110 days closing date?

[lolcatparty]

Hi,

i just had an offer accepted on a AKL contract from fidelity. Upon receiving the contract the closing date is set for 110 days out. I questioned why so delayed and they said it is do to disney taking 40-45 days on rofr and 2-3 weeks for estoppels. Is 110 days the norm right now with Covid? She said if everything goes quicker they will close faster but the 110 days seems a bit much even given these conditions.
Thanks!

 

[Lorana]

Hi,

i just had an offer accepted on a AKL contract from fidelity. Upon receiving the contract the closing date is set for 110 days out. I questioned why so delayed and they said it is do to disney taking 40-45 days on rofr and 2-3 weeks for estoppels. Is 110 days the norm right now with Covid? She said if everything goes quicker they will close faster but the 110 days seems a bit much even given these conditions.
Thanks!

Things do seem to be speeding up a little bit, but it's still taking a long time. My most recent contract just completed in 89 days, but the one before that took 120 days.

That said 110 days to closing DOES seem a bit a long, and it shouldn't take that long. At the same time, Disney just announced a bunch of layoffs, so it's also possible things will slow down again. I think they are just hedging their bets. I can say that if everything comes through sooner, they will close soon as they have all the documentation.

 

[Sandisw]

Many brokers are extending the closing date because it allows for the timeframe that Disney is taking without giving a buyer the right to cancel the sale if that date passes,

If you are not happy with it, you can ask for a shorter one, but they may not give it to you and then you need to decide if you want to walk away and see if another title company will set it shorter.

But, as mentioned, things are taking about 3 months or so, so it could be this long.

 

[HMfan82]

We had an offer accepted mid July and have since closed and are just waiting on points to load on our contract, so we were part of the folks who started getting through the resale process quicker. Depending on how these recent layoffs affect the process, things may start slowing down again. They have to give that longer time to account for the worse case but it’s possible you could close sooner and even have the points available in less time than that.

 

[IsamarV14]

Hi,

i just had an offer accepted on a AKL contract from fidelity. Upon receiving the contract the closing date is set for 110 days out. I questioned why so delayed and they said it is do to disney taking 40-45 days on rofr and 2-3 weeks for estoppels. Is 110 days the norm right now with Covid? She said if everything goes quicker they will close faster but the 110 days seems a bit much even given these conditions.
Thanks!

We are also purchasing from the same broker and I noticed the same verbiage. I passed ROFR in about 30 days or so and waited 2 weeks for closing documents. I do think it is just to give time for Disney delays especially with new layoffs.

 

[E2ME2]

Hi,

i just had an offer accepted on a AKL contract from fidelity. Upon receiving the contract the closing date is set for 110 days out. I questioned why so delayed and they said it is do to disney taking 40-45 days on rofr and 2-3 weeks for estoppels. Is 110 days the norm right now with Covid? She said if everything goes quicker they will close faster but the 110 days seems a bit much even given these conditions.
Thanks!

My contract has the same 110 day estimate. My last resale took 91 days total, and was finalized in MAY, (1st Quarter of COVID).
I just had my current sent to ROFR on 9/16. It's a two-edged sword playing this game during COVID.
ROFR was virtually non-existent in May, and my SSR contract got through at $88.89/PP.
Once ROFR started again, the time frames improved, but I've seen posts where SSR was taken in ROFR at $97/PP
So, as the old saying goes: be careful what you wish for. I'm on Day#22 for a small BCV contract at $142/PP.

 

[lolcatparty]

This is all extremely helpful! I am a first time buyer so just want to make sure everything seems normal given the current circumstances.

 

[TonyCnLV]

This is all extremely helpful! I am a first time buyer so just want to make sure everything seems normal given the current circumstances.

i counted and our timeframe from making an offer to physically receiving points in our account took 91 days. but a few of the later steps did take less time than our correspondence had said which was a nice surprise. A few of the steps take longer than youd expect so buckle up and have something to keep your mind off waiting for ROFR! lol good luck

 

[GreatCeremonialHouse]

I’m with Fidelity as well and my Contract Date clause says 75 days - we will never close by then as I’m on day 48 of ROFR. Sounds like I can walk always as the Buyer after the Closing Date window per the contract.

 

[808blessing]

The longest part was waiting on the seller to return. Excruciating..... For the seller, it probably flew by!