ROFR Thread September-December 2015 *PLEASE USE NEW THREAD*

[RobbW]

Just wondering if it is possible (or if it would be helpful) to rename the threads on this forum that most DVC buyers post to for each step of the buying process? Not totally rename them, but add additional verbiage to the beginning of the thread titles to distinguish them as the official threads for the 5 steps of purchasing DVC resale. Here's what I would propose:

Buying DVC Step #1: ROFR Thread September-December 2015 *PLEASE SEE FIRST POST FOR INSTRUCTIONS*
Buying DVC Step #2: Come on Estoppel!!!!
Buying DVC Step #3: Closing Time!!
Buying DVC Step #4: Deed Recorded Membership Number Timeline?
Buying DVC Step #5: Welcome Home, New DVC Owners! (**This would be a new thread created specifically as THE place for new DVC owners to introduce themselves as *official* DVC owners once they have received their member numbers and have had their points loaded to their accounts.)

Just a thought... as I continue to wait for this lengthy process to FINALLY be over!

 

[erdoc38]

Just wondering if it is possible (or if it would be helpful) to rename the threads on this forum that most DVC buyers post to for each step of the buying process? Not totally rename them, but add additional verbiage to the beginning of the thread titles to distinguish them as the official threads for the 5 steps of purchasing DVC resale. Here's what I would propose:

Buying DVC Step #1: ROFR Thread September-December 2015 *PLEASE SEE FIRST POST FOR INSTRUCTIONS*
Buying DVC Step #2: Come on Estoppel!!!!
Buying DVC Step #3: Closing Time!!
Buying DVC Step #4: Deed Recorded Membership Number Timeline?
Buying DVC Step #5: Welcome Home, New DVC Owners! (**This would be a new thread created specifically as THE place for new DVC owners to introduce themselves as *official* DVC owners once they have received their member numbers and have had their points loaded to their accounts.)

Just a thought... as I continue to wait for this lengthy process to FINALLY be over!

I think it would be a reasonable idea. As I've been (im)patiently waiting for my waiver, I've look at the other threads trying to figure out which is the next one to jump to.

 

[AmyKat]

That would help me a ton. Although, I think (and I could be wrong), that I'm waiting on both estoppel and closing documents right now. The way the "you passed ROFR" email read, the title company would prepare and send me the closing documents before/while Disney prepared estoppel.

 

[RobbW]

Yeah, I agree. The Estoppels thread seems kind of superfluous. It's the closing documents that you're really waiting for. I was never even told when Disney processed the estoppel for my contract. It was just assumed that it had once I received the closing documents. So, maybe we should just give the estoppels thread a miss and skip right on over to closing?

 

[AmyKat]

That makes more sense to me.

 

[dazacman]

dazacman---$82-$9840-120-Saratoga Springs, 0/15, 120/16, 120/17- sent Sep 4, passed Sept. 23, Closed Oct 5, Deed recorded Oct 6

 

[tiriggs1]

dazacman---$82-$9840-120-Saratoga Springs, 0/15, 120/16, 120/17- sent Sep 4, passed Sept. 23, Closed Oct 5,

That seems pretty fast! What company did you purchase through? I hope I am as lucky as you were!

 

[RobbW]

dazacman---$82-$9840-120-Saratoga Springs, 0/15, 120/16, 120/17- sent Sep 4, passed Sept. 23, Closed Oct 5, Deed recorded Oct 6

Woo hoo! Congrats! What is the UY on your contract?

 

[dazacman]

That seems pretty fast! What company did you purchase through? I hope I am as lucky as you were!

doesn't seem to let me name the company but everything moved along very quickly.. much faster than my purchase with another company last year!

Woo hoo! Congrats! What is the UY on your contract?

April

I'm planning to starting calling tomorrow or thurs to check for membership #!!!

 

[3 Hobbits 2 Disney]

Closed today; deed recording within 12 - 14 business days!! Woot.

Points are in the account!!!! WAHOO!!!

 

[pangyal]

Just wondering if it is possible (or if it would be helpful) to rename the threads on this forum that most DVC buyers post to for each step of the buying process? Not totally rename them, but add additional verbiage to the beginning of the thread titles to distinguish them as the official threads for the 5 steps of purchasing DVC resale. Here's what I would propose:

Buying DVC Step #1: ROFR Thread September-December 2015 *PLEASE SEE FIRST POST FOR INSTRUCTIONS*
Buying DVC Step #2: Come on Estoppel!!!!
Buying DVC Step #3: Closing Time!!
Buying DVC Step #4: Deed Recorded Membership Number Timeline?
Buying DVC Step #5: Welcome Home, New DVC Owners! (**This would be a new thread created specifically as THE place for new DVC owners to introduce themselves as *official* DVC owners once they have received their member numbers and have had their points loaded to their accounts.)

Just a thought... as I continue to wait for this lengthy process to FINALLY be over!

I like this idea a lot as a whole...I might suggest that a helpful thread for Buying DVC Step 1 could be along the lines of putting in offers (we get a lot of threads about reasonable offers, legalities of offers,etc.)/financing questions/anything else that's preliminary and occurs before the contracts are signed and sent to ROFR, at which point the contract is legally binding...so I would say ROFR would be more of the second stage in my eyes?

Gosh, that was a long sentence.

Anyways, then yes, we could combine Step 3 to "Come on Estoppel- Closing Time!"

I think that somewhere in Mousellaneous there is a Welcome/New Member thread. But of course it would be nice for members who have gotten to know each other a bit through the process to offer congratulations at the end of the ordeal .

 

[pangyal]

That would help me a ton. Although, I think (and I could be wrong), that I'm waiting on both estoppel and closing documents right now. The way the "you passed ROFR" email read, the title company would prepare and send me the closing documents before/while Disney prepared estoppel.

They can't send you the closing documents until they have the estoppel certificate...

 

[AmyKat]

They can't send you the closing documents until they have the estoppel certificate...

They can send me the closing documents to sign and get me to send my money before they have the estoppel certificate, right?

 

[pangyal]

They can send me the closing documents to sign and get me to send my money before they have the estoppel certificate, right?

I've never heard of that happening! They can't get your money or have you sign documents before Disney provides them with the estoppel, it's a necessary legal document that shows that you're buying what the contract stated you are buying and that there are no liens etc.

 

[AmyKat]

I've never heard of that happening! They can't get your money or have you sign documents before Disney provides them with the estoppel, it's a necessary legal document that shows that you're buying what the contract stated you are buying and that there are no liens etc.

I swear. I'm generally a pretty business-savy girl but this process is blowing my mind.

Here's the email I received when we passed ROFR.

Great News! Disney has decided to waive their Right of First Refusal and will be allowing the sale to continue on with Buyer and Seller. Disney will now prepare the estoppel certificate which outlines the annual maintenance fees and any other fees due to complete the transfer; they will deliver this information directly to the title company.

While we wait for the estoppel from Disney the title company will begin the closing process. Specifically the title company will prepare initial closing documents and email them out to Buyer and Seller. You will receive these documents within the next 7-10 business days. You will need to follow the instructions from the title company and execute these documents and send them back. Seller must have the new deed signed and notarized and Buyer must send in full funds along with their signed closing documents.

Once the estoppel is received, the title company will prepare the final closing instructions outlining the funds required to close the transaction. Once all documents and funds have been received by the title company, the deed will be sent to recording at the county recorder's office. The title company will notify Disney of Buyer's new ownership with the recorded deed.

That makes it sound like I'm sending my funds and my signed closing documents before the title company has received the estoppel certificate. I received the closing documents and request for funds from the title company yesterday. They included a poorly worded letter (do people not use spell check?) which outlines the steps in the closing process but it doesn't mention estoppel at all. There's a line on the closing statement for "Estoppel Fee to Disney. It doesn't have an amount on it. Maybe it's lumped in with one of the other closing fees.

I'm a detailed oriented person and not understanding the details is frustrating.

 

[pangyal]

I swear. I'm generally a pretty business-savy girl but this process is blowing my mind.

Here's the email I received when we passed ROFR.



That makes it sound like I'm sending my funds and my signed closing documents before the title company has received the estoppel certificate. I received the closing documents and request for funds from the title company yesterday. They included a poorly worded letter (do people not use spell check?) which outlines the steps in the closing process but it doesn't mention estoppel at all. There's a line on the closing statement for "Estoppel Fee to Disney. It doesn't have an amount on it. Maybe it's lumped in with one of the other closing fees.

I'm a detailed oriented person and not understanding the details is frustrating.

They must have received the estoppel then, if they are getting you to send the funds and closing docs !

That is the standard ROFR waiver letter from the broker you are using, and they haven't updated the time frame for estoppel and closing docs from when it was a week or so after the waiver. I have gotten the same one in the past!

They can't legally ask you to pay for something that has not been vetted.

Also, you'll notice that the events in the letter are out of order. On one hand, they are saying you have to send in the funds earlier, then later stating that once estoppel is received, the title company will advise you on the amount of funds to send.

It's honestly just really poor wording on the broker's end. Be glad they are not handling the closing since they clearly know so little about it .

 

[AmyKat]

Thank you! Guess I can celebrate getting estoppel clearance!

 

[lolakat]

lolakat---$105-BCV- 50- Sept- 0/15, 50/16, 50/17- sent Oct 13, Seller pays '15 MF, Buyer starts paying MF for '16, buyer pays closing cost which is $425. Buyer also pays $195 administrative fee to listing agent.
This contract was listed at $100. I put in offer of $105 and it was accepted. I'm excited to get a small add on that we just want to use for our weekend trip to F+W at BCV each year. I had called DVC to add on directly since it is a small number of points but was told the waiting list for BCV is closed. Turns out better for me since this is a much better price and fits our needs perfectly. Keeping our fingers crossed for a smooth ROFR!

 

[pangyal]

doesn't seem to let me name the company but everything moved along very quickly.. much faster than my purchase with another company last year!


April

I'm planning to starting calling tomorrow or thurs to check for membership #!!!

Congratulations!!!! Good luck, I know it is hit and miss these days with giving out info over the phone.

 

[pangyal]

Points are in the account!!!! WAHOO!!!

Now book, book, BOOK! Congrats and enjoy!!!