Just heard that Disney bought back all contracts under $70.

Discussion in 'Purchasing DVC' started by luckytso, Feb 24, 2003.

  1. luckytso

    luckytso DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    Just got off the phone with a resale broker. She said that, for all the resales that she got back this week, Disney bought back EVERY contract that was submitted under $70 regardless of resort or points, including the ones without any points left. She was amazed. No more specifics.
     
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  3. ncligs

    ncligs Registered

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    We were also told that at the members update at OKW last week.
    So if anybody is looking at re-sales, you better be patient or bid higher than $71 pt.
     
  4. tiberius

    tiberius DIS Veteran

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    I checked with my resale broker today. He said, if I remember correctly, he saw under $68 contracts bought back and $70 plus go through. I do not know which resorts. I assumed he did not have any contracts between those figures. I am still waiting to hear on my resale at $69.75/point.
     
  5. reneesam

    reneesam DIS Veteran<br><font color=purple>Tag fairies do n

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    Nearly every offering on the resale sites list prices below that...some as low as $60/point. I guess a lot of sellers will be selling back to DVC. Is it even worth putting in a bid on one of these?
     
  6. Poorman

    Poorman DIS Veteran

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    Just because they are listing the points at $62 or there abouts doesn't mean that is what you have to offer them. Also if Disney exercises ROFR you can counter with a higher price and start it all over again. The offer still has to be accepted by the seller though.
    I may be going through that after I hear about my BWV offer of $70.00. I may counter with a higher offer and if the sellers will wait it starts again. It's a big crap shoot. Rich
     
  7. DebbieB

    DebbieB DIS Veteran

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    I didn't think Disney had to let you counter offer, they can just take it. It's their option, I bet they don't if they want the contract.
     
  8. Poorman

    Poorman DIS Veteran

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    Check with The Timeshare Store they will set you straight.
     
  9. Maistre Gracey

    Maistre Gracey <font color=red>Still trying to figure out the mys

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    It sounds like DVD does not want to run out of points before SSR starts selling. :cool:
     
  10. luckytso

    luckytso DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    Debbie,

    If Disney exercises its ROFR, the seller can refuse Disney's offer so that the buyer can increase the price to do it all over again. That is what Poorman was referring to.
     
  11. Richyams

    Richyams <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    I could be wrong, but I believe we heard from more than one person who had ROFR exercised against them, that they NEVER got a chance to counter offer.

    I believe in the past, Disney did give a chance to counter offer, I am not certain that this is the case any longer.
     
  12. Poorman

    Poorman DIS Veteran

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    Remember Richyams, the seller has entered into a contract with the buyer NOT Disney. The seller does not have to sell to Disney just because Disney wants the points. The whole process starts again if the seller wants it to, there have been cases where it has happened and it has worked.
     
  13. DownNeckBoy

    DownNeckBoy Mouseketeer

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    If the seller offers his points @ "x" per point, whether it is Disney or the buyer whose bid he or she accepted, why should the seller care who bought the points?

    :confused:
     
  14. Maistre Gracey

    Maistre Gracey <font color=red>Still trying to figure out the mys

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    The way I see it, the seller did enter into a contract with DVD when they first bought their points. They agreed to ROFR. Anyway, I am not sure why the seller would care who bought the points (private individual or DVD), as long as they sold for the negotiated price.
     
  15. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    They no longer give you the easy option of amending your offer, that doesn't mean you can't contact them and ask to resubmit. I know I was told by one resale agent that sometimes they didn't know it was bought back until they got the check from DVC. As for contractual issues, the DVC member has an existing contract with DVC that is conditional. It supercedes the contract with the potential buy.
     
  16. Maistre Gracey

    Maistre Gracey <font color=red>Still trying to figure out the mys

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    Looks like we were typing the same thought, at the same time.....:cool:
     
  17. goofy4dvc

    goofy4dvc <a href="http://www.wdwinfo.com/dis-sponsor/" targ

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    Most of the VB resales I've seen are asking in the range of $68. What's your thoughts about successfully selling VB, either through resale or ROFR? Thanks.
     
  18. Poorman

    Poorman DIS Veteran

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    Dean, I could be wrong but this is what I was told by Pat Spell at TTS. She said it happened recently that a seller agreed to sell their contact to a buyer, Disney did the ROFR and the buyer added $3.00 per point and the seller agreed to wait for the extra $900.00. The buyer got the contract. I don't know how recently this was. It could have been before all this stuff has been happening. If I'm wrong I'm wrong but this is what I was told.
     
  19. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    I know it's happened in the past, it was he usual MO a couple of years ago. I don't think it happens anymore. One time doesn't make it the usual. I know someone who a few years ago submitted 3 times raising their bid from $40, to $45 then to $50 pp before DVC would let it go through but now they just buy it back, at least almost all of the time.
     
  20. Richyams

    Richyams <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    Got to agree with Dean here. The seller certainly does have a prior(senior?) obligation to Disney. Disney is intrinsically involved in the deal. They get first shot. I think that they are completely within their rights to simply wrote a check to the seller for the amount of a bona-fide, accepted offer.

    Just write a check, send it to the broker, done.....nothing in the contract about re-submitting. Why would there be?
     
  21. CGregoryJr

    CGregoryJr Earning My Ears

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    If Disney's ROFR is not unconditionally unilateral, it would be one of the worst contractual stipulations in any legal agreement I have ever seen. Not too likely to be the case for the Mouse's legal staff and general counsel. Don't bet the ranch on the prospect of a counter-offer. Once the offer is accepted by our friends at Disney (by virtue of their exercise of ROFR), it's a done deal. Prior to such an acceptance by Disney, presumably the Seller can indicate that the original offer was modified post-submission to Disney. In any event, they will always get the last word.
     

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