014, 06:31 PM   #32
keishashadow
Proud Redhead
When you gotta go, you gotta go ... it's a girl thing
Hmmm, I lust
I TOLD YOU SO!
 
keishashadow's Avatar
 
Join Date: Dec 2004
Location: Pittsburgh
Posts: 19,896

Quote:
Originally Posted by Best Aunt View Post
I don't know what the exact language is about ROFR.

My guess is, Disney has 30 days to exercise Right Of First Refusal, meaning 30 days to tell the title company that it wants to buy the contract.

If I'm right, that's different from saying that Disney has 30 days to tell the title company whether or not Disney wants to exercise ROFR.

If I'm right, then by day 31, Disney can't exercise ROFR on the contract, but the title company probably wants something in writing from Disney saying that Disney won't exercise ROFR on the contract. Which would mean that Disney can take 31 days, or 32 days, or however long it wants before it sends the title company something in writing saying that it won't exercise ROFR on the contract.

Of courses, maybe I'm wrong... Does anybody have the exact ROFR language?
it's my understanding that, if they decide not to purchase the contract, they issue a: Notice of Waiver of Right of First Refusal. Perhaps the maximum of 30 days is when they execute the waiver but it then takes them two days to find a fax.
__________________
Will trade 'nanners taken in trade by the Tag Fairy for your tag for tags!

keishashadow is offline   Reply With Quote
|
The DIS
Register to remove

Join Date: 1997
Location: Orlando, FL
Posts: 1,000,000
Old 04-11-2014, 06:57 PM   #33
Pumbas
Mouseketeer
 
Pumbas's Avatar
 
Join Date: Mar 2014
Posts: 150

[QUOTE="camille4750;51176257"]Put us in the group of passing ROFR on 3/18 and not having our closing docs yet. [/QUOTE

Email the title company or your realtor. It is such a crazy process. People who passed on 3/18 are still waiting for closing docs. But some passed a week later already received closing docs. I think this entire process needs pixie dust.
Pumbas is offline   Reply With Quote
Old 04-15-2014, 06:34 AM   #34
Pumbas
Mouseketeer
 
Pumbas's Avatar
 
Join Date: Mar 2014
Posts: 150

Closing docs & check delivered to the title company. My new delay is with the seller. They have not returned their paperwork & now we missed our proposed closing date of 3/18.
Pumbas is offline   Reply With Quote
Old 04-15-2014, 06:57 AM   #35
keishashadow
Proud Redhead
When you gotta go, you gotta go ... it's a girl thing
Hmmm, I lust
I TOLD YOU SO!
 
keishashadow's Avatar
 
Join Date: Dec 2004
Location: Pittsburgh
Posts: 19,896

Quote:
Originally Posted by Pumbas View Post
Closing docs & check delivered to the title company. My new delay is with the seller. They have not returned their paperwork & now we missed our proposed closing date of 3/18.
it happens, not fun. Least you passed ROFR. The title company messed up filing our paperwork our 1st resale purchase, good thing we didn't need the points in a hurry to book.
__________________
Will trade 'nanners taken in trade by the Tag Fairy for your tag for tags!

keishashadow is offline   Reply With Quote
Old 04-15-2014, 08:44 AM   #36
Pumbas
Mouseketeer
 
Pumbas's Avatar
 
Join Date: Mar 2014
Posts: 150

Quote:
Originally Posted by keishashadow View Post
it happens, not fun. Least you passed ROFR. The title company messed up filing our paperwork our 1st resale purchase, good thing we didn't need the points in a hurry to book.
Thanks! We really are at the mercy of the Realtor & the title company. I was hoping to use the points for a trip to Vero & combo with WDW stay for this November, but my optimism is fading.
Pumbas is offline   Reply With Quote
Old 04-15-2014, 01:48 PM   #37
MagicKingdomMommy80
Earning My Ears
 
Join Date: Jul 2012
Posts: 44

Quote:
Originally Posted by Pumbas View Post
Thanks! We really are at the mercy of the Realtor & the title company. I was hoping to use the points for a trip to Vero & combo with WDW stay for this November, but my optimism is fading.
Just got email confirmation that we closed and the deed was sent to the comptroller for recording. Timeline below:
March 18: passed ROFR
April 2: got closing docs
April 15: closed

The email from Fidelity today said that Disney can take 2-4 weeks to enter us in the system!!! This process is never ending. I am already planning a small add on but I'm leaning heavily towards direct after this process.
MagicKingdomMommy80 is offline   Reply With Quote
Old 04-15-2014, 02:04 PM   #38
disneynutz


Earning My Ears One At A Time
 
disneynutz's Avatar
 
Join Date: Dec 2006
Location: North Texas
Posts: 18,355

Quote:
Originally Posted by MagicKingdomMommy80 View Post
Just got email confirmation that we closed and the deed was sent to the comptroller for recording. Timeline below:
March 18: passed ROFR
April 2: got closing docs
April 15: closed

The email from Fidelity today said that Disney can take 2-4 weeks to enter us in the system!!! This process is never ending. I am already planning a small add on but I'm leaning heavily towards direct after this process.
So Disney is responsible for 60 days of your 90 day delay, and you are planning to buy direct next time?

Looks like their plan is working perfectly.
__________________

disneynutz is offline   Reply With Quote
Old 04-15-2014, 02:23 PM   #39
Noelle
Kungaloosh!
 
Noelle's Avatar
 
Join Date: Jan 2003
Location: Los Angeles
Posts: 680

Quote:
Originally Posted by disneynutz View Post
So Disney is responsible for 60 days of your 90 day delay, and you are planning to buy direct next time?

Looks like their plan is working perfectly.
I think their plan is working...
I have to say that my husband and I had discussed the possibility of if our 100 pt. BWV resale contract did not pass ROFR, we were going to buy direct. It did pass today (Day 32). We also are in the process of another resale contract with 160 pt OKW, we have closed but are waiting for the points to be loaded. Day 57 since our offer was accepted by the buyer for that one. I guess I just do not have the patience for resale even though I know I am saving quite a bit.
I think we are done buying points since we have a contract at SSR and BCV (both direct purchases). If we were to consider more points down the road, I'd probably do a small direct add on at BWV for 25 to 30 points. Buying direct would be best because of the use year issue and the resale cost of a smaller contract tends to be high so the savings between direct and resale would be pretty small.
__________________
ASMo - 7/10 ASMu - 7/99 AKL - 11/09 AoA - 12/12, 1/13 Beach Club - 6/04, 10/06, 10/07, 12/14 Contemporary - 7/92 CSR - 12/06 GF - 7/03, 12/04, 12/06 OKW - 7/08, 11/09, 8/10, 4/11, 7/12, 7/14 Polynesian - 12/05 POR - 4/03, 12/03 SSR - 10/05, 6/12 (THV), 12/12 Vero Beach - 7/08, 8/10 WL - 6/12
Noelle is offline   Reply With Quote
Old 04-15-2014, 03:14 PM   #40
MagicKingdomMommy80
Earning My Ears
 
Join Date: Jul 2012
Posts: 44

Quote:
Originally Posted by Noelle View Post
I think their plan is working... I have to say that my husband and I had discussed the possibility of if our 100 pt. BWV resale contract did not pass ROFR, we were going to buy direct. It did pass today (Day 32). We also are in the process of another resale contract with 160 pt OKW, we have closed but are waiting for the points to be loaded. Day 57 since our offer was accepted by the buyer for that one. I guess I just do not have the patience for resale even though I know I am saving quite a bit. I think we are done buying points since we have a contract at SSR and BCV (both direct purchases). If we were to consider more points down the road, I'd probably do a small direct add on at BWV for 25 to 30 points. Buying direct would be best because of the use year issue and the resale cost of a smaller contract tends to be high so the savings between direct and resale would be pretty small.
Agreed it is working. The savings aren't worth my time for a small add-on.
MagicKingdomMommy80 is offline   Reply With Quote
Old 04-15-2014, 03:48 PM   #41
ScootScharfer
Earning My Ears
 
Join Date: Mar 2013
Posts: 18

Closing Docs

We passed 4/2 and just got closing docs today 4/15. We went through **********. Attorney is handling title. So far so good.
ScootScharfer is offline   Reply With Quote
Old 04-15-2014, 06:39 PM   #42
MouseyMin
DIS Veteran
 
MouseyMin's Avatar
 
Join Date: Sep 2006
Posts: 796

My contract closed today too!! The entire process took 8 weeks from offer accepted on February 18, ROFR waived on March 18, final papers on April 9, to closing today. Of course, I still have to wait for Disney to establish my account.

I will probably buy another contract later this year. I learned a lot from this experience that will help me next time: definitely buy resale, buy a stripped contract (much less likely to be taken at ROFR it appears), and start the process at least 4-5 months from when you really need the points.

I would like to thank all the wonderful DISBoard members who helped me learn the lingo, figure out what to buy and how much to bid, and who supported me during the LONG ROFR and waiting for final paperwork processes!
MouseyMin is offline   Reply With Quote
Old 04-15-2014, 06:59 PM   #43
fmer55
DIS Veteran
 
Join Date: Mar 2012
Location: Long Island
Posts: 523

Just an FYI for all of your timelines. I closed as a seller on March 28 and the points just left my account today, so 18 days after closing and buyer should have points. Sent to ROFR Feb 3rd. So 10 full weeks. I have bought 4 contracts and this is my first as seller and never longer than 8 weeks. Disney certainly dragging things out recently.
__________________
Mike(me), DW, DD7, DD4
fmer55 is offline   Reply With Quote
Old 04-15-2014, 07:39 PM   #44
Pumbas
Mouseketeer
 
Pumbas's Avatar
 
Join Date: Mar 2014
Posts: 150

Quote:
Originally Posted by MouseyMin View Post
My contract closed today too!! The entire process took 8 weeks from offer accepted on February 18, ROFR waived on March 18, final papers on April 9, to closing today. Of course, I still have to wait for Disney to establish my account. I will probably buy another contract later this year. I learned a lot from this experience that will help me next time: definitely buy resale, buy a stripped contract (much less likely to be taken at ROFR it appears), and start the process at least 4-5 months from when you really need the points. I would like to thank all the wonderful DISBoard members who helped me learn the lingo, figure out what to buy and how much to bid, and who supported me during the LONG ROFR and waiting for final paperwork processes!
Congratulations! It has been a long process. I am now waiting for the seller to return their paper work. I will post my timeline once I make it to the finish line.
Pumbas is offline   Reply With Quote
Old 04-16-2014, 06:00 PM   #45
Best Aunt
"That's the best-est present ever!"
 
Best Aunt's Avatar
 
Join Date: May 2009
Posts: 1,956

update

Offered full price for a contract on 02/12. Title company said I passed ROFR on 03/18. Got closing documents to sign on evening of 04/03. Sent docs and bank check on 04/04. Sellers got their signatures notarized on 04/08; don't know when they sent the docs to title company. Title Company got payoff info from Disney on 04/15. (The sellers owed money to Disney, so Disney had to tell the title company how much of my money had to go to Disney to pay off what the sellers owed.) Closed on 04/15. Deed was not on Orange County Comptroller's website on 04/15 but it was on 04/16.

Interestingly enough, the Waiver of Right of First Refusal also was on the Orange County Comptroller website, and it is dated 03/11. Title company had told me Disney waived ROFR on 03/18; maybe 03/18 was the date that the title company received the waiver from Disney?

So a full two months from offer to closing. We'll see how much additional time before the points appear when I log onto the DVC member website. (I already have a contract titled the same way for the same Use Year).
__________________


Best Aunt is offline   Reply With Quote
Reply



Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

DVC-Resales.com | 1-800-550-6493 (Contact The Timeshare Store) | DVC Resale Listings

facebooktwittergoogle plus youtube itunesDIS Updates
GET OUR DIS UPDATES DELIVERED BY EMAIL



All times are GMT -5. The time now is 04:39 AM.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

Copyright © 1997-2014, Werner Technologies, LLC. All Rights Reserved.

You Rated this Thread: