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

[Jaydee51]

Wow! They snatched that up fast.

to me, this confirms that Disney does in fact screen contracts and pick up what they want and leave the rest for later.

 

[Jaydee51]

cheygirl---$88-$13725-150-SSR-Feb-0/19, 94/20, 150/21, 150/22- sent 10/16, taken 10/26

i have more respect for Disney when they take quickly instead of dragging out. Good luck on next one!

 

[Paul Stupin]

Seems like the thing to do for buyers going forward is just to insist on a 60 day closing for new contracts. That really should be plenty of time for Disney. Legally you have to give them 30 days, but anything beyond that is just mollycoddling a multi-billion dollar corporation at the expense of the little guys. Delayed closings are annoying for buyers, but you have to assume that they are a real financial burden on at least some sellers.

Frankly, I’m not sure insisting will work.

 

[Paul Stupin]

Yeah, they were all at a price point that was potentially at risk, any particular reason I should pay more?

Well, the reason is to avoid the risk, of course!

 

[EM Lawrence]

Frankly, I’m not sure insisting will work.

I’m not putting in any offers on contracts right now, but if I was, this is exactly what I would do. Maybe someone else out there who is currently buying can give it a try and let us know how it goes. I’m sure a lot depends on the broker and closing agency you choose to work with. It never hurts to be willing to walk away from a deal as well.

 

[Brianstl]

Well, the reason is to avoid the risk, of course!

Well considering the broker and title company are legally working in the interest of the buyer, they should follow the direction of the buyer.

 

[JETSDAD]

Well considering the broker and title company are legally working in the interest of the buyer, they should follow the direction of the buyer.

In Florida do they not act as transactional brokers meaning there is no actual representation?

 

[Brianstl]

In Florida do they not act as transactional brokers meaning there is no actual representation?

In most situations they don’t have a fiduciary duty, but even a transactional broker has responsibilities to both the buyer and seller including to act in a timely manner for both.

 

[Cfrone]

I’m not putting in any offers on contracts right now, but if I was, this is exactly what I would do. Maybe someone else out there who is currently buying can give it a try and let us know how it goes. I’m sure a lot depends on the broker and closing agency you choose to work with. It never hurts to be willing to walk away from a deal as well.

We recently submitted a contract for ROFR and before signing, we asked the broker and title company about changing the closing date. We were told basically, even with a closing date sooner, they couldn't close the transaction without Disney's ROFR response and estoppel. They said they want to close as quickly as possible but unfortunately they're at the mercy of DVD and the layoffs are leading to the process taking longer than normal.

We decided to roll the dice and wait because it is the ideal add-on contract for us and a good deal but sounds like there isnt much that can be done to speed up the process.

 

[Paul Stupin]

Well considering the broker and title company are legally working in the interest of the buyer, they should follow the direction of the buyer.

Yes. But if the buyer has had four contracts taken in ROFR recently, and wants to close in a somewhat timely manner, and actually get the points, is it out of line for the broker to suggest increasing the purchase price a bit?

 

[Bebe45101]

Seems like the thing to do for buyers going forward is just to insist on a 60 day closing for new contracts. That really should be plenty of time for Disney. Legally you have to give them 30 days, but anything beyond that is just mollycoddling a multi-billion dollar corporation at the expense of the little guys. Delayed closings are annoying for buyers, but you have to assume that they are a real financial burden on at least some sellers.

I couldn’t agree more. This week we have actual evidence that, if you don’t hear back from ROFR by closing date, and call them out on the fact that they’ve therefore legally given up their chance to ROFR that contract, Disney will immediately pass and potentially issue estoppel that same day.

In general, I think brokers are too timid with Disney on this. Giving them 60 days is more than generous. If you can close on a house in 60 days, Disney should be able to run a few calculations to determine if they want to buy back a simple timeshare contract.

And if the broker doesn’t want to do 60 days, maybe consider taking your business elsewhere.

 

[Bebe45101]

Yes. But if the buyer has had four contracts taken in ROFR recently, and wants to close in a somewhat timely manner, and actually get the points, is it out of line for the broker to suggest increasing the purchase price a bit?

Of course they can. But if the buyer is willing to take the risk for a good deal, why not aim low? At some point, a contract will get through ROFR.

And from the brokers point of view, having a buyer lose a few contracts to ROFR just means you get more commission, quicker, as your now offloading multiple contracts due to a single buyer (DVC buying several, plus the one that your buyer ultimately gets through ROFR)

 

[Paul Stupin]

I couldn’t agree more. This week we have actual evidence that, if you don’t hear back from ROFR by closing date, and call them out on the fact that they’ve therefore legally given up their chance to ROFR that contract, Disney will immediately pass and potentially issue estoppel that same day.

In general, I think brokers are too timid with Disney on this. Giving them 60 days is more than generous. If you can close on a house in 60 days, Disney should be able to run a few calculations to determine if they want to buy back a simple timeshare contract.

And if the broker doesn’t want to do 60 days, maybe consider taking your business elsewhere.

Maybe brokers are too timid with Disney, but if my entire livelihood depended on the Disney corporation, I’m not sure I’d be too eager to get particularly aggressive over any specific contract. Re taking one’s business elsewhere, of course that’s an option, but I don’t think any of us would walk away from the perfect contract, with just the right price, UY, and points, just because we’re not wild about the broker.

 

[MICKIMINI]

I just spotted the email I passed 10/27 on one of the two OKW contracts bought, one 9/11 and one 9/14 due to the "system" the broker has in place. Both are to be closed as one. 25 point Oct OKW for $100. I will finally put them on the ROFR thread when I get closing costs...

 

[jbreen2010]

Seems like the thing to do for buyers going forward is just to insist on a 60 day closing for new contracts. That really should be plenty of time for Disney. Legally you have to give them 30 days, but anything beyond that is just mollycoddling a multi-billion dollar corporation at the expense of the little guys. Delayed closings are annoying for buyers, but you have to assume that they are a real financial burden on at least some sellers.

As the buyer you do technically have a say if you wanted something tweaked in the contract otherwise you can walk away.

Our contract took 75 days to“Pass” ROFR but in thinking about it, other people are reporting being taken in under 20 days. In my opinion, Disney probably has a “ehh it’s a reasonable price and if we want it we will take it” pile of contracts.

I get title and brokers wanting to push ROFR out further than 60 days, but take the above for what it’s worth. 30 days is a “rule of thumb” as my broker said. But realistically again I think Disney will sit on these if they don’t currently need it and it’s not an immediate taking. Seems like there is no ordering in their review/passing it’s just what they need. I guess it all comes down to your tolerance for waiting and a sellers tolerance for waiting for their cash.

 

[LucieR]

I just spotted the email I passed 10/27 on one of the two OKW contracts bought, one 9/11 and one 9/14 due to the "system" the broker has in place. Both are to be closed as one. 25 point Oct OKW for $100. I will finally put them on the ROFR thread when I get closing costs...

Congratulations! Lovely to see things are moving xxx

 

[ahward]

Ahward---$160-$8828-50-VGF-Mar-0/19, 0/20, 100/21, 50/22- sent 9/13, Passed 10/28

 

[ahward]

Ahward---$160-$8828-50-VGF-Mar-0/19, 0/20, 100/21, 50/22- sent 9/13, Passed 10/28

Finally we passed !!! Good luck to everyone!

 

[poofyo101]

Finally we passed !!! Good luck to everyone!

congrats.

 

[poofyo101]

I’m not putting in any offers on contracts right now, but if I was, this is exactly what I would do. Maybe someone else out there who is currently buying can give it a try and let us know how it goes. I’m sure a lot depends on the broker and closing agency you choose to work with. It never hurts to be willing to walk away from a deal as well.

I tried pushing it along. Was denied.