Need immediate advice

[sndral]

You can do a delayed closing, but you're not getting paid until it closes, and any halfway intelligent buyer isn't going to send their money until the contract is ready to close. I recall a number of contracts listed this past June with late December closings, so over 6 months from the date of listing. Of course, a delayed closing is going to further limit your potential buyer pool, as many buyers won't be interested in waiting that long to get their points. If OP cannot cancel their reservation, I think waiting to list the contract would be a better course of action, particularly since it is a large contract and the potential buyer pool will already be more limited.

Agreed, OP won’t see a penny until March unless she cancels the reservation. Since she said she had enough ‘runway’ to make it to Jan., it doesn’t sound like selling her large DVC contract is a viable option to meet the need for an ‘immediate’ solution to the extreme life changing issue. Hopefully there are other resources to pull from or circumstances change & the situation resolves.

 

[DoubleBaconBLT]

I don’t think a broker or personal sale would accept those terms even at low price.

Seller does not get the money before it closes. Usually the buyer will put a deposit down that gets held in escrow. If there’s a delayed closing due to a trip, that trip must happen before it can be sent to RoFR. Typically buyer does not send the balance until RofR passes.

The risk of giving the money to the seller before rofr or closing is it does not yet legally belong to the new owner. What if for some reason the seller did not complete all the final paperwork and wouldn’t/couldn't give the money back? That would be a lengthy legal mess with risk of more time/expense for what could still be a horrible outcome.

Ah that makes sense. I was basing this off some listings I had seen that said closing couldn't be until December due to planned trips. I assumed that just meant the final step, but now you mention it, it definitely makes sense that ROFR couldn't be cleared yet either.

 

[airjay75]

I'm not sure that ROFR has to wait for upcoming trips, but maybe there is a time limit. I closed on a CCV contract earlier this month, and the closing was delayed for a trip that ended 8/29. My contract was sent to ROFR before that trip in early July and passed well before the trip was completed and we could close. But, maybe Disney has a time limit on how far out existing reservations can be before they'll issue the estoppel. Of course, regardless, the seller isn't getting money until the contract closes nor is the buyer getting any points until about 4 weeks after closing.

 

[AnnaS]

Is it possible the March reservation is rented out and cannot be cancelled? (I would not want to cancel it if rented out).

Sorry to hear you are in this situation. Is it possible to rent out some points before your March reservation and sell/close after March?

 

[Sandisw]

Ah that makes sense. I was basing this off some listings I had seen that said closing couldn't be until December due to planned trips. I assumed that just meant the final step, but now you mention it, it definitely makes sense that ROFR couldn't be cleared yet either.

RoFR happens right away with delayed closings. You just can’t close until that date.

Seller gets paid when they always will…after closing. I have done 4…two as buyers and two as sellers.

There are definitely people out there who will consider them…and I didn’t take less or pay less for them…so listing it with the delayed close never hurts!

 

[Sandisw]

I'm not sure that ROFR has to wait for upcoming trips, but maybe there is a time limit. I closed on a CCV contract earlier this month, and the closing was delayed for a trip that ended 8/29. My contract was sent to ROFR before that trip in early July and passed well before the trip was completed and we could close. But, maybe Disney has a time limit on how far out existing reservations can be before they'll issue the estoppel. Of course, regardless, the seller isn't getting money until the contract closes nor is the buyer getting any points until about 4 weeks after closing.

I sold a contract in April with a delayed closing in August.

Remember, estoppel is just related to financial aspects and not points.

They do issue it now with ROFR but it hasn’t always been that way.

So, I think ROFR could still happen right away.