Anyone made it through (or not made it through) ROFR recently? - Section I

[icydog]

But, that was a year ago and it was a FSBO. We actually changed the terms a bit and went with a lower price per point that resulted in a few hundred dollars more coming out of our pockets. I'm still shaking my head over that one.

Whaja'say???

Did you ever sit in the back of geometry class and say to yourself,"I just don't get it" Well I am sitting in the back of my office shaking my head thinking "I just don't get it"


By the way what in the world is FSBO?

 

[jekjones1558]

By the way what in the world is FSBO?

FSBO = For Sale By Owner

 

[keishashadow]

After closing, count on the full 10 days before being in the system.

I'm learning not to count . . ., looks like it will be a good 30 days before we can make a res, perhaps I misunderstood the closing co?

JimMIA, great thread you set up for potential DVC buyers, very informative. Thanks.

 

[Poorman]

When I first read of this issue being raised, I stepped back and thought maybe it will die in that particular thread, but since it didn't, here goes folks. A while ago, we gave the purchaser an opportunity to increase their purchase price after being ROFR'd. Disney stepped in and let us know in no uncertain terms that once they got involved, we as the Broker were to step out, as they had spent time and money researching their stance on that particular contract and the negotiations were OVER!!!

The most recent sellers tell us that when they contacted Disney about the possibility of DVC buying back their property and not going through the Resale process, they were offered $55 per point. Such a DEAL!!!

Do I agree with it? NO!! But you tell me what we're to do. How else are these DVC owners going to sell their property for any reasonable price if companies like ours are not available to help them.

I hope that working together, on this particular issue, we can somehow bring about a fair and equitable solution to the ROFR process.

Sincerely,
Thomas E. Yeary (Tom)
Owner/Broker
The Timeshare Store, Inc.

Tom, about 2 years ago I bought the 500 point BWV contract through your company,I was ROFR'd, at Pat's suggestion I offered $2 more per point and being stubborn I did it and it went through. So it worked then. Am I wrong but can't I back out of a sale at any time? How can Disney force me to sell my contract to them?

BTW that same contract Pat just sold again.

 

[JimMIA]

Whaja'say???

Did you ever sit in the back of geometry class and say to yourself,"I just don't get it" Well I am sitting in the back of my office shaking my head thinking "I just don't get it"

It's actually pretty straightforward. You change the terms, decreasing the per-point cost by the current rate of inflation minus your youngest daughter's age (doesn't work with boys), multiply that by 3 times Pi, plus seven, carry the thumb...and viola!

 

[DVCconvert]

Disney stepped in and let us know in no uncertain terms that once they got involved, we as the Broker were to step out, as they had spent time and money researching their stance on that particular contract and the negotiations were OVER!!!

Ya know Tom, that's a particularily foolish position for the Disney company to take. If they were to allow for counters, they might see the value of those offers meet, possibly exceed, their pricing for add-ons. Once a prospective buyer has an emotional committment to a contract, it should be comparitively easy to bump up the price (granted, some are fixated on the price per point - but that's not the majority in my opinion).

 

[calypso*a*go-go]

Whaja'say???

Did you ever sit in the back of geometry class and say to yourself,"I just don't get it" Well I am sitting in the back of my office shaking my head thinking "I just don't get it"


By the way what in the world is FSBO?

For Sale By Owner (thanks Jean!)

Sorry -- I'll try to 'splain it a little better: The seller was going to pay closing costs plus give us a credit of $10/pt. for the current use year's points they had already borrowed with a selling price of $68/pt. When we countered, we took away the credits and lowered our price to $65/pt.

However, JimMIA'a formula was a lot more interesting!

 

[T.E. Yeary]

Alot has changed since you purchased your 500pts 2 years ago.

The episode I'm referring to happened within the last few months.

Tom

 

[T.E. Yeary]

How can Disney force me to sell my contract to them?

I apologize for not answering this question.

Disney has ROFR. The seller has already accepted the agreed upon terms when the contract is submitted. Therefore, it is a done deal!

Hope this helps.

Tom

 

[T.E. Yeary]

Ya know Tom, that's a particularily foolish position for the Disney company to take. If they were to allow for counters, they might see the value of those offers meet, possibly exceed, their pricing for add-ons. Once a prospective buyer has an emotional committment to a contract, it should be comparitively easy to bump up the price (granted, some are fixated on the price per point - but that's not the majority in my opinion).

You are so right about the emotional attachment. Think about it, how many times have you heard about a customer being ROFR'd, they are so disappointed that the resale process didn't work for them, they turn around and buy the same number of points, at the same Resort from Disney at the higher price. Where do you think those DVC points came from?

 

[Beca]

JeanJoe - I have you in. Good luck!!

Wow!! What a lively discussion!! Calypso...thanks for "chiming in" on this one. I have referenced many times how you did a successfull "re-submit", but I always feel a little guilty for doing so...like you are over there thinking, "Shut up, Beca" . Anyway...thanks for telling your story.

I think T.E. Yeary is onto something (okay, in his position...I'm sure he is onto many things!!! ). I remember hearing both from my guide, and another realtor that the whole "re-submit" on a ROFR'd contract was a DVC "courtesy" thing....that DVC doesn't have to allow it. I was told by both parties that DVC recently made it clear, that while they used to allow this practice, they are no longer interested in doing so. I think they probably do have the "upper hand" at this stage in the negotiations, and since the number of members who want add-ons at sold out resorts is so high, they want every contract they can reasonably afford.



PASSED:
Tink10 - 25 BWV (Aug) $78 all '05 (sub 1/14, passed on 2/2)
hannahr - 250 OKW (Oct) $74, 75 '03, all '04 & '05 (paying half of '04 MF's) (sub 1/12, passed 2/2)
Daname - 160 BWV $78 with banked 2004 (sub.1/21, passed 2/3)
happyatdisney - 150 HH $71(Dec) 131 '03 all 04 & 05 (passed 2/3)
Blue&Gold - 350 BWV (Dec) $78 '04 &'05 (sub. appx. 1/18, pass 2/3)
Cinderpals - 200 BWV $77 '04 pts, all '05 pts (went to DVC on 1/21, pass2/4)
Beca - 150 BCV (Aug) $83 all '05 + 137 '04 (went to DVC 1/24, pass 2/4)
triple7 - 100 BCV (Dec) $84 all '04 &'05 (sub. on 1/20, pass 2/4)
N&B'smom - VWL $77 (pass 2/4)
ScottLea94 - 205 HH $70 62 '04 all '05 (sub 1/21, pass 2/4)
NYsHiddenMickey - 150 BWV (Dec) $78 255 banked '03 & '04, all '05 (sub1/27, pass 2/9)
Cinderpals - 350 BCV (Mar) $81 21banked '04, all '05 (sub 1/21, pass 2/9)
DisZip - 150 VWL (Feb) $78 92 banked from '04 & all '05 (pass 2/9)
Iankh - 200 VWL (Aug) $76 55 banked from '04 & 181 of '05 (sub, 1/28 pass 2/9)
reesecup - 150 BWV $80 75 '03, all '04 & '05 (sub. appx. 1/26, pass 2/9)
Disneyrsh - 350 VWL (Apr) $75 (sub. appx 1/17, pass 2/9)
DVCforMe - 360 VWL (Aug)$76 144 '04 , all '05 (pass 2/9)
Tink Tatoo - 150 OKW (June) $74 150 banked '04, all '05 points(sub 2/7, pass 2/14)
Disneyrsh - 300 VWL (Apr) $75 (sub. appx 1/17, pass 2/14)
mcorbo - 200 VWL (Oct) $80 18 '03, all '04 , all '05 (sent 02/02, pass 2/14)
minnie33 - 200 VWL (April) $79 (sub 2/1, pass 2/15)
jbhaupt - 150 BWV (Oct) $76 all '05 (sub2/1, pass 2/16)
LauraLea - 80 VWL (Mar) $79 all 05 (sub appx. 2/8, pass 2/18)
Magicalfun - 80 BCV (Oct) $88 all '03, '04, '05 (pass 2/21)
Scotch - 140 OKW (Oct) $70 all'05 (Sub 2/8, pass 2/21)
amyah - 150 BWV (Jun) $78 all '05 (Sub 2/7, pass 2/24)
Stitch 03 - 60 OKW $75 (June) all '05 (sub appx 2/16, pass 2/28)
jjnv - 216 OKW $74 (Dec) all 04 banked,all '05 (sub 2/14, pass 2/28)
HONI - 230 OKW $75 230 banked '04, all '05 (sub 2/17, pass 2/28)
Scott H - 200 HH $70 all '05 (sub 2/22, pass 2/28)
JoeEpcotRocks - 150 BWV (Mar) $78 all '05 (sent 2/7, pass 2/28)
lsl - 225 SSR (Jun) $79 (sub 2/15, pass 2/28)
Al D - 200 BWV $80 all '04 & '05 (sub appx. 2/8, pass 2/28)
Al D - 306 BWV $80 (Dce)186 '03, all 04 and 05 (sub 2/15, pass 2/28)
DisneyRose - 150 VWL (Sep) $80 all '04 '05 (Sub 2/14, pass 3/1)
Cinderpals - 200 BWV (Oct) $77 all '04 & '05 (Sub 2/11, pass 3/3)
rdcoffee - 350 BCV $83, all '05 (sub 2/17, pass 3/8)
Colorado Belle - 170 BWV $80.5 all '04 '05 (seller pays all '05 MF) (sub 2/18, pass 3/8)
LauraLea - 90 BWV (Oct) $76 147 04, all 05 (sub 2/22, pass 3/8)
monami7 - 50 HH (Mar) $75, all '05 (sub 2/25, pass 3/8)
travelin' tigger - 50 OKW (Oct.) $78/pt. No '05, (sub 2/25, pass 3/10)
Greg K. - 160 BWV (Mar) $80 all '04 banked into '05
jnrrt - 175 BWV (Jun) $78 51 '04 and all '05 (sub 2/23, pass 3/10)
DizWacko - 120 BCV (Dec) $84 75 '04, all '05 (sub 2/26, pass3/10)
JimMIA - 310 OKW (Oct) $73, 149 '04, all '05, (sub 2/25, pass 3/10)
Amyup - 100 SSR (Dec) $80 all '04 and '05 (sub 2/22, pass 3/14)
RWinNola - 150 BWV (Mar) $78 all '05 (sub 2/28, pass 3/14)
rtobe - 150 BWV $78 (sub 2/22, pass 3/14)
Beca - 220 BCV (Aug) $83 no points 'til '06 (sub 2/17, pass 3/18)
Magicalfun - 100 BCV (Aug) $83.50 no points 'til '06 (sub 2/17, pass 3/18)
roadtripper - 100 OKW (Jun) $76 20 '04, all '05 (sub 3/2, pass 3/21)
bluedoggy - 100 OKW (Mar) $75 all '05 '06 (sub 3/15, pass 3/30)
magicalmcwho - 150 BCV (Aug) $88 40 banked 04 and all 05 points (sub 3/9, pass 3/30)
lsl - 100 SSR (Aug), $80 all '05 (sub 3/14, pass 3/30)
wdwhereicome - 30 OKW (Feb) $80 15 '05 points (sub 3/9, pass 3/31)
Beca (seller) - 210 BWV (Sept) $69 60 '05 (sub 3/1, pass 4/1)
champagne27 - 200 BWV $78, 188 37 '04, all '05 (sub 3/11, pass 4/4)
KANSAS - 200 BWV(Aug) $78 all '04 & '05 (sub appx 3/12, pass 4/4)
AnnMorin (seller) - 190 VB (Dec) $58.42 13 '04, all '05 (sub 3/21, pass 4/4)
Oz-Ma - 100 BCV (Oct) $85 04 and 05 points (sub 3/11, pass 4/4)
justjudy - 230 OKW (Jun) $79 209 banked '04, all '05 (don't know dates)
Northern Lights - 160 BCV (aug), $85, 42 banked '04, all '05 (sub 3/10, pass 4/8)
Beca - 100 BCV (Aug) $83.50, 2 '05 points, (sub 3/25, pass 4/8)
dizhoni - 100 OKW (Jun) $74 all 05 (sub 3/21,pass 4/7)
soxfans45 - 200 BWV (Jun) $80 67 '04, all '05 (sub 3/21, pass 4/11)
Scratch42 - 200 BCV (Dec) $82....THANK GOODNESS!!!!!!
supernurse99 - 190 OKW (Aug) $73 3 '04 banked, all '05 (sub 4/2,pass 4/19)
winniedapooh - 52 OKW (Aug) $76 (52 for both 2003/04 banked=104 use by 8/1/05) (sub 4/1) pass 4/22
NJOYURLIFE - 50 OKW (Oct) $75 38 '03 (banked) (sub 4/6), pass 4/22
DVCforMe - 150 VWL (Dec) $78 31 '03 (banked) all '04 (sub 4/1) pass 4/22
keishashadow - 58 VWL (Oct) $82 all '04 (banked) all '05 (sub 4/4 pass 4/22)
RayJay - 100 BWV (Jun) $78 47 banked, all 05 (sub 04/01 pass 4/22)
aussiemickeys - 150 SSR (Feb) $83 all '05 (sub 3/16, pass 4/22)
disneymiss - 100 VWL (Dec) $79, all '04 (banked), all '05 (sub 4/4, pass 4/22)
mommary - 300 VWL (Dec) $80 289 '04 (banked), all '05 (pass 4/22)
wbcincy - 155 BWV(Feb) $79 all '05 points (sub appx 3/30, pass 2/25)



ROFR'D:
Diszip - 150 VWL (Aug) $75 all '05 + 8 '04 (ROFR'd on 1/20)
Kimber - 50 BCV $73 3 points coming in '05
Donald..really - 200 VWL $75
Mcorbo - 150 VWL $75 103 coming 04/05 (sub.1/07, ROFR 1/26)
disneydawn6 - 170 BCV $78 111 points June 2005 (on 1/26)
Scotch- 2) 150 OKW(Mar) $65 15pts. remaining in '05 (sub. 1/10, rofr 1/26)
(source KANSAS) - 150 BCV(Aug) $77 no points til '06, BUYER pay all closings cost, escow serivce, title insurance,etc+ $200 Disney Transfer fee, OC/$20/ROFR FEE
Greenban - 270 VWL (Aug) $76 all '03, '04 & '05 intact
kepps73 - BWV $77 ROFR'd 1/31(sorry, don't know anymore than that right now)
kelakash - 250 VWL $74 '04 &'05 (sub. appx. 1/03, ROFR'd on 1/31)
disgirl - 50 BCV $78 (Apr) no points 'til '06 (sub1/24, ROFR'd 2/10)
Scott H - 150 HH $69 no points till '06 (sub. appx. 1/19, ROFR'd 2/18)
soxfans45 - 180 BWV $78 (Apr) 163 '05 (sub, 2/28, ROFR'd 3/21)
colmenares - 100 BWV (Jun) $80 all '05 (sub 3/14, ROFR'd 4/6)
Lauralea - 150 VWL (Dec) $70 5 '04, 13 '05 pts (sub 3/14, ROFR'd 4/13)
Lauralea - 150 BWV, (June) $70 '04, 05, ( sub 3/24, ROFR'd 4/18)
Mgrebenc - 230 OKW, (Sept) $70 all '05 (ROFR'd 4/18)
JoeEpcotRocks - 150 BWV(Feb) $76 no points 'til '06 (sub 3/30 ROFR'd 4/22)

WAITING:

depilot - 240 BCV(Feb) $79.17
SpoonfulofSugar - 150 BCV (Feb) $77 (submitted 4/8)
DVCconvert - 100 BWV (Sep) $72 36 borrowed (exp 8/31), no '05
awatt - 150 BWV (Apr) $78 no closing costs submitted 4/12 (sub 4/12)
timmykayla - 210 BWV (Apr) $77 no points 'till '06 (sub 4/15)
Mgrebenc - 150 HH (Oct) $72 no banked all '05 (sub 4/21)
MaryAnnBaum - 400 SSR (Dec) $84 (all '03) all '04 banked to '05 (sub 4/14)
tigger002 - 150 BCV (Oct) $85 120 '04 (banked), all '05. Buyer pays MN on banked and current points, and $200 transfer fee. Seller pays closing costs.
JeanJoe - 150 BWV (Jun) $78 all '05 Seller pays closing (sub 4/21)

 

[Oz-Ma]

A bunch of us newbies passed ROFR last Thursday. Originally, I was told by the closing company that the DVC had 5 business days to sign off/prepare the estoppel papers and that we should close on 4/29. Today when I called to check on the progress, I was told to call back on 5/3 or 5/6 for an update. As a licensed Real Estate Salesperson in PA I'm used to dealing with written, binding closing dates.

Does anyone remember how long it took them to close after passing ROFR (using expedited service)? Yes, we're chomping at the bit to make that 1st reservation. Thanks.

We passed ROFR on 4/4. We did use expedited service as well. Thanks to a quick turn around by Timeshare Closing Services and cooperation by the seller in getting the paperwork in, my paperwork was sent to Disney on 4/20 (7 days before the estimated closing date!!!)

As of yesterday I was not "completely" in the system, but it is anticipated that by the end of the day I will be. Honestly, I think that the fact that my waitlist for Wilderness Lodge points came up yesterday may help me get to being able to make a reservation a bit quicker, since I needed to own (100 BCV resale points), prior to having my add on for 50 points put through. Special thanks to the Timeshare Store and my guide Judy Kaufman for making this happen!!!

I was particularly anxious to make a reservation since we have airline tickets for the week after Thanksgiving, which is a known busy time at the DVC.

Hope this helps!

 

[JimMIA]

"Getting in the system" is apparently a two-step process. First, your name goes in as an owner, but without any points. Then, the points are added to the account. In my case and a couple of others that I know of, the points went in on the next business day.

Also, check your points carefully to be sure they are right. In my case, the contract came with '04 points which were supposed to be available and bankable. When the points finally got into the account, they had already been banked. All of the paperwork prior to the closing indicated that they had not been banked. That was no issue for us, because that's what we were going to do anyway, but double-check everything.

If there is some problem, get in touch with the resale broker or closing agent ASAP and get them to fix it.

 

[Oz-Ma]

Thanks, JimMIA!!!

Good advice for me, as well as anyone else going through this process!!! That is the best thing about this board- fellow DVCers are the best!

 

[jnrrt]

Just FYI, and not telling people to try this, but it's what happened for us.

I did not know that getting into the system was in 2 steps. When I called to make my reservation, I was pleasantly surprised to find that I was already in the system as it was earlier than I expected. I did not verify my points first, but just asked about availability. They had what I wanted, but when I went to reserve it she saw I had no points listed. Since it was a GV at OKW, and would not necessarily be there the next day, somehow she "held" it for me. I did not ask her to do that, but it was really nice. I was also relieved to see that others had gotten their names in before their points showed up since I thought they had lost mine somehow. I think the MS person thought this too - I'm not sure she'd seen that before which may explain why she was so helpful. So I don't know if they'd do that normally, but when I called back 2 days later (that's what she said to do, "Call back in 2 days, and I'll make sure we find your points"), they had my points and found the GV she had held for me.

Again, I'm not sure if this was because she hadn't seen that before. Maybe if they know that happens they'd just tell you to call back.

 

[calypso*a*go-go]

Wow!! What a lively discussion!! Calypso...thanks for "chiming in" on this one. I have referenced many times how you did a successfull "re-submit", but I always feel a little guilty for doing so...like you are over there thinking, "Shut up, Beca" . Anyway...thanks for telling your story.

No problem. I have realized after-the-fact that we were very lucky with our circumstances. I have often wondered if the reason we were allowed to resubmit has anything to do with the fact that we live in a state that DVC is not licensed in. It could be that they cut us a little slack knowing we could not buy directly from them unless we came to Florida. I guess I'll never know for sure...just glad it all worked out!!!

 

[depilot]

Sorry I took so long waiting on ROFR. I passed about 2 weeks ago, but I was waiting on my closing documents to see if I had to pay the transfer fee.(I wanted to make sure 79.17 BCV was an accurate number-comparing apples to apples). Best of luck to everyone else and thanks again for keeping this up BECA.

By the way still waiting on the documents -but saw I was 1 on the waiting list

 

[keishashadow]

As I indicated before, a FL/DVC timeshare closing is evidently way different from the many I coordinated in PA.

At the risk of being VERY dense, will anyone please clarify what constitutes the actual closing? I'm operating under the assumption that once estoppel is completed, we & the Sellers return our duly executed closing docs (along with our cert. check),the deed will then go to the courthouse for recording?

At that point, DVC is notified and we're in the system in 10 days?

Will we actually receive a recorded deed (no liens, cash purchase)?

Worrier that I am, has anyone had their Seller back out at this point before closing? I'm wondering if FL will hold them to performance of the contract (after the 10 day recission period)?

Sorry if these questions have all been answered before. I'm used to dealing with closing dates "set in stone", at least a month ahead of time. This is a different animal.

 

[SpoonfulofSugar]

Now I am at the top of the waiting list. Please let me be next !!! Please, Please, Please !!!!!! I hate waiting , whoever said patience is a virtue should have their head examined.

Congrats depilot !!!!!!

 

[JimMIA]

As I indicated before, a FL/DVC timeshare closing is evidently way different from the many I coordinated in PA.

At the risk of being VERY dense, will anyone please clarify what constitutes the actual closing? I'm operating under the assumption that once estoppel is completed, we & the Sellers return our duly executed closing docs (along with our cert. check),the deed will then go to the courthouse for recording?

Right, that - plus the disbursement of the proceeds - is closing.

At that point, DVC is notified and we're in the system in 10 days?

Right, 10 days...give or take a day or two.

Will we actually receive a recorded deed (no liens, cash purchase)?

Yes, you will receive a certified copy of the recorded deed.

Worrier that I am, has anyone had their Seller back out at this point before closing? I'm wondering if FL will hold them to performance of the contract (after the 10 day recission period)?

That's actually a legitimate worry, although it doesn't happen often. There was recently a case where one buyer backed out on both LauraLea and JoeEpcotRocks during the closing process. They went all the way through ROFR and then had the buyer back out using excuses that were trivial...to be very kind. Those sellers happened to be in the UK, but even if they had been here, I don't think there would have been any realistic recourse. Sure you could sue for specific performance, but realistically, are you gonna do that for a $15-20,000 contract? Probably not a very cost-effective solution.

However, those situations are very rare. I'm sure you'll be fine.