DVC in Escrow - Now We Wait and Wait and Wait

[KyleAfterAWhile]

We sold our DVC. the buyer paid the escrow in 24 hours. i was told on these boards we would never get close to what we paid for it, but we did. we literally got point for point and our contract was paid off in the 3rd year so we did not have a loan. i am very excited about that. what i found odd is that it takes about 65-70 days to close. for those who have sold, did it really take that long? we were advised all of the time it takes is disney just sitting on ROFR and then estoppel afterwards.

 

[sethschroeder]

Think its taking longer these days than in the past based on talking with DVC Store just this last weekend. Think it has to do with everyone working remotely and such.

 

[KyleAfterAWhile]

Think its taking longer these days than in the past based on talking with DVC Store just this last weekend. Think it has to do with everyone working remotely and such.

You would think as long as people have been working remotely they would be in their groove. What I found the most odd is that they take 30+ days for ROFR...it is a yes or no.

 

[iflyjetzzz]

The problem isn't them working remotely; it's that they furloughed most of the staff that performs those functions. I think they've recalled most of them but there's still a pretty big backlog.

 

[Sandisw]

I just sold and we closed on June 26th...I got my payment on June 30th. Buyers are still waiting for the contract because I can still see it.

The contract I bought took from May 5th to July 7th to close. Sellers returned closing documents within 5 days.

RoFR was long.

 

[Goddard Family Adventures]

Ours is taking a while. We passed ROFR on June 23rd and haven't heard a peep since.

 

[Grumpy Mouse]

@Sandisw

May I ask which title company you used? It was my understanding that title companies were not compensating sellers until AFTER transfer of contract to avoid the rather ugly possibility of the seller effectively stealing points (transferring them to RCI or another member) in the window between closing and transfer. I have seen several articles mention this ugly behavior - which of course means it has happened before.

 

[KyleAfterAWhile]

Ours is taking a while. We passed ROFR on June 23rd and haven't heard a peep since.

Wow, that is nuts. Almost a month. I hope ours closes around the time they are saying. I am not "dying for the cash", but I just want it to be done, ya know?

 

[KyleAfterAWhile]

Oops

 

[macman123]

I passed ROFR on 28th May. Paid within a few days.
Closing documents received, signed and sent back 25th June.
Contract closed on 8th July.

Not sure how long it takes to show on my account?

 

[Sandisw]

@Sandisw

May I ask which title company you used? It was my understanding that title companies were not compensating sellers until AFTER transfer of contract to avoid the rather ugly possibility of the seller effectively stealing points (transferring them to RCI or another member) in the window between closing and transfer. I have seen several articles mention this ugly behavior - which of course means it has happened before.

The one is sold was done through Mason Title. Check has been cashed and used to purchase my BLT.

But, the contract I sold is indeed still in my account. So, in theory, I could.

 

[Jon84]

The one is sold was done through Mason Title. Check has been cashed and used to purchase my BLT.

But, the contract I sold is indeed still in my account. So, in theory, I could.

In our contract, it does say that if they seller messes with the points then they'd have to pay us x amount per point lost. Although I can imagine the court proceedings to claim breach of contract would take time!

 

[KyleAfterAWhile]

In our contract, it does say that if they seller messes with the points then they'd have to pay us x amount per point lost. Although I can imagine the court proceedings to claim breach of contract would take time!

Ours says the same...at $18 a point.

 

[Sandisw]

In our contract, it does say that if they seller messes with the points then they'd have to pay us x amount per point lost. Although I can imagine the court proceedings to claim breach of contract would take time!

Yes, mine said the same. I think that is why some have said they were told they would not get paid until it’s transferred.

But, in my case, I did and Disney hasn’t pulled it yet. I have been told it will take a month or so as they have too many furloughed workers still.

Have to admit I wish they would pull because with 3 UYs and making trips, I do get nervous with it there.

 

[EM Lawrence]

Double post. Deleted this one.

 

[EM Lawrence]

I just talked to my broker today. I’m on day 51 of ROFR. She said Disney is advising them that RORF will take 60 days, and then 4-6 weeks before points become available to the the buyer after closing.

 

[Grumpy Mouse]

Thanks for all the replies. I talked with my broker (and the title company), and after much hand-waiving they admitted that many sellers were being compensated shortly after closing and well ahead of transfer. I assume this is a reflection of when Disney was working well and contracts were transferred very shortly after closing. Of course nothing could be further from the truth now.

They also said they'd only had several instances of 'bad actors' over the past few years and had worked things out without having to resort to litigation. I insisted they not compensate the seller until after transfer by Disney and they agreed (and put it in writing).

Disney is purposely 'slow-walking' every part of this process. When my contract was written, it only has a 75 day closing window - a 60 day ROFR will not make the window. Disney knows they don't have the cash to ROFR anything right now - but they can do one thing: stretch out the time until new owners can start using their points.

Hopefully Disney is looking at contract close dates to prioritize ROFR review order.

 

[EM Lawrence]

I’m glad you posted this because I’ve got a contract in ROFR right now and I would not have even known to ask the closing agent to withhold the sales proceeds until I had control of the points. I honestly don’t even think this is something that buyers should have to request. It should be standard operating procedure to wait until the buyer actually has control of the points before the seller gets paid. I would be so mad if I had a “bad actor” seller!