How long does the owner approval usually take?

[Raenstoirm]

I just put in a bid today (to an owner through a broker..nowhere near ROFR yet). How long does it usually take for the owner to get back to you? Is it a few hours or a few days or longer? I know the ROFR process takes a while, but I want to have some sort of basic timeline on the first stage of the process.
Also, how many bids is average? (If you are offering a reasonable price that is.) What I am kinda asking is how many owners expect full price and/or how many offers does an average contract get? What the probability mine will be accepted (we are willing to negotiate if the owner counters our offer).

Dh and both work in real estate, so I am thinking about the process like buying a house. Is that a good comparison?

 

[supersnoop]

I just put in a bid today (to an owner through a broker..nowhere near ROFR yet). How long does it usually take for the owner to get back to you? Is it a few hours or a few days or longer? I know the ROFR process takes a while, but I want to have some sort of basic timeline on the first stage of the process.
Also, how many bids is average? (If you are offering a reasonable price that is.) What I am kinda asking is how many owners expect full price and/or how many offers does an average contract get? What the probability mine will be accepted (we are willing to negotiate if the owner counters our offer).

Dh and both work in real estate, so I am thinking about the process like buying a house. Is that a good comparison?

It is a lot like buying a house, but with less diversity. You don't have to "view" each contract; if you miss out on one, another is going to be available. I suggest putting a 24 or 48 hour limit on any offer. A seller will typically respond within a few hours, or one day at most.

 

[disneynutz]

I just put in a bid today (to an owner through a broker..nowhere near ROFR yet). How long does it usually take for the owner to get back to you? Is it a few hours or a few days or longer? I know the ROFR process takes a while, but I want to have some sort of basic timeline on the first stage of the process.
Also, how many bids is average? (If you are offering a reasonable price that is.) What I am kinda asking is how many owners expect full price and/or how many offers does an average contract get? What the probability mine will be accepted (we are willing to negotiate if the owner counters our offer).

Dh and both work in real estate, so I am thinking about the process like buying a house. Is that a good comparison?

How long does it take when selling a house? Could be an hour, could be a week. Depends on the seller, what country they are in, on vacation, busy at work, or maybe has a hard time selling.

Bill

 

[Best Aunt]

I think it also depends on the contract.

I sold two contracts. On the first one (60 points BLT back in 2009), the contract was listed on the company's website late afternoon. I got a call first thing the next morning that someone had offered full asking price. On the second one (25 points BWV), the contract was listed on the company's website at noon and I got a call two hours later that someone had offered full asking price. Both contracts had all points for current year and future years, and no pending vacations which would delay closing.

If someone had offered me less than full asking price for those contracts, I would have immediately said no. No negotiating. I knew these were hard-to-find contracts, and when I listed them I was convinced that someone would be willing to pay the listing price.

 

[Minniesgal]

It also depends how long the contract has been listed. Sellers can't put their lives on hold waiting for an offer. In this way I think it is different from real estate where you often need to sell quickly to buy a new home etc. we bought a contract that had been listed a while and things were held up because the owners were abroad when I offerered.

 

[Raenstoirm]

The broker got back to me shortly after I posted this thread. The sellers really want full price ($105 a point for BCV). I told her that was just too high since we are in no rush to buy right now. The broker said the average they are seeing for mid range contracts (100-200 points) is $92 right now, which matches up with the sales lists I have seen on other forums. So we are still on the hunt. No reason to spend an extra $1500 just to have the contract now when we won't be using it till 2015 anyway. But I want it now! Ugh, I do not like this process. I can see why people go straight to Disney and pay the inflated prices just to have it settled and done in one step.