Just bought 1st resale and am lost...

[Kali1010]

Hubs and I bought small (100pt) loaded contract at OKW it went to Rofr on Feb 1st. We were told 45 days.....but now I'm reading on here (hi new btw) about estoppel etc and I'm confused as to what to expect. Any guidance would be appreciated ive tried searching and only get more confused with contradictory posts

 

[_auroraborealis_]

45 days for what?

Generally, ROFR takes around 30 days. If it passes, estoppel is fairly quick, but you'll need to close. After close, you'll need to have the deed recorded and the account set up by Member Admin. After the account exists, they need to load it.

Assuming ROFR clears, you are anywhere from 50-90 days from having booking rights. The long estimate is if you're dealing with an international seller; those generally take forever to close.

50 would be if everything is smooth and MA is quick. Spoiler: They haven't been quick over the last 6 months.

 

[Kali1010]

45 days for what?

Generally, ROFR takes around 30 days. If it passes, estoppel is fairly quick, but you'll need to close. After close, you'll need to have the deed recorded and the account set up by Member Admin. After the account exists, they need to load it.

Assuming ROFR clears, you are anywhere from 50-90 days from having booking rights. The long estimate is if you're dealing with an international seller; those generally take forever to close.

50 would be if everything is smooth and MA is quick. Spoiler: They haven't been quick over the last 6 months.

Thank you so much!

 

[RedFive]

Hubs and I bought small (100pt) loaded contract at OKW it went to Rofr on Feb 1st. We were told 45 days.....but now I'm reading on here (hi new btw) about estoppel etc and I'm confused as to what to expect. Any guidance would be appreciated ive tried searching and only get more confused with contradictory posts

Here is what my broker sent me upon submitting my contract to ROFR:

Here are the next steps:

1) We will contact you as soon as we hear from Disney on their Right of First Refusal. Historically, Disney has given decision within 30 days, but this is a general guideline and not a hard and fast rule.

2) About 2-3 weeks after waiver, Disney will issue the estoppel certificate to the title company.

3) Once the title company receives the estoppel they can prepare and send the closing documents to you.

4) Once the documents are returned by both parties, the title company can close the contract and you will be notified.

5) Lastly, the contract is recorded and a copy sent to Disney for Membership activation which typically takes 14-21 days, after which Disney will send you your new Membership info by mail. Please note: Due to COVID19, this process could take up to 45-60 days as Disney has notified us they have made significant reductions in staffing and those Cast Members that remain are working remotely.

Typically, it takes 50-80 days start to finish.

 

[DVCSunDevil]

Hubs and I bought small (100pt) loaded contract at OKW it went to Rofr on Feb 1st. We were told 45 days.....but now I'm reading on here (hi new btw) about estoppel etc and I'm confused as to what to expect. Any guidance would be appreciated ive tried searching and only get more confused with contradictory posts

RedFive gave a good synopsis of the process. We closed on our resale contract last February before COVID. It took a total of 6 weeks from the day we put our offer in until the day the points were in our newly opened DVC account. That is incredibly fast, so I wouldn't 100% go by that. I am trying to illustrate that the timeline of the resale process can vary wildly. I have read stories on this site from people who have purchased multiple resale contracts, where some contracts they purchased closed quickly and others took a long time. There are a lot of factors ranging from how quickly the sellers get their documents signed and submitted to how backed up DVC is with ROFR.

Which broker did you use? I would reach out to your agent to get updates. For ROFR I would just drop a weekly email/call starting at the two week mark (ours passed ROFR right at two weeks) to get an update. Most brokers will keep you in the loop, but if you have questions they shouldn't care if you reach out to them.

 

[Kali1010]

Thank you. We used the dvc store. I just didn't want to be "that" person.

 

[DVCSunDevil]

Thank you. We used the dvc store. I just didn't want to be "that" person.

LOL. I get it. No one wants to be a PITA. But that is their job and why they get paid a commission. They are used to answering questions from resale buyers. I would definitely reach out to them.