Delayed closings causing delays in ROFR

[DisneyFanatics6]

So if a contract has a delayed closing date far down the road (like the end of 2021 or early 2022) does that delay Disney from making a decision whether they want to take it back or pass it? ( beyond 30 days). Thanks

 

[MICKIMINI]

Nope. It goes on the same ROFR track as all resales. Only the closing is postponed.

 

[DisneyFanatics6]

Nope. It goes on the same ROFR track as all resales. Only the closing is postponed.

But technically they have the right to hold it and make a decision until the closing date is that correct? But you're saying they won't do that?

 

[MICKIMINI]

But they don't. We've bought 12 resales, so a bit of experience here LOL!

 

[BlueRibbon]

I recently went through this. Made an offer on a contract back in Oct 2020 with a stipulation that closing couldn't occur until May 1, 2021. ROFR came back in November, and then nothing for a number of months. Mid-April came around and the title company reached out with closing docs and where to send the money.

Admittedly, I was sweating it for a bit wondering if the seller was thinking that even if they paid off the commission, they might make more money by putting the contract on the market again. Prices have gone WAY up since Oct 2020!!

Thankfully they returned the docs and we closed earlier this week!

 

[DisneyFanatics6]

I recently went through this. Made an offer on a contract back in Oct 2020 with a stipulation that closing couldn't occur until May 1, 2021. ROFR came back in November, and then nothing for a number of months. Mid-April came around and the title company reached out with closing docs and where to send the money.

Admittedly, I was sweating it for a bit wondering if the seller was thinking that even if they paid off the commission, they might make more money by putting the contract on the market again. Prices have gone WAY up since Oct 2020!!

Thankfully they returned the docs and we closed earlier this week!

Thank you for that info. Technically they can back out up until closing is that correct and just lose out on the $1500. So technically they lose a little to make more on on reselling it. That’s a risk potentially???

 

[MICKIMINI]

It is a risk as any agreement is. They will have to pay commission regardless, so hopefully that is enough to keep them honest!

 

[Sandisw]

Thank you for that info. Technically they can back out up until closing is that correct and just lose out on the $1500. So technically they lose a little to make more on on reselling it. That’s a risk potentially???

I don’t think you are going to find too many sellers who would do this. I have bought and sold 4 times with delayed closings. ROFR happened on time. While yes, they could, they never have.

 

[sndral]

Does anyone know of DVC ROFRing a delayed closing contract recently? I know of one instance where DVC ROFR’ed one & then closed it canceling a pending vacation creating a bit of a mess several years ago - but I wonder if having a delayed closing might up your chances of getting through ROFR.

 

[BlueRibbon]

I agree with the other posters that while it is a remote possibility that the seller could back out of the deal, it'd be a lot of headache on their part to do so. Not to mention, the sellers would need to find a new broker as any reputable broker wouldn't re list right away without a good reason.