Disney exercised ROFL heavily again this week!

[hulagirl]

My husband just got off the phone with our resale agent and she said we lost a contract we made a bid on a month ago (a very long shot - we knew) . It was BWV 150pts $64.00 per point with no points available until Aug. 2004. Seller was to pay closing costs. (I think this is a real key these days) Interestingly, she said that they took 15 other contracts (we didn't ask for specifics) but they bought back anything under $72.00. I read earlier this week that someone squeaked in at $69.00. I think they were very lucky indeed. Anyone waiting might want to call and check today....

 

[hulagirl]

Sorry guys! That would be ROFR and I hope they aren't ROFL!

 

[melk]

Sorry to hear that, hulagirl. I've got a friend that wants to do an add-on and I told them I had read on the board recently that Disney was buying back a lot. But I can't find that original thread. Is that what Disney has been doing, exercising their rofr on anything under $72?

 

[hulagirl]

Yes, but in some cases it seems people have been slipping through the cracks though and I'm not sure why...

 

[Tjkane28]

Not looking for sympathy, but I just lost a 200 pt. December use year HH contract at $68 per point with all points left from 2002(banked obviously) and 2003 (still transferable).

I think I am going to watch the market for a bit.

 

[disneyberry]

hmm... if 15 contracts were bought back, i wonder how many were approved this week?

hulagirl, too bad you didn't get details...
btw, you should edit your original message to change that ROFL to ROFR.
heh, i bet Disney is ROFL about the money they'll be making on those bought back contracts though.

 

[Richyams]

I would just leave it, I knew what you meant and got a laugh out of it.

This board software does let you go back and edit your previous posts.

 

[4greatboys]

We must have closed on our resale right before Disney started the heavy buy back. We bought an OKW resale 100 pts @ $62.40
all 2003 pts were there.

 

[hulagirl]

Hey Rich,
I never noticed that little edit button! But I think I will leave it - I like that it gave you a laugh. I feel bad for those who have lost contracts this week though. It's an awful long wait to hear no deal in the end. Still Poorman's post today gives us hope that there are ways to end up with what we want just the same. I applaud his patience and determination.

I wish I could figure out what's going on with Disney. I think there is more to this than just the obvious...We heard they actually went directly to some sellers and circumvented the agents completely this time around. Seems like they are catching on to some of the creative ways people are trying to get past them and are just not allowing it...But why? Do you think with their bottom line sinking due to a sluggish economy and decline in travel, they might actually delay the opening of Saratoga Springs?

 

[nezy]

Is HH sold out?

I could see DVC using rofr for resorts already sold out so they can offer it to people who are interested in points in those locations and may even be on a waiting list for such resorts as OKW. Aslo, if they buy back 200 points it can be broken up into several add-on contracts or one new contract. they have more options with more inventory in their pocket.

What I want to know is, at what price are they buying the points-the list price offered by a re-sale purchaser?

 

[4greatboys]

Disney is paying whatever the buyer was going to pay. I have heard of a buyer or 2 actually offering a little more than the asking price so Disney wouldnt buy it back.

 

[Richyams]

I suggested that to one person here, the one asking about offering $65 on an asking price of $70. I suggested offering $71 or 2, really, $73 or 4 would assure you of getting it.

Doc shot me down, some sort of moral conflict.

 

[mikesmom]

We have had an offer in for OKW for a month now and haven't heard. We made the offer just a bit before it became obvious that Disney was buying up everything. I called the agent (who had no new info) today and told him I wished they'd do whatever and be done so we could make another plan. He said not to give up all hope. He's been tracking the ones that go through him and he said that the contracts to people who were already owners and adding on were occassionally getting by. The contracts for new buyers were getting grabbed quickly. That may mean there's hope- this would be an add on for us.

Of course I don't know how big his statistical sample is - but we'll wait and see.

 

[rphjr]

I'm waiting for a VB resale. I offered about $58.00 a point with the seller paying the 2003 maintenance fee. It's 150 points with 60 banks left from 2002 and all of 2003. It's a december use year. After reading all this I'm not sure if it's going to get by Disney, but I haven't heard of a VB being bought up. I currently have 310 points at OKW and has buying VB to use when we want to go there every 2 to 3 years, but also for cheap points to use on cruises and trades and off season visits to WDW. Anyone think this will go through?

 

[CarolMN]

Originally posted by rphjr
I'm waiting for a VB resale. I offered about $58.00 a point with the seller paying the 2003 maintenance fee. It's 150 points with 60 banks left from 2002 and all of 2003. It's a december use year. After reading all this I'm not sure if it's going to get by Disney, but I haven't heard of a VB being bought up. I currently have 310 points at OKW and has buying VB to use when we want to go there every 2 to 3 years, but also for cheap points to use on cruises and trades and off season visits to WDW. Anyone think this will go through?

I haven't heard/read of Disney buying back any VB contracts, either, so I think you have a chance. That said, $58/point and no 2003 dues sounds like a very good deal based on what other resales have been going for lately.

Be sure to let us know what happens.

Good luck.

 

[beachwalk]

Hi, just got off the phone and Dis exercised ROFR on our BWV 300 pts. w/Dec. use year 2002 pts. were all avail. @ $69PP....

We are countering at $71PP to try and still get the contract.

Wish us luck

 

[JOC]

Good luck!

 

[Poorman]

That could affect what happens with the next time DVC looks at it.
My last offer went through ,this is what it was.

500 BWV points all 2002 points and 2003 points ,$72.00 pp seller pays closing and dues.

If you have been following the first offer was picked up by DVC at $70.00 pp. You can try $71.00 but I think it would have a better chance at $72. JMHO. Regards, Rich

 

[POLLY ANN]

Richyams, that was me that asked! My friend went ahead yesterday and made the offer at $70. It will be interesting to see if she gets it. Two questions for anyone:

1. She can counteroffer at a higher price if Disney exercises ROFR?

And:

2. What does Disney do with these buybacks? Sorry, never got that deep into the paperwork when we bought. It just didn't seem too important back then!

 

[Doctor P]

I am hazarding a guess here, but following these various threads it seems like DVD might be exercising a bit more discretion than might be first apparent. The contracts that they seem to be letting go are often for use years that have traditonally been the more difficult ones to sell based on which use years seem to be selling out last at the resorts. I'm guessing that they are at least considering the pent up demand for add ons at the resorts for a given use year before exercising ROFR. Just a guess.