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-   -   ROFR question (http://www.disboards.com/showthread.php?t=3048037)

Stephanie106 01-15-2013 12:07 PM

ROFR question
 
I am new to all of this DVC purchase lingo. How and when do you find out if your contract is going through? Thanks in advance!

ELMC 01-15-2013 12:11 PM

Quote:

Originally Posted by Stephanie106 (Post 47198244)
I am new to all of this DVC purchase lingo. How and when do you find out if your contract is going through? Thanks in advance!

ROFR (Right of First Refusal) refers to Disney's ability to purchase any contract transfer for the agreed upon price. Essentially they have 30 days to decide whether or not to buy the contract (it's more complicated than that when you actually read the language of the ROFR clause, but this is the essence of it). Your broker will let you know when your contract has been submitted to ROFR and when it has passed or not. Are you currently in the process of making a purchase or just looking?

Stephanie106 01-15-2013 12:14 PM

We are in the process. Just got an email from the title company and really wondered where it goes from here. Fingers crossed!

ELMC 01-15-2013 01:29 PM

Quote:

Originally Posted by Stephanie106 (Post 47198317)
We are in the process. Just got an email from the title company and really wondered where it goes from here. Fingers crossed!

Good luck! Also, feel free to ask your agent where you are in the process, that's what they're there for. :)

Stephanie106 01-15-2013 01:48 PM

Thanks!

undchefreak 01-15-2013 05:07 PM

I just finished the whole process (waiting on membership cards now). I put in my offer, which was accepted. Two days later it went to ROFR. Nothing happens on the contract during this time. 27 days later, I heard that I had passed ROFR, and 3 days later I had my contracts in hand. The final payment was sent with signed contracts 5 days later. 17 days later, I closed on the contract. All of this was over Christmas and New Years, so closing was probably delayed by that.

Total time for the whole process: 54 days.

I should have been assigned my member number in the last couple days, and should receive it via snail mail in another few days.

Only time will tell. :)


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