Buyers That Lost Out Due to ROFR...

[calypso*a*go-go]

How were you notified? Does DVC include buyers in the correspondence loop or is everything exclusive to the seller? We were told in an email by the seller that our first offer didn't clear ROFR but don't actually have anything from DVC. Just curious...

 

[RobDoc]

DVC would have no reason to contact you as the offer was submitted to them by the seller. The seller has so choice but to submit it to DVC in order to close the sale, but the buyer has no power in the matter.

It would be up to the seller (or the seller's agent) to notify the buyer.

Good luck!

 

[Dean]

DVC notifies the seller and not the broker or buyer. It is the sellers responsibility to notify the broker (or buyer if direct) and the broker to let the buyer know. My guess is most buyers don't know this and there is a week or two delay in many cases between when the buyer finds out and the seller is notified.

 

[calypso*a*go-go]

Does anyone know what the actual notification from DVC is? Do they mail a letter, make a phone call, etc.? We are just very curious due to some of the issues involving our own purchase of a resale. Thanks for your help!!!

 

[mowog]

As you submitted a deposit with your contract you must be notified. I assume because money is involved that it must be in a "timely" matter. So I would think very shortly after the ROFR is exercised you should be notified.

 

[Dean]

Originally posted by calypso*a*go-go
Does anyone know what the actual notification from DVC is? Do they mail a letter, make a phone call, etc.? We are just very curious due to some of the issues involving our own purchase of a resale. Thanks for your help!!!

My understanding is Disney sends a letter to the seller.

 

[stacy6552]

We foudn out because 18 days after the contract was submitted, I called the timeshare store and got another agent who was willing to look into it. She found out that Disney had excercised their right 2 weeks prior. So we sat around waiting and waiting just because our agent didnt care.

 

[tjkraz]

I think I see where calypso*a*go-go is headed with this. If nothing goes to the potential buyer, he/she is simply asked to take the seller's word that DVC exercised ROFR. Without confirmation, there's always the possibility that this is simply a ploy on the seller's part to extort another $1 or 2 per point.

Do any of you pros think that DVC accounting would confirm the ROFR status for the potential buyer? I know they don't normally deal with non-members, but I wonder if they wouldn't be of some assistance in this situation.

 

[CarolMN]

Originally posted by tjkraz
I think I see where calypso*a*go-go is headed with this. If nothing goes to the potential buyer, he/she is simply asked to take the seller's word that DVC exercised ROFR. Without confirmation, there's always the possibility that this is simply a ploy on the seller's part to extort another $1 or 2 per point.

Do any of you pros think that DVC accounting would confirm the ROFR status for the potential buyer? I know they don't normally deal with non-members, but I wonder if they wouldn't be of some assistance in this situation.

I'm not sure that DVC can or should. IMHO, this is confidential information that DVC should not be sharing with anyone except the contract owner. It's up to the seller/broker to keep the buyer in the loop, not DVC.

FWIW, trying to be helpful/nice can often get you into lots of trouble!

 

[calypso*a*go-go]

No good deed goes unpunished, eh?

For the most part, I'm sure both parties are sincere and truthful in negotiations. I think I am just frustrated at the length of time I've been involved in this resale (almost three months) and don't want to have the mindset "no news is good news" and then find out long after the fact the ROFR has been exercised.

 

[ClarabelleCow]

Just curious, have you contacted your agent as to what the hold up is?? We ran into a lengthy resale because the selling party lived in the UK, so between the time difference, and having to get paperwork notorized at the US consulate, it took for ever!!! Almost 2 1/2 months from start to finish!

 

[calypso*a*go-go]

There is no agent involved. Any correspondence comes from the seller. I'm just getting very "antsy", that's all. With the price increase annoucement I feel like I need to start looking at other contracts a.s.a.p. in case this one falls through. I'm sure the resale prices will go up as well as the ROFR threshold. Which of course is very good for current owners - I just wish I was one of them!

 

[lillasmom]

Wow. three months is a long time. I completed two resales in under 45 days, on separate occasions. I would be very concerned too! Good luck and hope to be able to say "welcome home" soon.