Current Estoppel Timeframe?

[bellapecas]

I know that estoppels were taking much longer to process in December. Has Disney gotten any quicker this month? Or are the Poly sales still keeping the process slower than "usual"?

 

[CMNJ]

I know that estoppels were taking much longer to process in December. Has Disney gotten any quicker this month? Or are the Poly sales still keeping the process slower than "usual"?

Our broker's normal timeframe we were given when we signed the contract said usually only takes 10-14 days to get closing docs after Disney waves ROFR. However, when they notified us we passed ROFR they had said we should receive our closing documents in ABOUT 17 days (so I took that to mean estoppel was still taking a little longer than usual). I can tell you we are now at day 15 and haven't heard anything yet so I would plan on it taking a little longer than usual...hopefully it won't be quite as bad as what some people were reporting in Dec (closer to 30 days)

 

[bellapecas]

Our broker's normal timeframe we were given when we signed the contract said usually only takes 10-14 days to get closing docs after Disney waves ROFR. However, when they notified us we passed ROFR they had said we should receive our closing documents in ABOUT 17 days (so I took that to mean estoppel was still taking a little longer than usual). I can tell you we are now at day 15 and haven't heard anything yet so I would plan on it taking a little longer than usual...hopefully it won't be quite as bad as what some people were reporting in Dec (closer to 30 days)

Thanks for sharing your current experience! My estoppel in October took no time, I was hoping this one would be the same.

 

[newfangled]

Our estoppel time....

ROFR Received 12/2
Closing docs received 1/6

We had the holidays in there but still....

 

[MinniesYooHoo]

OK. I'm ignorant and learning! What's estoppel?! I'm assumimg it has somethng to do with the closing but I'm unfamiliar with that particular term.

 

[bellapecas]

OK. I'm ignorant and learning! What's estoppel?! I'm assumimg it has somethng to do with the closing but I'm unfamiliar with that particular term.

The estoppel process is when the title company goes to Disney and collects the relevant facts about the contract you're buying so that you can't come back and claim the information you were given by the buyer and/or broker is false. This includes information about whether maintenance fees have been paid, how many points have been banked, borrowed, used, etc... It's a legal "CYA."

 

[CMNJ]

So I decided to just give my closing company a call and ask if Disney is still taking a long time for estoppel as it had been reported they were in Dec. I was told that Disney was in fact taking much longer in Dec and various reasons were mentioned-holidays, DVS computer system issues (which I seem to recall dvc members complaining about), and most significantly focusing on sending out DVC member dues rather than estoppel. Supposedly estoppel is pretty much back to the normal timeframe now BUT closing companies (or at least mine) have been playing catch up due to the estoppel back log in Dec. Hoping that means we will get our docs in a few days like the broker had indicated when we passed ROFR.

 

[bellapecas]

Supposedly estoppel is pretty much back to the normal timeframe now BUT closing companies (or at least mine) have been playing catch up due to the estoppel back log in Dec. Hoping that means we will get our docs in a few days like the broker had indicated when we passed ROFR.

I suppose the silver lining to my situation is that Disney waived ROFR last Wednesday and told the closing company, who proceeded to start the estoppel process. However I was unaware of passing ROFR until yesterday. That's a week I don't have to "wait".

 

[CMNJ]

I suppose the silver lining to my situation is that Disney waived ROFR last Wednesday and told the closing company, who proceeded to start the estoppel process. However I was unaware of passing ROFR until yesterday. That's a week I don't have to "wait".

So I just checked my email and voila there are my closing documents
Could be a coincidence but I'm pretty sure the person's name on our documents was the nice lady I talked to earlier. So it seems estoppel is back to normal it has been 15 days since we passed ROFR. Now we send back the docs and wait some more lol!!! Best of luck to you for a quick closing process

 

[MinniesYooHoo]

The estoppel process is when the title company goes to Disney and collects the relevant facts about the contract you're buying so that you can't come back and claim the information you were given by the buyer and/or broker is false. This includes information about whether maintenance fees have been paid, how many points have been banked, borrowed, used, etc... It's a legal "CYA."

Gotcha! Thanks so much for clarifying.

 

[Jfine]

Granted mine was in December, but it took exactly one month. ROFR 12/2, closing documents 1/2. Now to get my member number...

 

[julluvsdisney]

After estoppel when are the rest of the funds usually due ? When you return the closing docs?

 

[CMNJ]

After estoppel when are the rest of the funds usually due ? When you return the closing docs?

Yes full payment is due via cashiers/certified check (or wire transfer) when you return your signed closing documents.
Not sure who your closing company is but I don't think they usually tell you when is estoppel has been completed (unless maybe if you contacted them to see where you were at in the closing process). Basically it seems to take roughly 2 weeks or so (though I guess it was delayed in Dec/early Jan) from the time you pass ROFR until your closing documents are prepared and emailed.

 

[newfangled]

Yes full payment is due via cashiers/certified check (or wire transfer) when you return your signed closing documents.
Not sure who your closing company is but I don't think they usually tell you when is estoppel has been completed (unless maybe if you contacted them to see where you were at in the closing process). Basically it seems to take roughly 2 weeks or so (though I guess it was delayed in Dec/early Jan) from the time you pass ROFR until your closing documents are prepared and emailed.

yep...

I kept thinking I would get some confirmation. Somewhere in there the estoppel letter is received and I think it's the "long pole" here, but I agree...it's not quite the actual milestone you see.