Monthly ROFR Data - UPDATED 05/07/2013

[dis-happy]

You are FABULOUS!!!! Thank you for the great data, along with the caveats.

[corpcomp]

Originally Posted by mouseaider

Yes.... thanks for your heard work on this.

Before I offered to buy my resale for BWV, I spoke with my guide at Disney and asked very specifically about buying BCV from Disney and I was told there wasn't any available. That was a little over two weeks ago.

I wonder why ?

I've purchased three BCV contracts in the last three years from DVC.

They have the points, its just a matter of getting in line for your specific use year.

[silmarg]

one comment and one question.

comment: donald is #1 is a she, not a he

question: is there a way to filter just the warranty deeds on the OCC website? I was putzing around and could not find it - as I am curious if my ROFR purchase at SSR was the last ROFR of the year.

[vassar36]

Thanks for putting this together

[Disneypirate85]

I find this information interesting Thank you....Shawn

[Disneypirate85]

I find this information interesting Thank you....Shawn

[Chuck S]

Remember that any OKW extension refusals that may still be showing up will also appear as a recorded deed, so it skew the facts just a little bit. Certainly most of those hae been taken care of by now, though.

[Sunshine22]

Great information! Thanks for taking the time to post.

[wdrl]

Originally Posted by silmarg

one comment and one question.

comment: donald is #1 is a she, not a he

question: is there a way to filter just the warranty deeds on the OCC website? I was putzing around and could not find it - as I am curious if my ROFR purchase at SSR was the last ROFR of the year.

Sorry about my mistake regarding Donald is #1's gender.

I don't know of any way to search just for the warranty deeds on the OCC website. If you discover how to do it, please let me know.

Originally Posted by Chuck S

Remember that any OKW extension refusals that may still be showing up will also appear as a recorded deed, so it skew the facts just a little bit. Certainly most of those hae been taken care of by now, though.

I would have thought that most of OKW extension quitclaim deeds would have been recorded by now, but there seems to be a lot still being processed. I didn't pay attention to the dates on most of the OKW deeds, but several appeared to have been signed recently by the owners. Is it possible some people are not filing the quitclaim deeds until they visit WDW and then use DVD's notary service to complete the signing process?

Originally Posted by JimMIA

Wow, 335 foreclosures (or equivalent) in two months is a LOT.

Especially when you realize that DVC sold most of their financing deals in the secondary market until it dried up a year or two ago. They really should not be holding that many mortgages...at least theoretically unless they had some recourse agreements.

Keep in mind that a foreclosure action is needed on each deed owned by a member in default. If an owner has three deeds and goes into default, then a separate Certificate of Title or Warranty Deed in Lieu of Foreclosure is filed on each deed.

I don't know the legal difference between a Certificate of Title and a Warranty Deed in Lieu of Foreclosure. The former is an instrument of the Ninth Circuit Court of Florida and every one I saw involved Palm Financial versus a defendant. The latter appears to be an internal DVD instrument, so it appears it is used before the default issue escalates to the Circuit Court. Perhaps someone can explain the difference. Either way, DVD is reacquiring the title to the real estate interest.

[Chuck S]

Originally Posted by wdrl

I would have thought that most of OKW extension quitclaim deeds would have been recorded by now, but there seems to be a lot still being processed. I didn't pay attention to the dates on most of the OKW deeds, but several appeared to have been signed recently by the owners. Is it possible some people are not filing the quitclaim deeds until they visit WDW and then use DVD's notary service to complete the signing process?

That is certainly possible, especially for non-US owners who often have very high notary fees. Also, DVC may have not been able to contact some owners, contracts could have been tied up in estates or divorces, and DVC may just now begin putting a hold on point use unless you've extended or declined.

[lisa3635]

Thanks for posting. I love reading your posts about the sales data.

[StormalongKay]

I don't know the legal difference between a Certificate of Title and a Warranty Deed in Lieu of Foreclosure. The former is an instrument of the Ninth Circuit Court of Florida and every one I saw involved Palm Financial versus a defendant. The latter appears to be an internal DVD instrument, so it appears it is used before the default issue escalates to the Circuit Court. Perhaps someone can explain the difference. Either way, DVD is reacquiring the title to the real estate interest.

I'll attempt an explanation....although I am not a FL attorney so take this for what it is worth.

The Ninth Circuit Court is the FL state court for Orange and Osceola counties. When any mortgagee (Disney or a financing company) forecloses, it does so by filing a civil complaint with the Ninth Circuit court. The action proceeds, according to the state rules, to judgment (either uncontested or contested unsuccessfully). Then the judgment holder can apply to have the real estate interest sold at judicial sale so that the proceeds can be applied to satisfy the debt. The Certificate of Title is the document the court issues to legally recognize the transfer of ownership from the original DVC owner to the successful bidder at the sale. If Disney is the grantee of the Certificate of Title, then I presume that means Disney attended the judicial sale and bid the amount of the judgment (at least) to buy back the points.

Contrast that process with a Deed in Lieu of Foreclosure. I think your suspicions are correct - Disney obtained an agreement with the DVC member in default that avoided court proceedings. Perhaps Disney permitted the DVC member to deed back the points in return for forgiveness of the underlying loan and any unpaid MFs. Disney has incentive to do this to save court costs and attorney fees.

It makes sense to me that every Certificate of Title you saw involved Palm Financial rather than Disney. Palm Financial can't stand in the same position as Disney in negotiating a Deed in Lieu. If they tried to buy the points back from the defaulting DVC member (in return for forgiving a loan), Palm would be subject to ROFR. It is probably easier to initiate foreclosure in court, knowing that they will likely recover the debt at the judicial sale.

Hope that helps.....not sure if I am 100% correct but some of the above has to be true!

[wdrl]

Originally Posted by StormalongKay

Hope that helps.....not sure if I am 100% correct but some of the above has to be true!

Yes, it does help! Like you, I always wonder if what I say is 100% correct. I slowly piece together facts and observations with the experiences and knowledge of others, and hope that I'm headed in the right direction. As I have said before, perhaps I should change my screen name from wdrl to iwikwiwta (I wish I knew what I was talking about).

[Donald is #1]

Interesting data! Thanks for digging it up!

[StormalongKay]

Originally Posted by StormalongKay

I'll attempt an explanation....although I am not a FL attorney so take this for what it is worth.

The Ninth Circuit Court is the FL state court for Orange and Osceola counties. When any mortgagee (Disney or a financing company) forecloses, it does so by filing a civil complaint with the Ninth Circuit court. The action proceeds, according to the state rules, to judgment (either uncontested or contested unsuccessfully). Then the judgment holder can apply to have the real estate interest sold at judicial sale so that the proceeds can be applied to satisfy the debt. The Certificate of Title is the document the court issues to legally recognize the transfer of ownership from the original DVC owner to the successful bidder at the sale. If Disney is the grantee of the Certificate of Title, then I presume that means Disney attended the judicial sale and bid the amount of the judgment (at least) to buy back the points.

Contrast that process with a Deed in Lieu of Foreclosure. I think your suspicions are correct - Disney obtained an agreement with the DVC member in default that avoided court proceedings. Perhaps Disney permitted the DVC member to deed back the points in return for forgiveness of the underlying loan and any unpaid MFs. Disney has incentive to do this to save court costs and attorney fees.

It makes sense to me that every Certificate of Title you saw involved Palm Financial rather than Disney. Palm Financial can't stand in the same position as Disney in negotiating a Deed in Lieu. If they tried to buy the points back from the defaulting DVC member (in return for forgiving a loan), Palm would be subject to ROFR. It is probably easier to initiate foreclosure in court, knowing that they will likely recover the debt at the judicial sale.

Hope that helps.....not sure if I am 100% correct but some of the above has to be true!

Okay, so I'm definitely not right 100% of the time....
Google Palm Financial and you will find that it is a Disney affiliate. So disregard my comments about Palm not standing in the same position as Disney!