offer accepted!!! YEAH, now what??

[alirwalsh4]

Our offer was accepted yesterday, so excited! What will the process be now? I know is has to pass Disney, any idea on how long that is taking now? Thanks

 

[JimMIA]

We used to say 8 weeks or so from start to finish, but I think deals may be going through a little more quickly now because the sales volume is way down.

The first step is for the deal to go to Disney for ROFR. They supposedly have 30 days to say yes or no, but that's the part that seems to be going more quickly now.

Once you pass ROFR, the closing agent will send you and the seller the actual sales documents, and you'll send yours back with the full payment to close. When they get all that together, the transaction will close.

When everything is done, the paperwork goes to DVC. DVC sets up your new account and puts the points in. Quite often the account is set up one day and the points go in the next business day. You are supposed to be fully "in the system" and capable of making reservations within about 10 business days after closing.

That's a general timetable. I'd check with your broker for a more current estimate because they may be faster or slower than the above.

 

[Sandisw]

I would say you are looking at 6 - 8 weeks right now. When I bought my resale contract in January, it took only 28 days from offer to closing.

However, it only took 14 days to make it through ROFR. My understanding is that ROFR is taking closer to 30 days (an additional two weeks) so I would plan for almost 2 months from start to finish.

 

[Buckeye Fan]

Here's the process, and the time line on one of our contracts:

* Made offer on 3/7/08, and the seller accepted.
* Contracts were e-mailed on 3/8. Signed contracts, and sent back to GMAC via fax on 3/8.
* GMAC received docs from seller on 3/12.
* GMAC sent contracts to Dis for ROFR on 3/13.
* Passed ROFR on 3/27.
* Estoppels came back to GMAC on 4/21. This allowed the title company to prepare the closing docs.
* Received closing docs on Friday, 4/25 via e-mail. Mailed everything to GMAC with a check on Wednesday, 4/30.
* Received notification that we closed on 5/16.
* Deed was recorded through Indian River County on 5/20.
* Our contract showed up in Dis's system 7 days later.

Couple of things...how quickly both the buyer and seller turn around their paperwork impacts the time line. Also, Dis is currently taking almost 30 days on ROFR decisions. As you can see above, we passed ROFR in 14 days.

Hope this helps!!! Best of luck on ROFR.