ROFR over 30 days after addendum

poofyo101

Mouseketeer
Joined
Aug 13, 2019
I currently have had a contract at ROFR since 10/28. There was an addendum to the contract to the the wrong use year on Nov 5th which was submitted the same day. Now over 30 days past the addendum date. Not sure if this has happened before. Broker has not really been very communicative. Spoke to the title company and they said to continue waiting. Do I have any other options other than just to wait. I feel like something is wrong now as I had 3 other contracts go through in about 2 weeks last month and seems to be the norm.
 

crvetter

DIS Veteran
Joined
Nov 26, 2018
So technically the rules is DVC has to be given a minimum of 30 days to decide. However, it also states that DVC only needs to waive their ROFR by the proposed settlement date. So back at the beginning of the year DVC was super far behind and was taking like 40-60 days on some contracts. I know a few members tested the rule by setting their settlement dates at 30 days to force DVC's hand in deciding quicker (if they don't do anything the waiver is ultimately handed out). I would say being just over 30 days now since the addendum I wouldn't worry too much just yet.
 

poofyo101

Mouseketeer
Joined
Aug 13, 2019
So technically the rules is DVC has to be given a minimum of 30 days to decide. However, it also states that DVC only needs to waive their ROFR by the proposed settlement date. So back at the beginning of the year DVC was super far behind and was taking like 40-60 days on some contracts. I know a few members tested the rule by setting their settlement dates at 30 days to force DVC's hand in deciding quicker (if they don't do anything the waiver is ultimately handed out). I would say being just over 30 days now since the addendum I wouldn't worry too much just yet.
Only reason I worry is because everyone on the ROFR thread is getting it back faster. Seems like something is wrong.
 

crvetter

DIS Veteran
Joined
Nov 26, 2018
Your broker can ask (they are the only ones allowed) DVC what the status is. It is possible it was misplaced or they are on the fence about your contract and if your settlement date is still further out they might take the time.
 

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