Once bitten...

[valentine214]

After years of wanting to buy into DVC, we weren't a point it was finally doable. After returning from a family vacation in July, we put a bid in on a 270 point contract at BCV as follows:
$96/0-'15, 270-'16, 270-'17. Seller pays '15 maintenance, we pay closing costs. Delay in closing until Dec, as current owner has a reservation. Broker confirmed paperwork was sent to Disney on 8/6. After calling/emailing the broker several times, I received this response today (9/24):
"I contacted Disney for the update on your right of first refusal request.
They let me know that they sent notification to me on the 8th of September
but I did not receive it. They sent it to another broker by mistake.
They said that they have decided to exercise the right of first refusal
and they are buying the property back."
We are disappointed, but has this type of mixup happened to anyone else? How does a letter get sent to the wrong broker? Also, as purchaser, did any of you see/receive the ROFR letter? Sorry for the long message, but I don't know if I can play this waiting game again.

 

[disneynutz]

Disney does make mistakes, more than they should IMO. The broker may have made the mistake, who knows. Bottom line is you need to start the process all over again.

Good luck.

Bill

 

[bwvBound]

So sorry! Wishing you better luck on the next go'round!

 

[LisaS]

Also, as purchaser, did any of you see/receive the ROFR letter? Sorry for the long message, but I don't know if I can play this waiting game again.

I'm sorry things didn't work out. I can't remember another report of the ROFR letter being sent to the wrong broker so it does sound odd.

I don't think brokers send copies of the ROFR letter to the buyer. However, you can look it up on the Orange County Comptroller's website. Documents do not appear on the website right away so it's possible that your document has not yet been scanned and made available on the website but given it's been two weeks there is a chance it has been uploaded.

Click on this link to go to the website: http://or.occompt.com/recorder/web/
Agree to the disclaimer to get to the search page. Enter your name as lastname firstname (note - no comma) in the "Grantee" box. Uncheck the box to "search specific document types". Select "Notice" as the doc type. You can also enter a date range for the search which is useful if you happen to have a common name like John Smith to narrow down the search. Click the "Search" button.

Find your document in the list of results and click on it. On the page that comes up, over on the left under "View Images" click on the "View <number>" link to view a PDF containing a scan of your ROFR letter.

ETA: You can also go straight to the PDF from the list of results. There is a "View Image" link over on the right next to each search result.

 

[LisaS]

I should also mention that the ROFR letter filed with Orange County for my resale purchase is the notification that Disney waived ROFR in my case. I don't know if a notice is filed with the county when Disney exercises ROFR. Does anybody know?

 

[wdrl]

I should also mention that the ROFR letter filed with Orange County for my resale purchase is the notification that Disney waived ROFR in my case. I don't know if a notice is filed with the county when Disney exercises ROFR. Does anybody know?

The Notice of Waiver of the Right of First Refusal is filed and recorded at the same time as the closing of the resale transaction. If the deed in question is not going to go through closing until December, then the Notice of Waiver will not be filed until then.

Also, there is no Notice filed with OCC if Disney exercises its Right of First Refusal. Ultimately, the only document filed with OCC when Disney ROFRs a deed is the Warranty Deed showing that the original owner has sold the deed to DVD.

One thing that resale buyers need to remember is that Disney IS NOT required to make a decision on whether to exercise ROFR within 30 days. According to all DVC declarations, owners "desiring to sell their Unit or Ownership Interest must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of their intent to sell and must include a copy of the proposed transaction reduced to writing in all respects." Technically, if closing is not scheduled until 90 days in the future, Disney could take the full 90 days to decide whether to ROFR. Fortunately, Disney usually responds to all ROFR requests in 30 days or less.

 

[LisaS]

Thanks for the information about the ROFR notices. I went back and looked up my deed and as you described, the ROFR notice was recorded on the same day as the deed.

 

[valentine214]

Thanks for the information! I always learn so much in this board!