ROFR questions:

[JessLCH]

First, is it 30 calendar days or 30 business days that Disney has to respond?

Second, does use year have an impact on whether or not Disney will exercise ROFR?

 

[NoleFan]

First, is it 30 calendar days or 30 business days that Disney has to respond?

Second, does use year have an impact on whether or not Disney will exercise ROFR?

UY does effect ROFR. It is 30 calendar days

 

[JessLCH]

UY does effect ROFR. It is 30 calendar days

Thanks, can you explain how the UY impacts ROFR?

 

[lovin'fl]

http://dvcnews.com/index.php/dvc-program/owning-dvc/1557-distribution-of-dvc-points-by-use-year

Check out the distribution of points by Use Year...some UY have more points.

 

[JessLCH]

http://dvcnews.com/index.php/dvc-program/owning-dvc/1557-distribution-of-dvc-points-by-use-year

Check out the distribution of points by Use Year...some UY have more points.

So does that mean Disney is more likely to buy back them points in the UYs that make up the smaller %ages in each resort's chart?

 

[disneynutz]

So does that mean Disney is more likely to buy back them points in the UYs that make up the smaller %ages in each resort's chart?

First, stop counting days, you will drive yourself nuts over nothing.

If Disney needs a certain resort or UY and they can buy at the price necessary to meet their internal guidelines, they will exercise ROFR. Only Disney knows what what those numbers are.

Bill

 

[NoleFan]

Thanks, can you explain how the UY impacts ROFR?

one scenario, if there is a wait list for a specific UY at a specific resort, Disney may buy those back to fill the wait list. other reasons, not sure.

 

[kkolbusz1]

UY does effect ROFR. It is 30 calendar days

OUrs was 32 days

 

[JessLCH]

First, stop counting days, you will drive yourself nuts over nothing.

If Disney needs a certain resort or UY and they can buy at the price necessary to meet their internal guidelines, they will exercise ROFR. Only Disney knows what what those numbers are.

Bill

I am neither counting days nor driving myself nuts over anything. I have not even signed contract yet. I was simply curious about what 30 days meant.

 

[Dean]

First, is it 30 calendar days or 30 business days that Disney has to respond?

Second, does use year have an impact on whether or not Disney will exercise ROFR?

Technically there is not restriction on how many days they have to respond, only that you can't set closing earlier than 30 days from when you notify them. In practice it's basically 30 calendar days for them to notify the seller but it may take longer to get to the broker or buyer.

 

[fmer55]

Technically there is not restriction on how many days they have to respond, only that you can't set closing earlier than 30 days from when you notify them. In practice it's basically 30 calendar days for them to notify the seller but it may take longer to get to the broker or buyer.

I am amazed that no one reads their contracts, it states that closing can be set anytime after 30 days. I distinctly remember about a year ago someone getting ROFR'd on day 34.

 

[Dean]

I am amazed that no one reads their contracts, it states that closing can be set anytime after 30 days. I distinctly remember about a year ago someone getting ROFR'd on day 34.

Exactly.

 

[dbs1228]

I am amazed that no one reads their contracts, it states that closing can be set anytime after 30 days. I distinctly remember about a year ago someone getting ROFR'd on day 34.

Does this mean that if you could a get a closing company to do so that you could write into the contract "to close on ..... say 31 days from the original signed contracts" I know that is not a reality in terms of paper work but wouldn't that then really give Disney 30 days to decide?

 

[fmer55]

Does this mean that if you could a get a closing company to do so that you could write into the contract "to close on ..... say 31 days from the original signed contracts" I know that is not a reality in terms of paper work but wouldn't that then really give Disney 30 days to decide?

That is how I read it, I have always had a question of Estoppels with Fidelity. They seem to do it after ROFR, which delays closing docs 7-10 days. It appears that some of the other companies do this while awaiting ROFR and close much quicker.

 

[Dean]

Does this mean that if you could a get a closing company to do so that you could write into the contract "to close on ..... say 31 days from the original signed contracts" I know that is not a reality in terms of paper work but wouldn't that then really give Disney 30 days to decide?

That's how I read it too but it'd be 31 days from when you knew you could get it to them. I'm also not convinced the ROFR needs to be recorded.

 

[JessLCH]

I am amazed that no one reads their contracts, it states that closing can be set anytime after 30 days. I distinctly remember about a year ago someone getting ROFR'd on day 34.

Actually, I AM one of those rare folks who DOES read the contract. The contract we received from Fidelity is very short and vague and has no specifics on many DVC related things, including details on the ROFR process and how long it takes. I am also one of those rare folks who requested a POS booklet to review before signing anything. Still waiting on that document.

 

[Dean]

Actually, I AM one of those rare folks who DOES read the contract. The contract we received from Fidelity is very short and vague and has no specifics on many DVC related things, including details on the ROFR process and how long it takes. I am also one of those rare folks who requested a POS booklet to review before signing anything. Still waiting on that document.

I'm pretty sure fmer55 was referring to the POS not the resale contract. I don't recall hearing anyone who's been successful getting the POS prior to a sale but maybe Fidelity can get you one. I was able to get an abbreviated version in 1994 directly from DVD when I was considering buying initially but they don't do the abbreviated version anymore.

 

[DenLo]

. . .
Second, does use year have an impact on whether or not Disney will exercise ROFR?

Any points ROFRd by DVC stays in the same UY. So when the points are resold they are sold as the same UY. I would expect that ROFRs are made specifically for a certain UY and others are not. Sometimes DVC members or potential members will ask to be placed on a waiting list for a specific UY at a certain resort. And if the price is right DVC will ROFR a contract for that UY. But other times DVC just ROFRs a bunch of contracts.

 

[JessLCH]

I'm pretty sure fmer55 was referring to the POS not the resale contract. I don't recall hearing anyone who's been successful getting the POS prior to a sale but maybe Fidelity can get you one. I was able to get an abbreviated version in 1994 directly from DVD when I was considering buying initially but they don't do the abbreviated version anymore.

Fidelity mailed me a POS on Monday...they say I should receive it this week. Have no idea what version it will be. We are new buyers and need to read a an offering statement before committing to a big expense. I was really surprised that the Fidelity contract was so vague. And was even more surprised that it seems most people just sign the vague doc without requesting more specific info.( I posted a question a few days ago asking about this.) Maybe most resale purchasers are already DVC owners so they are already know the important contractual details. I do wonder if other resale brokers have more detailed contracts or if most people just sign docs without really caring about the fine points. Overall, we are pretty skeptical of the entire timeshare industry and only want to do this with DVC with a complete understanding of our purchase.

 

[Dean]

Fidelity mailed me a POS on Monday...they say I should receive it this week. Have no idea what version it will be. We are new buyers and need to read a an offering statement before committing to a big expense. I was really surprised that the Fidelity contract was so vague. And was even more surprised that it seems most people just sign the vague doc without requesting more specific info.( I posted a question a few days ago asking about this.) Maybe most resale purchasers are already DVC owners so they are already know the important contractual details. I do wonder if other resale brokers have more detailed contracts or if most people just sign docs without really caring about the fine points. Overall, we are pretty skeptical of the entire timeshare industry and only want to do this with DVC with a complete understanding of our purchase.

You're lucky, many have tried and failed over the years though I'm sure some were successful. I would point out that one can actually get a better feel and more information on a BBS such as DIS than by reading the POS, esp if you spend the several months to get a feel that some of us recommend. Back in 1994 when I was researching and then bought, there wasn't the availability of info that there is now. All we had were boards like Prodigy and AOL and they were often less than helpful IMO. I do think everyone should read the POS but I'm not sure it's a prerequisite for a purchase today.