How long should it take to send contract to Disney for ROFR

[chitwndan]

Hello!

I put a bid in on BLT, gave them my deposit via credit card, and signed the contract on Friday 1 week ago. On Monday I inquired if it have been sent to Disney for ROFR. I was informed that the contract was still with the closing company.

On Tuesday I received a copy of the contract showing it was signed by me and the seller.

Today, I inquired with the agent about the status of the contract, their response was:

"I talked to the contract team and because they are selling the new Grand Floridian it is doubtful that Disney will ROFR because Disney is in the selling mode.

Once I get specific details I will let you know."

In other words not answering my question.

So what is the normal turn around time, and would you be concerned?

I may just be really anxious/excited to get this moving but am unsure if I should have any concerns.

Thanks,
Dan

 

[LorieDisneyLover]

Which company is this? That response sounds very odd.

The 2 top resale brokers don't accept credit cards for the deposit, that is why I ask.

We purchased 2 contracts resale in 2013 and both were sent to ROFR within 24 hours of signing the contract.

 

[chitwndan]

Timeshare Broker Services is the company I wourked with to make the purchase.

The card was charged by Timeshare Closing Service.

 

[GOOFY D]

Which company is this? That response sounds very odd.

The 2 top resale brokers don't accept credit cards for the deposit, that is why I ask.

We purchased 2 contracts resale in 2013 and both were sent to ROFR within 24 hours of signing the contract.

Who doesn't accept credit cards for the deposit? I know Fidelity does.

 

[GOOFY D]

Hello!

I put a bid in on BLT, gave them my deposit via credit card, and signed the contract on Friday 1 week ago. On Monday I inquired if it have been sent to Disney for ROFR. I was informed that the contract was still with the closing company.

On Tuesday I received a copy of the contract showing it was signed by me and the seller.

Today, I inquired with the agent about the status of the contract, their response was:

"I talked to the contract team and because they are selling the new Grand Floridian it is doubtful that Disney will ROFR because Disney is in the selling mode.

Once I get specific details I will let you know."

In other words not answering my question.

So what is the normal turn around time, and would you be concerned?

I may just be really anxious/excited to get this moving but am unsure if I should have any concerns.

Thanks,
Dan

If it is signed by both parties, I would inquire as to why it has not been sent. There really is no reason for them to delay this unnecessarily. The selling of VGF has absolutely nothing to do with ROFR as it appears more have been ROFR'd recently than in the recent past. The only reason I can see for a holdup is if they submit once weekly and you just missed that day.

 

[supersnoop]

Which company is this? That response sounds very odd. The 2 top resale brokers don't accept credit cards for the deposit, that is why I ask. We purchased 2 contracts resale in 2013 and both were sent to ROFR within 24 hours of signing the contract.

Fidelity took a credit card for my deposit in March.

To answer the OP, the contract should be submitted to Disney as soon as both parties have signed it. I'm under the impression it's a pretty easy task to accomplish.

 

[Humphery58]

For me, less than 48 hours from making the phone call on a listing, to hearing that it's been sent to Disney for ROFR.

 

[lovin'fl]

Timeshare Broker Services is the company I wourked with to make the purchase.

The card was charged by Timeshare Closing Service.

Well...not sure but that might be the really slow place that many folks avoid like the plague...not one of the big ones recommended here on the Dis.

 

[chitwndan]

Thank you all for the information.

Tuesday I will start being a bit more assertive in my follow up.

Hopefully it's already in Disney's hands and the countdown has begun. Waiting for an answer from them is killing me especially since there is another property I am ready to move on if this falls through.

 

[Best Aunt]

Thank you all for the information.

Tuesday I will start being a bit more assertive in my follow up.

Hopefully it's already in Disney's hands and the countdown has begun. Waiting for an answer from them is killing me especially since there is another property I am ready to move on if this falls through.

Well, I'm a pessimist by nature, so I have to say - it took 32 days for Disney to waive ROFR on my recent purchase. So if Disney does ROFR the property you want and you have to start over, by the time you hear, that other property might be gone.

 

[goofy friend]

I have made two resale purchases this year (two different resale companies) both went to Disney with in 24 hours of receipt of my deposit that was handled by personal check.





1975 offsite, 1978 Lake Buena Vista, 1981 Contemporary, 1983 Polynesian, 1996 All Star Sports, 2002 All Star Music, 2004 Contemporary, 2006 Caribbean Beach, 2006 Coronado Springs, 2013 Coronado Springs

 

[chitwndan]

So I reached out to the closing company directly. They told me that it can take 60-90 days from the time I sign the contract to the time they send it to Disney for ROFR.

Anyone else experience a long wait time?

Their explanation is while it may be sooner that is the quoted time for them to perform a title search and verification of ownership.

I do know that the contract I purchased had not hit the company's website before I agreed to terms. In other words it had just come in the door as an available property the day after I inquired about another.

I can only assume that people who had the 24-48 hour turn around time, their sellers had already completed the title search and verification of ownership.

Any other thoughts and opinions would be appreciated. It's now frustrating to know that it may be up to 120 days (60-90 + Disney's 30 day ROFR window) before I finally hear back from Disney.

 

[lovin'fl]

So I reached out to the closing company directly. They told me that it can take 60-90 days from the time I sign the contract to the time they send it to Disney for ROFR.

Anyone else experience a long wait time?

Their explanation is while it may be sooner that is the quoted time for them to perform a title search and verification of ownership.

I do know that the contract I purchased had not hit the company's website before I agreed to terms. In other words it had just come in the door as an available property the day after I inquired about another.

I can only assume that people who had the 24-48 hour turn around time, their sellers had already completed the title search and verification of ownership.

Any other thoughts and opinions would be appreciated. It's now frustrating to know that it may be up to 120 days (60-90 + Disney's 30 day ROFR window) before I finally hear back from Disney.

Bought 5 contracts via resale, using 3 of the big popular brokers which you are not using, and it ALWAYS took about 3-4 days, from first bid, to send the contract off to ROFR. Your timeline, of 60-90 days, is NOT the norm. Once it's in ROFR it takes another 30 days, then all the stuff after takes 30-45 more days (with the big brokers and from what I am guessing yours will take longer after ROFR too...so you might want to ask how long after ROFR...should be 30-45, maybe 60, days MAX).

 

[chitwndan]

They did say after ROFR it would take 30-45 days like you mention.

Frankly I wish I had realized how long it would take to ROFR to begin with as that might have impacted my decision.

The idea of waiting 4 months to hear Disney say no is not appealing, and very frustrating.

While I got a great deal, I would have paid a bit more for a contract with a quicker turn around time.

As I am now outside of my 10 day free look window, I guess I'm stuck and all I can do is wait.

If anyone has any ideas, please let me know, but I can't think of any.

 

[skier_pete]

60-90 days to go to ROFR sounds very fishy to me...are you sure this is a reputable company? Ours went to ROFR within 2 business days of seller and I signing contract. The title search and all that went on WHILE it was in ROFR.

 

[chitwndan]

The closing company has a B rating by the better business bureau: http://www.bbb.org/central-florida/...share-closing-services-in-orlando-fl-12001492

I feel like I did quite a bit of research on the resale company, the agent, the closing company, they all seem legit. The only thing which continues to make me uneasy is the time to send to ROFR. Otherwise I've been very happy with every interaction, including their responsiveness.

Besides at this point I can't just back out. The only thing I can think to do is to continue to call and stay on top of the closing company to apply pressure to expidite this.

 

[GOOFY D]

So I reached out to the closing company directly. They told me that it can take 60-90 days from the time I sign the contract to the time they send it to Disney for ROFR.

Anyone else experience a long wait time?

Their explanation is while it may be sooner that is the quoted time for them to perform a title search and verification of ownership.

I do know that the contract I purchased had not hit the company's website before I agreed to terms. In other words it had just come in the door as an available property the day after I inquired about another.

I can only assume that people who had the 24-48 hour turn around time, their sellers had already completed the title search and verification of ownership.

Any other thoughts and opinions would be appreciated. It's now frustrating to know that it may be up to 120 days (60-90 + Disney's 30 day ROFR window) before I finally hear back from Disney.

The title search does not have to be done before sending to ROFR. They can get ownership and point verification in a day or two from Disney. Does the resale company publicize this ridiculous time frame? It seems you are getting a run around. That time frame is WELL beyond the norm. Did your sales document you signed have a closing deadline date?

 

[chitwndan]

The title search does not have to be done before sending to ROFR. They can get ownership and point verification in a day or two from Disney. Does the resale company publicize this ridiculous time frame? It seems you are getting a run around. That time frame is WELL beyond the norm. Did your sales document you signed have a closing deadline date?

They told me the closing process would be 90 - 120 days. Which I am fine with, but that was with the impression that I would hear from Disney in about 30 days. There was not a closing deadline date only an offer acceptance deadline date which was reached by both parties.

Any suggestions for my next course of action? I had thought of trying to escalate it a few managers up the chain requesting they send the contract details to disney while they do a title search, and/or calling a competitor listing a property I would buy to move things along. But frankly I feel like I'm grasping at straws.

 

[supersnoop]

Any suggestions for my next course of action?

I'd start with, "you had me sign a contract to purchase deeded property and you aren't sure what it actually is or even who owns it?" Follow that with, "I'm well aware of how this process works; you should have sent the contract to Disney for ROFR as soon as it was countersigned. What game are you trying to play?"

What is the point status on the contract? I wonder if they're trying to delay because the owner has a reservation and can't close until afterwards. I can't think of any other reason to delay like this.

 

[Best Aunt]

I am working with one of the big resale companies. Here's the timeline (from a few weeks ago):

Saturday:
I called and said I wanted to sell.
They emailed me a listing agreement.
I signed the listing agreement and emailed it back.

They then contacted Disney to get a Points Activity Statement. I don't know if they did this over the weekend or waited until Monday.

Monday:
I got an email saying to call them to discuss the price at which I wanted to list the contract, because they had received the Points Activity Statement from Disney.
I called them.
An hour later, my contract was listed on their website.
Two hours later they called to say that someone had offered full asking price.
They emailed me more paperwork to sign; I signed it and faxed it back.

Tuesday:
The contract was submitted to Disney for ROFR.

Your company does not seem to be following this timeline.

It seems to me that they should not be doing a title search until after the contract passes ROFR. It could take Disney more than a month to waive ROFR. It seems to me that a title search shouldn't be done a month ahead; it should be done just before closing because something could happen four weeks out or three weeks out which could cloud title.

I would want to know what they are doing before submitting to ROFR - are they doing a "title search" or are they "requesting a Points Activity Statement from Disney."

OP, I followed the link in your post. The company that you are using has a B rating and 24 people have filed complaints. The company that I am using has an A+ rating and has received 0 complaints.