Day 28 of ROFR and still no word

[JessLCH]

It seems like lots of people heard yesterday. Our BLT contract was submitted on 5/14 and I just got an email from Sharon at Fidelity that she still has not heard back from Disney.

I am not feeling at all optimistic at this point.

 

[iluvthsgam]

Disney has 30 days. You cannot conclude anything until then.

 

[JessLCH]

Actually it is day 29 if I count 5/14, the day it was submitted, as day 1. What happens if they don't respond in 30 days?

 

[iluvthsgam]

Normally, you would count the first day after the date it was submitted as day 1 (at least this is how dates are calculated by the courts in NY).

It is my understanding that if they do not respond within 30 days they have waived their right to refuse the sale, but someone correct me if I am wrong here.

 

[Minniesgal]

I have heard of cases where they took longer than 30 days before. All they have to do is issue an adendum

 

[JessLCH]

Normally, you would count the first day after the date it was submitted as day 1 (at least this is how dates are calculated by the courts in NY).

It is my understanding that if they do not respond within 30 days they have waived their right to refuse the sale, but someone correct me if I am wrong here.

Ok, then today would be 28. This was my understanding also...that if they don't respond in 30 days, it is ours. I am not at all understanding how they can legally take back the contract after 30 days.

 

[lorie13]

It seems like lots of people heard yesterday. Our BLT contract was submitted on 5/14 and I just got an email from Sharon at Fidelity that she still has not heard back from Disney.

I am not feeling at all optimistic at this point.

What was your offer?

 

[JessLCH]

Nevermind, Disney just took the back the contract. Not surprised, but disappointed:

BLT (Feb UY) $85 per point 600 points- all 2013 and fwd, buyer pay closing and admin fee, split Maint fee with seller 50-50

Will post on ROFR thread also.

Doubt we will bother to try again. Not easy to find a large contract at a resort we want.

 

[cseca]

Sorry that Disney took it back...

That's a "low" price and the split MF made it a good deal compared to what has been posted lately.

 

[Missyrose]

Nevermind, Disney just took the back the contract. Not surprised, but disappointed:

BLT (Feb UY) $85 per point 600 points- all 2013 and fwd, buyer pay closing and admin fee, split Maint fee with seller 50-50

Will post on ROFR thread also.

Doubt we will bother to try again. Not easy to find a large contract at a resort we want.

Sorry to hear it, that's a nice number of points Disney can break up to fill quite a few of the wait listed contracts. I wouldn't give up just yet. Disney can't buy back EVERY contract.

 

[lorie13]

So sorry to hear that. Wow, that a one hugh contract for them to take back. They must have plans to split it up. Absolutely no rhyme or reason to ROFR.

 

[disneynutz]

I would buy several small contracts instead of a large one. Easier to down size in the future and easier to find a buyer.

Bill

 

[drusba]

So sorry to hear that. Wow, that a one hugh contract for them to take back. They must have plans to split it up. Absolutely no rhyme or reason to ROFR.

Whenever Disney gets back contracts through ROFR, it always puts them back into the same unit and mixes them with any other points available in that unit and then sells new contracts with whatever amount of points the new buyer wants to purchase. Disney is currently selling BLT for $165 a point with no incentives and finding purchasers. Recent resale prices for BLT have been in the high $90's to low $100's range. Thus, its exercise of ROFR on that contract was almost pre-ordained.

 

[dbs1228]

I would buy several small contracts instead of a large one. Easier to down size in the future and easier to find a buyer.

Bill

I totally agree with this I would be looking at 4 - 150 point contracts or 200 point but I would stay away from 600 point contract - in a down market if you needed to sell you will be so limited! Keep looking I just submitted my 3rd BWV contract even though its a little more money to me its the best contract for us personally!

Sorry to hear - disappointing. Good luck

 

[JessLCH]

Thanks all, I think we are done. Too much of a pain to find 4 separate contracts with the same UY and go through ROFR and the whole process 4x. Plus the smaller the contract, the higher the price it seems. Not willing to do that. If another large contract comes around, we might consider. Otherwise, not owning DVC is fine. I am bummed but was prepared that this might happen.

And, as an FYI, the asking price on this was $86 and we agreed on 85, so it isn't like I really low balled the asking price.

 

[JustTinking]

Aww, don't give up. Give it a few days or a week to get over your disappointment. It's too bad, but it happens. Remind yourself it's a game, and over the long run, with patience, you will get what you need at the price you need. Disney is worth owning.