Disney currently waiving ROFR...

[Arguetafamily]

Just put in an offer for a third contract with a company we have not worked with before. The agent we are dealing with informed me Disney is currently waiving ROFR. Anyone being given this same info? Am I behind on the current news? Is this new?

 

[macman123]

Its currently been 2 months since Disney took any contracts back.

Please see:

https://www.dvcresalemarket.com/blog/dvc-right-of-first-refusal-report-rofr-may-20-report/

 

[Arguetafamily]

Its currently been 2 months since Disney took any contracts back.

Please see:

https://www.dvcresalemarket.com/blog/dvc-right-of-first-refusal-report-rofr-may-20-report/

Thank you for the info.

She didn't say they weren't buying back contracts, she stated they waived all buy backs, that is a statement of fact rather than observation.

 

[tamu91]

I wouldn't be surprised. Disney will need all the cash on hand for operations and buying back DVC contracts might be their highest priority at the moment. It may not be a bad time to strike up a bargain for those that have been on the fence to buy into DVC. I'd suspect the resale values will start to climb once the COVID treatment is in place.

 

[macman123]

The process is taking longer than usual. Mine was waived at 34 days.......

 

[MinnieSueB]

35 days here - snail paced

 

[Arguetafamily]

27 days for our second contract...the waiting game

 

[FinallyFL]

Even if they've reduced staff, one would think a few people could process lots of contracts when the general policy is not to buy anything back. I don't see why people are having to wait over 30 days for ROFR.

 

[poofyo101]

Even if they've reduced staff, one would think a few people could process lots of contracts when the general policy is not to buy anything back. I don't see why people are having to wait over 30 days for ROFR.

Originally they were being done in less then 2 weeks.

 

[BritneyBelle]

Originally they were being done in less then 2 weeks.

Yes, but Disney doesn’t have a huge incentive to process ROFR quickly at the moment, and keeping enough staff to do it in two weeks is twice as expensive as keeping the staff to do it in a month.

 

[Sandisw]

I am at around 34 days.

 

[MonkeyKnifeFight]

It looks like April and May had no buybacks. But like others have been saying its taking a lot longer. I wonder if buybacks will pickup more than usual in July or whenever the DVC sales office re-opens. There still seems to be a lot of people asking about buying direct on the facebook groups. If there were people wanting to buy sold out resorts direct I would expect them to ROFR and re-sell them.

That started to make me think. I've heard experiences where people get put on a "wait list" and the sales person comes back almost immediately and has the contract ready to sell. I wonder if they just peruse a database of pending contracts in ROFR and if one matches what the customer wants and its cheap enough it gets ROFRed. Maybe that's why there are some inconsistencies in what gets bought back traditionally.

 

[Sandisw]

It looks like April and May had no buybacks. But like others have been saying its taking a lot longer. I wonder if buybacks will pickup more than usual in July or whenever the DVC sales office re-opens. There still seems to be a lot of people asking about buying direct on the facebook groups. If there were people wanting to buy sold out resorts direct I would expect them to ROFR and re-sell them.

That started to make me think. I've heard experiences where people get put on a "wait list" and the sales person comes back almost immediately and has the contract ready to sell. I wonder if they just peruse a database of pending contracts in ROFR and if one matches what the customer wants and its cheap enough it gets ROFRed. Maybe that's why there are some inconsistencies in what gets bought back traditionally.

ROFR is truly a mystery and no one knows. This is the longest timeframe I have seen in general over the 11 years I have owned DVC.

While there certainly have been a few that went pass 30 days, never like now.

 

[Zurezo]

ROFR is truly a mystery and no one knows. This is the longest timeframe I have seen in general over the 11 years I have owned DVC.

While there certainly have been a few that went pass 30 days, never like know.

Very ture... seems to be a mix or timing and luck. I have had 2 VGC contracts get bought by Disney at $195 and $200 and then last month got a 200 point contract to pass ROFR for $165/pt.

 

[Goddard Family Adventures]

I'm new to to the boards. Our offer was accepted on 5/18. So we are also waiting along with everyone else. I don't understand if they are waiving everything you would thing that would be a fairly easy process? Doesn't matter to us. I would just like to rent or use our points as we purchased a front loaded contract with double points on it.

 

[Arguetafamily]

I'm new to to the boards. Our offer was accepted on 5/18. So we are also waiting along with everyone else. I don't understand if they are waiving everything you would thing that would be a fairly easy process? Doesn't matter to us. I would just like to rent or use our points as we purchased a front loaded contract with double points on it.

We are currently on day 28 of waiting for one contract to pass ROFR, was never told by that company or broker about Disney waiving ROFR, once that passes we have to close escrow, then wait for the contract along with points to show up on DVC dashboard.

Our third contract however, accepted yesterday, we were told by the agent, Disney is waiving all ROFR. I took that to mean we bypass that part of the process. Escrow still has to close and we would still have to wait for it to show up on the DVC dashboard.

If there is another part of the process I'm not aware of, would love to have other info.

 

[Toonses]

Even if they've reduced staff, one would think a few people could process lots of contracts when the general policy is not to buy anything back. I don't see why people are having to wait over 30 days for ROFR.

Why would they speed up when:
1. It takes more staff which means more $$$
2. They are getting ready to open and looonnnggg wait times on resale make direct more attractive
3. They will have a nice pool of ROFR to pick from if anyone wants to buy an older resort contract direct

 

[nicstress]

I've been waiting since April 21st. The excitement is almost gone

 

[poofyo101]

Why would they speed up when:
1. It takes more staff which means more $$$
2. They are getting ready to open and looonnnggg wait times on resale make direct more attractive
3. They will have a nice pool of ROFR to pick from if anyone wants to buy an older resort contract direct

They really are extending the ROFR process on purpose. Even if you were short staff right now, ROFR is the easiest part of the process. Just waive them all through essentially.

 

[mamaofsix]

They really are extending the ROFR process on purpose. Even if you were short staff right now, ROFR is the easiest part of the process. Just waive them all through essentially.

I'm not sure it's on purpose so much as working with a skeleton staff. I would imagine they've laid almost everyone off in the DVC department, and likely have a couple people come in twice a month to sort through the pile of ROFR's. They still need to read the contracts before passing them - there are reports of Disney sending contracts back to brokers in the past month or so due to typos, etc.

That being said, with being so cash strapped, my guess is that ROFR is not going to be back and running again in July when parks open. I'd guess it's going to be longer than that.