Disney Waived Rofr

[klcason]

Disney waived ROFR on our OKW resale!!!!!!!!

Here are the details:

OKW 200 points
$66 / point (I would have offered more if I had known
about this board sooner. Now I am sure glad I didn't)

Use year October.
87 points left from 2002 (not banked)
138 renew in October 2003

We pay all closing and maint. fees for the 138 for 2003.

I am so excited I can hardly type!!!!!!!!!!!

Thanks so much for all of your support. We hope to go in Oct. so I am quite anxious to get the closing done.

Thanks,

Kayla

 

[ArnyVee]

Wow, $66/point! Great price!

I can't believe that Disney approved that one.....good for you!

I just got word on mine too, so today was a great day for gettin' by the ROFR folks!

WELCOME HOME!!

 

[klcason]

You know I couldn't believe it either. I have been scoping out the other resales because I was so sure it wouldn't go through. We put in our bid before reading the first post on this board. I had no idea what the range for rofr was or I would have offered alot more. So it was a very pleasant surprise. With all the costs figured in it works out to about 71/point.

Kayla

 

[Granny]

Congratulations, Kayla! You'll be enjoying OKW in no time at all!

 

[ClarabelleCow]

Regarding the 87 points from 2002, aren't they now lost and you can't use them?? Or do you have to use them by October of 2003? Not sure how that works?

 

[JOC]

Congratulations & Welcome Home!!!

ClarabelleCow,

Those 2002 points have to be used by September 30, 2003.

 

[klcason]

Yes, they expire Sept. 30. I am either going to try and rent them out or (if we can swing child care) we are going to try the Windham (SP?) in New Orleans. We live in Shreveport so it wouldn't be that bad. The contract is perfect for us now, we really don't want to go for more than a week this year anyway. And with 2 kiddos under 4 years old I am pretty sure I don't want to do the car ride 2 times in a year!!!

Thanks for all the welcomes!! I can't get my dh on the phone so y'all are the only people I have told!! I am about to burst for him to get home.

Kayla

 

[ClarabelleCow]

Welcome Home and thanks for the clarification, that is a great deal you got!!!

 

[JLS]

Congratulations! When you say "I put my bid in...." can someone explain to me how the pricing works for resale? I see the prices listed at the Timeshare Store - is that a "take it or leave it" type of price, or a starting point? In other words, when you "bid" does that mean you are just saying you will pay the price listed, or do people offer ("bid") something less than that price, hoping it will be accepted.

We are seriously considering a resale add-on (even though we JUST bought DVC...... eeek!) and just curious about the process. Sounds like the OP got a great deal.

 

[HookdonWDW]

Congratulations and Welcome Home!

 

[Richyams]

Congratulations and welcome home!

Wow, that is the lowest one we have heard of in a long, long time. I guess that a common thread on the ones that get bought are the banked points. Yours didn't even have full current year points, but your use year is right around the corner.

I am glad you didn't ask for advice, I would have told you to bid much higher.

 

[klcason]

They were asking 67/pt and we offered 66. I had no idea the current floor was around 70-72. The points left for 02 & 03 are just so perfect right now for us that I jumped on it. I even got back to the broker the day I read on here to see if we could counter, he said no. I was fully prepared to go through the whole process again, I thought NO WAY. And when all those VWL got bought up a couple of weeks ago, I was sure mine wouldn't go through. Just goes to show you every contract is looked at differently.

Kayla

Oh, BTW, our offer was accepted on June 9, our stuff was submitted to Disney on June 19th. Just to let those who are waiting know about how long. I figured Arny and I would find out about the same time.

 

[icydog]

While it is great you are now a DVC member it is not good for me as a seller that you got OKW so cheaply. If you bought it for $66pp the guy who sold it to you gave 9-10% to the broker and also gave up $870 of lost revenue for renting the points he couldn't use. He made 66x138= $9108, then he paid his brokers fees 9108 - 660=$8448, then he didn't rent out the points he had banked because he wanted an attractive package so he could sell these points 8448-870= $7578(I should also take out what he paid for maintenence for those points but I know that won't hold water) Grand total for the seller 7578 divided by 138pts = $54.91 a point.

Now you say with closing and fees they cost you $ 71 a point.

Now guess who got all that money? Who got the difference between what the seller got and what you paid? That's right, THE BROKER!! What a deal! He made $2208 on a very simple deal. I've sold real estate and I know when someone has a racket, and these guys have a racket.

Nowhere else but in Time Share is such an outrageous fee collected from both sides. What's even more aggravating is that sales are very simple to complete since the closing companies do most of the work.

 

[klcason]

Actualy he made 66 X 200 = 13200. The 138 is only for the 2003 use year.

And as far as the rest.....whatever!! I don't really care. All I care is about me. Maybe I am a bit selfish but you never know the reason behind someone wanting or needing to sell things. Who knows, maybe we did someone a favor. That is the way I would like to look at it anyway. It is hard to know what someone elses needs are. And they did not have to accept the per point price either.

Math gives me a headache so I won't go into the rest. We are paying what I consider to be minimal closing costs and only maint. on the remainder of the points for 2003.

Kayla

 

[lizziepooh]

Congratulations! I too can't believe Disney let that one go thru. There doesn't seem to be any rhyme or reason for what they do.

 

[Richyams]

That makes it slightly, but only slightly more understandable.

I understood it wrong also.

Not only are most of your current points gone, bat 1/3 of your next year's allotment has been borrowed. Almost worth considering your once in a lifetime, supersecret, emergency banking option.

You may be able to bank those 87 points into next year.

I think I would probably save my once in a lifetime, supersecret, emergency banking option for sometime that more points are at risk.

Not sure...using it now, if they let you, would definitely net you 87 more points for next year, but it may save as many as 200 points down the road.

 

[RobDoc]

Originally posted by klcason
They were asking 67/pt and we offered 66. I had no idea the current floor was around 70-72.

Clearly, this deonstrates that there is no "floor", but each offer is considered based on many factors.

Congratulations and

<marquee><b> WELCOME HOME!!</b> </marquee>

 

[joepoe]

Originally posted by klcason
They were asking 67/pt and we offered 66. I had no idea the current floor was around 70-72. The points left for 02 & 03 are just so perfect right now for us that I jumped on it.

66 per point is about right. The contract is shy 72 points for the 2003 use year, and at $5 per point cost, that is about $2.00 a point on the entire 200 point contract. (72*5/200)

That brings it up to 68. There are alo only 87 points available for this year, that cannot be banked, and only two months left in the 2002 use year. That probably brings the effective cost to about 70/point. DVC leaves nothing to chance.

In other words, you worked out your own "Magical Beginnings" deal! Excellent work and congratulations! oh, and Welcome Home.

 

[Deb & Bill]

Kayla, welcome to our home.

From one Shreveporter to another.

 

[disneyfanprincess]

Congratulations!!!

This is VERY encouraging news. I signed a contract for 190 OKW points on June 13th and am anxiously waiting to hear on my ROFR. After all the buy backs a couple of weeks ago, I too was thinking no way would it go through for $67/point but now I have hope. Perhaps we'll be neighbors soon!!