Anyone made it through (or not made it through) ROFR recently? - Section I

[JandD Mom]

Anyone else that passed ROFR back in mid-July still waiting for final closing papers? Does it seem to be taking longer than expected?

I was notified I passed ROFR on July 18th and told I should receive final documents in about 10 days... that was about 18 days ago (14 business days) and still no word that they are on their way. Maybe the title companies are backed up?

Hopefully I'll get everything early next week...

Vascubaguy,

I am not sure who you used, or what documents you are waiting for, but our title agent told us we should not expect our title docs or deed for several weeks. We did get the deed much quicker.

If you are waiting to get in DVC's system, or to get your DVC docs, I would suggest you call DVC and ask them to look it up. When I DVC I was first told they could not find me. Then I got a call the next day that said I was found and would get my docs shortly. I got them via fedex a few days later.

Funny how that happens ... isn't it?

 

[vascubaguy]

Vascubaguy,

I am not sure who you used, or what documents you are waiting for, but our title agent told us we should not expect our title docs or deed for several weeks. We did get the deed much quicker.

If you are waiting to get in DVC's system, or to get your DVC docs, I would suggest you call DVC and ask them to look it up. When I DVC I was first told they could not find me. Then I got a call the next day that said I was found and would get my docs shortly. I got them via fedex a few days later.

Funny how that happens ... isn't it?

I'm not exactly certain what all is included in these documents that I'm waiting on. I just know that after I was notified that I passed ROFR that they were supposed to conduct the title search and all that stuff, then send me more documents to sign and return - along with a check to cover the remaining amount due. (Those are the papers I haven't received yet and it's been almost 3 weeks).

 

[JandD Mom]

I'm not exactly certain what all is included in these documents that I'm waiting on. I just know that after I was notified that I passed ROFR that they were supposed to conduct the title search and all that stuff, then send me more documents to sign and return - along with a check to cover the remaining amount due. (Those are the papers I haven't received yet and it's been almost 3 weeks).

Who was supposed to send you more documents? Disney or the title company?

Who do you owe money to? The title company or DVC?

I was under the impression that all of the money should have been paid by the time of closing and all docs signed at the time of closing.

 

[BkrsLoveDis!]

Vascubaguy - it sounds like you are at the point just prior to your closing (where you send signed documents in with your remaining monies due).

I would contact your "person" from whom you purchased your resale and ask them which timeshare closing service they are using and let them know that you haven't received anything for your closing yet.

Our closing was via Timeshare Closing Services (hope it's ok to list them here) and they were excellent and very patient with my questions - I think TTS works with them a good bit but don't remember who you used as a resaler.

We received our closing documents via email rather quickly so do check back with either your contact person who made your sale or with the closing company, if you know who they are. May be an electronic glitch somewhere - this seems a little unusual (from everything I've read and now experienced) to take this long for this part of the process.

Keep us posted, ok?

Cynthia

 

[Beca]

vascubaguy....Actually, I would expect them to arrive any day. 14 business days is about right, but sometimes it does take longer. If you have a "spam filter" on your computer, check your "killed" mail. TCS always emails the closing docs to me, and they ALWAYS get caught in my spam filter. I end up calling TCS to find out where they are, only to be told they were emailed to me "a week ago".

But, hang in there....sometimes it just does take longer.



Beca

 

[vascubaguy]

Who was supposed to send you more documents? Disney or the title company?

Who do you owe money to? The title company or DVC?

I was under the impression that all of the money should have been paid by the time of closing and all docs signed at the time of closing.

Oh, sorry that wasn't clear. I'm expecting the final closing documents from the title company. So the money would go to them to put in escrow to pay the seller after closing.

 

[Anniegirl]

This happened to me as well. When my closing papers didn't arrive in a timely manner I called the closing company, in my case Timeshare Closing Services. They were waiting for some sort of escrow thingy from me! Imagine my surprise. Apparently they had emailed and it was filtered out. I had them send it to an alternative email address. Got it, sent it back and got our final closing documents a few days later. We closed 2 days ago and I am restraining myself from callling member services to find out if we are in the system yet. The moral of the story is follow up on it yourself. Good luck ! I totally understand the urgency

 

[vascubaguy]

Vascubaguy - it sounds like you are at the point just prior to your closing (where you send signed documents in with your remaining monies due).

I would contact your "person" from whom you purchased your resale and ask them which timeshare closing service they are using and let them know that you haven't received anything for your closing yet.

Our closing was via Timeshare Closing Services (hope it's ok to list them here) and they were excellent and very patient with my questions - I think TTS works with them a good bit but don't remember who you used as a resaler.

We received our closing documents via email rather quickly so do check back with either your contact person who made your sale or with the closing company, if you know who they are. May be an electronic glitch somewhere - this seems a little unusual (from everything I've read and now experienced) to take this long for this part of the process.

Keep us posted, ok?

Cynthia

That's exactly at what stage I'm at. And I didn't realize they sent the final documents by email, I was expecting something to be mailed. I did email Jaki the other day and she said she was still waiting to get the documents from the closing company, which is Timeshare Titles & More.

I guess I'll keep a close watch on my email. Thanks for the info!!!

 

[vascubaguy]

I just got word from the closing company. They said they didn't receive the estoppel letter from DVC until 7/28 and she couldn't process the closing documents until she had that. She also said that since we are way ahead of schedule (I wasn't scheduled to close until Aug 24th) that she has a couple of other closings with sooner closing dates that need to go out but that I should get the documents early next week.

 

[T.E. Yeary]

In answering the many recent questions concerning, I've passed ROFR, where are my closing documents?


Disney speeded up the ROFR process, now they're behind on sending the estoppel information to the Closing Company. This is a "must" to have in order to do the closing. It establishes the money needed for payoff to all parties involved, points distribution, and probably something else that I can't think of right now. (Legal Eagles, this is your opportunity to chime in.)

From the posts on this board and the information I've gathered, it appears to be happening to "ALL" the Resale Brokers and "ALL the Closing Companies!

Try to be patient, we all want to close as badly as you do. That's when everyone gets paid, so it is a priority for "ALL" parties. We are working behind the scenes to try to speed up this process.

Thomas E. Yeary (Tom)
Owner/Broker

 

[vascubaguy]

Patient? What's that?

 

[JandD Mom]

Disney speeded up the ROFR process, now they're behind on sending the estoppel information to the Closing Company. This is a "must" to have in order to do the closing. It establishes the money needed for payoff to all parties involved, points distribution, and probably something else that I can't think of right now. (Legal Eagles, this is your opportunity to chime in.)

Tom is correct, as usual. Without the payoff info the title company can't do its job in distributing the proceeds.

It's interesting to me though, that when we sold, ROFR took forever. It was more than 6 weeks, but that's a long story. Our title company had the estopple letter within a couple of days. But then, our seller had no outstanding dues or mortgage etc. So it was simple. I am wondering if it takes longer if there are outstanding fees, or a mortgage?

I think once you know you passed ROFR, it is a relief. The problem some of us might have though (I know this was my problem) is that you have a trip on the horizon and you want to use those points.

 

[WithDisneySpirit]

Patient? What's that?

"Patience is a virtue," my minister once told me, and I responded, "Yes, and its not one of mine!!!!" To his credit, he laughed at me

 

[Martinvols]

I lost it --- well, probably for the best. Disney purchased my contract as follows:

520 banked points, December use year, 520 additional points coming 12/1/05 --- total of 1,040 points coming 12/1/05 (with the 520 banked) plus 96 additional points available now. $75/point plus buyer to pay closing costs. Seller to pay 2005 annual dues. Old Key West. Submitted 7/19, ROFR'd on 8/4. Oh well, it's back to resale contract hunting!!!

 

[vascubaguy]

Sorry to hear about the ROFR... I thought for sure that it would have gone thru. On the bright side, there are still a bunch of OKW contracts out there!!!

I'm just suprised that at $75 per point that you didn't make it thru. Good luck on the next one (or 2 or 3 or 4, depending on how many you go for to reach the number of points you want)

 

[nanajoyx2]

Vascubaguy, we also passed ROFR on July 18 and we received our closing papers on July 29. They were in my Junk Mail and I had just found them when I received a phone call from Damaris from the Timeshare Closing Services to ask if I had received them. We returned everything by Priority Mail on July 30. Got another email on August 1 saying our papers and check had arrived and they were waiting for the sellers paperwork. So far, this has gone faster than I expected, but who knows how much longer it will take to be completed.

 

[WithDisneySpirit]

I lost it --- well, probably for the best. Disney purchased my contract as follows:

520 banked points, December use year, 520 additional points coming 12/1/05 --- total of 1,040 points coming 12/1/05 (with the 520 banked) plus 96 additional points available now. $75/point plus buyer to pay closing costs. Seller to pay 2005 annual dues. Old Key West. Submitted 7/19, ROFR'd on 8/4. Oh well, it's back to resale contract hunting!!!

Disney seems to ROFR at times when the Seller pays the bulk of the costs. In your case, the Seller paid the dues on the banked 2004 points and the 2005 points. Last year, we were advised to pay the dues for the current year to win the contract. We also paid closing on both our contracts.

on your next offer(s)!!!!!

 

[T.E. Yeary]

I lost it --- well, probably for the best. Disney purchased my contract as follows:

520 banked points, December use year, 520 additional points coming 12/1/05 --- total of 1,040 points coming 12/1/05 (with the 520 banked) plus 96 additional points available now. $75/point plus buyer to pay closing costs. Seller to pay 2005 annual dues. Old Key West. Submitted 7/19, ROFR'd on 8/4. Oh well, it's back to resale contract hunting!!!

So sorry the ROFR bug got you!

I was afraid my prayer might be too late, I also noticed when you said you wanted me to pray to the "Disney Gods" you only used one "really" when you said "Tom, I really want this contract".
The proper words are "Tom, I really, really, really, want this contract". Just so you know for future prayers and deals. (This entire paragraph is meant to be viewed in a light-hearted spirit, sometimes we need a little laughter to take away the pain.)

Keep your chin up and keep searching. The right package will come along very soon and have your name written all over it. Or the right 2 packages will come along, which you were thinking would be the wise thing to do anyway. See, all things happen for a reason. We might not realize it at the time, but at some point it will all become very clear to you!

Best of luck to you
Tom

 

[LisaS]

vascubaguy (and anyone else waiting for closing docs): I just received mine via email from Timeshare Closing Services, Inc. I passed ROFR 11 days ago. They told me to expect the docs within 2 weeks of passing ROFR and today is one business day short of that time period, so things seem to be on track.

 

[T.E. Yeary]

Congratulations!