ROFR Thread Oct to Dec 2020 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[I Run Long]

Good luck with that. It does appear to be within the range to take back

We've most definitely got our fingers crossed for this to pass.

 

[Paul Stupin]

Because they setup a contract that states the closing date, so they should honor the contract that they, themselves put in writing.

I think this discussion is all hypothetical and not in touch with the current reality. That said, does anyone know of, or has ever heard of, a single instance in recent or past history where a title company has closed on a DVC resale contract after the clock ran out on ROFR, with no one having heard from Disney?

 

[jbreen2010]

I think this discussion is all hypothetical and not in touch with the current reality. That said, does anyone know of, or has ever heard of, a single instance in recent or past history where a title company has closed on a DVC resale contract after the clock ran out on ROFR, with no one having heard from Disney?

I just called and spoke to title company.
You're 100% right that this discussion is not in touch with reality (although one would think there is a bit of a legal argument here).
The title company told me they will not be closing any contracts until they've gotten the ROFR/estoppel from DVC.

So we all just sit here at the mercy of whatever will happen on whatever day they decide to push it through...day 30, 45, 70, 86....
I'm sure my day will come....I'll just keep hanging tight.

That's the end of my rant....will share with everyone when something happens!

 

[JETSDAD]

Hey, I thought these posts were supposed to transfer to here: dvcstats.com
But it's been two days and I don't see it posted. How long does it usually take to post?

I'm guessing they only pull from the summary page instead of watching the posts.

 

[ABE4DISNEY]

Sending Pixie Dust to all these amazing deals being sent to ROFR and hoping that those waiting will hear HOME soon!!!

 

[Paul Stupin]

I just called and spoke to title company.
You're 100% right that this discussion is not in touch with reality (although one would think there is a bit of a legal argument here).
The title company told me they will not be closing any contracts until they've gotten the ROFR/estoppel from DVC.

So we all just sit here at the mercy of whatever will happen on whatever day they decide to push it through...day 30, 45, 70, 86....
I'm sure my day will come....I'll just keep hanging tight.

That's the end of my rant....will share with everyone when something happens!

I think that’s actually the best attitude. Buying through the resale market offers incredible savings, but the downside is that the process can be drawn out and sometimes quite frustrating, especially right now. That’s just the nature of the beast. There’s always the direct purchase option for folks who can’t deal with it.

 

[Ruttangel]

I just called and spoke to title company.
You're 100% right that this discussion is not in touch with reality (although one would think there is a bit of a legal argument here).
The title company told me they will not be closing any contracts until they've gotten the ROFR/estoppel from DVC.

So we all just sit here at the mercy of whatever will happen on whatever day they decide to push it through...day 30, 45, 70, 86....
I'm sure my day will come....I'll just keep hanging tight.

That's the end of my rant....will share with everyone when something happens!

The contract wording is this, sent 8/9
”This contract shall be closed on or before 11/17/2020 unless extended by the title company for administrative reasons.”

sounds like Title co. will just extend and extend with no option for buyer to force an earlier closure

 

[Matty B13]

I think this discussion is all hypothetical and not in touch with the current reality. That said, does anyone know of, or has ever heard of, a single instance in recent or past history where a title company has closed on a DVC resale contract after the clock ran out on ROFR, with no one having heard from Disney?

The reality is that almost every other business in the US has figured out how to make things work during this current crisis. The simple answer is that DVC purposely is dragging this out, it should take no more than 5 minutes to figure out if they want to ROFR a resale contract using a simple spread sheet and list of points that people want to buy direct now, since they can change UY's on existing contracts.

 

[Sandisw]

I just called and spoke to title company.
You're 100% right that this discussion is not in touch with reality (although one would think there is a bit of a legal argument here).
The title company told me they will not be closing any contracts until they've gotten the ROFR/estoppel from DVC.

So we all just sit here at the mercy of whatever will happen on whatever day they decide to push it through...day 30, 45, 70, 86....
I'm sure my day will come....I'll just keep hanging tight.

That's the end of my rant....will share with everyone when something happens!

I am sorry to hear that. Gotta say if I was the seller, I would be livid with the title company if a buyer walked away because they didn’t close it on time when they could have done so.

Hope it comes today, documents are ready, and you do close by Mobday.

 

[Stargazer65]

The contract wording is this, sent 8/9
”This contract shall be closed on or before 11/17/2020 unless extended by the title company for administrative reasons.”
sounds like Title co. will just extend and extend with no option for buyer to force an earlier closure

How long can they extend the same contract though? Dues, expiring points, need to be taken into account...new contract, start all over? Ouch, lol.

 

[Sandisw]

How long can they extend the same contract though? Dues, expiring points, need to be taken into account...new contract, start all over? Ouch, lol.

And, is the failure by Disney to act really something that falls under administrative reasons?

As mentioned, they are in the drivers seat, but I have read of cases where buyers have backed out and gotten deposit back because it did not close on time

 

[Grumpy Mouse]

I just called and spoke to title company.
You're 100% right that this discussion is not in touch with reality (although one would think there is a bit of a legal argument here).
The title company told me they will not be closing any contracts until they've gotten the ROFR/estoppel from DVC.

So we all just sit here at the mercy of whatever will happen on whatever day they decide to push it through...day 30, 45, 70, 86....
I'm sure my day will come....I'll just keep hanging tight.

That's the end of my rant....will share with everyone when something happens!

I have to believe that someone at your brokerage company is on friendly terms with DVC administration and can call and ask respectfully what is going on. That's not 'poking the bear' - and for that matter the idea that 'poking the bear' (particularly at day 70+) would work against you is patent nonsense. I suspect that either your broker doesn't have the clout to make such a call - or more likely - your brokerage company screwed something up and is unwilling to admit it.

But, if all is on the level, and they want your continued business, they should be able to (respectfully) find out.

Is it allowed to post what brokerage company you're working with so the rest of us may know?

 

[Ruttangel]

How long can they extend the same contract though? Dues, expiring points, need to be taken into account...new contract, start all over? Ouch, lol.

I’m not in any rush but just trying to pass on some information.
sounds like they are estimating a max of 70 days from start of ROFR to closing.

 

[Lorana]

Lorana---$104-$5945-50-SSR-Sep-0/19, 50/20, 50/21, 50/22-seller pays MF '20- sent 9/14, passed 10/21

I have such mixed feelings on this now, LOL. On one hand, yay!! This is a great small contract, and gives me some more SAP! But as I found my unicorn VGC at the end of September and bid on it, my bank account really wanted this to get taken. I know in the long term it probably won't matter, but I'm spending a little more now than I'm comfortable with given the uncertainty of the next 1-2 years.

 

[Ruttangel]

Lorana---$104-$5945-50-SSR-Sep-0/19, 50/20, 50/21, 50/22-seller pays MF '20- sent 9/14, passed 10/21

I have such mixed feelings on this now, LOL. On one hand, yay!! This is a great small contract, and gives me some more SAP! But as I found my unicorn VGC at the end of September and bid on it, my bank account really wanted this to get taken. I know in the long term it probably won't matter, but I'm spending a little more now than I'm comfortable with given the uncertainty of the next 1-2 years.

I think that price would increase in that time frame if you need to sell, congratulations

 

[ahward]

Lorana---$104-$5945-50-SSR-Sep-0/19, 50/20, 50/21, 50/22-seller pays MF '20- sent 9/14, passed 10/21

I have such mixed feelings on this now, LOL. On one hand, yay!! This is a great small contract, and gives me some more SAP! But as I found my unicorn VGC at the end of September and bid on it, my bank account really wanted this to get taken. I know in the long term it probably won't matter, but I'm spending a little more now than I'm comfortable with given the uncertainty of the next 1-2 years.

This give me hope of hearing soon! Mine was sent 09/13!!

 

[Lorana]

I think that price would increase in that time frame if you need to sell, congratulations

Thanks! That is my hopeful thought as well, though of course I'm more hopeful that I won't need to sell.

 

[Lorana]

This give me hope of hearing soon! Mine was sent 09/13!!

Fingers crossed for you!! I hope you hear soon! My email just literally came in, so maybe you'll still hear today.

 

[ahward]

Fingers crossed for you!! I hope you hear soon! My email just literally came in, so maybe you'll still hear today.

Thank you! And sorry forgot to say Congratulations!

 

[Paul Stupin]

The reality is that almost every other business in the US has figured out how to make things work during this current crisis. The simple answer is that DVC purposely is dragging this out, it should take no more than 5 minutes to figure out if they want to ROFR a resale contract using a simple spread sheet and list of points that people want to buy direct now, since they can change UY's on existing contracts.

The reality is that we're all getting a great deal buying resale, and we all have the option to buy direct if we don't like the inconvenience. Said inconvenience is not going away anytime soon, so it seems to me that indignance is misplaced. Why rail on when nothing is going to change?? Considering that the ease of buying direct is one of the few advantages Disney can offer right now in a direct sale, it doesn't seem to me that they have any motivation to make the process smoother. Or quicker.

That said, I bought some contracts last April, and ROFR took less than two weeks, so I don't think the delay is premeditated. And there are plenty of businesses out there suffering as a result of the ongoing crisis.