loosing hope

[stacy6552]

Hey guys.

Today I checked in with our broker. Its been 30 days since our contract (were the buyers) went to Disney for its ROFR. We were under the impression that Disney only had 30 days, but we were just told today that Disney can take as long as they want. PLUS, he all of a sudden sounded less encouraging that we'd get it. AND he went so far as to say that they usually let the contracts go for $1, just $1 more per point than our contract is for, which had he told us we would probably have spent the extra $200 to make more certain we'd get it.

Any word of encouragement out there? Any extra pixie dust?

 

[Marisa'sMom]

stacy6552,

I'm sorry that I don't know much about the ROFR, but I will send you some pixie dust!!

I wish the best of luck getting your points!

 

[Johnnie Fedora]

Originally posted by stacy6552
We were under the impression that Disney only had 30 days, but we were just told today that Disney can take as long as they want. PLUS, he all of a sudden sounded less encouraging that we'd get it. AND he went so far as to say that they usually let the contracts go for $1, just $1 more per point than our contract is for, which had he told us we would probably have spent the extra $200 to make more certain we'd get it.

Sorry to hear this...so what your saying is Disney can permemently obstruct the sale of a DVC contract?? I did not realize this, and seems like it would violate some sort of law somewhere? Personally I think Disney will buy a contract back if they make $5 on the deal. Also I think their buyback price fluctuates over time. They may also want to show you how easy it would be to buy directly from them. Keep your eye out for your next resale. Is this your first attempt buying into DVC?

 

[zulaya]

It looks like it's sounding pretty grim. I can't remember where you are buying in at nor your offer price.

I think I have been seeing contracts go for $70-$71. $70 might be questionable unless it's a distressed contract (ie no current points or a lof of borrowed ones).

You'll just have to sit tight unfortunately. This is one situation that makes the case for buying direct. I had major problems waiting the 36 hours it took to get my add-on. Kudos to you for lasting 30 days without having a coronary.

 

[stacy6552]

I may not be having a coronary, but you guys may get fed up and blacklist me from the DIS which would be worse.

We're waiting on a HH package. We paid asking price $64/point, but its stripped down to less than 50 points on a 200 point package. So it could go either way, which the broker said way back when. Since then we heard that it'll probably come down to the use year and whether there are any members waiting for that UY. BUt only today the brkoer said that $65/point seems to be the going release price and had we known that in the beginning, we'd probably have offered it.

We started out talking to Disney, but they are sold out at HH. Another sweet deal come up last week but its gone and we're stuck still waiting.................

 

[Johnnie Fedora]

I saw the sweet deal you are talking about, but I bet that one will get snapped up by Disney unless the buyer offered more than the $66 asking price. I know that $63/pt on a somewhat mess-up HH contract has been bought back.

Good Luck

 

[zulaya]

Well, the best you can do is wait it out. Sucks, but there it is. I truthfully haven't been watching HH sales as well, but $64 sounds about ball park. Someone else may have been keeping tabs a little closer than I.

If you have a stressed contract, then it probably would be harder for Disney to give points to people on the waitlist.

And I wouldn't worry about use year. I read a little while ago that some people have taken over a year to waitlist for points for OKW, and there are quite a few OKW resales that go through to the buyer.

All you can do is hang on and hope you hear soon.

Are you interested in anything else besides HH, if Disney does snatch it up?

 

[Nette]

I've heard tell that the seller doesn't have to accept disney's offer if they do exercise ROFR. In which case you'd be free to offer that extra dollar per point (of course, it'd have to go through disney again).

 

[jekjones1558]

Who was paying closing costs? It seems that Disney REALLY likes to buy when the seller pays closing costs.

 

[tinkgrl]

Hi,

Pixie dust for you wait. Hope it comes through soon.

Allison an associate
Offically DVC 7/23/03

 

[stacy6552]

We are! We're paying the closing costs.

We really like HH because we want the 11mos window there. we'll probably never go to WDW during peak season, but we'd mostly go to HH during the peak (schools summer break).

But we love OKW, so we may go after a package for there or SSR from Disney.

Still really really reeeeeealy want this one....................Ive been wearing my Mickey short-alls and Micket baseball hat for the last month for luck.

 

[jekjones1558]

Just kissed my Sorcerer Mickey and told him to do his magic for you!

 

[JimC]

In a ROFR the seller has no say in the matter. They are bound once they have accepted the buyer's offer. However, usually the holder of the ROFR has a limited amount of time to respond. I don't know if Disney's ROFR has a time limit or not.

Given the time of the year (end of summer vacation and Labor Day holiday) and a new resort opening for sale it might just be the volume of activity and CMs on vacation that is holding Disney up.

 

[Poorman]

JimC sorry to refute what you said about the seller has no say. I bought a contract this past winter after Disney did ROFR and I offered $2.00 more pp and then Disney let it go through. Pat Spell said it may work and it did. Much discussion has been had about this topic. I did it because I was PO'd at Disney and had the time and resourses to do it.

If you want the contract and have the time it is worth the effort.

Good luck. Rich

 

[JimC]

Thanks Poorman, I stand corrected. That is certainly not a standard provision for a ROFR and a generous drafting of that clause on Disney's part.

 

[Dean]

They only have 30 days from submission. If 30 days arrives from the time they received it and they haven't let you know back you can close. Just send them a registered letter saying it's been 30 days and they haven't responded and you're proceeding. Just be sure you know it's 30 days from when they received it and not 30 days from when the closing company SAYS they sent it.

Page 46 of the 3/2000 OKW POS, article X111 of the Declaration of Condominium. It actually says you must give them 30 days before closing rather than they have 30 days but if the closing company is doing their job correctly, it doesn't matter.

 

[crisi]

The contract I bought Disney never exercised ROFR on. It just sat their 30 days and then we arranged a closing date. Which is on of the reasons it took us over two months to close. Talk to your broker. If Disney hasn't responded within 30 days, set a date and close.

(Now....your broker may have not gotten his act together and submitted it to Disney that first week or two and is now telling you this to cover his back end).

 

[stacy6552]

You guys are the best!

After Dean and crisi's posts, I ran over to my friend's house, who owns DVC and got her ownership books and papers. Sure enough it says, flat out, 30 days.

Cross your fingers for me gang, hope is returning!

 

[jekjones1558]

Here comes pixie dust for stacy6552!

 

[stacy6552]

Ok here's a new question: What happens after the 30 days? Can Disney still beat us to closing, is it a race? What're our rights as the thrid party buyer?