Delayed closing and ROFR

[Marv_barr]

We put a offer in for a OKW extended contract 190 points at $98/point. I think this is a fair price, but the contract can't close until Dec of this year. This being our 1st contact is there any potential issues with ROFR being delayed until closing? I'm already anxious and it's going to be a lengthy process.

TIA

 

[chicagoshannon]

Shouldn't be. I know there was someone recently that passed in March but isn't closing until later this month. There was a back up of ROFR a couple of weeks ago where people were waiting 40+ days but Disney seems to have caught up now.

Good luck!

 

[ELMC]

ROFR will proceed as normal, you just won't be able to close until that date. Congrats on your purchase!

 

[Marv_barr]

Thanks. This is great info. I was under the impression that ROFR would happen closer to the closing date.
Thanks

 

[Chrisizzle]

I know there was someone recently that passed in March but isn't closing until later this month.

You may be talking about me. I made my offer on March 8th knowing the unit couldn’t close until April 29th. I expected the ROFR and legal stuff to take up to two months which would put me there anyway.

(un)Fortunately for me ROFR only took 10 days and I’ve been in a holding pattern for the better part of 5 weeks.

I didn’t realize that Disney wants the previous owner’s trip completely wrapped up and I’m told that means two weeks to settle any outstanding balances. So, April 29th has become May 12th. Only then will the deed start moving.

I’ve been warned I won’t get my DVC account until mid-June. For my case, I may just barely take advantage of the advanced booking window for January RunDisney Marathon weekend.

If you’re unit can’t close until December (let’s assume mid-December), it may be February before you get your actual DVC account to make bookings.

I’ll post back here when I get my property deed, and again when I get my DVC account. That may give you an idea of timelines beyond your delayed closing.

 

[Marv_barr]

Thanks

 

[KAT4DISNEY]

You may be talking about me. I made my offer on March 8th knowing the unit couldn’t close until April 29th. I expected the ROFR and legal stuff to take up to two months which would put me there anyway.

(un)Fortunately for me ROFR only took 10 days and I’ve been in a holding pattern for the better part of 5 weeks.

I didn’t realize that Disney wants the previous owner’s trip completely wrapped up and I’m told that means two weeks to settle any outstanding balances. So, April 29th has become May 12th. Only then will the deed start moving.

I’ve been warned I won’t get my DVC account until mid-June. For my case, I may just barely take advantage of the advanced booking window for January RunDisney Marathon weekend.

If you’re unit can’t close until December (let’s assume mid-December), it may be February before you get your actual DVC account to make bookings.

I’ll post back here when I get my property deed, and again when I get my DVC account. That may give you an idea of timelines beyond your delayed closing.

I’ve sold a contract in the past with a short delay in closing. There was no extra waiting past the date the vacation ended. Not to say they haven’t changed but what you’ve been told may just be the worst case scenario.

 

[msjprincess]

I’ve sold a contract in the past with a short delay in closing. There was no extra waiting past the date the vacation ended. Not to say they haven’t changed but what you’ve been told may just be the worst case scenario.

I bought a contract with a delayed closing. We closed the day after their vacation ended.

 

[Chrisizzle]

You may be talking about me. I made my offer on March 8th knowing the unit couldn’t close until April 29th. I expected the ROFR and legal stuff to take up to two months which would put me there anyway.

(un)Fortunately for me ROFR only took 10 days and I’ve been in a holding pattern for the better part of 5 weeks.

I didn’t realize that Disney wants the previous owner’s trip completely wrapped up and I’m told that means two weeks to settle any outstanding balances. So, April 29th has become May 12th. Only then will the deed start moving.

I’ve been warned I won’t get my DVC account until mid-June. For my case, I may just barely take advantage of the advanced booking window for January RunDisney Marathon weekend.

If you’re unit can’t close until December (let’s assume mid-December), it may be February before you get your actual DVC account to make bookings.

I’ll post back here when I get my property deed, and again when I get my DVC account. That may give you an idea of timelines beyond your delayed closing.

I remembered that I was provided with a web portal to check the closing status. That is from a third party real estate closing company and not Disney.

It looks like the seller provided their documents on April 29th which is good. No other updates since then. The portal shows an estimated closing date of May 10th. So, that lines up with the 2-weeks I was warned to expect beyond the delayed closing date from the seller. I'll post here if that happens sooner.

 

[MICKIMINI]

We just made a deal this week with a November 2019 closing date. We're all set for 2019 vacation and were excited to get a shot at a BWV contract that fit us perfectly so it didn't matter a bit to us. Our broker told us that ROFR goes as normal (maybe the "new" normal) and we have to close within 21 days after the stated "can not close before" date. We plan to have all our closing docs and check at the title company prior to that date, so we expect it close within days of the stated date. Good luck!

 

[Jason@dvcstore]

We put a offer in for a OKW extended contract 190 points at $98/point. I think this is a fair price, but the contract can't close until Dec of this year. This being our 1st contact is there any potential issues with ROFR being delayed until closing? I'm already anxious and it's going to be a lengthy process.

TIA

Fingers crossed for you.

 

[Chrisizzle]

It looks like the seller provided their documents on April 29th which is good. No other updates since then. The portal shows an estimated closing date of May 10th. So, that lines up with the 2-weeks I was warned to expect beyond the delayed closing date from the seller. I'll post here if that happens sooner.

Update:
It is May 7th and my deed has been registered with the county. So, it took 7 calendar days for that process to happen... but that is three days less than what the agent said it could take.

Now (from the email I received) “the sale has been sent to Disney for transfer of ownership. Please allow up to 3 weeks for Disney to complete the transfer of ownership.”

And because I am a new DVC member... I “will receive my new membership information in the mail approximately 7 days after the ownership has been transferred.” That’s when I can call member services and start the fun.

So, I’ve got another month to go.

If you happen to be an existing DVC member with the same use year, you’d save a week and just get the points in your existing account right after the transfer.

 

[gluestickgirl]

Update:


If you happen to be an existing DVC member with the same use year, you’d save a week and just get the points in your existing account right after the transfer.

When we bought our second contract w/ a new use year, it did just appear in our account once DVC had processed it. We didn't have to wait for a letter. So you likely won't need to wait longer. =)

 

[Marv_barr]

Thanks for the info. I really appreciate it

 

[Chrisizzle]

Happy to say I’ve got another status update.

It is May 14th and I got an email with my account activation code. I can’t yet create a DVC member account because my “Club ID” number will arrive by mail with some official documents. However, I’d hope those documents were snail-mailed at the same time as this email. So, it’s just a matter of the postal service now.

 

[Chrisizzle]

Ok. Here is my final timeline from purchase offer to booking a DVC stay.

March 8: I made an offer through **********.com. The property I selected had a delayed closing of April 29th.

March 9: A little negotiation and seller accepts. Paperwork signed promptly by all parties. Deal sent away for Disney ROFR with warning that could take 30-days.

March 19: My offer passes ROFR.
I am now notified that Disney requires a 5-day wait period following the previous owner’s check-out. That means the “April 29th” from the listing is effectively May 3rd.

April 16: I receive closing documents to sign. This is just a head start even though they can’t be filed until May 3rd. This advanced time also gives me a chance to send the funds from Canada which can take a day or so.

May 7: Sale is closed and deed recorded by the county. This is my final interaction with **********.com. I should now allow 4-weeks for Disney to transfer ownership and mail my documents.

May 14: I get a DVC Activation Code by email.

May 22: I get my DVC Member Number by post mail.
This was an odd process. The entire premise is my Member Number would accompany ‘other documents’ in the mail. What arrived was a single page with my Member Number only. So, this really could have come by email too and saved a week (unless it is to confirm my mailing address).
Also, the letter says to simply log-on to the DVC website with the Member ID and Activation Code. However, you actually need a “Club ID” number and Activation Code. So, I had to call member services and trade my Membership Number for a Club ID.

May 23: I am online and making my first reservation.

In conclusion, it took 23–days between the listed delayed closing date (April 29) and becoming an official DVC member (May 22). I think that is an idealized situation with everything happening before the allotted window of time. June 4th would be my date if things took the full 4-weeks.

I hope this helps you (and anyone else) contemplating a delayed closing process.

(Interesting... they have censored the broker I used. I assume because this site is sponsored by another DVC resale provider.)

 

[gluestickgirl]

Ok. Here is my final timeline from purchase offer to booking a DVC stay.


March 19: My offer passes ROFR.
I am now notified that Disney requires a 5-day wait period following the previous owner’s check-out. That means the “April 29th” from the listing is effectively May 3rd.

April 16: I receive closing documents to sign. This is just a head start even though they can’t be filed until May 3rd. This advanced time also gives me a chance to send the funds from Canada which can take a day or so.

May 7: Sale is closed and deed recorded by the county. This is my final interaction with **********.com. I should now allow 4-weeks for Disney to transfer ownership and mail my documents.

Interesting - I wonder if this is something new, and if so, maybe the brokers are just folding it into the date now? We just closed on a contract that couldn't close until 5/19 - and we officially closed 5/20 (Monday) and were recorded on 5/21.

 

[Rush]

Ok. Here is my final timeline from purchase offer to booking a DVC stay.

March 8: I made an offer through **********.com. The property I selected had a delayed closing of April 29th.

March 9: A little negotiation and seller accepts. Paperwork signed promptly by all parties. Deal sent away for Disney ROFR with warning that could take 30-days.

March 19: My offer passes ROFR.
I am now notified that Disney requires a 5-day wait period following the previous owner’s check-out. That means the “April 29th” from the listing is effectively May 3rd.

April 16: I receive closing documents to sign. This is just a head start even though they can’t be filed until May 3rd. This advanced time also gives me a chance to send the funds from Canada which can take a day or so.

May 7: Sale is closed and deed recorded by the county. This is my final interaction with **********.com. I should now allow 4-weeks for Disney to transfer ownership and mail my documents.

May 14: I get a DVC Activation Code by email.

May 22: I get my DVC Member Number by post mail.
This was an odd process. The entire premise is my Member Number would accompany ‘other documents’ in the mail. What arrived was a single page with my Member Number only. So, this really could have come by email too and saved a week (unless it is to confirm my mailing address).
Also, the letter says to simply log-on to the DVC website with the Member ID and Activation Code. However, you actually need a “Club ID” number and Activation Code. So, I had to call member services and trade my Membership Number for a Club ID.

May 23: I am online and making my first reservation.

In conclusion, it took 23–days between the listed delayed closing date (April 29) and becoming an official DVC member (May 22). I think that is an idealized situation with everything happening before the allotted window of time. June 4th would be my date if things took the full 4-weeks.

I hope this helps you (and anyone else) contemplating a delayed closing process.

(Interesting... they have censored the broker I used. I assume because this site is sponsored by another DVC resale provider.)

My guess is your post got censored more because you posted it as a hyperlink, not so much because it was a non-sponsor broker. There are posts including other broker’s names all over the boards, they just aren’t listed with .com at the end of them. Many forums limit hyperlinks in some fashion.

 

[Bing Showei]

My guess is your post got censored more because you posted it as a hyperlink, not so much because it was a non-sponsor broker. There are posts including other broker’s names all over the boards, they just aren’t listed with .com at the end of them. Many forums limit hyperlinks in some fashion.

Acutally, official DISboard policy is that if you want to discuss a company, you need to use the URL. If that URL is banned, that company is not supposed to be discussed.

 

[Chrisizzle]

My guess is your post got censored more because you posted it as a hyperlink, not so much because it was a non-sponsor broker. There are posts including other broker’s names all over the boards, they just aren’t listed with .com at the end of them. Many forums limit hyperlinks in some fashion.

Actually... I tried just writing out the name and it was blocked too.
The name of the company is **********. See... that is censored too. Just the name with no dot com.

Anyways... not a big deal. I was happy with their performance and would recommend them, but I am sure the DVCStore ( <--not censored ) is just as good.