Day 54 of ROFR

[flute38]

I'm curious if those who had very long waits on ROFR eventually got some kind of notification. When I see most contracts on here getting notified around 30 days, I'm starting to think that something is wrong. I keep checking in with my broker (this board's sponsor) about every week and a 1/2 but nothing. My initial closing date isn't scheduled until July 3rd so I know I need to wait longer, but I'm getting a little fed up with the fact that my deposit is being held and I can't really start looking for another contract.

How many of you have waited over 50 days recently and then finally got the news?

 

[PalmettoPath]

We just sold our AKV points to add more VGF and I was actually surprised at how quick Disney was with ROFR. It happened in about 7-10 days. Super fast. I guess they really didn't want AKV points back.

 

[MICKIMINI]

I had a 56 day wait about five years ago. It is not typical. I'd continue to ask for updates every couple days and be a squeaky wheel... Good luck!

 

[Her Dotness]

We had about that long a delay on the resale we bid on in February.

Turned out, the person handling our contract was out with covid for a couple weeks.

Have you called or only emailed? Call them if you've not done that. That's how we found out the situation after no email replies.

 

[DonMacGregor]

This is why I put the absolute minimum down on a resale contract. Ties up less money, and makes walking away somewhat more palatable.

 

[flute38]

We had about that long a delay on the resale we bid on in February.

Turned out, the person handling our contract was out with covid for a couple weeks.

Have you called or only emailed? Call them if you've not done that. That's how we found out the situation after no email replies.

I've only emailed and I'm getting a response, but the response is always that they haven't heard from Disney yet and that they'll let me know when they do.

 

[BruinEd03]

I'm curious if those who had very long waits on ROFR eventually got some kind of notification. When I see most contracts on here getting notified around 30 days, I'm starting to think that something is wrong. I keep checking in with my broker (this board's sponsor) about every week and a 1/2 but nothing. My initial closing date isn't scheduled until July 3rd so I know I need to wait longer, but I'm getting a little fed up with the fact that my deposit is being held and I can't really start looking for another contract.

How many of you have waited over 50 days recently and then finally got the news?

I think the contract gives them a maximum number of days, or the closing date, whichever one is shorter. With the minimum amount of days Disney has being 30 days (though they could do it earlier). Check to see what the maximum is. Unless it’s past that date, there really isn’t much you can do.

Not that it helps, but that’s one benefit to setting a shorter closing date.

 

[flute38]

I think the contract gives them a maximum number of days, or the closing date, whichever one is shorter. With the minimum amount of days Disney has being 30 days (though they could do it earlier). Check to see what the maximum is. Unless it’s past that date, there really isn’t much you can do.

Not that it helps, but that’s one benefit to setting a shorter closing date.

I don't see anywhere that the contract gives Disney a maximum number of days, though it does say that if the estoppel certificate is not received by the title company by 30 days prior to closing (July 3), the closing will be extended to 30 days after the certificate is received. I just hope that this can't go on forever with continual extensions.

 

[thanxfornoticin]

Having gone through this process several times, including a couple that Disney took, your wait is definitely on the high side. Very high. I would ask your broker to verify that all the info on your transaction is up-to-date, and that the contract number is correct. There have been a few situations where 'updates' from brokers to buyers were based on the wrong contract number and the actual contract had already been decided. It might take more than the standard email response from your broker telling you it's Disney's fault for the wait, not theirs. They might actually need to look, analyze, and verify.

 

[Sandisw]

I don't see anywhere that the contract gives Disney a maximum number of days, though it does say that if the estoppel certificate is not received by the title company by 30 days prior to closing (July 3), the closing will be extended to 30 days after the certificate is received. I just hope that this can't go on forever with continual extensions.

Disney must be given at least 30 days but can take up until closing to make a decision.

It’s one reason why brokers put the closing date farther out, to ensure ROFR has time to happen as they won’t close it without that.

 

[Alicia22]

I waited 45 days recently and passed on a small AKV contract. My personal belief is that Disney holds out as long as possible on contracts they think they can flip. No evidence - just a belief. Good luck!!

 

[BruinEd03]

Disney must be given at least 30 days but can take up until closing to make a decision.

It’s one reason why brokers put the closing date farther out, to ensure ROFR has time to happen as they won’t close it without that.

Looking at the Declaration for Copper Creek and the ROFR process - Disney has between 30 days and the closing. If Disney doesn’t provide notice by the closing date, then the Parties can proceed with the sale.

Not sure why brokers won’t proceed without the ROFR waiver. It’s explicitly written in the contract that the Parties can proceed if Disney doesn’t provide notice by the closing date. Thus, it’s actually beneficial to set the closing date to just be 31 to 33 days. One drawback is that if you set it too far back, eg 4 months. Then after 4 months, if Disney hasn’t given notice, and the deal hasn’t closed, then the ROFR process resets.

 

[Sandisw]

Looking at the Declaration for Copper Creek and the ROFR process - Disney has between 30 days and the closing. If Disney doesn’t provide notice by the closing date, then the Parties can proceed with the sale.

Not sure why brokers won’t proceed without the ROFR waiver. It’s explicitly written in the contract that the Parties can proceed if Disney doesn’t provide notice by the closing date. Thus, it’s actually beneficial to set the closing date to just be 31 to 33 days. One drawback is that if you set it too far back, eg 4 months. Then after 4 months, if Disney hasn’t given notice, and the deal hasn’t closed, then the ROFR process resets.

They just won’t close it but really, Disney doesn’t really take more than 30 to 35…with a few time periods where it has averaged longer.

As a seller, I’d never agree to less than 60 to make sure I had time after ROFR to get paperwork done

 

[badeacon]

Looking at the Declaration for Copper Creek and the ROFR process - Disney has between 30 days and the closing. If Disney doesn’t provide notice by the closing date, then the Parties can proceed with the sale.

Not sure why brokers won’t proceed without the ROFR waiver. It’s explicitly written in the contract that the Parties can proceed if Disney doesn’t provide notice by the closing date. Thus, it’s actually beneficial to set the closing date to just be 31 to 33 days. One drawback is that if you set it too far back, eg 4 months. Then after 4 months, if Disney hasn’t given notice, and the deal hasn’t closed, then the ROFR process resets.

I agree with this and do not understand why brokers set the closing date so far out. I think when I next buy or sale , I will have them set closing date just after 30 days as one of my conditions in the contract. I know a few years ago the closing dates were around 45 days in my contracts, this was standard as i did not request.

 

[Matty B13]

I agree with this and do not understand why brokers set the closing date so far out. I think when I next buy or sale , I will have them set closing date just after 30 days as one of my conditions in the contract. I know a few years ago the closing dates were around 45 days in my contracts, this was standard as i did not request.

I have tried this, most brokers won't do it.