For Resale Newbies-I just went thru it - Timing, rofr, online, DDE, AP

[NJOYURLIFE]

Well, we just went purchased 50 Old Key West Points and I know there is always alot of questions on timing so I though while it was sort of fresh in my mind I would recap the timing of everything in case it helps anyone.

The week before Easter - I saw a 50 point HH contract, called, put in a counteroffer of 2 or 3 dollars cheaper than asking (not realizing how fast these contracts go). Was not accepted and before we could counter (telephone issue - TT had wrong telephone number for us) someone offered full price and we lost it.

the week after easter - TT knew we were disappointed and called us almost immediately with the 50 point OKW - we didn't mess around offered full price. within a day or two received contract via email, sent it back with deposit - it seemed like almost immediately it went to ROFR approx 4/4

about 1 week later - the closing company contacted us just to touch base, verify info and talk about expediated processing for an extra fee. we went with the expediated fee of an extra $45

4/22 - got the email that it passed.

then we didn't hear anything didn't hear anything - we were suppose to close by May 20th.

5/10 - called closing company to see what is going on - within 2 hours I received a closing package for the balance

May 13th we overnighted a certified check

May 16th, may 17th, may 18th nothing, my husband called and spoke with the closing company and essentially said if it didn't close by May 20th then no deal. Sellers were contacted, apparently they were sitting on the deed (no great rush for our funds I guess). They overnighted the signed deed on 5/19 and the closing company received it 5/20 (last Friday). Within 10 minutes they closed our purchase.

The next step was that they sent the deed to be recorded and they sent paperwork to Disney. Apparently the deed does not need to be recorded in order for Disney to transfer the ownership.

On Monday I spoke with Disney to get an approx timeline for our member number. She said by late Wed or early Thursday. I called today and got my member number.

Just to bring you up to speed on our personal situation - we are heading to Disney on 6/4 (not on points), but want the member's annual pass discount and the DDE card for our Sun PS at 1900 Park Faire. All prior research up to this point led me to believe that there was no way that I would have the DDE card for Sunday for several reasons, one being that I couldn't get my annual passes until we were down there because not enough time to mail them and two DDE is closed on the weekends.

Well, when I called member services the woman was so nice. She asked me if I gotten online yet to dvcmember.com. I said no, because I didn't have a pin. She gave me my pin over the phone and walked me through exactly what the registration screen would ask for. She told me that I could order my annual passes online and request that they be picked up at the "will call" onsite and that once I paid for them online, I would get the number that I needed to give to the DDE people to get that letter faxed to Epcot for us to pick up on Saturday. She was so nice. All I have to do is call DDE on Friday and then we are set.

Sorry this is so long, but I just wanted to share it while it was still fresh (sort of) in my mind. I really hopes it helps at least one person wondering about how long it takes.

Lisa

 

[jiggerj]

WOW! Thank you so much for all your information. I am currently one of the stressed waiting on ROFR. Question is... why does the closing company touch base? Does paying for the expediated process give you a better chance of passing ROFR. Do they know something we dont yet? I am obviously new to this so any and all info is very appreciated. AND congrats on your new purchase and enjoy your trip in June!

 

[JimMIA]

WOW! Thank you so much for all your information. I am currently one of the stressed waiting on ROFR. Question is... why does the closing company touch base? Does paying for the expediated process give you a better chance of passing ROFR. Do they know something we dont yet? I am obviously new to this so any and all info is very appreciated. AND congrats on your new purchase and enjoy your trip in June!

Expedited closing has nothing to do with ROFR. It just expedites the process between the closing agent and the county courthouse by using courier instead of regular mail. Doesn't sound like much, but it probably does speed the process up by about two weeks. If you are waiting to make reservations, that time saving can be worth the $45.

 

[dianeschlicht]

Thanks for the detailed account of your experience. I think your post should be preserved for everyone who asks "what happens and what should I expect?"

 

[NJOYURLIFE]

The expediated processing actually didn't really do much for us (although they (closing company) says it did. We were scheduled to close on May 20th before paying the expediated processing. We were assured several times that we would close before May 20th. I actually wondered when we would have gotten the closing papers if I hadn't called on the 10th. ALso, in our case, the seller also held it up, which the closing company has no control over anyway - althouth we did wonder if they had gotten the papers sooner, they would have gotten them back sooner.

Oh, well, alls well that ends well. and we are all set.

Lisa

 

[Rudeman]

Well, we just went purchased 50 Old Key West Points and I know there is always alot of questions on timing so I though while it was sort of fresh in my mind I would recap the timing of everything in case it helps anyone.
Am I understanding you correctly -- you were not previously a DVC member and you became one for the mere cost of 50 points?

 

[tiberius]

Well, we just went purchased 50 Old Key West Points and I know there is always alot of questions on timing so I though while it was sort of fresh in my mind I would recap the timing of everything in case it helps anyone.
Am I understanding you correctly -- you were not previously a DVC member and you became one for the mere cost of 50 points?

Ruderman,
It is definitely possible to buy into DVC via the resale market like this. My first DVC contract was a 60 point OKW contract. I never felt treated any differently by Member Services for having relatively few points.

 

[mouseclick1]

Thank you for a very helpful post. We just sent our deposit and signed contract back on Friday, so I guess now the waiting begins! Did you receive a notice stating that your contract had been sent on to Disney? I'm wondering how people know exactly when Disney gets the paperwork.

Have a great time on your June trip!

 

[JimMIA]

The folks at TTS told me when the contract went to Disney for ROFR review. However, I believe it is the closing agent who actually sends it to Disney, and they will hear from Disney first. For some reason, I heard from the closing company about a week before TTS heard from them.

If you are buying from a private individual, rather than a realtor, the seller will probably hear about ROFR first.

 

[JimMIA]

You may want to go to Beca's ROFR thread to enter your information, join the support group, etc. That thread is http://www.disboards.com/showthread.php?t=720134

 

[T.E. Yeary]

Good question! When the buyer & seller send the signed contract back to TTS, it is immediately faxed by TTS to Disney and to the title company. If both buyer & seller are on the ball, it could literally be sent to Disney the day of purchase.

Next Question: Who does Disney notify first about ROFR?

Either one of us can be notified first. There is no rhyme nor reason to it, but that's why whenever we're notified, we immediately fax it to the Title Company, so they can proceed accordingly. The title company does the same for us, if they,re notified first. That is why it is very possible for the purchaser & seller to hear results of ROFR from both the title company and TTS.

Jim,
You heard from TTS a week later, this is only my assumption, because Pat was out due to illness. We have since implemented a system for better coverage for those agents that happen to be gone, for whatever reason. Because of monitoring these boards, I realized the anguish some experience because of waiting for news. The new policy is EVERYONE is to be notified IMMEDIATELY, whether their sales agent is available or not.

I hope this helps,
Tom

 

[JimMIA]

Jim,
You heard from TTS a week later, this is only my assumption, because Pat was out due to illness.

That might well have been. It was no big deal; we got the good news right away anyway. If we hadn't, we would have called the office. I know from other inquiries that everybody there is very helpful.

 

[andriade]

I am very grateful for all of the info you gave. I am in waiting mode and was curious. We are not in that much of a hurry so we won't rush too much. We did pay the fee just because. I figured $45 after spending over $17,000 isn't really that much.

Thanks again.