when disney rofrs...selling info?

[summabreeze85]

Hey guys I tride to search for this but couldn't find anything. I'm selling an okw contract that disney rofr'd today, surprisingly, and I'm just wondering about the timeline now for closing.
when will I get my closing papers? Are they the same closing papers as usual?
more importantly - when will I get my money? Lol. I feel bad for my buyer but on the plus side for me I will get my money a lot quicker.

 

[disneynutz]

Hey guys I tride to search for this but couldn't find anything. I'm selling an okw contract that disney rofr'd today, surprisingly, and I'm just wondering about the timeline now for closing.
when will I get my closing papers? Are they the same closing papers as usual?
more importantly - when will I get my money? Lol. I feel bad for my buyer but on the plus side for me I will get my money a lot quicker.

I would contact my broker and ask them since they have experience with Disney.

Bill

 

[pangyal]

Do you mind sharing the details of the contract they took?

I've heard Estoppel runs the same amount of time in this case, if that helps!

 

[supersnoop]

Do you mind sharing the details of the contract they took?

I've heard Estoppel runs the same amount of time in this case, if that helps!

Does Disney really wait for an estoppel when they're buying it?

 

[Dean]

Does Disney really wait for an estoppel when they're buying it?

When I sold an OKW contract a few years ago it went faster than a routine sale & closing. They sent me the info directly including a quit claim deed. One thing they tried to do, don't know if they're still doing so, was to try to instill a clause that said I couldn't disclose the details. I balked and they closed anyway but I was willing to lose the sale rather than doing so.

 

[disneynutz]

It's in Disney's best interest to move the purchase along and no benefit to make themselves wait like they do other resale transactions.

Bill

 

[pangyal]

Does Disney really wait for an estoppel when they're buying it?

This was from before the estoppel slowdown, to be clear, so it was only a matter of days before estoppel was issued for both ROFRed and regular transactions. You are right, I would imagine that the current situation might mean that it would probably come sooner, though it could be that they are not forcing buyers to wait, it is just a question of not having the manpower to get through them faster.

 

[summabreeze85]

I didn't even consider having to wait for the estoppel...I would assume since they are buying it they move it to the top of the estoppel list. Maybe that's why all the others take soooo long because they process their contracts first!
I am going to contact the title company to see if they can offer any info but I'm not holding my breath on their reply...when it's not urgent they don't respond quickly. I figured I would get better answers on here.
It was a 150 point old key west contract with 2016 points on for $66pp. Buyer paid closing. I am REALLY surprised they took this stripped contract. The interesting thing, which I'm wondering if this is why Disney might have taken it in the first place, is that it had the 2015 points when Disney looked at it. The buyer is a woman I've rented to in the past so we've built a relationship. I was helping her out by taking the 2015 points and booking a reservation for the 7 month window at bay lake for January. When it went to ROFR, I just hadn't transferred the points out of my account yet, and got a notice from the title agent that Disney needed an addendum stating there were now 2015 points. I told her they would be transferred out by the time the estoppel was issued, said the original terms of the contract were still intact, and she assured me nothing had to be signed or re-done. So I'm wondering if by not doing anything Disney was thinking those 2015 points were still going to be there. But as we've seen on these boards there is no rhyme or reason to ROFR so who knows.

 

[disneynutz]

I didn't even consider having to wait for the estoppel...I would assume since they are buying it they move it to the top of the estoppel list. Maybe that's why all the others take soooo long because they process their contracts first!
I am going to contact the title company to see if they can offer any info but I'm not holding my breath on their reply...when it's not urgent they don't respond quickly. I figured I would get better answers on here.
It was a 150 point old key west contract with 2016 points on for $66pp. Buyer paid closing. I am REALLY surprised they took this stripped contract. The interesting thing, which I'm wondering if this is why Disney might have taken it in the first place, is that it had the 2015 points when Disney looked at it. The buyer is a woman I've rented to in the past so we've built a relationship. I was helping her out by taking the 2015 points and booking a reservation for the 7 month window at bay lake for January. When it went to ROFR, I just hadn't transferred the points out of my account yet, and got a notice from the title agent that Disney needed an addendum stating there were now 2015 points. I told her they would be transferred out by the time the estoppel was issued, said the original terms of the contract were still intact, and she assured me nothing had to be signed or re-done. So I'm wondering if by not doing anything Disney was thinking those 2015 points were still going to be there. But as we've seen on these boards there is no rhyme or reason to ROFR so who knows.

Disney has a formula that determines when to take back contracts, it's all numbers to them. They will always process direct sales and take backs first. Last I heard they limit many resale processes to one or two days per week.

Bill

 

[summabreeze85]

I would contact my broker and ask them since they have experience with Disney.

Bill

So I asked the title agent and she actually said she didn't know any answers to my questions...she said disney handles the closing papers and disbursement of funds.

Just an update...it was rofr'd Saturday June 13th, and today, one business day later, Monday June 15th I received the closing papers. Holy cow that was fast!

Disney also included the paper I am supposed to sign that states I won't talk about the details of the transaction with anyone.

 

[disneynutz]

So I asked the title agent and she actually said she didn't know any answers to my questions...she said disney handles the closing papers and disbursement of funds.

Just an update...it was rofr'd Saturday June 13th, and today, one business day later, Monday June 15th I received the closing papers. Holy cow that was fast!

Disney also included the paper I am supposed to sign that states I won't talk about the details of the transaction with anyone.

As I posted, when it's the mouse's money, DVC doesn't cause delays.

Bill

 

[drusba]

So I asked the title agent and she actually said she didn't know any answers to my questions...she said disney handles the closing papers and disbursement of funds.

Just an update...it was rofr'd Saturday June 13th, and today, one business day later, Monday June 15th I received the closing papers. Holy cow that was fast!

Disney also included the paper I am supposed to sign that states I won't talk about the details of the transaction with anyone.

Once Disney declares it is exercising ROFR, it is legally required to go through with the purchase on the same terms as were agreed to with the buyer. It can ask but it cannot require any new terms and it cannot legally back out of the purchase if you refuse to agree to that new confidentiality clause. Also, if Disney is offering nothing new to you (such as some additional money) to agree to such a new term, there is a serious question as to whether the new term would even be enforceable if you signed and went through with sale to Disney with that term in the agreement. This is a typical case of lawyers for a large company trying to add new terms on the assumption that you do not know your rights and do not have a lawyer advising you.

 

[disneynutz]

Once Disney declares it is exercising ROFR, it is legally required to go through with the purchase on the same terms as were agreed to with the buyer. It can ask but it cannot require any new terms and it cannot legally back out of the purchase if you refuse to agree to that new confidentiality clause. Also, if Disney is offering nothing new to you (such as some additional money) to agree to such a new term, there is a serious question as to whether the new term would even be enforceable if you signed and went through with sale to Disney with that term in the agreement. This is a typical case of lawyers for a large company trying to add new terms on the assumption that you do not know your rights and do not have a lawyer advising you.

In reality, unless you have a reason to share details of Disney buying your contract, just sign the document and move on.

Bill

 

[mort1331]

In reality, unless you have a reason to share details of Disney buying your contract, just sign the document and move on.

Bill

Whoops too late they already told us.

 

[Dean]

In reality, unless you have a reason to share details of Disney buying your contract, just sign the document and move on.

Bill

I balked and they closed anyway. Partly because I'd already shared some info but mostly on principle. I was 100% ready to lose the deal on principle alone. DVD would have to back out and they'd still technically owe money if they did.

 

[summabreeze85]

Update on timeline:
ROFR'D: June 13
closing papers received via fedex: June 15
closing papers notarized and sent back to disney: June 16
check received in full amount of contract: June 25
took less than 2 weeks total! Amazing.